Anxiety Over Economic Outlook
CBS
Transcript
it's beautiful along with the traditional call for peace today even pope benedict acknowledged a global worry about prosperity even in affluent nations he said there's apprehension now about an uncertain future that's true from iceland at the edge of the arctic circle which boasted one of the world's richest economies until the bubble burst this fall to australia where christmas comes at summertime and the government's just promised a seven billion dollar gift to banks and consumers in japan where toyota announced it'll be in the red for the first time in 70 years one auto executive said today the global crisis is coming at us like a tidal wave one way or another this season a financial dilemma is showing up everywhere take the steep decline in oil prices to around 35 dollars a barrel this week that's lowering gasoline prices but it's raising anxiety in russia after saudi arabia the world's biggest producer of crew moscow's now facing a budget deficit with one kremlin official warning the public mood could get nasty europe like america knows it can't shop its way out of a recession those stores in britain have been encouraging consumers to try here the holiday moods traditionally summed up by the queen on christmas who today pronounced the occasion somber sounding to some like a royal psychiatrist some of those things which could once have been taken for granted suddenly seem less certain and naturally give rise to feelings of insecurity the courageous she said don't accept defeat it seems now's the season for a stiff upper lip richard roth cbs news london you