Friday, April 10, 2009

More economic issues



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.

Sleepwalking Towards A World Currency

Fueling A New World Money Supply

Germany Ups Car Subsidy

EU Warns China Over Larger Steel Exports

More People Scrap Gold Jewelry For Cash

Colombian Coffee Prices Reach 11 Yr High

Australia's Jobless Rate Surges To 5.7%

UK Banks Ruining Rescue Plan

London Empty Office Space Tops 10m Sq Ft

Number Of Adults Moving Back With Parents Triples

New Car Prices Below Used Models

One In 20 £1 Coins Is A Fake

Cramer A 'Buffoon' Says Leading Economist

Moody's Strips Buffett's Corporation Of AAA Rating

Revive Lincoln's Monetary Policy

Madoff's Talmud-Touting Collaborator

1934 FDR Depression Era Cartoon - Look Familiar?

Stanford, Merkin Face Fraud Cases Set

Derivatives Trading Crackdown Begins

ECB Hits G20 IMF Drawing Rights Plan

Japan Goods And Services Fall By Half

Soros Warns Shares Will Fall Further

Gold Sold For Scrap Outstrips New Purchases

Gold - Is Silver The New Gold?

Irish Hike Taxes, Cut Spending

World Bank Sees China Recovery This Year

General Motors Close To Bankruptcy

Goldman Chairman Admits Wall St Greed

AIG Payments To Banks To Be Probed

Moody's Uses First Amendment ­ When It Suits

UK Store Food Prices Soar

RBS Cuts 9,000 More Jobs

WH Accused Of Bailout Double Standards

Stanford - 'It's Baloney, Baloney, Baloney'

UK Court Freezes Stanford Bank Assets

UK Ind Production Down Most In 40 Yrs

G8 Warns Of Hunger Threat To Stability

Soros - 'Zombie' Banks Could Destroy All

Japan Announces $100bn Stimulus Package

Irish Govt To Deliver Emergency Budget

Oz - Historic A$43B Broadband Network Plan

UBS Halts Foreign Travel Over Tax Worries

Taiwan March Exports Drop 35.7%

Derivatives - The New Ticking Bomb




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