US's Road to Recovery Runs Through Beijing
By Francesco Sisci and David P Goldman
For the past decade, poor people in the developing world have financed the consumption of rich people in America. America has borrowed nearly $1 trillion a year, mostly from the developing world, and used these funds to import consumer goods and buy homes at low interest rates. The result is a solvency crisis of the American household, which shows up as a solvency crisis for financial institutions. Continue
The G-20 Washout
By Mike Whitney
The financial crisis is being used by Wall Street big-wigs to restructure the economy and create a permanent class of working poor. Continue
The G-20 Economic Summit Won’t Change the "Financial Crime Scene"
By Richard C. Cook
I worked in the U.S. Treasury Department for 21 years and learned first-hand the history and operations of public finance in the U.S. I have seen the disastrous results of the debt-based financial system and how it has driven our nation, government, and people into bankruptcy. I have also seen how these simple measures of monetary reform would be easy to implement and would begin to turn the situation around within weeks or months. Continue
Obama win prompts wave of hate crimes: Far from heralding a new age of tolerance, Mr Obama’s victory in the November 4 poll has highlighted the stubborn racism that lingers within some elements of American society as opponents pour their frustration into vandalism, harassment, threats and even physical attacks.
States want their own federal financial bailout: Led by California with a $28 billion hole in its budget, 41 states are in financial trouble, and many of their leaders are looking to Congress to bail them out.
White House rejects auto bailout: Funds from the $700bn US government bailout package for the financial system should not be used to aid America's troubled auto industry, the White House says.
State of Denial: America in Recession: Policymakers Fear 'R-Word': Over the past 72 hours, Japan and the Eurozone have owned up to what U.K. policymakers previously admitted: Those economies are in recession.
US banking giant cuts 50,000 jobs: Citigroup, one of America's largest financial institutions, is to cut about 50,000 jobs as the bank struggles with heavy losses stemming from the current financial crisis.
The Six Unknowns That Are Roiling the Stock Market: The stock market's behavior is downright strange lately. Professionals with decades of market experience scratch their heads as the market falls to its lowest point of the year, then surges almost 7% in an afternoon—all for no apparent reason.
Florida pension fund plummets: The State Board of Administration, which manages many of Florida's public investments, has seen its assets plummet by $62-billion, a third of their value, in the last 13 months.
Foreclosures up 25 percent: RealtyTrac: That means one in every 452 U.S. housing units received a foreclosure filing in October, the firm said in its report released on Thursday.
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