| National & International News |
Wednesday, November 18th
Gov't Said To Waste Over $98 Billion
(CBS/ AP) More than $98 billion in taxpayer dollars spent by government agencies was wasted, much of it on questionable claims for tax credits and Medicare benefits, representing an increase of $26 billion from the previous year.
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How the Nazis tried to take Christ out of Christmas
For the perfect Nazi Christmas you had to hang glittering swastikas and toy grenades from the pine tree in the living room and, in your freshly pressed uniform, belt out carols urging German women to make babies for the Führer rather than worship the Jewish Baby Jesus. Then came the moment to light the pagan candle-holders — hand-made by labourers at Dachau.
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IMF Says "Baskett" of Currency Should Replace Dollar
BEIJING -- The imperative of greater global currency stability means the world can no longer rely, as it has done since the end of the gold standard, on a currency issued by a single country, the head of the IMF said on Tuesday.
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US Wants China to Buy into Its Small Banks
Chinese and U.S. regulators are negotiating a pact aimed at encouraging Chinese financial institutions to buy into small and medium-sized banks in the United States, bankers briefed on the plan said on Tuesday.
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Tuesday, November 17th
Wall Street's 2012 meltdown sweepstakes
LOS ANGELES (MarketWatch) -- It's coming in 2012: Another, bigger meltdown of Wall Street's "too-greedy-to-fail" banks. No, this is not another fanatical warning about that Dec. 21, 2012 end-of-days prediction based on the Mayan calendar, though you may well ask "Who will survive?"
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Monday, November 16th
Economic uncertainty means business is booming for Swiss gold smelters
As the temperature in the furnace rose to 1,200C, a broad-shouldered worker prepared to melt the gold rings, chains and bracelets — which constituted a lifetime’s memories for countless families.
They had been given for births, christenings and weddings, but in this hot, dark workshop on the southern edge of Switzerland, love had been stripped away to leave a value that investors say is more durable — that of precious metal.
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Central banks to buy up gold supply
SYDNEY (Reuters) - Central banks will be net buyers of gold this year as they diversify away from the U.S. dollar, global commodities investment fund BlackRock said on Monday in comments that helped drive bullion to fresh record highs.
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Thursday, November 12th
world gold supply runs out
Aaron Regent, president of the Canadian gold giant, said that global output has been falling by roughly 1m ounces a year since the start of the decade. Total mine supply has dropped by 10pc as ore quality erodes, implying that the roaring bull market of the last eight years may have further to run.
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Wednesday, November 11th
The New Iran Man at the State Department's Iran Desk
John Limbert will be the senior Iran official at the State Department, replacing Dennis Ross, who has moved to the National Security Council (and who has not been heard from publicly since). Should America be concerned? Yes. Limbert is not a neutral arbiter; he serves on the advisory board of the National Iranian American Council (NIAC).
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The inflation time bomb
The public debt will likely pass $12 trillion this week, up another trillion since March. With Obama’s left flank calling for a second stimulus – which is really a third stimulus if you count George Bush’s tax rebates – there’s still no serious discussion about how to deal with debt. The bond market is telling us not to worry. But if history is any guide, the bond market is wrong.
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Global oil supply 'far worse than admitted'
THE world is much closer to running out of oil than official estimates admit, says a whistleblower at the International Energy Agency who claims it has been deliberately underplaying a looming shortage for fear of triggering panic buying.
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Monday, November 9th
Gold hits record above $1,110/oz
LONDON (Reuters) - Gold hit a record high above $1,110 an ounce in Europe on Monday as the dollar index .DXY slid 1 percent on expectations U.S. interest rates will remain low, boosting interest in the metal as an alternative asset.
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Friday, November 6th
Fannie Mae posts $19 billion loss on bad loans
NEW YORK (Reuters) -- Fannie Mae, the largest provider of funding for U.S. home loans, said on Thursday bad mortgages and a federal foreclosure prevention program left it with a $18.9 billion loss, forcing it to tap the Treasury again to plug a hole in its net worth.
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Thursday, November 5th
Central banks lead subtle shift away from dollar
NEW YORK (Reuters) - Central banks with trillions of dollars in reserves that are already stepping up euro and yen purchases will likely continue doing so in coming years, driven by worries over the stability of the greenback.
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Obama's George Soros calls for a World Currency to replace the Dollar !!!
Wednesday, November 4th
STIMULUS WATCH: Salary raise counted as saved job
An Associated Press review of the latest stimulus reports—which the White House promised would undergo extensive reviews to ensure accuracy—found that more than two-thirds of 14,506 jobs credited to the recovery act under spending by just one federal office were overstated because they counted pay increases for existing workers as jobs saved.
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Roubini: Global Markets Could Soon Crash
The global markets are at risk of crashing when the dollar rebounds, says economist Nouriel Roubini.
Roubini, a professor at NYU, is credited with long predicting the financial collapse of 2007 and 2008.
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Be Prepared for the Worst
A false recovery is under way. I am reminded of the outlook in 1930, when the experts were certain that the worst of the Depression was over and that recovery was just around the corner. The economy and stock market seemed to be recovering, and there was optimism that the recession, like many of those before it, would be over in a year or less. Instead, the interventionist policies of Hoover and Roosevelt caused the Depression to worsen, and the Dow Jones industrial average did not recover to 1929 levels until 1954. I fear that our stimulus and bailout programs have already done too much to prevent the economy from recovering in a natural manner and will result in yet another asset bubble.
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Budget Deficits Risk Dollar Collapse and Breakdown in International Trade
David Ross, Chief Investment Officer of Radiant Asset Management, warns that continued record deficits risk collapse of the U.S. dollar, stagflation at home and civil unrest in China. Ross cautions that the world may abandon the dollar as a reserve currency unless the Federal Government takes decisive action to curb spending and control the dollar's collapse. Ross' timely new white paper reviews rising U.S. debt, the impact and internal dynamics of China and the possibility of a new reserve currency.
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Small-Business Bankruptcy Filings Up 44% Year-over-year, Equifax Data Shows
ATLANTA, Nov. 2 /PRNewswire-FirstCall/ -- Commercial bankruptcies among the
nation's more than 25 million small businesses increased by 44% from the third
quarter of 2008 to the third quarter of 2009, according to Equifax Inc.
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Geithner 'burned billions' on CIT
Treasury Secretary Tim Geithner is directly to blame for taxpayers' loss of $2.3 billion in the CIT bailout, says professor William Black of the University of Missouri-Kansas City School of Law and a former federal bank regulator.
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Gold hits record above $1,095/oz
LONDON (Reuters) - Gold hit a record high above $1,095 an ounce on Wednesday as dollar weakness added to momentum triggered by India's purchase of 200 tonnes of gold from the IMF.
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Tuesday, November 3rd
Watchdog: Unlikely That Taxpayers Will Recover $81 Billion Given to GM & Chrysler
ABC's Matt Jaffe reports from Washington:
On the same day that Ford -- the one member of Detroit’s Big Three that did not receive a taxpayer bailout -- reported a quarterly profit of nearly $1 billion, a government watchdog warned that taxpayers are unlikely to recoup all of the $81 billion the Treasury Department has invested in General Motors and Chrysler.
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Fed: Get ready for more bank losses
WASHINGTON (Reuters) -- U.S. banks are at risk of sizable new loan losses, particularly on commercial property, and some banks may not have sufficient capital to fully cushion against losses, a Federal Reserve official said on Monday.
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Al Gore could become world's first carbon billionaire
Last year Mr Gore's venture capital firm loaned a small California firm $75m to develop energy-saving technology.
The company, Silver Spring Networks, produces hardware and software to make the electricity grid more efficient.
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Gold Trades Near Record as Indian Central Bank Buys From IMF
Nov. 3 (Bloomberg) -- Gold traded within 0.5 percent of a record after India’s central bank bought 200 metric tons of the metal from the International Monetary Fund, heightening speculation about more official purchases.
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Monday, November 2nd
Dollar Falls as Manufacturing Grows; Oil, Copper, Gold Rally
Nov. 2 (Bloomberg) -- The dollar slid against high-yielding currencies, led by the Australian dollar, as China reported a surge in manufacturing and investors bet factory production in the U.S. accelerated. Oil, copper and gold climbed.
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Thursday, October 29th
American taxpayers paid a lot of cash for those clunkers: $24,000 for each new car sold,
That’s a lot of money, especially when the so-called “cash for clunker” stimulus program offered only a maximum $4,500 in cash for each person who traded in an old gas-guzzler and bought a new car.
The government could have done almost as well by just giving away cars for free, instead of creating an elaborate incentive program, according to an analysis by the automotive information firm Edmunds.com in Santa Monica, Calif.
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Inflation Supply Shock Inferno
The gasoline for rampant inflation already permeates the US economy – and all it will take is one bad day for a series of interrelated supply shocks to set off an inflationary inferno. As we will cover in this article, the accelerant in this case is the $700 billion annual United States trade deficit. We’ll explore how the real world economics of being the world’s largest debtor in a globalized economy trump insular deflationist monetary theory, as well as what happens when you pit exogenous supply shocks against Santa Claus.
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Clunkers: Taxpayers paid $24,000 per car
NEW YORK (CNNMoney.com) -- A total of 690,000 new vehicles were sold under the Cash for Clunkers program last summer, but only 125,000 of those were vehicles that would not have been sold anyway, according to an analysis released Wednesday by the automotive Web site Edmunds.com.
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Wednesday, October 28th
Roubini warns of another financial crisis
Investors worldwide are borrowing U.S. dollars to buy assets including equities and commodities, fueling "huge" bubbles that may spark another financial crisis, said New York University professor Nouriel Roubini.
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Bill in works to let U.S. dissolve failing firms
House Democrats and the Obama administration are preparing to introduce major legislation aimed at eliminating the devil's choice the government faced last fall, when officials felt forced to decide between spending billions of dollars to rescue some of the nation's most powerful financial firms or letting their failures sink the economy.
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Monday, October 26th
Fed is Accelerating the Monetization of Debt, High Inflation is on Its Way
The public is enraged at what the liberals and socialists have tried to foist on them. Worse yet, the administration has submitted to Wall Street and the insurance giants, which they intended to do from before the beginning. Just look at the line up of campaign contributors. The same goes for the euthanasia section. This could well have been a loss leader to get the rest of this monstrosity passed. The exercise will cost the President and Congress dearly as their approval ratings sink to 41% and 12% respectively. November of 2010 will be the time of reckoning.
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How Uncle Sam is killing your savings
(Fortune Magazine) -- This is a quiz. What do the record-high Wall Street bonuses have in common with the record-low yields for savers?
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