Biblical Prophesy and the Iraq War US Dollar Skids to New Lows, Expect it to Continue Are Investors in the US and Abroad Losing Faith in the Dollar? Credit Default Swaps The Poison in the System US dollar at 2009 low, bonds down with supply ahead: The U.S. dollar dropped to its lowest level this year and government bonds fell further on Friday as concerns mounted about rising U.S. debt levels after investors questioned the strength of its AAA credit rating. Geithner Vows to Cut U.S. Deficit on Rating Concern : Treasury Secretary Timothy Geithner committed to cutting the budget deficit as concern about deteriorating U.S. creditworthiness deepened, and ascribed a sell-off in Treasuries to prospects for an economic recovery. Banks gone bust! Two more US banks seized: Regulators on Friday shut down two more banks boosting the number of federally insured bank failures this year to 36. Make that 3 banks bankrupt: Florida's BankUnited fails, will cost FDIC $4.9B: The federal seizure of struggling Florida thrift BankUnited FSB is expected to cost the Federal Deposit Insurance Corp. $4.9 billion, representing the second-largest hit to the FDIC's insurance fund since the financial crisis began felling banks last year. Governor plans to completely eliminate welfare for families: Gov. Arnold Schwarzenegger is proposing to completely eliminate the state’s welfare program for families, medical insurance for low-income children and Cal Grants cash assistance to college and university students. GM borrows additional $4 billion from government: General Motors Corp. said Friday that it has borrowed an additional $4 billion from the Treasury Department, meaning the automaker has now accepted $19.4 billion in loans from the U.S. government.
Bush, God, Iraq and Gog
By Clive Hamilton
In 2003 while lobbying leaders to put together the Coalition of the Willing, President Bush spoke to France’s President Jacques Chirac. Bush wove a story about how the Biblical creatures Gog and Magog were at work in the Middle East and how they must be defeated. Continue
By Jennifer Shotts
This week so far, the dollar has fallen 4% against the British pound reaching a new low for 2009, 3% against the euro and Japanese yen, and also against the Canadian dollar. With major price levels being broken, many banks are reevaluating year end predictions for the euro vs. the dollar to reach $1.50 or higher. Is this going to be the new trend of 2009, dollar's death spiral? Here's some reasons why many say its time to chuck the buck Continue
By Mark Trumbull
Are US debtors, from the federal government to the cash-strapped state of California, going to default? Will the Federal Reserve resort to inflation — debasing the value of dollar assets — in its efforts to lift a debt-bound economy back to growth? Continue
By Mike Whitney
The question now is whether Congress will pull their heads out of the sand long enough to do the people's work and pass the laws that will re-regulate the system. There is a remedy, but it requires action, and fast. Without course-correction, the prospect of a derivatives meltdown gets bigger by the day.Continue
Monday, 25 May 2009
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