Archive for the 'Economy' Category
EMERGENCY: ECB OFFERS BANKS UNLIMITED FUNDS
December 18th, 2007Crisis? What crisis? There’s unlimited funds out there. Via: BBC: The hope is that lower interbank rates will mean that banks will also be able to make more funds available at cheaper rates to companies and individuals. The ECB’s action has succeeded in cutting short-term lending rates, although they are still above the 4% ECB […]
EMERGENCY: EUROPEAN CENTRAL BANK LOANS US$500 BILLION TO BANKS BELOW MARKET RATES
December 18th, 2007They’re just shredding the confetti into more confetti at this point. Via: Bloomberg: Money market rates tumbled after the European Central Bank injected an unprecedented $500 billion into the banking system as part of a global effort to ease gridlock in the credit market. The amount banks charge each other for two-week loans in euros […]
Australia: Sharemarket Plunges on Credit Concerns
December 18th, 2007Via: The Age: The Australian stock market shredded $54 billion worth of market value today as the global credit crunch claimed its largest Australian victim yet. The benchmark S&P/ASX200 fell more than 3.5 per cent, or 228.2 points to 6263.5 points – exceeding the market rout which followed the September 11 attacks. This equates to […]
When Fractional Reserve Lending Isn’t Fractional Enough
December 17th, 2007Treat heroin addicts by giving them more heroin. Via: Telegraph: The Government must suspend a set of key banking regulations at the heart of the current financial crisis or risk seeing the economy spiral towards a future that could “make 1929 look like a walk in the park”, one of Britain’s leading economists has warned. […]
Increase in Incomes of the Top 1% Exceeded the Total Income of the Poorest 20%
December 16th, 2007Via: New York Times: The increase in incomes of the top 1 percent of Americans from 2003 to 2005 exceeded the total income of the poorest 20 percent of Americans, data in a new report by the Congressional Budget Office shows. The poorest fifth of households had total income of $383.4 billion in 2005, while […]
Los Angeles Times on Precious Metals: “Havens for Survivalists, Conspiracy Theorists and Flakes”
December 15th, 2007Gold foil hat? Attention: “Survivalists, conspiracy theorists and flakes,” this is my BullionVault affiliate link. Thank you. Via: Los Angeles Times: Fresh interest in gold also has spawned an array of gold-related securities, providing more options for people who want to own the metal without having to take physical possession of it. Yet professional financial […]
Unprecedented Central Bank Collusion Allows Troubled Institutions to Borrow Emergency Funds in Secret
December 15th, 2007What you don’t know can’t hurt Them. Via: Telegraph: The crucial elements in the Fed’s move yesterday is not so much the sum of money on offer – $20bn next week, $20bn the week after – but that all depository banks in America can draw from the tap anonymously, without the risk of being found […]
Schwarzenegger Will ‘Declare Fiscal Emergency’ In Weeks
December 15th, 2007Debt payments are wiping out the state. Look for the Governator to increase taxes and slash services in order to transfer more wealth to his banker buddies. Via: NBC: Gov. Arnold Schwarzenegger said Friday he will declare a “fiscal emergency” in January to give him and the Legislature more power to deal with the state’s […]
Schultz: “A Financial Tsunami Is Upon Us”
December 14th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. If you liked my Portfolio Ideas post, take a look at what the International Harry Schultz Letter just advised their readers to do. Via: MarketWatch: Systemic financial fears, dollar doubts, gold gains, seeping stagflation – a word Schultz claims he coined […]
WHEAT: LIMIT UP
December 13th, 2007Via: AP: Wheat prices surged the daily trading limit Wednesday on expectations that U.S. exports will continue at the high pace of recent months and deplete domestic supplies. Energy futures, other agricultural products and gold also rose, boosted in part by the dollar’s weakness Wednesday. With the world wheat market strapped for supply, U.S. exports […]
