The Free Market, Financial Style Stocks Will Drop; Banks Will Go Belly Up - Roubini US Backing for World Currency Stuns Markets U.S. Vows To Sustain Dollar's Dominance In Case You Missed It States Rebellion Pending Helen Thomas: They Were Only Following Orders: Report Of Torture Called 'Shocking' Obama passing new law to allow searching of PC's, Laptops, and media devices: Video Irish economy in sharp contraction: Ireland, the first eurozone country to fall into an official recession, has released more gloomy financial data, with official statistics revealing that its gross domestic product shrank by 7.5 per cent in the three months to December, compared with the fourth quarter of 2007. UK recession: 'It's even worse than we thought,' says ONS: It is the worst performance since the second quarter of 1980 and confirms Britain is in the middle of a deep downturn following a contraction of 0.7% in the third quarter of last year and zero growth in the second. Ford ready to get rid of Volvo at huge loss: Ford is believed to be preparing to take a knockdown price for Volvo to get the loss-making Swedish division off its hands. SC unemployment reaches 11 percent for February: South Carolina's jobless rate surged to 11 percent in February, edging closer to the 14 percent peak a state advisory board expects as the recession throttles the state with the nation's second-highest unemployment rate. Jobless Rate Exceeds 10% in Three More U.S. States: The number of U.S. states with a jobless rate exceeding 10 percent almost doubled in February as the worst employment slump in the postwar era spread. US tent cities highlight new realities as recession wears on: Tent cities reminiscent of the "Hoovervilles" of the Great Depression have been springing up in cities across the United States - from Reno in Nevada to Tampa in Florida - as foreclosures and redundancies force middle-class families from their homes.
How the Scam Works
By MICHAEL HUDSON
Here’s the rip-off as I see it. For an outlay of $750,000, the bank rids its books of a mortgage worth $2 million, for which it receives $4,250,000. It gets twice as much as the junk is worth.Continue
By Charting Stocks
U.S. stocks will fall and the government will nationalize more banks as the economy contracts through the end of 2009, said Nouriel Roubini, the New York University professor who predicted last year’s economic crisis. Continue
By Ambrose Evans-Pritchard
US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund. Continue
By Tomoeh Murakami Tse
Treasury Secretary Timothy F. Geithner said Wednesday that the United States would do whatever it takes to make sure the dollar would remain the world's dominant reserve currency, clarifying comments he had made earlier in the day that had caused the greenback to fall against major currencies. Continue
Worst Case: The Day The Dollar Falls
Must Watch Video
This is a Dutch (Netherlands) documentary from 2005. It is about a 'Worst Case' scenario where speculation on the currency exchange market plus a substantial sell-off of dollars from a hedge fund cause a chain reaction in the market, the economy and the political system. Continue
By Walter E. Williams
Our constitutional ignorance—perhaps contempt, coupled with the fact that we’ve become a nation of wimps, sissies and supplicants—has made us easy prey for Washington’s tyrannical forces. But that might be changing a bit. There are rumblings of a long overdue re-emergence of Americans’ characteristic spirit of rebellion. Continue
Friday, 27 March 2009
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