Gloom grips markets braced for earnings season...
Mortgage delinquencies soar...
Roubini sticks to dour forecasts...
Communities print their own currency to keep cash flowing...
GM in 'intense' bankruptcy preparations...
Harvard Student Takes On Barney Frank Over Economy...
Bernanke's Financial Rescue Plan:
The Glide-path to Destitution
By Mike Whitney
The United States defaulted on its debt in 1933 when Roosevelt took office and pulled the country off the gold standard, thus, shrugging off the claims of foreign investors who were assured the US would honor its obligations in gold. The dollar plummeted. Bernanke's muddled strategy has the nation walking down that same path once again. Continue
Should We Kill the Fed?
By Patrick J. Buchanan
"The Fed was the greatest single contributor to the crisis that unfolds before us," Woods writes of today, and "more dollars were created between 2000 and 2007 than in the rest of the republic's history." Continue
The Crash of '09, The Collapse of '10
By By Humayun Gauhar
Many American analysts are saying that America's real economic collapse could come by the end of this year. But what's amazing is that America remains mired in stunning denial, continuing to make bad situations worse with useless bailout plans and messing around with the world instead of facing up to the reality that its time as a hyper-power is up. Continue
Global Financial Collapse
A Must Watch Video
An Argentine opinion on the Global Financial Crisis, describing the whole Global Financial System as one vast Ponzi Scheme. How will the Global Financial Collapse end? Are we on the way towards global war and world government? Continue
The Financial New World Order
Towards a Global Currency and World Government
By Andrew G. Marshall
Following the 2009 G20 summit, plans were announced for implementing the creation of a new global currency to replace the US dollar’s role as the world reserve currency. Continue
G8 warns of hunger threat to stability: The world faces a permanent food crisis and global instability unless countries act now to feed a surging population by doubling agricultural output, a report drafted for ministers of the Group of Eight nations has warned.
George Soros warns 'zombie' banks could suck lifeblood out of economy: IMF estimates toxic debts could spiral to $4tn
Estimated U.S. taxpayer cost for bailout jumps: The Congressional Budget Office had originally projected the $700 billion Troubled Asset Relief Program would cost taxpayers $189 billion.
Fannie Mae, Freddie Mac executives to receive millions in bonuses: Fannie Mae and Freddie Mac, the mortgage lending giants currently under federal conservatorship, will pay out $210 million in retention bonuses over the course of 18 months, a recent letter by the companies’ federal regulator, James Lockhart, states.
Why didn't Fed force big banks to take less of AIG bailout?: The Federal Reserve Bank of New York in November chose not to pursue tough negotiations with large foreign and domestic banks and instead allowed them to receive 100 cents on the dollar in government funds to settle tens of billions of dollars of exotic financial bets guaranteed by American International Group.
Quarter of Companies Globally Plan to Freeze Pay: A quarter of the world's companies, and 40 percent in the United States, plan to freeze salaries this year, but employees in South America and India can look forward to robust rises, a global survey shows on Tuesday.
House Preparing To Legalize Payday Loans With 391% APRs: A House subcommittee wants to legalize payday loans with interest rates of up to 391%. Lobbyists from the payday industry bought Congress' support by showering influential members, including Chairman Luiz Gutierrez, with campaign cash
The Recession's Impact: Closing The Clinic: 60 Minutes: Bad Economy Leaves Cancer Patients Without Health Insurance In Dire Straits