DOLLAR IN NEW SPIRAL...
...biggest one-day slide against euro
BUSH: 'I didn't compromise my soul to be a popular guy'...
...sacrificed free-market principles to save economy...
Federal spending soars 25% -- before bailout...
London Banker: "The market has failed, and officialdom is perpetuating that failure."
By Mike Whitney
It is now clear to me that policy makers in the West are determined to apply every available resource to underpinning failure, misallocation and executive excess. As this discourages the honest saver from parting with cash, policy makers are ensuring that deflation will wreak its havoc on the financial and real economies of the world. Continued
The Best and the Brightest Led America Off a Cliff
By Chris Hedges
The multiple failures that beset the country, from our mismanaged economy to our shredded constitutional rights to our lack of universal health care to our imperial debacles in the Middle East, can be laid at the feet of our elite universities. Harvard, Yale, Princeton and Stanford, along with most other elite schools, do a poor job educating students to think. Continue
Time To Wake Up And Smell the Economy
By Jon Ronnquist
For a time we were all kings, walking tall beneath the banner of imagined destiny. In the east the grateful poor toiled at our behest and sang songs of praise to their generous masters beyond the sea. Continue
Disgraced financier Bernie Madoff to be electronically tagged: The latest sensational twist in the mushrooming financial scandal came as 70-year-old Madoff fled his £6million New York apartment and went into hiding to escape furious creditors, many of them former friends and lifelong business associates.
Bernie Madoff's Victims: The List: Word on the identities of Bernie Madoff's clients / victimes continues to emerge. The total losses reported so far add up to about $30 billion.
Opec agrees record oil output cut: The reduction in output will mean that Opec is taking 4.2 million barrels of oil out of the global market per day compared to September levels.
Peak Oil: George Monbiot meets ... Fatih Birol: Britain's leading green commentator tackles the International Energy Authority's chief economist, who reveals for the first time a startling and worrying prediction for the date of peak oil. Read the peak oil feature and add your comment
Dollar No Longer Haven After Fed Moves Rate Near Zero: The world’s biggest currency-trading firms say the dollar’s appeal as a haven amid the financial crisis all but evaporated.
Chrysler Shuts For A Month and Chevy Volt Delayed: Chrysler LLC said Wednesday that it will shut down all its North American production for at least one month starting December 19.
'75% in US bear the brunt of recession': n almost one home in five (18 percent) someone has lost a job in recent months, and in more than a quarter (27 percent) a worker has had his or her pay cut or working hours reduced, the poll found.