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Economy - International

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SafeHaven.com

 But somewhere, somehow, UBS and Credit Suisse ran up a little leverage. Before the crisis, they were over 40:1. And now they're nearly at a nosebleed-high 70! The chart shows leverage in the Eurozone...

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Reuters

China looks set to hit its full-year growth target of 8% after a surprisingly strong second quarter notable for a surge in investment driven by powerful fiscal and monetary stimulus.

Annual gross domestic product growth accelerated in the second quarter to 7.9 percent from 6.1 percent in the first quarter, making China the best-performing major economy and reinforcing hopes that the world economy is pulling out of its deepest recession in 80 years.

 

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benbittrolff.blogspot.com/

 The whole thing is a giant gong show really. When the world unraveled these companies stopped giving guidance and analysts guessed really really low. This was done precisely to guarantee a beat or make an official miss impossible.

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arclein

The government will invest 107 trillion ($84.4 billion dollars), or 2.0 percent of gross domestic product every year, over the next five years in an effort to reduce reliance on fossil fuels, Lee's office said. The scheme will help create up to 1.81 million new jobs and generate about 206 trillion won in economic output, it said. The government will also boost spending on green technology products such as solar-powered batteries and hybrid vehicles, it said.

News Link • Global Reported By robert klein
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Bill Bonner for LewRockwell.com

“Switzerland at war with the rest of the world,” begins an update from colleague, Cecile Chevre, in Paris.

The Swiss usually manage to stay out of wars. They do it by being heavily armed. Even the yodelers have softened up lately, but until recently every able-bodied man was required to serve in the Swiss Army. He had to keep his rifle at home…and each year he had to prove that he knew how to use it.

During WWII, the Germans considered invading Switzerland. According to legend, a top German general met with Switzerland’s top military man on the border.

“We have twice as many men on the border as you do,” said the German. “What would you do if we launched an attack?”

“The answer is very obvious,” replied the Swiss general. “I would tell each of my men to shoot twice.”

But now Switzerland is up against even worse odds. Switzerland has long been a haven for people with money. And life is getting tougher for the rich…as well as for those

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arclein

Some 2,000 families live from fishing in Tyre, a city of 100,000 located near the border with Israel, says Khalil Taha, head of the local fishermen's syndicate. In the city's heyday, a fisherman would easily earn 500 dollars a week, but that figure is now closer to 200 dollars for an entire month, well below the minimum wage of 333 dollars, Taha said.

News Link • Global Reported By robert klein
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Reuters

Asian stocks edged up slightly on Tuesday but struggled after a slide the previous day, while the yen held gains against higher-yielding currencies as investors doubt the speed of the global economy's recovery. A bleak U.S. jobs report last week has prompted portfolio managers to reassess how quickly economies around the world can return to growth after the deep recession, spurring a pull-b

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Telegraph.co.uk/

 We are moving into Phase II of the Great Unwinding. It may be time to put away our texts of Keynes, Friedman, and Fisher, so useful for Phase 1, and start studying what happened to society when global unemployment went haywire in 1932.

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Times Online / Jamie Whyte

[W]without market prices, nobody has the information required to adapt the allocation of scarce resources to the demand for them. [Command economies] fail because central planners have an impossible job. The Bank of England should not get tougher or try harder. It should give up.

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Telegraph Blog

 Russia is sinking into a swamp of bad loans.  The scale of credit rot in the Russian banking system exposed by Fitch Ratings this week is truly staggering.  The report is yet another cold douche to those betting that the BRICs (Brazil,Russia,India, and China)

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NY Times

President Obama praised the energy bill passed by the House late last week as an “extraordinary first step,” but he spoke out against a provision that would impose trade penalties on countries that do not accept limits on global warming pollution.

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AFP

A decision by China to reduce its US Treasury holdings suggests concern about the US attitude towards its economic woes, Chinese economists said.

Coming after a modest decline in Chinese investments in US government bonds, were in contrast to an earlier statement in Beijing which had said the recent sell-off was a routine transaction.

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arclein

The city of Yakaterinburg, Russia's largest east of the Urals, may become known not only as the death place of the tsars but of American hegemony too – and not only where US U-2 pilot Gary Powers was shot down in 1960, but where the US-centered international financial order was brought to ground.

News Link • Global Reported By robert klein
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Karl Denninger

 This is a follow up story on the 2 Japanese nationals caught in Italy with $134 billion in US bearer bonds.  Here's the question.  Is the US or someone else printing phony US bearer bonds? 

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Taipei Times

 The IMF's plan to issue bonds for the first time has attracted several large emerging countries looking to diversify investments to the detriment of the dollar, whose luster is dimming under the mushrooming US budget deficit. 

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Reuters

The leaders of the world's biggest emerging markets -- Brazil, Russia, India and China -- meet in the coming week for their first formal summit, seeking ways to reshape the global financial system and ideas for a new reserve currency to reduce dependency on the U.S. dollar

thelibertyadvisor.com/declare