ASIAN STOCKS ROCKED...
CHART...
EUROPE OPENS LOWER...
PAPER: Oil prices may have peaked...
Toyota Beats GM in Global Production...
French Bank Says Trader Hacked Computers...
...threatens to 'name names'
HOME PRICES FELL IN '07 FOR FIRST TIME IN DECADES...
U.S. mortgage crisis creates 'ghost town' in Cleveland suburb...
Blacks see 'financial apartheid'...
Chávez pushes for withdrawal of international reserves from U.S. banks...
US Slides Into Dangerous 1930s 'Liquidity Trap'
By Ambrose Evans-Pritchard in Davos
The United States is sliding towards a dangerous 1930s-style "liquidity trap" that cannot easily be stopped by drastic cuts in interest rates, Nobel economist Joseph Stiglitz has warned. Continue
The Dollar’s Reserve Currency Role is Drawing to an End
By Paul Craig Roberts
If the world is unwilling to continue to accumulate dollars, the US will not be able to finance its trade deficit or its budget deficit. As both are seriously out of balance, the implication is for yet more decline in the dollar’s exchange value and a sharp rise in prices. Continue
Foreclosures Prompt Cities to Make Plea for Aid : The United States Conference of Mayors (usmayors.org)As more than 250 mayors , agreed that the collapse of the subprime market had left a growing problem of vacant houses, depressed property values, tighter credit, and a need to cut services to close municipal budget gaps.
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