How Bad Is It?

Japanese cities raiding remains of dead for precious metals

"Cash-strapped city governments in Japan are searching through the ashes of cremated residents to extract precious metals, pocketing the proceeds from the recycled gold and silver, it has emerged.

The city of Nagoya alone has reportedly collected 12 kg of gold, silver, platinum and palladium in 2007 from teeth and bones, worth more than Y10 million (£77,000)."

"Tokyo collected some 700 grams of gold, 500 grams of palladium and 1.9 kg of silver from cremated bodies in 2007, adding Y3.2 million (£24,600) to the city's bank account. The city also banked around Y90,000 (£690) in coins left as offering inside the coffins"

Economic Woes in Dubai Halt Work on World's Tallest Skyscraper

"DUBAI, United Arab Emirates — The developer of a skyscraper planned to be the world's tallest said Wednesday it is halting work on the project for a year as the Middle East's business and entertainment capital grapples with the financial crisis."

added - U.S. Foreclosure Filings Up 81 Percent in 2008

"More than 2.3 million American homeowners faced foreclosure proceedings last year, an 81 percent increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices."