Archive for the 'Economy' Category
Bank Rescue Costs EU States $5.3 Trillion, More Than German GDP
June 12th, 2009Via: Bloomberg: European governments have approved $5.3 trillion of aid, more than the annual gross domestic product of Germany, to support banks during the credit crunch, according to a European Union document. The U.K. pledged 781.2 billion euros ($1.1 trillion) to restore confidence in its lenders, the most of any of the 27 EU members, […]
And Now… The Commercial Mortgage Blitzkrieg
June 12th, 2009Via: Bloomberg: Investors in bonds that packaged $62 billion of debt for U.S. offices, hotels and shopping malls are bracing for more loan defaults through 2010 as Bank of America Merrill Lynch says landlords’ monthly payments may jump 20 percent or more. Principal is coming due on the so-called partial interest- only loans as an […]
Bond Yields Keep Rising
June 11th, 2009Via: Bloomberg: Treasuries gained as the highest yield on a 30-year U.S. bond auction in almost two years attracted investors concerned that record government spending and debt sales will lead to inflation. “Treasuries have backed up enough that they offer respectable value,” said Andrew Brenner, co-head of structured products and emerging markets in New York […]
U.S. Long-Term Interest Rates Hit High
June 11th, 2009Via: Financial Times: US long-term interest rates rose to the highest level of the year on Wednesday, threatening the “green shoots” of recovery, after the latest sale of 10-year government debt met with a tepid response from inflation-wary investors. Concerns about the growth of government borrowing forced the US Treasury to give investors in an […]
Japan’s 1Q GDP Revision Confirms Steep Recession
June 11th, 2009Via: AP: Japan’s economy shrank at a 14.2 percent annual pace in the first quarter — better than first thought, but still the worst quarterly contraction ever for the world’s second-largest economy. A preliminary report last month had said gross domestic product declined at a 15.2 percent pace. The slight improvement in the revision released […]
California Nears Financial “Meltdown” as Revenues Tumble
June 11th, 2009Via: Reuters: California’s government risks a financial “meltdown” within 50 days in light of its weakening May revenues unless Governor Arnold Schwarzenegger and lawmakers quickly plug a $24.3 billion budget gap, the state’s controller said on Wednesday. Underscoring the severity of California’s cash crisis, Controller John Chiang, who has previously warned the state’s government risks […]
TWO JAPANESE CITIZENS CARRYING $134 BILLION WORTH OF UNDECLARED, POSSIBLY COUNTERFEIT U.S. BONDS DETAINED IN ITALY WHILE TRYING TO ENTER SWITZERLAND; ITALIAN AUTHORITIES ARE TRYING TO DETERMINE IF THE BONDS ARE AUTHENTIC
June 11th, 2009UPDATE: 11: New York Times Finally Reports That the Japanese Men Were Released This article contradicts itself. “…Although the Guardia di Finanza suspected the bonds were false…” STOP. The Japanese men should then be in custody. Let’s continue: Italian law does not call for the criminal arrest of persons found to be taking funds without […]
U.S. Government Will Own 34 Percent of Citigroup
June 11th, 2009Via: New York Times: Many of its rivals are getting ready to throw back the government’s lifeline, but not Citigroup: To the contrary, Citi on Wednesday said it was moving forward with a plan to convert a large chunk of its preferred shares into common equity. The long-awaited move is expected to give the United […]
Doctors Warn: Avoid Genetically Modified Food
June 10th, 2009The full text of this chilling article is below. Via: Seeds of Deception: Doctors Warn: Avoid Genetically Modified Food By Jeffrey M. Smith On May 19th, the American Academy of Environmental Medicine (AAEM) called on “Physicians to educate their patients, the medical community, and the public to avoid GM (genetically modified) foods when possible and […]
Russia May Swap Some U.S. Treasuries for IMF Debt
June 10th, 2009Via: Bloomberg: Russia may switch some of its reserves from U.S. Treasuries to International Monetary Fund bonds, the central bank said today. The comment drove Treasuries and the dollar lower. Alexei Ulyukayev, first deputy chairman of Russia’s central bank, said some reserves may be moved from Treasuries into IMF debt, reiterating comments made last month […]
