Bernanke Warns Long-Term Budget Deficits Threaten Financial Stability...
'Why Ben Bernanke is right to be worried'...
If You Are Stressed Now, Just Wait
Policymakers Have Created A Perfect Storm
By Paul Craig Roberts
The next shoe to drop will be the dollar’s loss of the reserve currency role. Then the US, an import-dependent country, will no longer be able to pay for its imports. Shortages will worsen price inflation and disrupt deliveries. Continue
Russia hopes to get behind the wheel: Mr Putin met in Moscow with Siegfried Wolf, co-chief executive of Canada’s Magna International, and German Gref, head of Sberbank, whose groups are due to take a controlling interest in GM’s spun-off European Opel division in a deal to be negotiated in the coming weeks.
Germany Blasts 'Powers of the Fed': "I view with great skepticism the powers of the Fed, for example, and also how, within Europe, the Bank of England has carved out its own small line," Ms. Merkel said in a speech in Berlin.
U.S. bankruptcy filings up 37% last month: U.S. consumer bankruptcy filings soared 37 percent in May compared with the same period last year, according to figures released Tuesday by the American Bankruptcy Institute.
California will run out of cash in 14 days: The state wallet is empty. The bank closed. Credit has dried up, Gov. Arnold Schwarzenegger told lawmakers in a special Tuesday morning address at the Capitol.
State's unemployment fund short by billions: California is paying out so much for jobless benefits and collecting so little in payroll taxes that its unemployment insurance fund could be $17.8 billion in debt by the end of 2010