Britain's Treasury chief unveiled on Tuesday the toughest cuts to public spending in decades, a raft of tax rises and a new levy on banks in an emergency budget aimed at restoring the country's ravaged public finances. George Osborne told lawmaker
Reuters and The New York Times take on the Presidents' efforts to combat economic law.
The US remained the world’s biggest manufacturing nation by output last year, but is poised to relinquish this slot in 2011 to China – thus ending a 110-year run as the number one country in factory production.
Global stocks gained for a 10th day, sending the MSCI World Index to its longest rally in 11 months, oil and copper soared and Treasuries retreated after China said it will relax the yuan’s fixed rate to the dollar.
The 20 world leaders at an economic summit in Toronto next weekend will find themselves in a country that has avoided a banking crisis where others have floundered, and whose economy grew at a 6.1% annual rate in the first 3 months of this year.
"Sudan will host the Winter Olympics before these guys get a trillion dollars out of the ground," said Luke Popovich of the National Mining Assn., which represents U.S. mining companies.
In light of the European and U.S. economic debacles, economic leaders are now questioning -- and in some cases challenging -- Keynes' general philosophy that more spending is better than less during economic downturns.
The United States has discovered nearly $1 trillion in untapped mineral deposits in Afghanistan, far beyond any previously known reserves and enough to fundamentally alter the Afghan economy and perhaps the Afghan war itself...
Soros: “The collapse of the financial system as we know it is real, and the crisis is far from over,” Mr. Soros said at a conference in Vienna. “Indeed, we have just entered Act II of the drama
"Our country's outstanding public debt is huge. Our public finances have become the worst of any developed country. We cannot sustain public finance that overly relies on issuing bonds.
Analysts at Bank of America/Merrill Lynch are out with a new, thorough report on BP and the effect of the Deepwater Horizon disaster. There's a lot in this that we'll keep mining through, but we thought we'd present what the firm sees...
"What BP drilled into was what we call a 'migration channel,' a deep fault on which hydrocarbons generated in the depth of our planet migrate to the crust and are accumulated in rocks, something like Ghawar in Saudi Arabia."
Very Worried About 2011 - Jim Rogers sees currency turmoil, a global economic slowdown, worse / 10 Benefits of Expatriation - What are we waiting for? / Laughably Underpriced - The Mogambo Guru on silver / Saved by His Gun
This document, released by WikiLeaks on February 18th 2010 at 19:00 UTC, describes meetings between embassy chief Sam Watson (CDA) and members of the Icelandic government, together with British Ambassador Ian Whiting.
Renewed worries about European sovereign debt, this time Britain's, knocked equities back on Tuesday and ate into early euro gains against the dollar.
Martin is right about this point, THE MARKET KNOWS. It knows that our major financial institutions are INSOLVENT – they have marked to fantasy, they have played the shell game, they have transferred unserviceable debts onto the public rolls...
It is all too well known that France and Germany will go bust overnight if PIIGS debt is allowed to be marked even halfway to market pro forma for governmental bailouts, on the banks' balance sheets. Throw in Austria and Italy if the Hungarian crisis
I also said that if the government did what they've now done, the damage could easily be twice that bad, with a potential 40% decline in GDP in the cards
Everyone has heard of "peak oil" doctrine,...but "peak gallium"? Or "peak copper"?
We could be headed for a world torn in opposite directions, as if quartered, by very different monetary phenomena. As the developed world keeps interest rates low, in a bid to deep deflationary forces at bay, they will in turn be keeping interest...
We may break $1.20 on the euro today, which would be huge. The big twin fears: Hungary and SocGen. Futures are off about 1%. France is getting hammered.
Hungary’s forint weakened the most among world currencies after the ruling party’s deputy leader was quoted as saying the country was at risk of a Greece-like crisis and the European Commission President said it was in a “very delicate situation.”
Foreign banks are flexing newfound muscle in Washington, spreading their money and influence while winning government business that’s off-limits to their politically toxic American cousins. While Congress and President Barack Obama have been bash
The market for new bond issues is eerily quiet, and dead in the U.S.. Fewer companies are attempting to issue debt perhaps for fear of instigating a visible negative market reaction towards their creditworthiness.
The euro hit another 4-year low against the dollar as worries that European banks could still face large loan losses next year added to concerns about the continent's economic outlook. The euro hit $1.2112 in European trading — its lowest since it sa
Spain's Socialist government is seeing its political power erode as it struggles to chart a path out of deep financial trouble, failing so far to satisfy conflicting demands to cut its budget and stimulate job creation. The coming months bring more p
Let no one tell you that the German economy is stagnating. Across the country, shops have been opening up, offering to buy and sell gold. Some have bodyguards treading the pavement outside, some only open their doors if you ring a bell like a brothel
Goldman Sachs wants to settle with the SEC exactly as we predicted. They would neither admit nor deny and be fined $1 to $ 2 billion, which is chump change to them.
Václav Klaus, president of the Czech Republic, has never been too worried about upsetting his European Union partners. He risks doing so again with a piece just written for the libertarian Cato Institute’s Center for Global Liberty & Prosperity provo
The European banking system is in crisis, says Hendry. The hedge fund manager went on BBC Newsnight to play pessimist against Jeffrey Sachs, an economist from Columbia University. Of course the two get into a fight. It's awesome.