Keyword: globaleconomy

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  • ECB warns of more bank loan losses

    05/31/2010 8:22:46 PM PDT · by mlocher · 1 replies · 207+ views
    Reuters via ^ | May 31, 2010 | Krista Hughes and Paul Day
    FRANKFURT/MADRID (Reuters) - The European Central Bank warned on Monday that euro zone banks face up to 195 billion euros in a "second wave" of potential loan losses over the next 18 months due to the financial crisis, and disclosed it had increased purchases of euro zone government bonds. As the euro recouped losses but remained on the back foot after a cut in Spain's credit rating and China warned that the global economy remained vulnerable to sovereign debt risks, Spain assured investors it would reform its rigid labor market even if employers and trade unions cannot agree. The ECB...
  • Should You Feel Guilty Owning an iPhone?

    05/25/2010 1:30:55 PM PDT · by dangerdoc · 64 replies · 1,251+ views
    Toms Hardware ^ | 5/28/2010 | Wolfgang Gruener
    Ahhh. The joy of unwrapping an iPhone. Or an iPad. The box that protects Apple’s latest creation tells us why we just sacrificed a few hundred dollars for a gadget. The precision of the fit and finish of the card board box. The flawless protective plastics that keep your iPhone and iPod safe. The glorious moment and pride you feel when you turn it on the first time. But what are we exactly proud of? Shouldn’t we feel at least some sort of guilt? Zoom Never in the history of earth have we been able to bridge or even eliminate...
  • One false move in Europe could set off global chain reaction

    05/23/2010 10:07:26 PM PDT · by Ernest_at_the_Beach · 60 replies · 1,510+ views
    Washington Post ^ | Monday, May 24, 2010 | By Howard Schneider and Neil Irwin Washington Post Staff Writer
    If the trouble starts -- and it remains an "if" -- the trigger may well be obscure to the concerns of most Americans: a missed budget projection by the Spanish government, the failure of Greece to hit a deficit-reduction target, a drop in Ireland's economic output. But the knife-edge psychology currently governing global markets has put the future of the U.S. economic recovery in the hands of politicians in an assortment of European capitals. If one or more fail to make the expected progress on cutting budgets, restructuring economies or boosting growth, it could drain confidence in a broad and...
  • Government: The Next Bubble To Burst

    05/20/2010 4:26:20 PM PDT · by Kaslin · 25 replies · 772+ views ^ | May 20, 2010 | NEWT GINGRICH AND DAN VARRONEY
    The economic collapse of Greece is a wake-up call. The unsustainable combination of a bloated public bureaucracy, high deficit spending and unfunded pension obligations busted Greece's government bubble. Now the birthplace of modern democracy is on the brink of becoming a failed state. The Bank of England recently warned that the U.S. is on the road to the same fiscal failure as Greece, and the Obama administration's insistence on massive public spending and increasing deficits is the reason. At this rate, the U.S. government will be the next economic bubble to burst. We've seen similar downturns: the information technology bubble...
  • General Election 2010: Gordon Brown's resignation lifts sterling

    05/11/2010 1:09:12 PM PDT · by Ernest_at_the_Beach · 1 replies · 207+ views
    Telegraph ^ | 7:47PM BST 11 May 2010 | Edmund Conway, Economics Editor
    The pound burst through the $1.50 mark as Gordon Brown resigned as Prime Minister, ushering in a coalition Government with the Conservatives and Liberal Democrats. Despite fears that a hung parliament would be catastrophic for the UK economy, sterling leapt by a cent as it emerged that negotiations between Labour and the LibDems broke down. The new Conservative-Liberal Government is expected to pitch itself as a unity government with the purpose of overhauling Britain’s economy after the biggest economic crisis and deepest recession since the 1930s. It will pledge to hold an emergency Budget within two months, which is expected...
  • Greece: A Preview of Things to Come (Why do people think it can't happen in the USA?)

    05/11/2010 9:09:48 AM PDT · by SeekAndFind · 70 replies · 1,462+ views
    American Thinker ^ | 05/11/2010 | Vasko Kohlmayer
    "Angry youths rampaged through the center of Athens, torching several businesses and vehicles and smashing shop windows. Protesters and police clashed in front of parliament and fought running street battles around the city," reported the Wall Street Journal last week. No, this is not a report from a war zone. It is merely a scene from anti-government protests that have engulfed the land of Hellas. What's happening in Greece is this: The Greek people are angry because their government pledged to make cuts in social spending. It is not that the Greek government is inherently stingy. Quite to the...
  • We're bailing out Greece. But US taxpayers shouldn't be

    05/08/2010 3:31:19 AM PDT · by Scanian · 23 replies · 704+ views
    US taxpayers will be helping to foot the bill for the Greek bailout, via the Interna tional Monetary Fund. And if the Obama administration doesn't draw a clear line, Uncle Sam may soon be on the line for even more and larger European "rescues." The Greek government, with its high taxes and profligate spending to support large bureaucracies and social programs, is bankrupt. Its bonds have been downgraded to junk status. As economist Milton Friedman once said, "If you put the federal government in charge of the Sahara Desert, in five years there'd be a shortage of sand." Greece has...
  • Gold on Fire (up $33 as of now)

    05/06/2010 12:35:51 PM PDT · by milwguy · 21 replies · 864+ views
    kitco ^ | 5/6/10 | k
    gold up big, the contagion has lit the spark. Precious metals only safe port in the storm.
  • Greece Fuels Fears of Contagion in U.S.

    05/06/2010 12:29:54 PM PDT · by marshmallow · 27 replies · 716+ views
    The Wall Street Journal ^ | 5/5/10 | Bob Davis and Mark Gongloff
    Crisis Would Likely Spread in Europe Before Crossing Atlantic, Economists Say; Wary Investors Monitor Credit MarketsInvestors and policymakers are starting to worry that the economic crisis in Greece could cross the Atlantic and undermine the U.S. economic recovery, in the same way that U.S. housing woes in 2008 battered Europe. "What we have seen is that contagion"—economist-speak for a spreading crisis—"has gone global," says Harvard University economist Jeffrey Frankel. Early credit-market indicators of contagion to the U.S. aren't yet flashing red, but investors are keeping a wary eye on them. "This is like we've agitated a colony of prairie dogs,...
  • Dow Now Down Over 220 As Europe Explodes (now down over 500)

    05/06/2010 11:22:26 AM PDT · by blam · 306 replies · 14,020+ views
    The Business Insider ^ | 5-6-2010 | Gregory White
    Dow Now Down Over 220 As Europe Explodes Gregory White May. 6, 2010, 2:09 PM The Dow is down 2.0% on worries over the European sovereign debt crises as investors move into less risky assets. Gold is up to nearly 1200. Volatility on the S&P 500 is up as well, over 13.09%: The center of all this, the euro, down against the dollar over 1.1%:[snip]
  • Roubini: 3 Out Of The 4 PIGS Will Get Creamed

    05/06/2010 5:14:34 AM PDT · by blam · 5 replies · 499+ views
    The Business Insider ^ | 5-6-2010 | Vincent Fernando, CFA
    Roubini: 3 Out Of The 4 PIGS Will Get Creamed Vincent Fernando, CFA May. 6, 2010, 5:58 AM Nouriel Roubini, speaking to la Repubblica, explained that Portugal and Spain are most at risk of Greek crisis contagion. Italy is actually 'at a reasonable distance' from the problem. Still, “You have to be careful to not stop here [for Italy]... There are still serious problems like public debt and lack of competitiveness. Perhaps there's at least one contrarian play in the PIGS.[snip]
  • For nations living the good life, the party's over, IMF says

    04/24/2010 4:10:18 AM PDT · by publius1 · 41 replies · 1,153+ views
    The Washington Post ^ | Saturday, April 24, 2010 | Howard Schneider
    In the lingo of the International Monetary Fund, the future of the world hinges on "rebalancing and consolidation," antiseptic words that would not seem to raise a fuss. ... the translation is a bit ruder, something on the order of: "Suck it up. The party's over." To keep the global economy on track, people in the United States and the rest of the developed world need to work longer before retiring, pay higher taxes and expect less from government. And the cheap imports lining the shelves of mega-chains such as Wal-Mart and Target? They need to be more expensive. That's...
  • Job seeker, 21, kills herself after she was rejected for 200 jobs (UK)

    04/24/2010 1:55:37 AM PDT · by jerry557 · 25 replies · 1,211+ views ^ | 04/23/10 | James Tozer
    A bright 21-year-old killed herself after more than 200 unsuccessful job applications. Vicky Harrison had dreamed of a career as a teacher or a television producer, but gave up hope for the future, her family said yesterday. A day after her latest rejection, and on the eve of her fortnightly trip to sign on, she wrote heartbreaking notes to her parents and boyfriend saying 'I don't want to be me any more' and took a huge drug overdose. Her death last month tragically highlights the human cost of the highest level of joblessness since the mid-1990s. Rising youth unemployment has...
  • Obama to host Muslim Entrepreneurship Conference (Keeping his "Promise)

    04/23/2010 5:04:53 PM PDT · by VRWCTexan · 14 replies · 501+ views ^ | April 23, 2010 | staff
    Making good on a promise he made to Muslims last year, President Barack Obama will host an entrepreneurship conference next week to deepen ties between business people in the United States and (50) Muslim countries
  • IRS Launches New Global Program to Target ‘High Wealth Individuals'

    04/06/2010 2:37:39 AM PDT · by Cindy · 39 replies · 1,292+ views
    CNS ^ | April 6, 2010 | Penny Starr
    Note Video included at article link. SNIPPET: "( - The Internal Revenue Service has launched a new global program to target what it calls “high wealth individuals,” IRS Commissioner Douglas Shulman said Monday. “Through our new global high wealth operating unit we are taking a unified look at the entire web of business and economic entities controlled by high wealth individuals so we can better assess the risk such arrangements pose to tax compliance,” Shulman said at the National Press Club on Monday. Shulman said the IRS is using “our robust and evolving enforcement program that ensures that everyone pays...
  • White House: The Economics of Workplace Flexibility

    03/31/2010 2:20:42 PM PDT · by Jean S · 13 replies · 572+ views ^ | 3/31/10 | Cecilia Rouse
    As part of the White House Forum for Workplace Flexibility, the CEA released a report today presenting an economic perspective on flexible workplace policies and practices. Work-Life Balance and the Economics of Workplace Flexibility (pdf) highlights changes in American society over the past half century, including the increased number of women entering the labor force, the prevalence of families where all adults work, increasing eldercare responsibilities, and the rising importance of continuing education. These changes are among those that have increased the need for flexibility in the workplace. This increased need can be met with flexibility in terms of when...
  • Cavuto on the Markets: I’m Worried

    03/31/2010 6:22:11 PM PDT · by blueyon · 34 replies · 1,709+ views ^ | 3/31/10 | Breitbart
    "There will be other countries, like China, who say it ain't worth the fuss holding dollars, so they pull back; and more secret meetings of countries looking for financial alternatives to us, so they will push back."
  • Packed Containers Piling Up At Asian Ports Because There's Too Much Demand From West

    03/30/2010 6:53:39 AM PDT · by blam · 35 replies · 1,020+ views
    The Business Insider ^ | 3-30-2010 | Vincent Fernando
    Packed Containers Piling Up At Asian Ports Because There's Too Much Demand From West Vincent Fernando, CFA Mar. 30, 2010, 6:16 AM Packed containers are piling up at Asian ports as strong demand from the U.S. and Europe causes a lack of supply of ships. Shipping companies had purposefully idled capacity during the economic downturn, then started to bring it back recently. Yet they didn't do it fast enough to keep up with the robust pick-up in demand from the West.[snip]
  • Europe has left Greece hanging in the wind

    03/28/2010 4:11:54 PM PDT · by bruinbirdman · 23 replies · 940+ views
    The Telegraph ^ | 3/28/2010 | Ambrose Evans-Pritchard
    However you dress it, the Greek package agreed by EU leaders is a capitulation to German-Dutch demands. There will be no European debt union as long as Angela Merkel remains Iron Chancellor of Germany. The Frankfurter Allgemeine summed up the deal succinctly: "No member of Europe's monetary union should be liable for the debts of another state. Bilateral credit from Berlin for Athens is not the same as German acceptance of responsibility for Greek debt." This shatters the assumption since Maastricht that monetary union leads inexorably to fiscal union. By drawing the IMF into Euroland's affairs, Germany has broken the...
  • No Greece In The American Machine (Likening US debt to Greece or EU debt is misguided economics)

    03/26/2010 6:54:39 AM PDT · by SeekAndFind · 12 replies · 443+ views
    Forbes ^ | 03/26/2010 | Nouriel Roubini AKA Dr. Doom), Christian Menegatti and Arpitha Bykere
    While the global economy is crawling out from the most severe recession and financial crisis of the postwar period, the euro zone debt crisis has significantly increased the chances of a double-dip recession in Europe and a global slowdown. Sovereign risk has recently graduated from being an emerging economy hitch to an advanced economy problem. The Greek debt crisis has occupied center stage of the economic and political debate. It is not just a Greek tragedy--the contagion could spread to Portugal, Spain, Italy and Ireland. Indeed, at stake is the entire euro zone framework. Yet fiscal sustainability and sovereign risk...
  • BA strike on after talks collapse

    03/20/2010 4:30:48 AM PDT · by C19fan · 5 replies · 361+ views
    AFP ^ | March 20, 2010 | Katherine Haddon
    BA cabin crew began a three-day strike Saturday after last-ditch talks on a dispute over pay and conditions collapsed, leaving thousands of travellers facing chaos. Thousands of members of Britain's biggest trade union, Unite, walked out at midnight Friday, just hours after face-to-face talks broke down between union joint leader Tony Woodley and BA chief executive Willie Walsh.

    03/01/2010 6:39:45 AM PST · by shortstop · 114 replies · 2,658+ views ^ | 03/01/10 | Bob Lonsberry
    The other week, while you were watching “American Idol,” Greece went bankrupt. Not all the way, but pretty close. And people have been rioting in the streets. See, the government had been financing things for years on end with debt. The government was taxing and spending, of course, but it was also borrowing. A lot. A staggering amount. So much that the people who do the lending decided they’d had enough. Which left Greece insolvent. Which brought the economy to collapse. Which created a crisis for the European Union and for its currency, the Euro. Which made the world jittery....
  • Losing the Red Queen's Race

    02/17/2010 3:25:37 PM PST · by Bookworm22 · 2 replies · 168+ views ^ | 02/17/2010 | Charles Hugh smith
    The Red Queen's Race is an apt analogy for the meltdown in assets and debt now swamping the global economy. The Red Queen's race refers to running very fast to stay in the same place. As asset values fall globally (except where massive government stimulus has pushed the day of reckoning forward a bit), debt holders are frantically paying down or writing down debt--running very fast--but finding themselves in the same place--zero equity--despite their prodigious efforts. Owning an asset as it catapults ever higher in a credit/asset bubble offers a fateful temptation to leverage that rising equity ("free money") or...
  • The Secret Aluminum Shipments That Show China Is De-Stockpiling Its Commodities

    02/12/2010 10:58:29 AM PST · by blam · 35 replies · 1,706+ views
    The Business Insider ^ | 2-12-2010 | Dave Forest
    The Secret Aluminum Shipments That Show China Is De-Stockpiling Its Commodities Dave Forest Feb. 12, 2010, 1:48 PM This might be the year's most important news. Which got almost no press globally. Something strange happened in Japan in December. Shipments of aluminum from Mozambique and Brazil showed up in the northwestern ports of Fushiki and Fukui. Shipping aluminum to Japan isn't weird. The nation is an important consumer. But shipping South American and African aluminum to northwest Japan is strange. These are minor ports. Usually such imports would be unloaded on the Pacific side, at Yokohama, Osaka or Nagoya. Where...
  • Japanese GDP Soars

    02/11/2010 9:23:50 PM PST · by blam · 6 replies · 437+ views
    The Business Insider ^ | 2-12-2010 | Vincent Fernando
    Japanese GDP Soars Vincent Fernando Feb. 12, 2010, 12:01 AM A rising emerging Asia tide floats all boats, even Japan, whose economy grew robustly in the fourth quarter: Bloomberg: Gross domestic product rose an annualized 3.6 percent in the three months ended Dec. 31, following a 1.3 percent expansion in the third quarter, according to the median forecast of 23 economists surveyed by Bloomberg News. ... Japan’s economy expanded 0.9 percent from the previous quarter, the survey showed. Overseas shipments increased 5.3 percent in the fourth quarter from the previous three months, analysts surveyed said. Net exports, or shipments minus...
  • The Collapse Of The Euro: Insights By Joseph Stiglitz And Hugh Hendry - Two Part BBC Miniseries

    02/11/2010 8:41:14 PM PST · by TigerLikesRooster · 23 replies · 1,027+ views
    The Collapse Of The Euro: Insights By Joseph Stiglitz And Hugh Hendry - Two Part BBC Miniseries Courtesy of Tyler Durden Must watch two part BBC series recapping recent events from the perspective of the other side of the pond, including some much needed “on location” reporting (as opposed to persistent theorizing of “what may happen”). The first part provides the background on the currency crisis and how hedge funds are profiting from shorting the euro. As a commentator points out, the dilemma is moral hazard or austerity measures. And while countries certainly prefer the former, sovereign bond and currency...

    02/10/2010 3:27:42 PM PST · by blam · 35 replies · 1,340+ views
    The Business Insider ^ | 2-10-2010 | Joe Weisenthal
    GRÎŁÎŁCE CRUMBLES Joe Weisenthal Feb. 10, 2010, 5:17 PM Another day and still no bailout for Greece. The bottom line is that there are no good options. Let's review: * Greece citizens take to the streets in protest. * Why Greece knows is has the EU over a barrel. * The nine ways a Greek bailout could work. * Greece: No good options.(go to the site to access these links)[snip]
  • China Dumps US Asset Backeds and Corporates

    02/10/2010 5:33:32 AM PST · by Leisler · 31 replies · 894+ views
    Asia Times ^ | February 9th, 2010 | David Goldman
    Dollar-denominated risk assets, including asset-backed securities and corporates, are no longer wanted at the State Administration of Foreign Exchange (SAFE), nor at China’s large commercial banks. The Chinese government has ordered its reserve managers to divest itself of riskier securities and hold only Treasuries and US agency debt with an implicit or explicit government guarantee. This already has been communicated to American securities dealers, according to market participants with direct knowledge of the events. It is not clear whether China’s motive is simple risk aversion in the wake of a sharp widening of corporate and mortgage spreads during the past...
  • China threatens economic warfare against U.S.

    02/10/2010 5:35:21 AM PST · by usalady · 25 replies · 825+ views ^ | February 10, 2010 | Martha
    Military leaders in China called for the sale of U.S. debt securities on Monday, February 8, 2010 in response to arms sales recently made to Taiwan.
  • David Goldman: China's Dumping Of US Assets Means A Coming Spike In Borrowing Costs

    02/10/2010 5:37:48 AM PST · by blam · 1 replies · 381+ views
    The Business Insider ^ | 2-10-2010 | Joe Weisenthal
    David Goldman: China's Dumping Of US Assets Means A Coming Spike In Borrowing Costs Joe Weisenthal Feb. 10, 2010, 8:14 AM Last night on Kudlow, credit analyst David Goldman discussed the news that China is dumping any US fixed-income assets that aren't explicitly backed by the government. What does this mean? Trouble for banks and big increases in borrowing costs for businesses. His comments come around the 11:00 mark. Before that Greece is discussed, which is also worthwhile.[snip]
  • Deeply In Debt, Greece Faces A Spartan Future

    02/09/2010 5:54:11 PM PST · by Steelfish · 18 replies · 802+ views
    LATimes ^ | February 09, 2010 | Henry Chu
    Deeply In Debt, Greece Faces A Spartan Future By Henry Chu February 10, 2010 Reporting from Athens - Christos Maggelis is nothing but a bit player in the latest Greek drama. Yet somehow, he fumes, he's the one being punished by the gods. Those would be the ruling politicians of this sun-kissed land who, like Hercules and the Augean stables, face a cleanup task of mammoth proportions: getting rid of a toxic mountain of government debt that threatens the financial health of much of Europe. To do so, Greece wants to cut the pay of hundreds of thousands of civil...
  • Storm over bailout of Greece, EU's most ailing economy

    02/09/2010 4:41:37 PM PST · by TigerLikesRooster · 3 replies · 383+ views
    The Times(UK) ^ | 02/10/10
    February 10, 2010 Storm over bailout of Greece, EU's most ailing economy Athens will be paralysed today by a 24-hour strike against a government trying to stave off bankruptcy ? as fellow members of the eurozone squabble over how best to solve Greece?s debt crisis David Charter in Brussels Angela Merkel tried to calm fevered speculation in financial markets yesterday that Germany was preparing to lead a bail-out of Greece amid a split in the EU on how to handle its most ailing member. The German Chancellor denied reports that her Finance Minister was conducting secret talks with Jean-Claude Trichet,...
  • Darkness Falls Over Europe In Chaos... (Greece)

    02/09/2010 2:44:10 PM PST · by blam · 8 replies · 841+ views
    The Business Insider ^ | 2-9-2010 | Gregory White
    Darkness Falls Over A Europe In Chaos, As German, Swedish, And UK Leaders Have Different Ideas For Solving Greece Gregory White Feb. 9, 2010, 5:33 PM Germany came out today saying they're not going to back stop Greece, and now they want to build a "firewall" around it so it doesn't hurt its neighboring countries, according to the FT. While the Germans are talking about containing the problem, The UK and Sweden want to call in the big guns. "The IMF has the technical knowledge," said a Swedish official to the FT. Their UK equivalent agreed, “The fund has the...
  • Goldman Caught Using European Loophole To Help Massively Understate Greek Deficit

    02/09/2010 8:10:19 AM PST · by FromLori · 51 replies · 979+ views
    The Business Insider ^ | 2/9/10 | Vincent Fernando
    This looks pretty bad for both Goldman and Greece, as if things could look worse. According to a scathing piece in Der Spiegel, European statisticians in Luxembourg have had a very difficult time getting proper Greek economic and financial data for years. Worse yet, Goldman Sachs appears to have been helping Greece take advantage of a European regulatory loophole in order to understate its deficits: Der Spiegel:
  • How to invest for a global-debt-bomb explosion (Be Prepared for an apocalyptic Wall Street anarchy)

    02/09/2010 7:00:35 AM PST · by SeekAndFind · 15 replies · 1,659+ views
    Marketwatch ^ | 02/09/2010 | Paul B. Farrell
    Wake up investors. Are you prepared for the economic anarchy coming after a global-debt time bomb explodes? Are you thinking outside the box? Investing differently? Act now -- tomorrow will be too late. Start by looking past the endless cable skirmishes between Rush, Glenn, Bill and Shawn versus Harry, Nancy, Ben and Barack. Look way past the insurgency bonding Sarah and her diehard Tea Party revolutionaries with Ron Paul's Neo-Reaganite ideologues, Fat-Cat Bankers and the Party of No, all planning a massive frontal assault on the 2010 elections, hell-bent on destroying the presidency. All that's the sideshow. The Big One...
  • China January Auto Sales More Than Double To Record 1.66 Million

    02/09/2010 6:56:37 AM PST · by Fishbed · 4 replies · 259+ views
    BEIJING -(Dow Jones)- Vehicle sales in China last month more than doubled from a year earlier to 1.66 million units, a semi-official industry group said Tuesday. Passenger vehicle sales more than doubled to 1.32 million units in January, the China Association of Automobile Manufacturers said in a statement without giving year-earlier figures. China's auto sales last year rose 46% to 13.6 million units, displacing the U.S. as the world's largest auto market.
  • Dubai skyscraper Burj Khalifa closes to public (ultimate bubble symbol closed indefinitely)

    02/08/2010 3:58:47 PM PST · by TigerLikesRooster · 36 replies · 1,285+ views
    Telegraph ^ | 02/08/10 | Richard Spencer
    Dubai skyscraper Burj Khalifa closes to public The world's tallest building, the Burj Khalifa, has closed to the public due to technical problems just a month after it was formally opened. By Richard Spencer in Dubai Published: 6:10PM GMT 08 Feb 2010 The observation deck on the Dubai building's 124th floor, which had been open since the building was formally named on Jan 4, has been closed indefinitely because of unspecified technical problems. At 2,716 feet tall, the tower contains a hotel, apartments and offices. The first occupants of the apartments were due to move in later this month. But...
  • 7 US States That Are Worse Off Than Greece, Portugal, Ireland, And Spain

    02/05/2010 11:56:08 AM PST · by blam · 15 replies · 1,393+ views
    The Business Insider ^ | 2-5-2010 | Gregor MacDonald
    7 US States That Are Worse Off Than Greece, Portugal, Ireland, And Spain Gregor MacDonald Feb. 5, 2010, 1:56 PM The inevitable coming of the sovereign debt panic finally engulfed Europe this week as the derisively (or perhaps affectionately) named PIGS spilled their slop on the continent. But Portugal, Ireland, Greece, and Spain are hardly worthy of so much attention. In truth, they are little more than the currently favored proxies among the leveraged speculator community (cough) for the larger problem of all sovereign debt. Indeed, the credit default swaps on these smaller European satellite states were not alone this...
  • Fears of 'Lehman-Style' Tsunami As Crisis Hits Spain and Portugal

    02/05/2010 10:15:12 AM PST · by Steelfish · 7 replies · 398+ views
    Telegraph(UK) ^ | Published: 7:29PM GMT 04 Feb 2010 | Ambrose Evans-Pritchard
    Fears of 'Lehman-Style' Tsunami As Crisis Hits Spain and Portugal The Greek debt crisis has spread to Spain and Portugal in a dangerous escalation as global markets test whether Europe is willing to shore up monetary union with muscle rather than mere words. Ambrose Evans-Pritchard 04 Feb 2010 Spain is going through a "deep crisis" in its housing sector. Photo: AFP Julian Callow from Barclays Capital said the EU may to need to invoke emergency treaty powers under Article 122 to halt the contagion, issuing an EU guarantee for Greek debt. “If not contained, this could result in a `Lehman-style’...
  • Paulson: Russia Tried to Get China to Blow Up Fannie and Freddie

    01/31/2010 7:41:28 AM PST · by FromLori · 22 replies · 847+ views
    Economic Policy Journal ^ | 1/30/10 | Robert Wenzel
    Russia urged China to dump its Fannie Mae and Freddie Mac bonds in 2008 in a bid to force a bailout of the largest U.S. mortgage-finance companies, according to former-Treasury Secretary Henry Paulson, in his new book, On the Brink. Paulson learned of the “disruptive scheme” while attending the Beijing Summer Olympics. In his memoir, Paulson writes, according to Bloomberg which was able to obtain a copy of the book before its official publication date of February 1, that the Russians made a “top-level approach” to the Chinese “that together they might sell big chunks of their GSE holdings to...
  • Glaxo Smith Kline set to slash 4,000 jobs

    01/31/2010 7:36:04 AM PST · by FromLori · 8 replies · 495+ views
    Times Online ^ | 1/31/10 | ohn Waples and Matthew Goodman
    BRITAIN’s biggest drugs company, Glaxo Smith Kline, is to axe up to 4,000 more jobs as part of its plans to restructure its workforce and focus increasingly on emerging markets. The bulk of the cuts will be in America and Europe, and are part of the company’s efforts to shift resources away from low-growth territories into parts of the world with greater scope to expand sales. Glaxo, which has been headed for nearly two years by chief executive Andrew Witty, employs 99,000 staff across the world and is expected to reveal plans for select cutbacks alongside its annual results this...
  • Sarkozy seeks a new order and throws down gauntlet to China

    01/30/2010 1:35:12 PM PST · by Ernest_at_the_Beach · 6 replies · 558+ views
    Times Online (UK) ^ | January 28, 2010 | Helen Power
    President Sarkozy has promised to put the huge trade imbalances between the East and West at the centre of global financial reform when France takes over leadership of the G8 next year. In a speech at the World Economic Forum in Davos yesterday, Mr Sarkozy called for a more responsible form of capitalism for the 21st century and backed President Obama in his attempts to break up some of the world’s biggest banks. Yet it was Mr Sarkozy’s new promise to press countries with huge trade surpluses — such as China — to revalue their undervalued currencies that captured attention....
  • Britain is no longer free

    01/26/2010 11:56:58 PM PST · by Berlin_Freeper · 10 replies · 673+ views ^ | January 27 2010 | Dr Eamonn Butler
    It's official – the UK is no longer a free country. Well, semi-official, because the judgement comes from the independent Heritage Foundation, based in Washington DC, which has been compiling its influential Index of Economic Freedom for a decade and a half. It surveys 183 countries, assessing them on ten scores including business freedom, property rights, trade, government spending and corruption. This year, though, after the financial crisis and the regulatory clampdown on banks, investment, and finance, both the United States and the United Kingdom have headed down the scale. By contrast, Switzerland – which is attracting financial firms and...
  • The Currency of Social Justice (What happens if the US dollar becomes worthless?

    01/24/2010 1:06:51 PM PST · by SeekAndFind · 25 replies · 1,573+ views
    American Thinker ^ | 01/24/2009 | Andie Brownlow
    What happens if the dollar becomes worthless? People on the left have given serious thought to a replacement for money itself. Many Americans believe that the Cloward-Piven strategy is not only what purposefully bankrupted New York, but also what the Obama administration is employing to erode capitalism in America. So what economic system is being erected in its place? Using Gesell and Keynesian monetary theories, as well as precedents by the Obama administration and Congress, we can see "social justice" transforming America through "green jobs" and our currency crisis. The government is contriving a green jobs boom. Last year, the...
  • The Tokyo Stock Exchange Fell 2.72% In Mid-Session, After Obama’s Speech (Friday Trading)

    01/21/2010 7:46:38 PM PST · by kristinn · 10 replies · 661+ views
    News Trends Today ^ | Thursday, January 21, 2010
    The Tokyo Stock Exchange fell 2.72% Friday mid-session after the announcement by U.S. President Barack Obama steps to limit the size and activities of banks. A break from 11.00 am (0200 GMT) the Nikkei 225 index of blue chips lost 295.40 points (-2.72%) at 10,573.01 points. Losses as high as 2.99% during the morning, the Nikkei touching its lowest level during the meeting since December 28 last. President Obama attacked head-banks Thursday in announcing his intention to enter into law measures that restrict their size and their activities to stop the excesses that led to the crisis.
  • After Dubai [NY Times Editorial]

    01/17/2010 9:12:14 PM PST · by Steelfish · 10 replies · 384+ views
    NYTimes ^ | January 17th 2010
    EDITORIAL After Dubai January 17, 2010 When it looked as if Dubai would go bust last month, making global financial markets swoon, its wealthy neighboring emirate stepped in and bailed it out with a $10 billion loan. Unfortunately Dubai isn’t the only one teetering on the brink. Greece is also in trouble; so is Ireland. Others could follow. Unless the world’s richest nations come to the rescue of weakened states, the global financial crisis might sprout another leg and stop the nascent recovery in its tracks. Dubai created its problems. The oil-poor emirate borrowed lavishly to pay for a construction...
  • The IMF sold Gold plated tungsten bars to India, 'Plated' tungsten bars scandal is about to erupt

    12/13/2009 3:41:11 PM PST · by bethybabes69 · 149 replies · 8,419+ views
    It looks that a big part of Gold bars in Banks vaults are in fact tugsten plated gold , the scandal is just starting to leak and it could cause the burst of the Gold bubble. Video interview:
  • India economy grows 7.9%, shatters forecasts

    India economy grows 7.9%, shatters forecasts By Penny MacRae (AFP) – 5 hours ago NEW DELHI — India reported its best growth figures in 18 months on Monday as government spending and record low interest rates helped Asia's third-largest economy rebound from the global financial crisis. The 7.9-percent expansion in the quarter to September from a year earlier far eclipsed market forecasts and prompted the government to raise its growth expectations for the financial year to March 2010. The growth figures, which underscored Asia's role in spearheading the global recovery, also stoked speculation about when India would begin exiting stimulus...
  • Why we want gold to fail

    11/29/2009 6:47:50 AM PST · by Kaslin · 42 replies · 1,741+ views ^ | November 29, 2009 | Paul Jacob
    An ancient saying has it that “gold doesn’t stink.” A modern corollary might be: “Investors do.” Well, at least I’ve caught a whiff of something: A short-term fall in the price of gold, soon. A subset of investors have gone perhaps a bit too whole hog, and the price of gold is now racing upwards at an increasingly unsustainable rate. It’s an ancient observation: What goes up must come down. The exceptions are those rare things that reach escape velocity. Gold hasn’t reached that, nor is it likely to. For some reason, in markets, whenever prices move upward faster, there’s...
  • Dubai...a Harbinger of Financial Armageddon?

    11/27/2009 7:47:24 PM PST · by Sharondownunderinnz · 9 replies · 1,404+ views ^ | 11-27-09 | Martin Banner
    Dubai...a Harbinger of Financial Armageddon? Martin Banner 11/27/09 We have been warning of the coming economic collapse and the ramifications to follow, which will be food riots, chaos in the cities world wide leading to rioting, looting and bringing on a climate that will require declarations of martial law to try and quell that chaos, for some time now. This economic chaos, coupled with higher prices for food and lower harvest yields world wide, will set the scene for the four horseman of the book of revelations to ride and bring us into the time of the great tribulation period...