EU banks were engaged in the same high-risk activities as their counterparts in the US. They were playing fast and loose on speculative trades that were ramped up with maximum leverage. Bankers raked
The Baltic Dry has plumbed to a fresh 14 month low, continuing its longest drop in 9 years, down for a 33rd sequential day to 1,790 from 1,840. Don't look for any record numbers out of the China Customs agency or the US trade deficit in the next...
Moody's Investor Service cut Portugal's debt rating by two notches on Tuesday, saying its growth prospects were weak and it might need new austerity measures next year to hit tough fiscal targets.
Asian markets were mostly lower Tuesday as a tumble in Chinese stocks tempered optimism from U.S. aluminum maker Alcoa's earnings. A slew of American companies release quarterly results in the coming weeks and Alcoa's result spurred hopes that ea
“There is a cliff we are racing toward — it’s huge,” said Richard Barwell, an economist at Royal Bank of Scotland and formerly a senior economist at the Bank of England, Britain’s central bank. “No one seems to be talking about it that much.”
The Baltic Dry Shipping Index has now fallen for 31 consecutive days as the world economy slows.
The balance between spending to stimulate the economy and putting budgets in order has vexed countries around the world as the recovery has looked more and more precarious.
No wonder Russia has so much swagger these days, given that a rich Gazprom is the equivalent of a rich Russian government. That's because Gazprom accounts for 10% of Russia's entire GDP (2008), and at times has generated 20% of Russia's...
European stress tests on 91 of the region’s biggest banks drew criticism from analysts who said regulators are underestimating probable losses on Greek and Spanish government bonds.
The Baltic Dry, which contrary to what some may claim, actually is one of the best leading indicators on global trade and thus the health of the economy, continues to plunge, and is now below 2000, hitting fresh 14 month lows, at 1940.
What’s the best advice Warren Buffett has ever received? You might be surprised: It has ....
In an exclusive interview with Yahoo! News and The Huffington Post, Buffett disagreed with the recent statement by NY Times columnist and Nobel Prize winning economist Paul Krugman that we are "in the early stages of a third depression."
After slumping 4% yesterday to close at 2,127, the Baltic Dry has plunged yet another 5% today, to close just above 2,000 at 2,018. This is the lowest level for the index in 14 months since May 5 of 2009 when it last traded by 2,000...
The most accurate foreign-exchange forecaster says the euro will continue to weaken and may approach parity with the dollar as the European Central Bank buys more government bonds to support the region’s economy.
What is yet unknowable is what the reality is of BP’s off-balance sheet obligations and leverage positions. How many Special Purpose Entities (SPEs) is it operating? Remember, during the Enron debacle...
One glance at the far more neutral indicator of the Baltic Dry index paints a far more dire picture: the BDIY plunged 4% overnight to 2,127, posting the longest consecutive decline in 6 years at 28 days. Despite the optimism from the conflicted...
The euro ended a three-day winning streak and bonds rose after European Central Bank President Jean-Claude Trichet urged “austerity” measures to contain budget deficits. Oil and stocks in Brazil and Canada declined.
Germany was one of the first countries in Europe to endorse a common currency for much of the continent, but recent debt troubles in Greece, Spain and Portugal have weakened the euro.
Spain has seen a wave of strikes and protests by public sector workers as the government tries to slash mounting debt.
Strikes over high prices for gasoline, diesel, and other fuels have spread across India, stopping rail and port traffic in some areas. Flights and buses have been cancelled. Some trains were still running, but those in the financial capital of Mumbai
If this drain of COMEX silver inventories continues, it could literally be the spark that brings down the entire global financial system. This run won’t be confined to the silver market for long. Owners of paper gold will see what is happening, too.
Nearly two years ago, an economic collapse forced Ireland to cut public spending and raise taxes, the type of austerity measures that financial markets are now pressing on most advanced industrial nations.
Policy makers are betting that the private sector can make up for the withdrawal of stimulus over the next couple of years. If they’re right, they will have made a head start on closing their enormous budget deficits. If they’re wrong, they may set o
President Obama warned the world economic recovery remains "fragile" and urged continued spending to support growth, an expansionist call at the end of a summit marked by an agreement among developed nations to halve their annual deficits within thre
At the G20 this weekend, Europe and Japan are being warned not to cut back on economic stimulus, by Timothy Geithner.
Nothing will change, and eventually, when the entire world has over 5 times its entire GDP encumbered in real cash debt (as opposed to the $1.2 quadrillion in pseudo-metaphysical debt), and interest payments alone account for well over 30%...
Reporters from WeAreChange were detained for at least four hours by border officials before being denied entry. A reporter from the InfoWars news site was also denied entry. Two activists from CodePink were also barred from entering Canada.
It is this concept of interconnectivity that as the players are finding out it is a disaster. How can solvent European countries even contemplate a $2 trillion bailout for nations that really do not care if the debt is ever paid off?
Germany's budget savings policy risks destroying the European project and a collapse of the euro cannot be ruled out, billionaire investor George Soros said in a newspaper interview released on Wednesday.
Asian stocks slid on Wednesday as an unexpected fall in U.S. home sales added to worries about the fragility of the global economic recovery and optimism over China's promise to make the yuan more flexible faded further.