Archive for the 'Economy' Category
Step Right Up: Public Demonstrations of Raytheon’s Directed Energy Pain Gun
September 26th, 2007Will it re-heat your freedom fries? Via: Daily Mail: “Where do I put my finger? There … OK? Nothing’s happening … is it on?” “Yes, it’s on. Move your finger a bit closer.” “Er … ow! OW!” Not good. I try again. “OWWW!” I pull my hand away sharpish. My finger is throbbing, but seems […]
Deposit Worries Hit Sterling
September 25th, 2007Via: Financial Times: Sterling took a hit on Tuesday as worries over UK deposit protection raised fresh concerns over the health of the UK financial system in the wake of the recent run on Northern Rock, the troubled mortgage lender. Analysts said reports that the UK’s deposit protection scheme might not be enough to pay […]
IMF: Fallout from Global Financial Crisis Will be Long Lasting
September 25th, 2007Just as long as it’s economic fallout and not some other kind of fallout. Via: Independent: The global credit crisis is not over, and its effects will be long lasting, the International Monetary Fund has warned. The organisation’s twice-yearly Global Financial Stability report warned that many of the lax lending practices of the past few […]
Consumers Cutting Back on Restaurants
September 25th, 2007Via: AP: More than half of U.S. consumers plan to eat out less in the next three months due to jitters over declining home values, high gas prices and the overall economy, according to a survey by RBC Capital Markets. The survey of 1,000 people found that 54 percent of Americans said they would eat […]
Bank of England: We Don’t Understand the Markets
September 25th, 2007Via: Telegraph: The Bank of England is looking at improving the way it monitors UK credit conditions after admitting that the growing sophistication of the financial markets has made it more difficult to manage monetary policy. Bank of England governor Mervyn King speaking to the Commons Treasury Committee Mervyn King has come under increasing pressure […]
U.S. Financial Institutions Involved with Three Week Bird Flu Pandemic Simulation
September 25th, 2007Liquidity problems? What liquidity problems? Via: AP: WASHINGTON Don’t be alarmed if your local bank teller is looking a bit sickly over the next three weeks. It is only a cyber-illness. Hundreds of banks and other financial institutions are participating in the largest test of its kind ever conducted to ensure the nation’s financial system […]
The Alchemy of Mezzanine-CDOs: “One of the Biggest Financial Illusions the World has Ever Seen”
September 24th, 2007Please review my Wall Street Chop Shop piece before you read this jaw dropping report below. I have a sneaking suspicion about which firm this is referring to because I think I used to work for them. I worked for one of the subsidiaries, out on the periphery. This account below sounds like it comes […]
Fear of a Dollar Collapse, Part II
September 24th, 2007Via: Seeking Alpha: As you can clearly see above (bottom left chart), the amount of MZM (repos) versus M2 during 2007 is enormous. This means that the Fed is “inflating” at a rate faster today than it did right after 9/11, or during the deflationary scare of 2003. As we asked Wednesday night, “What did […]
Cryptogon Reader Has Joint Account with Siblings, Can’t Diversity Family Assetts, Losing Money by the Minute
September 24th, 2007A Cryptogon reader is desperately trying to diversity her family’s assets, but the funds are held in a joint account with this person’s siblings who have no idea how dire the global financial situation is. Unless her siblings can somehow come to see how serious this situation is, the funds cannot be moved. The question […]
Northern Rock Still Lending ‘Recklessly’
September 24th, 2007Imagine my shock. Via: Times Online: Northern Rock stands accused of “reckless†lending after it emerged this weekend that the beleaguered bank is still offering mortgages of six times salary to potential borrowers. Despite provoking the worst banking crisis for decades, the bank last week offered a reporter posing as a first-time buyer a £180,000 […]
