Archive for the 'Economy' Category
IRAN ASKS JAPAN TO PAY YEN FOR ALL OIL, STARTING IMMEDIATELY
July 13th, 2007Via: Bloomberg: Iran asked Japanese refiners to switch to the yen to pay for all crude oil purchases, to counter the risk that U.S. dollar transfers may be frozen by increased sanctions. Iran wants yen-based transactions “for any/all of your forthcoming Iranian crude oil liftings,” according to a letter sent to Japanese refiners that was […]
Gold Rises Sharply, Boosted by Dollar Weakness
July 12th, 2007UPDATE: U.S. Dollar Index Crosses Below 80.50 I know most of you aren’t following the dollar crash closely, but another key support has been taken out here. — End Update — * yawn * Via: Market Watch: Gold futures rose sharply Thursday, as the dollar fell to new lows against the euro and the sterling, […]
Top Fund Manager on Subprime Mortgage CDOs: “The Pricing Is a Fraud; the Ratings Are Bullshit”
July 11th, 2007Via: The Street: Bond funds may have a reputation for being boring, but anybody who attended Morningstar’s annual mutual fund conference in Chicago last week might have the impression that the fixed-income market is the most dangerous part of the U.S. financial system right now. Both the opening and closing sessions featured tough-talking bond fund […]
Will Japan Destroy the Yen to Save the Dollar?
July 11th, 2007Via: Kitco: The only logical answer I can offer is that the Japanese realize that if they stop the flow of global liquidity they will destroy the dollar and the U.S. economy. To survive, the U.S. must be able to both limitlessly exchange the dollars it prints for the goods the rest of the world […]
Dollar Falls to Record Low Against Euro on Housing Slowdown Concern
July 10th, 2007Via: Bloomberg: The dollar fell to a record against the euro and dropped the most since March versus the yen on speculation a slumping housing market will slow the U.S. economy. The U.S. currency also sank against the Swiss franc, British pound and Danish krone after Standard & Poor’s warned it may cut ratings on […]
The Crashing U.S. Economy Held Hostage
July 10th, 2007Via: Global Research: Remember when the U.S. was the world’s greatest industrial democracy? Barely thirty years ago the output of our producing economy and the skills of our workforce led the world. What happened? It’s hard to believe that in the space of a generation our character and capabilities just collapsed as, for example, did […]
How Indebted Americans Are Giving up Their Independence
July 9th, 2007Via: Money Week: America may be referred to as the “Home of the Brave†because when the bills arrive it takes a lot of courage to open them up, especially when you must turn around and face your wife and kids with a straight face. When it comes to paying bills these days, America just […]
China Exporting Ecological Disaster to the World
July 8th, 2007Via: Spiegel: Can the environment withstand China’s growing economic might? As one of the planet’s worst polluters, Beijing’s ecological sins are creating problems on a global scale. Many countries are now feeling the consequences.
FTC Abandons Net Neutrality
July 8th, 2007Via: Crooks and Liars: The Federal Trade Commission (FTC) has decided to abandon net neutrality and allow telecoms companies to charge websites for access. The FTC said in a report that, despite popular support for net neutrality, it was minded to let the market sort out the issue. This means that the organisation will not […]
War Costs Soar by a Third; Total Could Top $1.4 Trillion
July 8th, 2007Mission accomplished. Via: Wired: It’s not just the troops that are surging. War costs are up for American operations in Iraq and Afghanistan* — way up, more than a third higher than last year. In the first half of this fiscal year, the Defense Department’s “average monthly obligations for contracts and pay is running about […]
