A few days ago U.S. Federal Reserve boss Ben Bernanke said one of the factors in deciding the economy was worse then they thought, was continuing financing problems (credit crisis).  Swedish car maker SAAB, just announced they are the latest victims of the credit crisis.

SAAB can not get short term loans, which is what it uses to pay its employees.  Not only is this a bad sign of the economy, but a reminder that “Western” corporations run on debt, not revenues.

This inability to pay its employees comes after SAAB closed one of its factories in Trollhatten, due to lack of parts (thank Japan’s failed “just in time” supply system).

SAAB is trying to get loans from Chinese companies, they’re waiting for government approval.