Archive for the 'Economy' Category
U.S., Europe, Japan Devised Plan to Prop Up Dollar, Nikkei Says
August 28th, 2008Via: Bloomberg: Finance officials from the U.S., Japan and Europe in mid-March drew up plans to strengthen the U.S. dollar following troubles at Bear Stearns Cos., Nikkei English News reported, citing unnamed sources. The intervention designed by the U.S. Treasury Department, Japan’s Finance Ministry and the European Central Bank called for the central banks to […]
SEC May Let Companies Abandon U.S. Accounting Rules
August 28th, 2008Via: Bloomberg: The Securities and Exchange Commission may let large U.S. companies switch to international accounting rules in six years, a step it says will lower compliance costs and make American firms more competitive. SEC commissioners today approved a “road map” that might allow corporations with market values exceeding $700 million to abandon U.S. accounting […]
Bundesbank on Gold Reserves
August 28th, 2008Via: Guardian: Germany’s Bundesbank on Friday rejected calls that it should sell some of its gold reserves to help boost the slowing German economy, telling Reuters financial and political uncertainty make the reserves even more important than before. “Gold sales are not a suitable way to sustainably consolidate the public accounts,” the Bundesbank said after […]
FDIC MAY BORROW MONEY FROM TREASURY
August 27th, 2008Via: Reuters: Federal Deposit Insurance Corp (FDIC) might have to borrow money from the Treasury Department to see it through an expected wave of bank failures, the Wall Street Journal reported. The borrowing could be needed to cover short-term cash-flow pressures caused by reimbursing depositors immediately after the failure of a bank, the paper said. […]
The T. Boone Pickens Water Swindle
August 27th, 2008I meant to post this a couple of months ago, but it got lost in the shuffle. Now that it’s on Reddit again, in a different story, here’s the original. Via: Business Week: Roberts County is a neat square in a remote corner of the Texas Panhandle, a land of rolling hills, tall grass, oak […]
Backlog of U.S. Homes For Sale Is Worst on Record
August 26th, 2008Via: Independent: The number of unsold homes on the market in the United States is at levels not seen for at least 40 years, and prices are continuing to slide, according to a disheartening new survey. With participants throughout the financial system saying that the credit crisis cannot end until the US housing market stabilises, […]
The Real Rate of U.S. Inflation Is Now 13%
August 26th, 2008In case you don’t understand why there are so many exclamation points in the piece below, they are an essential part of the The Mogambo Guru’s style manual. Via: Contrarian Profits: When you look at what John Williams at shadowstats.com calculates as inflation, according to the time-honored method of actually looking at real prices instead […]
“There is no such thing as Euroland.”
August 26th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. These data are pointing to a stronger dollar, as f*@#$%* nuts as that might sound. Why might it not be f*@#$%* nuts? Europe has problems. But leave it to a Brit to write, “There is no such thing as Euroland.” Via: […]
Beijing Swells Dollar Reserves Through Stealth
August 26th, 2008There’s a lot of head scratching on the dollar rally (which is continuing). Via: Telegraph: China has resorted to stealth intervention in the currency markets to amass US dollars, using indirect means to hold down the yuan and ease the pain for its struggling exporters as the global slowdown engulfs the economy. A study by […]
FDIC Gets Ready for Bank Failures
August 25th, 2008Via: Statesman: Hundreds could fail, some industry experts predict. That could force the agency to make good on its promise to insure most customers’ checking and savings deposits up to $100,000 and some retirement accounts up to $250,000, putting pressure on its insurance fund. Is the agency, whose combined insurance funds were technically pushed into […]
