Archive for the 'Economy' Category
California Budget Is Already in the Red 10 Weeks After Passage
October 10th, 2009Sure, believe the shortfall is just a “one-time event.” Via: Bloomberg: California Governor Arnold Schwarzenegger will know within a month whether a $1.1 billion drop in revenue collections is part of a growing budget shortfall or an isolated event, his budget spokesman said. Revenue in the three months ended Sept. 30 was 5.3 percent less […]
UK Faced ‘Bank Runs, Riots’ as RBS and HBOS Neared Collapse
October 10th, 2009Via: Bloomberg: A year ago today, Royal Bank of Scotland Group Plc and HBOS Plc were close to collapse, causing a chain reaction that could have ended with riots in U.K. cities, security analysts and economists said. Bank failures would have forced the government to cancel police leave and deploy troops as the breakdown of […]
The Lost Generation
October 10th, 2009Via: Business Week: Bright, eager—and unwanted. While unemployment is ravaging just about every part of the global workforce, the most enduring harm is being done to young people who can’t grab onto the first rung of the career ladder. Affected are a range of young people, from high school dropouts, to college grads, to newly […]
The World’s Largest Shopping Mall — Is Empty
October 10th, 2009Must see. Beyond must see, especially for connoisseurs of the surreal and the absurd. Via: PBS: Is nothing American sacred anymore? The largest mall in the world turns out not to be the famous Mall of America in Bloomington, Minn. It’s the South China Mall outside of Guangzhou, China. Outdoing the techniques of American consumerism, […]
TARP Deadbeats
October 10th, 2009Via: Reuters: Thirty-three TARP recipients missed a scheduled dividend payment to taxpayers last month, according to the Treasury Department, including 18 banks that missed a payment for the first time. It’s a powerful indication that the U.S. banking system remains troubled. And it throws cold water on talk that taxpayers are “making money” on the […]
Geither and “A Revelation Likely to Fuel Conspiracy Theorists”
October 9th, 2009Via: Times Online: President Barack Obama has “tremendous confidence” in Timothy Geithner, the US Treasury Secretary, even though he has spoken to executives from Citigroup, Goldman Sachs and other banks more than 80 times in his first seven months in office, the President’s spokesman Robert Gibbs said last night A Freedom of Information request by […]
10,000 Applicants for 90 Factory Jobs
October 9th, 2009Via: Courier Journal: In the latest sign of weakness in Louisville-area employment, about 10,000 people applied over three days for 90 jobs building washing machines at General Electric for about $27,000 per year and hefty benefits. The jobs dangle medical, eye care, prescription and dental benefit packages, as well as pension, disability, tuition assistance and […]
The Secret Cycle
October 9th, 2009Reader AD sent in an excellent New Yorker piece that will be of great interest to anyone who dabbles in financial woowoo arts and crafts. While the focus is on conman/genius? Martin Armstrong, there’s something here for most Cryptogon readers. I thoroughly enjoyed this. The Secret Cycle: Is the financier Martin Armstrong a con man, […]
Green Shoots: Budget Deficit Hit Record $1.4 Trillion in 2009
October 8th, 2009Via: AP: The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week, congressional analysts said Wednesday. The Congressional Budget Office estimate, while expected, is bad news for the White House and its allies in Congress as they press ahead with health care overhaul legislation that could […]
Towards Hyperinflation: A Review of the Gold Market in the Context of Western Hyperinflation
October 8th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. DISCLOSURE: I am a BullionVault client and affiliate. Paul Tustain, Director of BullionVault, has written an excellent piece about the nature of cold, the situation with some critical commodities and the potential for hyperinflation in the years ahead. I’d strongly recommend […]
