Archive for the 'Economy' Category
Ireland Cancels All Remaining 2010 Bond Auctions Due to Market “Turbulence”
October 4th, 2010Via: ZeroHedge: Irish Prime Minister Brian Cowen said that his government decided to cancel bond auctions for the rest of the year because of “turbulence” in bond markets, and the state is already funded into next year. He made the comments in an interview with national broadcaster RTE. “We are funded until next May,” Cowen […]
Beijing’s Billions Buy Up Resources
October 3rd, 2010Via: Independent: While much of the developed world is baulking at its debts in the aftermath of the financial crisis, China has continued a global spending spree of unprecedented proportions, snapping up everything from oil and gas reserves to mining concessions to agricultural land, with vast reserves of US dollars. This year alone, Chinese companies […]
Big Picture Gallery: Human Landscapes in South West Florida
October 2nd, 2010Via: Boston Globe / Big Picture: A couple weeks ago, I was listening to a story by NPR’s Planet Money team about “Toxie” a toxic asset they had purchased to follow and help tell the story of the recent financial meltdown. One of the mortgages in Toxie was on a home bought for investment in […]
Ecuador: Army and Police Exchange Gunfire
October 1st, 2010Via: BBC: Soldiers in Ecuador have rescued President Rafael Correa from a police hospital after a day of protests by security forces angry at benefit cuts. Mr Correa was rescued after soldiers opened fired on dissident police. Moments after being freed he appeared on the balcony of Quito’s presidential palace and spoke to thousands of […]
FDIC PROPOSING “TEMPORARY UNLIMITED INSURANCE COVERAGE” FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS BEGINNING 31 DECEMBER 2010
October 1st, 2010Via: FDIC: The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved the issuance of a proposed rule to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide depositors at all FDIC-insured institutions unlimited deposit insurance coverage on noninterest-bearing transaction accounts beginning December 31, 2010 through December 31, 2012. […]
Federal Reserve to Become Largest Holder of U.S. Debt in Just Over a Month?
October 1st, 2010Via: ZeroHedge: Probably the most interesting thing in this week’s Fed balance sheet update is that Treasurys held by the Fed are now $812 billion, an increase of $7 billion from the week before, which those who follow the FRBNY’s almost daily POMO liquidity explosion know all too well. Indicatively, Japan owns $821 billion and […]
The U.S. Military Depends on China for the Metals Required to Build Smart Bombs
September 30th, 2010Via: Bloomberg: A senior manager at a company that churns out metals routinely used in U.S. smart bombs pauses in mid-sentence when his phone rings: a Wall Street stockbroker looking for information. He makes a note to have an assistant call back — someone who is fluent in English, not just Chinese. “It’s a seller’s […]
Ireland: Banking Wreck
September 30th, 2010Via: Bloomberg: Ireland is preparing to take majority control of Allied Irish Banks Plc and pump extra cash into Anglo Irish Bank Corp., raising the cost of repairing the financial system to as much as 50 billion euros ($68 billion). “The Irish banking system is at rock bottom today,” Finance Minister Brian Lenihan said today […]
Average Distressed Property Sells at 26% Discount; Inventory of These Properties Still Increasing
September 30th, 2010Via: Bloomberg: Homes in the foreclosure process sold at an average 26 percent discount in the second quarter as almost one-fourth of all U.S. transactions involved properties in some stage of mortgage distress, according to RealtyTrac Inc. A total of 248,534 homes that sold in the period had received a default or auction notice or […]
‘Slavery’ Uncovered on Trawlers Fishing for Europe
September 30th, 2010Via: Guardian: Shocking evidence of conditions akin to slavery on trawlers that provide fish for European dinner tables has been found in an investigation off the coast of west Africa. Forced labour and human rights abuses involving African crews have been uncovered on trawlers fishing illegally for the European market by investigators for an environmental […]
