Toyota shuts plants, China risks riots as crisis bites

[Dr.Phool]

Source: Reuters

* Toyota to suspend production in Japan for 11 days

* China risks protest, riots as unemployment rises - report

* U.S. auto sales slump in December, prospects bleak

* Chile, South Korea announce stimulus measures

* Asian stocks rise for 7th day running on recovery hopes (For more on the crisis, click )

By Chang-Ran Kim

TOKYO, Jan 6 (Reuters) - Toyota Motor Corp (7203.T), reeling from its worst U.S. sales decline in more than a quarter of a century, will shut all its factories in Japan for 11 days as the global economic slump hits demand and company profits.

The news from the world's biggest auto maker shows how the global crisis, likened to the Great Depression of the 1930s in its scope and severity, has spread from the U.S. housing and banking sectors to threaten every part of the world economy. Governments and central banks have been working overtime to try to limit the fallout of the global crisis, flooding the financial system with cash, cutting interest rates and increasing spending.

South Korea said on Tuesday it aimed to create almost 142,000 jobs this year through infrastructure and environmental projects, part of a five-year, $38 billion plan to generate almost 1 million jobs.

Chile announced a $4 billion stimulus package based on public spending on infrastructure, subsidies and tax rebates.

"Facing this crisis will be the number one priority of my government this year," said Chile's president, Michelle Bachelet.

China, which relies on strong growth to create jobs for its millions of migrant workers and graduates, risks a wave a protests and riots in 2009 as rising unemployment stokes discontent, a state run magazine warned on Tuesday.

Researchers at the country's central bank forecast China's economy...

(snip)

Read more: http://www.reuters.com/article/marketsNews/idINSP41397720090106?rpc=44

[tularetom]

1. I guess St Ronnie never thought about this outcome

when he set out t destroy the American middle class 25 years ago. When US consumers stop consuming, the pain is felt all over the world and nobody makes any money.

[barb162]

5. Reagan and every president after him played the free trade gamem

BIG mistake. No enforcement or at best slaps on wrists for industrial espionage, etc. Every one of those damned deals have been bad news for American workers.

[Craftsman]

8. Yes

And the question is will Obama do anything about it?

[quidam56]

2. Hope this helps save a mountain and stream in Appalachia

We can't even power our schools in Wise County yet we can power the Empire of China. http://www.wisecountyissues.com <--- see third world America...

[Bozita]

3. I think manufacturing and exporting pitchforks could be one of those "new" Bush careers

Alert the torch manufacturers.

[Fearless]

4. Maybe Chinese workers will rise up and demand workers rights.

Hey I can hope right? :shrug:

[tomreedtoon]

7. No riots in China. Just unexplained population decreases.

It's a freaking authoritarian state where the government has all the guns and power. Do you think that they would allow protests there? They can easily lose about half their population and be quite stable and happy, thank you very much.

[Fearless]

9. For now, but a time will come.

[tomreedtoon]

10. So you're hoping for Zombie Chinese?

Don't you understand? The Chinese government could kill ninety percent of their population and not suffer! They don't care how many die as long as THEY stay in power. They aren't as cowardly as Bush, who didn't want to kill a whole lot of Americans, only about 4000.

There will NOT come a day. The image of China is a boot stamping on a human face, forever.

[Fearless]

11. If history has taught us anything it is that all nations eventually fall.

They will be no different.

[KillCapitalism]

6. Proof the depression is global. n/t