Archive for the 'Economy' Category
Flint, Michigan: Government Considering Abandoning Parts of City, Cutting Off Police and Fire Service
March 31st, 2009Via: Mlive: Look in any direction from Bianca Bates’ north Flint home, and you’ll see graffiti-covered siding, boarded-up windows and overgrown lots. About half of the homes on her block are burned out or vacant magnets for drug dealers and squatters. It isn’t where she thought she’d end up, but it’s all she can afford […]
Russia Wants Inclusion of Gold Bullion in the Basket-Weighting of a New World Currency Based on Special Drawing Rights
March 31st, 2009Lipstick on a pig? Via: Telegraph: Russia has become the first major country to call for a partial restoration of the Gold Standard to uphold discipline in the world financial system. Arkady Dvorkevich, the Kremlin’s chief economic adviser, said Russia would favour the inclusion of gold bullion in the basket-weighting of a new world currency […]
Obama on U.S. Automakers: “Starting today, the United States government will stand behind your warranty.”
March 30th, 2009My initial commentary on this story was: “Run. Take whatever you can carry and run. Get out of the U.S. now.” But then I thought, “People will be too busy pissing themselves laughing to run for their lives.” Via: Reuters: GOVERNMENT WARRANTY It is my hope that the steps I am announcing today will go […]
Obama Fired GM’s CEO; What’s Stirring Behind the Black Curtain?
March 30th, 2009Most people would probably read over the AP piece below without thinking twice about the mention of GM’s new Chairman of the Board: Board member Kent Kresa, the former chairman and CEO of defense contractor Northrop Grumman Corp., was named interim chairman of the GM board. Woh. Hold on there. Who is Kent Kresa? In […]
NYSE-Liffe Futures Now Have Added Nonsense Factor Involved with Taking Physical Delivery of Gold; May Signal Supply Problem
March 29th, 2009Via: Seeking Alpha: The NYSE-Liffe futures exchange has, it seems, run out of 1 kg bars of gold. Futures markets, like NYSE-Liffe and COMEX, try hard to maintain the fiction that they will deliver physical gold, in completion of executed contracts. Indeed, to prevent fraud, U.S. law requires clearing members to keep a stockpile, of […]
Goldman Sachs and the Manipulation of Oil Prices
March 29th, 2009Anyone who “dismisses” the role of speculators in this shakedown is either stupid, or in on the scam… Henry Paulson was formerly the Chairman and Chief Executive Officer of Goldman Sachs. Well, well, well. Hank might have us believe that the Tooth Fairy has more to do with the price of oil than speculators. I […]
Economist Intelligence Unit: Manning the Barricades
March 28th, 2009Here are EIU’s probabilities on how the economic crisis will unfold: Scenario 1: Stimulus stabilizes system — 60% chance Scenario 2: Stimulus fails, leading to depression — 30% chance Scenario 3: Dollar collapse, social unrest, violent protest — 10% chance If I was forced to guess, these would be my numbers: Scenario 1: Stimulus stabilizes […]
Bank of America, Wells Fargo Ratings Cut by Moody’s
March 26th, 2009Via: Bloomberg: Bank of America Corp. and Wells Fargo & Co., the biggest U.S. home lenders, were downgraded by Moody’s Investors Service on concern that they’ll need another round of government aid. The senior-debt rating for Charlotte, North Carolina-based Bank of America was reduced to A2 from A1, according to a statement today by Moody’s. […]
European Union President Calls U.S. Plans to Spend Its Way Out of Recession “A Road to Hell”
March 25th, 2009Via: AP: The president of the European Union on Wednesday slammed U.S. plans to spend its way out of recession as “a road to hell.” Czech Prime Minister Mirek Topolanek, whose country currently holds the rotating EU presidency, told the European Parliament that President Barack Obama’s massive stimulus package and banking bailout “will undermine the […]
Britain: Bond Auction Fails
March 25th, 2009Via: Bloomberg: U.K. gilts slumped after demand at an auction of bonds fell short of the amount offered, the first time the Treasury failed to attract enough bids at a sale of regular debt in 14 years. Investors bid for 1.63 billion pounds ($2.4 billion) of the 40-year securities, less than the 1.75 billion pounds […]
