Archive for the 'Economy' Category
Fisk: Arab States, China, Russia and France Moving to Stop Using U.S. Dollar for Oil Trading
October 6th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. I have absolutely no doubt that the Chinese are aware of their ability to flip the kill switch on the U.S. economy. I also have no doubt that, while the blowback would be severe for them, it would be nothing compared […]
Green Shoots: Personal Bankruptcies Hit 4-Year High
October 5th, 2009Via: CNN: Mounting unemployment and housing crisis push the filings to the highest level since 2005. Personal bankruptcies topped the 1 million mark in the first nine months of the year, the first time it has done so in four years, according to an industry research firm released Friday. The personal bankruptcies were up 35% […]
Afghanistan: Massive Election Fraud
October 5th, 2009“This was an important step forward in the Afghan people’s effort to take control of their future… The United States did not support any candidate in this election. Our only interest was the result fairly, accurately reflecting the will of the Afghan people…” —Barack Obama on Afghan Election Via: Times Online: The head of the […]
Goldman Sachs Would Make $1 Billion from CIT Failure; U.S. Taxpayer Would Pay $2.3 Billion
October 5th, 2009Via: Financial Times: Goldman Sachs stands to receive a payment of $1bn – while US taxpayers would lose $2.3bn – if embattled commercial lender CIT files for Chapter 11 bankruptcy protection, people familiar with the matter said. The payment stems from the structure of a $3bn rescue finance package that Goldman extended to CIT on […]
“When You Own Gold You’re Fighting Every Central Bank in the World”
October 4th, 2009Jim Rickards:
Two Million Slum Children Die Every Year as India Booms
October 4th, 2009Via: Guardian: India’s growing status as an economic superpower is masking a failure to stem a shocking rate of infant deaths among its poorest people. Nearly two million children under five die every year in India – one every 15 seconds – the highest number anywhere in the world. More than half die in the […]
InkStop Abruptly Closed All 152 Retail Stores and Laid Off All Workers; No Final Paychecks
October 3rd, 2009Wow. Via: The Plain Dealer: InkStop Inc., a specialty retailer of ink, toner, consumer electronics and other supplies for small businesses and home offices, abruptly told its employees that it was shuttering all 152 stores nationwide as of Friday and laying off all workers until further notice. “The company has elected to temporarily close all […]
Banks Changed Hands, Records Lost, People Unable to Cash CDs
October 2nd, 2009A couple of cautionary tales for those of you who have CDs with banks that are changing names due to merger/collapse. Bank May Have Lost Grandma’s Money Phoenix resident Rosemarie Braunstein said Wells Fargo has refused to cash her certificate of deposit because it has lost her records. — Which Bank Owes Couple $400K? Paul […]
Banks With 20% Unpaid Loans at 18-Year High Amid Recovery Doubt
October 2nd, 2009Via: Bloomberg: The number of U.S. lenders that can’t collect on at least 20 percent of their loans hit an 18-year high, signaling that more bank failures and losses could slow an economic recovery. Units of Frontier Financial Corp.,Towne Bancorp Inc. and Steel Partners Holdings LP are among 26 firms with more than one-fifth of […]
TD Bank Says U.S. Account Processing Is Delayed
October 2nd, 2009Via: Bloomberg: Toronto-Dominion Bank, Canada’s second-biggest bank by assets, said technical glitches delayed the processing of bank transactions at some U.S. branches today. Toronto-Dominion converted some of its branches in the U.S. from Commerce Bancorp Inc. to its TD Bank brand over the weekend, spokesman Nick Petter said. The Toronto-based bank acquired Commerce in March […]
