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Economy - International

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Rasmussen

Forty percent (40%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -10 (see trends).

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Reuters

Major world central banks announced they planned to scale back massive injections of U.S. dollars into their banking systems as financial markets stabilize after a devastating crisis. The U.S. Federal Reserve said it would begin to scale back shor

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Yahoo News

PITTSBURGH, Pennsylvania (AFP) – The embattled US dollar is expected to come under scrutiny at a summit of developing and industrialized nations following China-led calls to review its role as a reserve currency.

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Press TV

The Brazilian president calls for a new world order in global economy, which gives developing countries more control over the World Bank and the IMF.

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arclein

A major discovery market is developing around the recent West Timmins deep gold intersection published during the summer. There will be plenty more information to come but the thick intersection and solid grade makes the tenor of the mine.

News Link • Global Reported By robert klein
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The Market Ticker

About 40 percent of all U.S. junk bonds outstanding in late 2008 will likely default by 2013 as government aid measures end and a wall of corporate debt comes due, Bank of America Merrill Lynch said on Thursday. By contrast, the cumulative five-ye

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David Galland

Some analysts now contend that China can no longer afford to let the gold or silver price slump. The rationale behind that contention is that with the Chinese government now telling the general populace to buy precious metals, it would be highly prob

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Reuters

There must be "a consistent approach to regulation across jurisdictions" to avoid a "race to the bottom" in which financial players flock toward countries with more lenient oversight. Obama used a high-profile speech on Wall Street on Monday to tr

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This week marks the one-year anniversary of the Lehman bankruptcy. The media struggles to say something meaningful about it. Here at The Daily Reckoning we will not even attempt meaningfulness. We’ll be satisfied with a few snide remarks.

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Bill Bonner via LewRockwell.com

Gold closed at $999 on Tuesday. Then, yesterday, it closed down $2. There’s a time to buy gold; and there’s a time to sell it. Which time is it? The question rose with the gold price itself. It needs an answer. The price of gold today, adju

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Mail Online

The tropical waters that lap the jungle shores of southern Malaysia could not be described as a paradisical shimmering turquoise. They are more of a dark, soupy green. They also carry a suspicious smell. Not that this is of any concern to the lon

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Guardian

Britain could be forced to bail out one or more of its offshore tax havens at huge cost, according to early drafts of a Treasury report, because the economic crisis has wrecked their finances. (How could a tax haven get into financial troubles)

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Wall Street Journal (via Slate)

The dollar fell against most major currencies and is at the same level as it was before it became a safe haven for investors who became jittery after Lehman Bros. collapsed. The dollar is "falling victim to a kind of double whammy" that was the result of the government's efforts to pump more dollars into the economy. Investors seem to be convinced that the efforts had the desired effect and the global economy will soon get out of recession, so they're willing to take on more risk. When combined with the high supply of dollars and low interest rates, that has made the dollar quite unattractive. Instead of dollar-based securities, investors are snapping up gold and other commodities.

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www.telegraph.co.uk

Although a number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion.

In essence, the report calls for a new Bretton Woods-style system of managed international exchange rates, meaning central banks would be forced to intervene and either support or push down their currencies depending on how the rest of the world economy is behaving.

The proposals would also imply that surplus nations such as China and Germany should stimulate their economies further in order to cut their own imbalances, rather than, as in the present system, deficit nations such as the UK and US having to take the main burden of readjustment.

 

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Ambrose Evans-Pritchard via LewRockwell.com

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.

 

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Slate

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.

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arclein

China began the long journey to a new international reserve currency with a single step - agreeing to buy $50 billion in notes from the International Monetary Fund. Another proverb, less distinguished than a quote from Daoist philosopher Laozi, also applies here: China put its money where its mouth is.

News Link • Global Reported By robert klein
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Reuters

Capitalism is evil. That is the conclusion U.S. documentary maker Michael Moore comes to in his latest movie "Capitalism: A Love Story."

Blending his trademark humor with tragic individual stories, archive footage and publicity stunts, the 55-year-old launches an all out attack on the capitalist system, arguing that it benefits the rich and condemns millions to poverty.

"Capitalism is an evil, and you cannot regulate evil," the two-hour movie concludes. [Actually you can't regulate capitalism, or it isn't capitalism.]

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arclein

Much of what we think we know in terms of living conditions in the most backward countries is terribly anchored in the past. That is why it is a good idea to pore over related statistics from time to time to get a sense of what might actually be happening. This tells us that the news is rather good.

News Link • Global Reported By robert klein
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