Archive for the 'Economy' Category
How Long Has the U.S. Postal Service Been Converting the Value of International Mail Shipments from U.S. Dollars to IMF SDRs?
August 30th, 2010Is this new? Via: U.S. Postal Service: 323.6 Preparation of Insured Priority Mail International Parcels 323.61 Mailing Receipt and Insurance Number All Priority Mail International insured parcels must be numbered. PS Form 2976-A, Customs Declaration and Dispatch Note — CP 72, and the mailing receipt issued at the time of mailing will serve as proof […]
U.S. Wasted Billions in Rebuilding Iraq
August 30th, 2010This AP piece is maddening. It states, “More than $5 billion in American taxpayer funds has been wasted,” and then, “That amount is likely an underestimate.” Likely an underestimate? HAHA. I like Call the Politburo, We’re in Trouble: Or what about the US Embassy in Baghdad, that 104-acre (42 hectares), almost three-quarters-of-a-billion-dollar, 21-building homage to […]
The Kochtopus
August 28th, 2010Polemical essays can be worth reading, as long as one understands that the author’s goal is to push his or her rat poison, by showing you how bad that rat poison is over there. With this caveat in mind, you’re all set to feast on the tidy reality offered by a strongly polemical piece. I […]
Karzai Aide in Corruption Inquiry Is Tied to CIA
August 27th, 2010Shocking. Shocking. Are you shocked? I’m shocked. Via: New York Times: The aide to President Hamid Karzai of Afghanistan at the center of a politically sensitive corruption investigation is being paid by the Central Intelligence Agency, according to Afghan and American officials. Mohammed Zia Salehi, the chief of administration for the National Security Council, appears […]
Banks Back Switch to Renminbi for Trade
August 27th, 2010Via: Financial Times: A number of the world’s biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China. HSBC, which recently moved its chief executive from London to Hong Kong, and Standard Chartered, are offering discounted transaction fees and other financial […]
Fed Seeks Delay of Bank Data Release While Considering Appeal
August 26th, 2010Via: Bloomberg: The Federal Reserve Board sought to delay the court-ordered release of documents identifying banks that might have failed without the U.S. government bailout while it considers an appeal to the U.S. Supreme Court. The Fed asked the U.S. Court of Appeals in New York yesterday to delay implementation of a ruling that compels […]
One in 10 Homeowners with a Mortgage Face Foreclosure
August 26th, 2010Via: AP: One in 10 American households with a mortgage is at risk of losing its home, and the foreclosure crisis could worsen if jobs remain scarce. About 9.9 percent of homeowners had missed at least one mortgage payment as of June 30, the Mortgage Bankers Association said Thursday. That number, adjusted for seasonal factors, […]
New Home Sales at Record Low in July
August 25th, 2010Via: Reuters: New U.S. single-family home sales unexpectedly fell in July to set their slowest pace on record while prices were the lowest in more than 6-1/2 years.
Morgan Stanley Says Government Defaults Inevitable
August 25th, 2010Via: Bloomberg: Investors will face defaults on government bonds given the burden of aging populations and the difficulty of securing more tax revenue, according to Morgan Stanley. “Governments will impose a loss on some of their stakeholders,” Arnaud Mares, an executive director at Morgan Stanley in London, wrote in a research report today. “The question […]
California Delays $2.9 Billion School, County Payments Amid Budget Impasse
August 24th, 2010Via: Bloomberg: California will delay paying $2.9 billion of subsidies to schools and counties in September, a month earlier than projected, to save cash amid an impasse that has left the state without a budget for 54 days. The state’s top financial officials — the controller, treasurer and finance director — told lawmakers today that […]
