Wealthy investors hoard bullion
Tuesday, September 30th, 2008 Posted in Economic News | No Comments »Investors in gold are demanding "unprecedented" amounts of bullion bars and coins and moving them into their own vaults as fears about the health of the global financial system deepen. Industry executives and bankers at the London Bullion Market ...
Marc Faber says US bailout wont stop recession, buy gold
Tuesday, September 30th, 2008 Posted in Economic News | No Comments »INTERNATIONAL. Any proposal to rescue the US financial system will fail to avert a recession said Marc Faber, the Swiss fund manager and Gloom Boom & Doom editor and publisher, now based in Thailand.
Perhaps its time for a U.S. bank holiday, Bush could borrow Roosevelts trick to get a bill passed
Tuesday, September 30th, 2008 Posted in Economic News | No Comments »Seventy-five years ago, in his first full day on the job, President Roosevelt famously closed the nation's banks and kept them closed until Congress passed emergency legislation to give his administration tools to deal with a string of bank ...
[Video] Tice Says Dow May Fall Below 5,000; Gold Rise to $2,000
Tuesday, September 30th, 2008 Posted in Economic News | No Comments »eptember 30 (Bloomberg) David Tice, founder of David W. Tice & Associates and manager of the $1.08 billion Prudent Bear Fund, talks with Bloomberg's Carol Massar about the outlook for the U.S. equity market and gold prices, the government's ...
[Video] Jim Rogers Says U.S. Should Let Banks Fail, Clean Out System
Tuesday, September 30th, 2008 Posted in Economic News | No Comments »September 30 (Bloomberg) Jim Rogers, chairman of Singapore-based Rogers Holdings, talks with Bloomberg's Carol Massar and Erik Schatzker from Frankfurt about the proposed $700 billion bank rescue package, his position that allowing banks to fail will provide a necessary ...
Without a Bailout Plan, What Will the Cost Be?
Tuesday, September 30th, 2008 Posted in Economic News | No Comments »By voting down the proposed $700 billion financial bailout package and causing a spectacular stock market rout - a majority of members in the House of Representatives made a clear statement that they didn't want to put taxpayers ...
Gold set to cement safe haven status
Tuesday, September 30th, 2008 Posted in Economic News | No Comments »Gold prices will rise next year as the financial crisis pushes more investors into the precious metal safe haven, according to delegates polled on Tuesday during the London Bullion Market Association annual meeting in Kyoto.
U.S. Stocks May Fall More on Transports Drop, Dow Theory Says
Tuesday, September 30th, 2008 Posted in Economic News | No Comments »Sept. 30 (Bloomberg) Transportation stocks are signaling the market is poised for more losses after the Dow Jones Industrial Average posted its biggest-ever point decline.
The risk of a total systemic meltdown is now as high as ever; by Nouriel Roubini
Monday, September 29th, 2008 Posted in Economic News | No Comments »The US and global financial crisis is becoming much more severe in spite of the Treasury rescue plan.
Private banks rethinking gold, seen next big buyers
Monday, September 29th, 2008 Posted in Economic News | No Comments »KYOTO (Reuters) Private banks could be the next big buyers in the global gold market, helping drive prices higher as they consider restocking bullion bars that were sold off in calmer times, the top HSBC gold trader said on ...
Banking crash hits Europe as ECB loses traction
Monday, September 29th, 2008 Posted in Economic News | No Comments »The global credit crisis has slammed into Europe with stunning violence over the last two days, triggering five major bank rescues and a near total shut-down of the region's credit markets.
Germanys Bundesbank to keep its gold reserves
Monday, September 29th, 2008 Posted in Economic News | No Comments »FRANKFURT, Sept 29 (Reuters) Germany's Bundesbank will hold on to the vast bulk of its gold reserves in the next 12 months, the central bank said on Monday. The Bundesbank, which is the second-largest hoarder of gold behind the ...
Bankruptcy, not bailout, is the right answer
Monday, September 29th, 2008 Posted in Economic News | No Comments »Congress has balked at the Bush administration's proposed $700 billion bailout of Wall Street. Under this plan, the Treasury would have bought the "troubled assets" of financial institutions in an attempt to avoid economic meltdown. This bailout was a terrible ...
We Were All Staring into the Abyss
Monday, September 29th, 2008 Posted in Economic News | No Comments »We are experiencing the most severe financial crisis in decades, although one should be careful about historic comparisons with 1929. One thing is clear: After this crisis, the world will no longer be the same. The financial architecture will ...
Canada-EU trade proposal rivals scope of NAFTA
Monday, September 29th, 2008 Posted in Economic News | No Comments »Canadian and European officials say they plan to begin negotiating a massive agreement to integrate Canada's economy with the 27 nations of the European Union, with preliminary talks to be launched at an Oct. 17 summit in Montreal three ...
No Bailout for Wall Street Billionaires
Monday, September 29th, 2008 Posted in Economic News | No Comments »Ten Reasons to Oppose the Wall Street Bailout
Fed Pumps Further $630 Billion Into Financial System
Monday, September 29th, 2008 Posted in Economic News | No Comments »Sept. 29 (Bloomberg) The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.
Here comes $500 oil
Monday, September 29th, 2008 Posted in Economic News | No Comments »Matt Simmons is as perplexed as anyone that it has fallen to him to take on OPEC, Exxon, the Saudis, and all the other misguided defenders of conventional wisdom in the oil patch. Why should one investment banker with ...
S&P 500 Falls Most Since 1987, Commodities Plunge After Defeat of Bailout
Monday, September 29th, 2008 Posted in Economic News | No Comments »Sept. 29 (Bloomberg) U.S. stocks lost $1.1 trillion in market value, oil plunged and Treasury bonds rallied after lawmakers rejected the Bush administration's $700 billion financial rescue. The Standard & Poor's 500 Index fell 8.4 percent, the most since ...
[Video] You will not see this in mainstream news, Americans speak out against BAILOUT - Wall Street Protest
Monday, September 29th, 2008 Posted in Economic News | No Comments »Americans speak out against BAILOUT - Wall Street Protest
House ignores Bush, rejects $700B bailout bill
Monday, September 29th, 2008 Posted in Economic News | No Comments »In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties ...
Investors return to gold in a major way: LBMA Chairman
Monday, September 29th, 2008 Posted in Economic News | No Comments »The Chairman of the London Bullion Market Association, Jeremy Charles, said that due to chaotic market conditions over the past two weeks, investors are returning to gold, "in a major way."
House Narrowly Defeats Bailout Legislation
Monday, September 29th, 2008 Posted in Economic News | No Comments »In a narrow vote, the House today rejected the most sweeping government intervention into the nation's financial markets since the Great Depression, refusing to grant the Treasury Department the power to purchase up to $700 billion in the troubled ...
U.S. stocks hammered as Fed adds more liquidity
Monday, September 29th, 2008 Posted in Economic News | No Comments »U.S. stocks plunged Monday as the global credit crisis spread, with four bailouts in Europe and the takeover of Wachovia Corp. in the U.S. roiling securities, commodities and currencies markets and forcing major central banks to pump hundreds of ...
Fed Pumps Further $630 Billion Into Financial System
Monday, September 29th, 2008 Posted in Economic News | No Comments »Sept. 29 (Bloomberg) The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.