Thursday, 13 January 2011


By GEOFFREY R. STONE

THE so-called Shield bill, which was recently introduced in both houses of Congress in response to the WikiLeaks disclosures, would amend the Espionage Act of 1917 to make it a crime for any person knowingly and willfully to disseminate, “in any manner prejudicial to the safety or interest of the United States,” any classified information “concerning the human intelligence activities of the United States.” Continue


By William Alden

The JPMorgan CEO said he expects to see more U.S. municipalities declare bankruptcy. His concerns echo those of Meredith Whitney, the analyst who has said the next major financial crisis will come from a wave of local government defaults, and those of famed investor Warren Buffett, who has called the municipal debt situation a "terrible problem. Continue



By BBC

Banks repossessed a record one million US homes in 2010, and could surpass that number this year, figures show. Continue

Mexico updates four years of drug war deaths to 34,612: Unveiling the database, President Felipe Calderon acknowledged that 2010, which saw 15,273 deaths, had been "a year of extreme violence".

UK: Default retirement age of 65 to end. ministers confirm: It means employers will no longer be allowed to dismiss staff just because they have reached the age of 65.

As Austerity Bites Greece, Police Get More Brutal: "This is what happens in countries ruled by authoritarian regimes, not in a European democracy."

China nudges U.S. on assets ahead of Hu trip: China would welcome assurances its financial assets in the United States are safe, a senior diplomat said Wednesday, ahead of President Hu Jintao’s visit next week, but played down rifts between the two powers.

Chinese bank launches yuan service in New York: A state-owned Chinese bank says its New York City branch has begun offering accounts denominated in China's tightly controlled yuan in a new move to expand the currency's global reach.

US Public Strongly Opposes Debt Level Increase: The U.S. public overwhelmingly opposes raising the country's debt limit even though failure to do so could hurt America's international standing and push up borrowing costs, according to a Reuters/Ipsos poll released Wednesday.

US Federal Reserve chief rules out loans to the states: “We have no expectation or intention to get involved in state and local finances,” Bernanke said, adding later that the states “should not expect loans from the Fed.”

N.Y. governor unveils emergency debt plan: The newly inaugurated governor of New York proposed a wave of belt-tightening measures Wednesday as part of what he called a fundamental realignment of the state.

US Banks Reporting Phantom Income on $1.4 Trillion Delinquent Mortgages: The giant US banks have been bailed out again from huge potential writeoffs by loosey-goosey accounting accepted by the accounting profession and the regulators.

US wholesale prices pushed up by higher energy costs: US wholesale prices saw their biggest increase in 11 months in December, led by higher energy and food costs, official figures have shown.

Detroit: An American Ghetto Where a House Costs Less Than a Car: Once our pride and joy, Detroit now reminds us of how far off track our economy has gone and how downtrodden the middle class is.



By Press TV

Sarkozy considered the current model which uses the US dollar as the primary reserve currency as "unstable" and stressed that it "makes part of the world dependent on American monetary policy."Continue



By William Alden

Wages for American workers have fallen dramatically since the financial crisis, in what will likely turn out to be the worst such plunge since the Great Depression, the Wall Street Journal reports.Continue



By Michael S. Rozeff

The U.S. government is insolvent. Who says so? Timothy F. Geithner, the U.S. Secretary of the Treasury. Continue


Reagan Budget Director Warns

By Nathan Diebenow

"There are no real seriously armed enemies left in the world that can possibly justify an $800 billion national defense and security establishment, including Homeland Security." Continue



By Michel Husson

Having shifted the debt from the private sector to the public the working class has to be made to pay. This shock therapy is delivered through austerity plans which are all broadly similar – a cut in socially useful spending and hiking up the most unfair taxes. Continue

Could the U.S. central bank go broke?: The U.S. Federal Reserve's journey to the outer limits of monetary policy is raising concerns about how hard it will be to withdraw trillions of dollars in stimulus from the banking system when the time is right.

Deepening crisis traps America's have-nots: The US is drifting from a financial crisis to a deeper and more insidious social crisis. Self-congratulation by the US authorities that they have this time avoided a repeat of the 1930s is premature

Job Openings in U.S. Decrease for Third Time in Four Months: The number of positions waiting to be filled decreased by 80,000 to 3.25 million, the Labor Department said today in Washington. The number of people hired dropped from the prior month and separations climbed.