Cheng Siwei,
former vice-chairman of the Standing Committee and now head of China's
green energy drive, said Beijing was dismayed by the Fed's recourse
to "credit easing".
"We hope
there will be a change in monetary policy as soon as they have positive
growth again," he said at the Ambrosetti Workshop, a policy
gathering on Lake Como.
"If they
keep printing money to buy bonds it will lead to inflation, and
after a year or two the dollar will fall hard. Most of our foreign
reserves are in US bonds and this is very difficult to change, so
we will diversify incremental reserves into euros, yen, and other
currencies," he said.
China's reserves
are more than – $2 trillion, the world's largest.
Warren Buffett lost about $25 billion during the financial crisis, but
he still managed to make the most out of the situation by attempting to
profit from the downturn. His picks could reap huge rewards, but right
now, Berkshire Hathaway appears to be taking a more cautious approach,
buying fewer stocks than it is selling, suggesting that Buffett is
getting worried. At the same time, "Buffettologists" say that as his
inevitable retirement approaches Buffett is also thinking about his
legacy and is more concerned about making investments that will give
out profits in the long-term.
Fewer than 10 states ended the last fiscal year with significant
reserves, and three-fourths have deficits exceeding 10% of their
budgets. Only an emergency infusion of printed federal funny money is
keeping most state boats afloat right now.
It is amazing how many things have NOT happened.
Probably most incredible is that the dollar has NOT collapsed.
It has lost ground, and was trading at $1.43 per euro on Friday, but no
one laughs at you when go to exchange dollars…or offer to pay in
dollars rather than the local currency.
GENEVA (Reuters) – Switzerland knocked the United States off the position as the world's most competitive economy as the crash of the U.S. banking system left it more exposed to some long-standing weaknesses, a report said on Tuesday.
Low-wage workers are routinely denied proper overtime pay and are often paid less than the minimum wage, according to a new study. [yeah, but there's laws!]
The US Federal Reserve's policy of printing money to buy Treasury debt
threatens to set off a serious decline of the dollar and compel China to
redesign its foreign reserve policy, according to a top member of the
Communist hierarchy. [ouch!]
Barack Obama is committing the same mistakes made by policymakers during the
Great Depression, according to a new study endorsed by Nobel laureate James
Buchanan.
This article complete with charts is an in depth analysis of why the the markets of today are fundamentally different from the markets of 1929 - 1930. The author uses both fundamentals and technical analysis to make the claim that, while there may be some corrections, the markets are unlikely to again test the lows of March
Yes I know it is NPR, I know it is out of Berkley but it makes a lot of good points and it describes obamas takeover by the banks. That is what a friend sent to me in an e mail. I am open minded so I thought I would listen to it and having heard it I think it is worth your time to listen to it too. If you understand what NWO (own) is really all about (Fascism) I think this helps describe how they plan to get there.
More than a quarter of teenagers looking for work cannot find
employment at the existing wage floor. Many have just stopped trying.
The rate is nearly three times the national rate and four times the rate of skilled and experienced workers over the
age of 55.
This is the highest rate ever recorded in the United States.
Lenders in Illinois, Iowa, Missouri and Arizona collapsed, pushing the number of bank failures to 89 this year amid continuing fallout from the worst economic slump since the Great Depression.
Illinois lenders InBank of Oak Forest and Platinum Community Bank of Rolling Meadows; Vantus Bank of Sioux City, Iowa; First Bank of Kansas City, Missouri; and First State Bank of Flagstaff, Arizona were shut by regulators, and the Federal Deposit Insurance Corp. was named receiver, the agency said in statements yesterday. Closing the lenders, with combined assets of $1.1 billion and deposits of $982 million, will cost the deposit insurance fund about $401 million.
Fannie Mae and Freddie Mac,
the mortgage-finance companies seized by U.S. regulators a year ago,
avoided delisting on the New York Stock Exchange after their shares
more than tripled last month.
New unemployment data show why it will take years for the labor market
to recover from one of its fastest and deepest declines since World War
II, even if an economic recovery is around the corner.
Banks in Missouri, Iowa and Illinois were closed by regulators Friday, bringing the number of U.S. bank failures in 2009 to 87 as the effects of the credit crisis continue to ripple through the financial system.
Kansas City, Mo.-based First Bank of Kansas City was the 85th failure of the year, The Federal Deposit Insurance Corp. said. De Soto, Kan.-based Great American Bank has agreed to assume the failed bank's deposits.
First Bank of Kansas City had $16 million in assets and $15 million in deposits as of June 30, the regulator said.
Its failure is expected to cost the federal deposit-insurance fund $6 million.
California drivers can't line up to renew their licenses Friday.
Wisconsin natives can't order copies of their birth certificates. Across the country, cash-strapped state governments are shutting down business for a day at a time to save money.
(maybe if we didn't have all of these laws, we wouldn't need all of these government "services?")
Hold tight folks, it’s not over yet. Bank failures heated up this summer, but expect an “implosion” next year.
That’s the key takeaway from a deep dive into second-quarter bank results by sector experts at Institutional Risk Analytics, now that all the numbers are all in.
Despite the huge amounts of government money poured into the banks and a sense that conditions are better -- witness the big gains in bank stocks -- the number of banks getting the worst grades for strength actually shot up 12% in the second quarter.
In a study released Sept. 1, IRA concludes that 2,256 banks deserve a failing grade, up from 2,012 in the first quarter. Banks getting an “F” grade included giant Citigroup (C).
4 'zombie' stocks better off dead
“Despite all of the talk and expenditure in Washington, the U.S. banking industry is still sinking steadily,” says Christopher Whalen of IRA.
Besides mounting problems with loans, a big part of the problem is that federal efforts target th
The unemployment rate jumped almost
half a point to 9.7 percent in August, the highest since 1983,
reflecting a poor job market that will make it hard for the U.S.
economy to begin a sustained recovery.
While the jobless rate
rose more than expected, the economy shed a net total of 216,000 jobs,
less than July's revised 276,000 and the fewest monthly losses in a
year, according to Labor Department data released Friday. Economists
expected the unemployment rate to rise to 9.5 percent from July's 9.4
percent and job reductions to total 225,000.
Call me stupid but I have a difficult time understanding many articles written today. Take for example this Yahoo story that came out today. It is titled "Improving economy not likely to lower jobless rate". The article goes on to say...
"The economy is showing consistent signs of improvement, but probably not enough to stop employers from cutting jobs or to keep the unemployment rate from rising.
The Labor Department is expected to report Friday that the jobless rateincreased to 9.5 percent in August, from 9.4 percent in July, as employers cut 225,000 jobs."
In my mind that would lead me to believe one of two things the first being improving for who, the second how can they claim the economy is improving at all if if more jobs are being lost each month.
As I said we must also examine who owns the news? This clip is a good example...
As any reader and attendee of the PPEC webpages and meetings know, this group has a very different view of economics than is currently in vogue in our country and around the world. That view also stems from a worldview that is in many ways also at odds with the political and "socio-economic" view of the so-called 'mainstream.' We are not at odds with the mainstream view in order to only disagree. We disagree because the mainstream view is demonstrably odd.
The Federal Housing Administration, hit by increasing mortgage-related losses, is in danger of seeing its reserves fall below the level demanded by Congress, according to government officials, in a development that could raise concerns about whether the agency needs a taxpayer bailout.
The rising losses at the FHA, part of the U.S. Department of Housing and Urban Development, come as the agency has rapidly increased its role in guaranteeing loans in an attempt to stabilize the housing market.
It isn't clear how the rising losses may affect home buyers. Options for the agency could include politically unpalatable choices, such as asking for taxpayer funds to boost reserves or increasing the premiums borrowers pay for the insurance offered by the agency. Agency officials say if there is a shortfall, they don't have to do anything except report it to lawmakers. But some mortgage and housing analysts see trouble ahead. "They're probably going to need a bailout at som
The Trejos did it all for $350 by employing one of the oldest—and
newest—tricks in the book: bartering. "The best thing about bartering,"
Ron says, "is it allows people to do things they couldn't afford to do
normally."
Upon learning that the Obama administration will add $9 trillion to the
existing $11.5 trillion federal debt, Paul Krugman pooh-poohed the
problem by saying "...even
if we do run these deficits, federal debt as a share of GDP will be
substantially less than it was at the end of World War II." The argument being, the U.S. paid it off then, and can do so again.
The inhabitants of two well-heeled towns on New York's Long Island are reportedly shocked to discover that brothels have been operating in residential neighborhoods.
Given the large number of politicians who maintain vacation houses in
the area, you'd think the good people of Westhampton and Southampton
would be accustomed to their neighbors peddling favors from their homes.
• Washington Post Writers Group, Kenneth R. Harney
Bills to extend the maximum $8,000 tax
credit for first-time home buyers, which expires Nov. 30, are pending
in both the U.S. House and the Senate.
Sen. Christopher J. Dodd, a Connecticut
Democrat and chairman of the Senate Banking, Housing, and Urban Affairs
Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny
Isakson that would raise the credit amount to a maximum of $15,000.
Senate Majority Leader Harry M. Reid of
Nevada favors an extension of the current credit. He was quoted by the
Las Vegas Sun saying, "It's something we can get done."
Odds are that the credit will be extended
and broadened to cover all buyers next year, but the chances of the
amount increasing aren’t as good, observers say.
Summer is over…and the rally may be over, too.
It’s back to business. No more long lunches. No more afternoons painting windows. No more soirees in the evening.
We return to our lonely métier – chronicling the decline and fall of the US economy…and the Anglo-American empire too….
Production takes place for consumption (derived from the Scot Adam Smith), not the other way round. Value is measured not as an average but at the margin (the Englishman W. S. Jevons, the Frenchman Leon Walras, and the Austrian Carl Menger). The cost of producing a commodity or service is not the labour required (the German Karl Marx) but the commodity or service thereby lost (the Austrian Friedrich von Wieser). The instinct of man is to “truck and barter” in markets (Adam Smith). He will find ways round, under, over or through restrictions created by government (the Austrian Eugen von Böhm-Bawerk). There is no such thing as absolute demand (for education, medicine or anything else) or supply (of labour or anything else) because both vary with price (the Englishmen Alfred Marshall, Lionel Robbins and many before and since). Not least, without the signalling device of price, man cannot spontaneously and voluntarily co-operate for prosperous co-existen
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