GMAC may become bank, eyes massive debt overhaul
Friday, October 31st, 2008 Posted in Economic News | No Comments »The Detroit-based lender said it was in talks with federal regulators about becoming a bank holding company, which would make it easier to participate in U.S. Treasury Secretary Henry Paulson's $250 billion bank recapitalization plan.
Nine Percent
Thursday, October 30th, 2008 Posted in Economic News | No Comments »The Financial Times has leaked the results of the International Energy Agency's longawaited study of the depletion profiles of the world's 400 largest oilfields, indicating that, "Without extra investment to raise production, the natural annual rate of output ...
Get Ready For Stag-Deflation:by Nouriel Roubini
Thursday, October 30th, 2008 Posted in Economic News | No Comments »Back in January, I argued that four major forces would lead to a risk of deflation or "stag-deflation," where a recession would be associated with deflationary forces rather than the inflation that mainstream analysts have worried about.
World is facing a natural resources crisis worse than financial crunch
Thursday, October 30th, 2008 Posted in Economic News | No Comments »The world is heading for an "ecological credit crunch" far worse than the current financial crisis because humans are over using the natural resources of the planet, an international study warns today.
Banks asking for credit card debt forgiveness
Thursday, October 30th, 2008 Posted in Economic News | No Comments »Banks losing billions in unpaid credit card bills urge government to forgive consumer debt
Yellen Says Fed May Cut Benchmark Rate Close to Zero
Thursday, October 30th, 2008 Posted in Economic News | No Comments »Oct. 30 (Bloomberg) Federal Reserve Bank of San Francisco President Janet Yellen said the central bank may cut the benchmark interest rate close to zero percent from the current 1 percent level should the economy remain weak.
U.S. Economy: GDP Shrinks at Fastest Pace Since 2001
Thursday, October 30th, 2008 Posted in Economic News | No Comments »Oct. 30 (Bloomberg) The economy suffered its biggest decline since 2001 in the third quarter, ushering in what may be the worst recession in a quarter-century and boosting the chances of Barack Obama and fellow Democrats in next week's ...
Fed Opens Swaps With South Korea, Brazil, Mexico, Singapore
Wednesday, October 29th, 2008 Posted in Economic News | No Comments »Oct. 30 (Bloomberg) The Federal Reserve agreed to provide $30 billion each to the central banks of Brazil, Mexico, South Korea and Singapore, expanding its effort to unfreeze money markets to emerging nations for the first time.
Global Crisis? This is the real crisis!
Wednesday, October 29th, 2008 Posted in Economic News | No Comments »If you think that the current economic crisis is something that has never happened in history before, you may be wrong! After the collapse of the agriculture sector in Zimbabwe in 2000, the inflation in that country skyrocketed to ...
[Video] Excellent Interview; Marc Faber Says Fed, Treasury Have Made Markets More Volatile
Wednesday, October 29th, 2008 Posted in Economic News | No Comments »Marc Faber, managing director of Marc Faber Ltd. and publisher of the "Gloom, Boom & Doom Report," talks with Bloomberg's Matt Miller about today's Federal Reserve decision to cut the central bank's benchmark interest rate by half a percentage ...
Fed Cuts Rate to 1% to Avert Prolonged Recession
Wednesday, October 29th, 2008 Posted in Economic News | No Comments »Oct. 29 (Bloomberg) The Federal Reserve cut its benchmark interest rate by half a percentage point to 1 percent, matching a half-century low, in an effort to avert the worst U.S. economic downturn in the postwar era. "Downside risks ...
[Video]Roubini Says S&P May Fall 30% More Over 2-Year Recession
Wednesday, October 29th, 2008 Posted in Economic News | No Comments »Nouriel talks with Bloomberg's Carol Massar and Ellen Braitman in New York about the U.S. economy, outlook for the equity market and Federal Reserve monetary policy.
New policy on purchase and sale of silver Libertad coins
Wednesday, October 29th, 2008 Posted in Economic News | No Comments »Banco Azteca was informed by a source at Banco de Mexico, that the restriction of supply was due to a "very large foreign order for silver ounces".
Fed May Cut Rate to 1%, Signal Steps to Save
Wednesday, October 29th, 2008 Posted in Economic News | No Comments »Oct. 29 (Bloomberg) The Federal Reserve may lower its benchmark interest rate to 1 percent today and signal further reductions to levels unseen since Dwight Eisenhower was president.
Credit Tsunami Swamps Trade as Banks Curtail Loans
Wednesday, October 29th, 2008 Posted in Economic News | No Comments »"The whole global trade production line relies on letters of credit, " Matt Robinson, an analyst at Moody's Economy.com wrote in an Oct. 23 report. "No letters of credit, no transactions and no transactions mean no international trade.'"
A Hard Look At Gold; by Richard Russell
Tuesday, October 28th, 2008 Posted in Economic News | No Comments »Every central bank on the planet is now grinding out their brand of fiat currency and in large quantities. I believe that somewhere ahead doubt will rise as to the validity and logic of fiat money. Fiat money has ...
[Video] Peter Schiff Says Fed Should Raise Rates, Sees Dollar Risk
Tuesday, October 28th, 2008 Posted in Economic News | No Comments »October 28 (Bloomberg) Peter Schiff, president of Euro Pacific Capital, talks with Bloomberg's Rhonda Schaffler from New York, about the outlook for U.S. consumer confidence, the credit crisis and Federal Reserve monetary policy. The Conference Board's confidence index tumbled ...
King Henry Bank Edict Will Trigger *greatest Ever Depression*
Tuesday, October 28th, 2008 Posted in Economic News | No Comments »Wall Street banks will lead a recovery in the next few years. But then, by 2011, they will once again breach the "moral hazard" barrier as Reaganomics greed resurfaces in a new disguise, creating a new bubble and a ...
[Video] Nouriel Roubini Says U.S. Needs $400 Billion Stimulus Package
Monday, October 27th, 2008 Posted in Economic News | No Comments »October 27 (Bloomberg) Nouriel Roubini, the New York University professor who predicted the financial crisis in 2006, Al Hunt, executive editor at Bloomberg News, and former Securities and Exchange Commission Chairman Arthur Levitt speak in a panel discussion in ...
IMF may need to *print money* as crisis spreads
Monday, October 27th, 2008 Posted in Economic News | No Comments »The International Monetary Fund may soon lack the money to bail out an ever growing list of countries crumbling across Eastern Europe, Latin America, Africa, and parts of Asia, raising concerns that it will have to tap taxpayers in ...
Very Important Read! Beginning of hyperinflation
Monday, October 27th, 2008 Posted in Economic News | No Comments »Excellent Read, Very Important. Translated from German to English via Google language tool. Hard money investor Walter Castle Eichel sees tough times ahead
[Video] Gammon Gold CEO Marion Sees Gold at $1,500 on Inflation Threat
Monday, October 27th, 2008 Posted in Economic News | No Comments »Gammon Gold CEO Marion Sees Gold at $1,500 on Inflation Threat
Nouriel Roubini: I fear the worst is yet to come
Sunday, October 26th, 2008 Posted in Economic News | No Comments »Contacted in Madrid on Friday, Roubini said the world economy was "at a breaking point". He believes the stock markets are now "essentially in free fall" and "we are reaching the point of sheer panic".
Recession fears haunt markets
Sunday, October 26th, 2008 Posted in Economic News | No Comments »Fears of a deep global recession dominated investor sentiment as financial markets in the Asia-Pacific region began to reopen on Monday after last week's worldwide slide in stock prices and currency collapses. There were early indications that governments and ...
Callow Says Fed to Cut Rates At Least 50 Basis Points
Sunday, October 26th, 2008 Posted in Economic News | No Comments »October 26 (Bloomberg) Sean Callow, senior currency strategist at Westpac Banking Corp., talks with Bloomberg's Catherine Yang from Sydney about the outlook for Federal Reserve monetary policy and the U.S. dollar