Archive for the 'Economy' Category
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 […]
Montana Legislation Would Allow Payments in Precious Metals
March 25th, 2009This should be interesting to watch. We know what happens when individuals decide to use gold for financial transactions. What will happen when a state allows it!? Via: World Net Daily: A bill being considered in the Montana Legislature blasts the Federal Reserve’s role in America’s money policy and permits the state to conduct business […]
Japan: Automakers Report Plunging Sales
March 25th, 2009Via: IHT: Toyota Motor said Tuesday that its global production had plunged by nearly half in February from a year earlier, while Honda and Nissan reported similarly grim figures highlighting the troubles facing Japanese automakers. Separately, the Japan Automobile Manufacturers Association said auto sales in Japan for the fiscal year through March 2010 were expected […]
Dodd’s Wife a Former Director of Bermuda-Based IPC Holdings, an AIG Controlled Company
March 24th, 2009Via: Real Clear Politics: No wonder Senator Christopher Dodd (D-Conn) went wobbly last week when asked about his February amendment ratifying hundreds of millions of dollars in bonuses to executives at insurance giant AIG. Dodd has been one of the company’s favorite recipients of campaign contributions. But it turns out that Senator Dodd’s wife has […]
U.S. Seeks Expanded Power to Seize Firms
March 24th, 2009Via: Washington Post: The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy, according to an administration document. The government at present has the authority to seize […]
Magna Cum Lousy: Where Today’s Bad CEOs Went to School
March 24th, 2009Bad? Business School sophomores will be masturbating to posters of these crooks. They’re heroes to the would-be swindler class. Watch Wall Street again. That thing is timeless—except for the fact that, in real life, the Gordon Geckos of the world generally don’t go to jail. Maybe they’ll get it right in the sequel, Money Never […]
Soon There May be Nobody Left to Lend to America
March 24th, 2009Good summary. Via: Times Online: Anyone who thought Ben Bernanke and his Federal Reserve Board colleagues were out of ammunition received a rude, or pleasant, shock last week. Rude, if you worry that a few extra trillions sloshing around the economy might one day trigger a wave of inflation; pleasant, if you worry that the […]
China Calls for New Reserve Currency
March 23rd, 2009Via: Financial Times: China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund. In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve […]
Still Think It’s About the Bonuses? The Big Takeover
March 22nd, 2009Via: Rolling Stone: It’s over — we’re officially, royally fucked. No empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced […]
