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Key Economic News To Watch This Week: Nov. 21

A quick preview of the key economic events for the upcoming week:

Some progress has been made in Europe: New governments are in place in Italy and Greece, and though it might be painful, the technocratic leaders will be looking at difficult but important structural economic reforms. In Spain too, voters kicked out the Socialist government Sunday, in what many saw as a referendum on the handling of the European debt crisis. The historic result makes it the fifth European government to fall in the past year because of the debt crisis.

US Debt Supercommittee Ready to Concede Defeat Over Budget Agreement

The US deficit-cutting congressional super committee, formed in the aftermath of the August debt ceiling debates, is expected to announce today that it has failed to reach an agreement over a deficit-cutting plan that would have saved taxpayers at least $1.2 trillion over the coming decade.

On Sunday, panel members from both the Republican and Democratic parties appeared on separate talk shows to express their doubt over a possible compromise, blaming each other for a political gridlock stemming from different ideologies over taxes and spending.

The 12 Fastest Growing Economies For 2012

The year 2011 has been a roller coaster ride of sorts.

It began with the Tunisians toppling their authoritarian regime, which we soon realized was a catalyst for what many have labelled the “Arab Spring.” What we then saw was unprecedented – the power of collective action inspiring a suppressed generation across the Arab nations.

Egypt disposed of their dictator Hosni Mubarak. Libya experienced a hostile armed struggle for months, before Muammar el-Qaddafi was eventually captured by rebels.

More Than 1 in 5 US Children Living In Poverty

According to the latest US Census Bureau report released on Thursday, 21.6 percent of American children lived below the US federal poverty threshold in 2010, with more 27 states reporting increased poverty rates or absolute figures as compared to 2009.

The number of people living in poverty has reached an all-time high in the US, as high unemployment rates continue to dog the economy, with the national poverty rate standing at 15.3 percent and unemployment at 9 percent some two years after the recession that began in 2007 officially ended.

America’s New “Pacific Offensive” – A Strategy To Contain China: Sanjaya Baru

The Trans-Pacific Partnership (TPP) is a multilateral free trade agreement that aims to further liberalise the economies of the Asia-Pacific region. While the economics of the TPP is important, the strategic component is even more so. This is the second leg of America’s new “Pacific offensive,” aimed at offering nations in the region an alternative to excessive and rapidly growing dependence on a rising China.

UK Consumer Confidence Plunges to Record Lows

For the fifth month in a row, consumer confidence in the United Kingdom declined, dragging the index to an all-time low for the month of November. Worries about the eurozone crisis and the slowing domestic economy have affected consumers’ pessimism, according to the key survey by Nationwide.

The monthly survey showed a sharp deterioration in consumers’ expectations for the job market and economy, with only 13 percent of respondents expecting the economic situation to be good in six month’s time.

Europe’s New Technocracy: Superseding Democracy & Force Feeding Austerity

In just one month, both Greece and Italy have made dramatic changes to their governments. The technocrats are now in charge, with the governments from both nations seeing fit to appoint un-elected officials into power in a desperate attempt to deal with their respective crises. But are we heading down a slippery slope towards a “banker’s coup” in the heart of Europe?

Many Americans Now Expect to Retire at 80

In a recent survey by Wells Fargo, results have shown that 25 percent of middle-class Americans now expect to work till they are at least 80 years old, in order to afford basic retirement costs.

In addition, another 74 percent of middle-class Americans say they expect to work in their retirement years, including 39 percent of all respondents who said they will need to work to make ends meet.

France-Germany Split Widens Over ECB’s Role

Europe’s two central powers, France and Germany, have clashed once again over the European Central Bank’s (ECB) role in dealing the eurozone crisis, leading to fears that an ideological divide between the two nations may lead to further delays in the eurozone’s rescue process.

Goldman CEO Thinks Economic Recovery “May Have Already Started”

Lloyd Blankfein, the chief executive officer of Goldman Sachs, said that global economic markets are rebounding faster than expected, and recovery may have surprisingly already started.

His comments, made at an investor conference, contradict recent statements from the Federal Reserve Bank of San Francisco and German Chancellor Angela Merkel.