BANK PROFIT ROCKS STREET...
WELLS FARGO projects record $3 Billion...
REPORT: No banks will close due to stress tests...
Trade deficit in surprise drop to nine-year low...
No End In Sight
By Mike Whitney
China, Russia, Venezuela and Iran have already called for a change in the world's reserve currency. It won't happen overnight, but the momentum is steadily growing. Continue
Sleepwalking Our Way Towards a World Currency
By Edmund Conway
Let's assume for a moment that we are in the protean stages of a new world currency; that the G20's moves this time last week are laying the ground for its special drawing rights to replace the dollar as the international reserve currency. On that basis which of these two scenarios would you feel more uncomfortable with? Continue
Black Money: As the global financial downturn continues and pressure for profits increases on corporations across the world, a small group of lawyers in the U.S. Justice Department is pursuing an aggressive crackdown against an international business tactic -- bribery -- which the World Bank says amounts to as much as a trillion dollars a year in payments.
Fed sees economy sliding further: Federal Reserve policy-makers, faced with bleaker forecasts for a rapidly worsening recession, decided to buy a "substantial" amount of U.S. Treasury and mortgage debt to halt the slide, minutes of their most recent meeting showed on Wednesday.
Moody's Downgrades The Whole Country: For the first time ever, the ratings agency placed all munis on negative outlook, a precursor to potential downgrades. Historically, the agency looked at munis individually and considered them to be too diverse to make blanket statements about.
The banks are too powerful and they are ruining the rescue plan: Recent events have made me pessimistic that America's latest bank rescue plan will work. Worse, it is the disastrous banks themselves that are being allowed to wreck any efforts to resurrect the global economy.
Germany increases car subsidy to €5bn: Germany is more than tripling the incentives on offer to buyers of new cars as it attempts to boost its auto industry, which employs around 15pc of the nation's workforce.
Number of grown-up children returning to live with parents triples amid recession: The number of 18-34 years olds living rent free with family and friends has more than tripled as the recession bites, new figures suggest.