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US Lurching Towards 'Debt Explosion'
Long-term Interest Rates on Course to Double
By Philip Aldrick, Banking Editor
The US economy is lurching towards crisis with long-term interest rates on course to double, crippling the country’s ability to pay its debts and potentially plunging it into another recession, according to a study by the US’s own central bank. Continue
Calls grow to supplant dollar as global currency: The call to find an alternative to the U.S dollar as the global reserve currency is gaining momentum as France joined calls by China, India and Russia for a review of the world's currency practices.
US dollar focus of G8 summit: A sliding dollar would have massive repercussions for the world economy as it looks to emerge from one of the most savage recessions in generations, which has seen global trade collapse by up to 20 percent.
Delinquencies on U.S. Home-Equity Loans Reach Record: Late payments on home-equity loans rose to a record in the first quarter as 18 straight months of job losses and a slumping economy left more borrowers unable to pay their debts, the American Bankers Association reported.
Consumer loan delinquencies rise to record high: The number of people delinquent on their loans rose to a record high in the first quarter, according to the American Bankers Association.
California Hotel Foreclosures Double in Last Three Months: The number of California hotels in default or foreclosed on has jumped 125% in the last 60 days. The state now has 31 hotels that have been foreclosed on and 175 in default.
As California struggles, Fitch cuts debt rating: California suffered a new setback in its financial crisis on Monday when Fitch Ratings cut its rating on the state's general obligation debt to just two notches above junk status
Who Killed California's Economy?: . Unable to pay its bills, the state is issuing IOUs; its once strong credit rating has collapsed. The state that once boasted the seventh-largest gross domestic product in the world is looking less like a celebrated global innovator and more like a fiscal basket case along the lines of Argentina or Latvia.