Staring into the Abyss
The Collapse Of The Modern Day Banking System
By Mike Whitney
There's no way out. There are bound to be bankruptcies and bank runs. “Structured finance” has usurped the Fed's authority to create new credit and handed it over to the banks. Now everyone will pay the price. Continue
World food price rises set to hit consumers: Global food prices were under further pressure on Monday as benchmark prices for cereals at much higher levels came into operation, making it almost inevitable that a second wave of food price inflation will hit the world’s leading economies.
Triple-digit oil prices expected after 2007 records: After a record-smashing year with oil peaking at $99 a barrel in 2007, a triple-digit world of crude oil awaits in the coming year, energy experts say.
Credit crisis worsens : Alan Greenspan says the Fed is powerless
U.S. stocks drop on Greenspan comments, subprime jitters
US headed for recession: Morgan Stanley: The chairman of investment bank Morgan Stanley's Asian arm, Stephen Roach, says the United States economy is headed towards recession and the rest of the world should be concerned.
Cheap goods won't keep stagflation at bay: Even the threat that stagflation might be about to make a reappearance has come as a shock
