If BP does go bust (regardless of whether it is deserved), and even if it is just badly wounded and the US entity is allowed to fail, the long-term OTC derivatives in the oil, refined products and natural gas markets that get nullified could be catastrophic. These will kick-back into the banking system. BP is [...]
Officially, Detroit’s unemployment rate is just under 30 percent. But the city’s mayor and local leaders are suggesting a far more disturbing figure — the actual jobless rate, they say, is closer to 50 percent. As many have noted, the Bureau of Labor Statistics, which culls federal unemployment data, does not account for all of [...]
The economy has been in the dumps for years, but the good times keep on rolling for some favored D.C. employees. City officials have doled out nearly $15 million in bonuses and awards since Mayor Adrian Fenty took office in January 2007, records obtained by The Examiner under the Freedom of Information Act show. Among [...]
Once again the U.S. mint has had to suspend sales of all its one-ounce gold coins, and some fractional ones too, as its supplies of physical gold cannot meet the demand. Author: Lawrence Williams Posted: Monday , 07 Dec 2009 LONDON – “The United States Mint has depleted its inventory of 2009 American Buffalo One [...]
Key components in the USA Patriot Act are set to expire at the end of the year, but President Barack Obama is seeking to extend them, reversing his stark opposition in the past to the same provisions. “The president’s reversal on Patriot Act reform is a major travesty,” said Michelle Richardson, Legislative Counsel for the [...]
Ten states are facing imminent bankruptcy, confounding any possibility of economic recovery as tax revenues continue to decline and unemployment increases nationwide, Jerome Corsi’s Red Alert reports. Those states in fiscal peril include California, Arizona, Rhode Island, Michigan, Oregon, Nevada, Florida, New Jersey, Illinois and Wisconsin. The surge in looming bankruptcies among state governments is [...]
The 10 major cities in the Standard & Poor’s/Case-Shiller home price index have risen 5% from their April low, but the index is still predicting a massive 45% fall from today’s values. Tuesday’s new number from the index showed a gain of just under .5% for the month of September, but the index remains 30% [...]
The recession is hitting elderly people where they live, literally. Financial problems have been mounting at a number of assisted-living and continuing-care communities, forcing some facilities into bankruptcies and inflicting new worries on residents and their families who thought their life plans were comfortably set. In recent weeks, Erickson Retirement Communities, which manages 19 continuing-care retirement communities in 11 states, [...]
Right now, the problem is deflation. Some folks think deflation will remain the problem for years. Jim Rogers doesn’t know when deflation will stop being the problem, but he knows what the next problem will be: Inflation. And he thinks it will be worse than the 1970s. Aaron Task, TechTicker: Given the Fed’s extremely easy [...]
(snippet) The back-to-back stories in the UK Independent struck like powerful bolts of lightning in the middle of the night from a North American perspective. These articles by a highly respected journalist will be posted on the Banker Church Doors just like Martin Luther’s demands for change in the Protestant Reformation that smashed the monopolistic [...]
