Archive for the 'Economy' Category
EMERGENCY: U.S. DOLLAR INDEX STRATEGIC DOWNSIDE BREACH OF 74.50
February 27th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. 74.39. It’ll be all hands on deck to try to slow this down. This is an emergency for the European Central Bank.
Housing in Freefall: No End in Sight
February 27th, 2008Via: AP: House prices may still have a long way to fall. Across much of the nation, home values are dropping — even those backed by solid mortgages — and banks are repossessing more every day. Most experts say the dive won’t hit bottom for another year and only after excess inventory is sharply reduced […]
Gold Breakout Higher, Oil Breakout Higher: Watch the Dollar Now
February 27th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Gold and oil are, right now, setting fresh all time highs. How about the dollar? While EUR/USD has hit an all time high at 1.5047, the European Central Bank has probably tried to calm things down a bit, looking at the […]
Banks Lose in Court to Deadbeat Homeowners as Loans Sold in Bonds Vanish
February 26th, 2008Please make sure you get some of this fine calliope music playing before you read on. Down payment: $0 Liar loan origination fees: $5000 Preventing a bank from foreclosing on you because they can’t prove they own the note: Priceless. Via: Bloomberg: Joe Lents hasn’t made a payment on his $1.5 million mortgage since 2002. […]
The Three Trillion Dollar War
February 26th, 2008Via: Times Online: The Bush Administration was wrong about the benefits of the war and it was wrong about the costs of the war. The president and his advisers expected a quick, inexpensive conflict. Instead, we have a war that is costing more than anyone could have imagined. The cost of direct US military operations […]
Russia Quietly Prepares to Switch Some Oil Trading from Dollars to Rubles
February 26th, 2008Via: International Herald Tribune: Russia, the world’s second-largest oil-exporting nation after Saudi Arabia, has been quietly preparing to switch trading in Russian Ural Blend oil, the country’s primary export, from the dollar to the ruble. But the change, if it comes, is still some time off, industry analysts and officials said. The Russian effort began […]
Producer Prices in U.S. Increase More than Twice Forcast Rate
February 26th, 2008Via: Bloomberg: Prices paid to U.S. producers rose more than twice as much as forecast in January, pushed up by higher fuel, food and drug costs, signaling inflation may keep accelerating even as growth slows. The 1 percent increase followed a 0.3 percent drop in December, the Labor Department said in Washington. The median forecast […]
Wheat Breaches $12 for First Time After Biggest Gain Since 2002
February 26th, 2008Via: Bloomberg: Chicago wheat prices rose by the most in more than five years, breaching $12 a bushel for the first time as investors poured money into agricultural commodities on signs that global crop production isn’t keeping pace with demand. Global wheat stockpiles will probably fall to a 30-year low this year, while corn inventories […]
‘PANIC’ WHEAT BUYING ACROSS THE U.S.
February 26th, 2008Via: North Queensland Register: In the wheat price surge on Monday this week, the leading wheat contract in Minneapolis, US, rose by more than the entire worth of the contract just months ago. Prices rallied by $5.75 a bushel, or by nearly 30pc, at one point from Friday’s close. Eight months ago on June 19, […]
High Food Prices May Force Aid Rationing
February 25th, 2008Full text again. Via: Financial Times: The United Nation’s agency responsible for relieving hunger is drawing up plans to ration food aid in response to the spiralling cost of agricultural commodities. The World Food Programme is holding crisis talks to decide what aid to halt if new donations do not arrive in the short term. […]
