Archive for the 'Economy' Category
As Crisis Mounts, Ecuador Declares Foreign Debt Illegitimate and Illegal
December 2nd, 2008Via: AlterNet: Amidst the spreading global financial crisis, a special debt audit commission released a report charging that much of Ecuador’s foreign debt was illegitimate or illegal. The commission recommended that Ecuador default on $3.9 billion in foreign commercial debts–Global Bonds 2012, 2015 and 2030–the result of debts restructured in 2000 after the country’s 1999 […]
New Zealand: Currency Swapline with U.S. Federal Reserve
December 2nd, 2008KiwiCanDo has been investigating the recent and unprecedented agreement between the Reserve Bank of New Zealand and the U.S. Federal Reserve with regard to the creation of a US$15 billion currency swapline. The Fed has asked the New Zealand Reserve Bank authorities to keep the details of the agreement a secret. As far as I […]
Can Individual Investors Force an End to the Comex Paper Gold Nonsense?
December 2nd, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. HAHA, this will be interesting to watch: Vaporize COMEX countDOWN.
Oil About to Break Down and Out of Recent Range
December 2nd, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Watching live… $48.31 on WTI is the number to watch.
Credit Card Industry May Cut $2 Trillion of Lines: Get Ready for Famine
December 1st, 2008Famine? The Reuters piece below doesn’t say anything about famine. It includes the words dangerous and unprecedented, but not famine. So, how might we conclude that widespread hunger will result from a reduction in credit lines? Because increasing numbers of people are relying on credit cards to pay for their BigMacs: Commercial bank exposure via […]
German Carmakers: Production Halts
December 1st, 2008Is there any precedent for this in recent decades? Via: Reuters: * Porsche schedules 8 days of production stops at main plant * Volkswagen may stop production in Wolfsburg for 3 weeks * Audi says production halts are a precaution * BMW says will cut further 400 temporary jobs in Leipzig * Porsche shares down […]
UK ‘Closer’ to Adopting the Euro
December 1st, 2008What did the most important and influential journal of International Relations in the world just say about the U.S. Dollar and the global economy? In summary: The U.S. dollar is an ‘absurdity’ and the only way to stave off a global disaster is for most countries to join one of three global currencies, based loosely […]
Chesapeake Energy, Largest US Natural Gas Producer, Runs Out Of Cash
November 30th, 2008Peak… Credit??? Via: Mish: Chesapeake Energy Corp., the nation’s largest producer of natural gas, seeks to raise up to $1.8 billion through common stock sales in an effort to fund its drilling and exploration activities and mitigate the impact of lower natural gas prices on cash flow. In two filings with the Securities and Exchange […]
Prime Mortgage Delinquencies Soaring
November 29th, 2008Via: CBS News: “The foreclosure crisis began mostly as a problem for lower income households,” says Mark Zandi of Moody’s. “It is now a problem for all households: low, middle income and even higher income households.” More than 2 million prime mortgages, traditional loans for people with good credit, are now delinquent. That’s 624,000 more […]
Fed’s Emergency Loan Amounts Still Increasing
November 29th, 2008$93.6 billion daily? Daily? If anyone out there can explain how the dollar isn’t getting diluted on this, please, be my guest. Also, if you explain that, you might know how long these banks have to repay these loans??? I’m just trying to get at some kind of rough timeline as to how much longer […]
