With her unemployment benefits coming to a halt, Miriam Cintron is forced to make a difficult choice between health insurance and daily expenses.
A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.
“The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency,” the U.N. World Economic and Social Survey 2010 said.
U.S. consumers are increasingly worried about jobs and the economy, the Conference Board said Tuesday, as it reported that its consumer confidence index plummeted to 52.9 in June — the lowest level since March — from a downwardly revised 62.7 in May.
For American taxpayers, now on the hook for some $145 billion in housing losses connected to Fannie Mae and Freddie Mac loans, that amount could be just the tip of the iceberg.
The very fabric and the seams of the financial system are coming apart. Who knows what the timetable is for the implosion of the current monetary system? We are witnessing the greatest wealth transfer in history, and the horrors of the aftermath of this tragedy will not be forgotten for decades.
Recessions are common; depressions are rare. As far as I can tell, there were only two eras in economic history that were widely described as “depressions” at the time: the years of deflation and instability that followed the Panic of 1873 and the years of mass unemployment that followed the financial crisis of 1929-31.
Anyone who thinks the new financial reform law will save us from the next debt disaster must be dreaming. Here are the facts…
Entitled “Deflation: Making Sure It Doesn’t Happen Here”, it is a warfare manual for defeating economic slumps by use of extreme monetary stimulus once interest rates have dropped to zero, and implicitly once governments have spent themselves to near bankruptcy.
A US Senate committee has approved a wide-ranging cybersecurity bill that some critics have suggested would give the US president the authority to shut down parts of the Internet during a cyberattack.
The wealthiest of the Group of 20 countries said they would halve their government deficits by the year 2013 and “stabilize” their debt loads by 2016, a signal to international markets and domestic political audiences they are taking seriously the need to wean themselves from stimulus spending.
The small southern California city of Maywood has hit on a unique solution to its budget crisis. Crushed by the recession and falling tax revenues, the city is disbanding its police force and firing all public sector employees.
Americans spent a little more in May but not enough to speed along the economic recovery.
Consumer spending rose 0.2 percent last month after no change in April, the Commerce Department said Monday. Incomes rose for the sixth time in seven months, boosting household finances and potentially providing fuel for greater future spending.
US Treasury Secretary Timothy Geithner has told the BBC that the world “cannot depend as much on the US as it did in the past”.
He said that other major economies would have to grow more for the global economy to prosper.
He also played down any differences in policy between the US and Europe regarding deficit reduction.
Mr Geithner was speaking in Washington ahead of G8 and G20 meetings this weekend in Toronto.
There’s little that shouts “seriously rich” as much as a little island in the sun to call your own. For Sir Richard Branson it is Neckar in the Caribbean, the billionaire Barclay brothers prefer Brecqhou in the Channel Islands, while Aristotle Onassis married Jackie Kennedy on Skorpios, his Greek hideway.
Earlier this year, Russell warned that the stock market was once again becoming grossly overvalued despite its relentless new highs. He has maintained that the bear market never ended and that the world is far too indebted to exit the bear market. He also believes the bear will not end until all fiat currencies have failed.
Sales collapsed a record 33 percent to an annual pace of 300,000 last month from April, less than the median estimate of economists surveyed by Bloomberg News and the fewest in data going back to 1963, figures from the Commerce Department showed today in Washington. Demand in prior months was revised down.
Merrill Lynch metals analysts maintain gold will hit a US$1,500 per ounce target by the end of next year as investor demand pushes gold prices higher.
In research published Monday, analysts Michael Widmer, Francisco Blanch, and Alex Tonks are predicting average gold price forecasts of US$1,200/oz this year, $1,350/oz in 2011, and $1,400/oz in 2012, up from $1110/oz, $1179/oz and $1109/oz. respectively.
The net wealth of Asian millionaires has eclipsed that of rich Europeans for the first time, largely because of the relative health of stock markets in Hong Kong, India and China last year, according to a new survey.
For as long as I can remember I have looked forward to reading Thomas Sowell’s columns for his acute insights. He is a former economics professor and has written some great books, including one called: Basic Economics. In my opinion, it is a must-read for anyone who wants to understand the way the U.S. economy works – and doesn’t work.
The 83 closures so far this year is more than double the pace set in all of 2009, which was itself a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks’ losses mount on loans made for commercial property and development.
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.
Gold rose to a record in London and New York as other commodities gained on speculation demand for raw materials will increase and as investors bought the metal to protect wealth from Europe’s financial turbulence.
I have given countless talks over the last 15 years to groups of people interested in hiring financial advisers or working better with the helpers they have, and I typically poll my audience to learn about their experiences.
Gold may climb to a record $1,300 an ounce this year as investment demand shifts from the euro and the dollar, said Bruce Ikemizu at Standard Bank Plc.
Dmitry Medvedev, the Russian president, said Moscow was bidding to help lead efforts to build a new world economic order after the old system collapsed in the global financial crisis.
Canada thinks it can teach the world a thing or two about dodging financial meltdowns.
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 percent annual rate in the first three months of this year. The housing market is hot and three-quarters of the 400,000 jobs lost during the recession have been recovered.
This Week’s Topic: The Retirement Timebomb, What You Should Know. This week’s special guest interview: John Bearss. Follow the Money Weekly Radio is a financial radio show about the stock markets, commodities, energy investing, the global financial crisis, how to prepare for the coming hyperinflation, where to invest money, how to buy gold, how to buy silver, saving money, finding a financial advisor, and paying off debt. Hosted by economist and best-selling author, Jerry Robinson. For the best in financial news, listen to the Follow the Money Weekly Financial Radio Show.
Foreign banks and investors alike have been flocking to the precious metal over the last year, sending it soaring to record highs.
By Jacob Greber June 18 (Bloomberg) — Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing. “Perceptions of a large U.S. borrowing capacity are misleading,” and current long-term bond yields are masking America’s debt […]
An investment letter that called the Crash of 2008 said that this would be a bad year — and it now says it will get worse.
More than 90 U.S. banks and thrifts missed making a May 17 payment to the U.S. government under its main bank bailout program, signaling a rising number of lenders are struggling to meet their obligations.
The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that the pace of layoffs has not slowed.
Russia may add the Australian and Canadian dollars to its international reserves for the first time after fluctuations in the U.S. dollar and euro.
Food commodity prices will increase more than previously expected in the next decade because of rising energy prices and developing countries’ rapid growth, two leading organisations said on Tuesday, worsening the outlook for global food security.
Just over a year ago, in May 2009, word leaked to the press that the two richest men in America, Bill Gates and Warren Buffett, had organized and presided over a confidential dinner meeting of billionaires in New York City. David Rockefeller was said to have been a host, Mayor Michael Bloomberg and Oprah Winfrey to have been among those attending, and philanthropy to have been the main subject.
China’s holdings of US debt climbed to the highest level this year, the US Treasury said Tuesday even as Beijing stepped up attacks on the United States for its burgeoning debt.
“We initially laughed when he told us that he wanted to kill Osama bin Laden,” said Khan. But he said when officers seized the pistol, the sword and night-vision equipment, “our suspicion grew.”
Nightmare vision for Europe as EU chief warns ‘democracy could disappear’ in Greece, Spain and Portugal
Democracy could ‘collapse’ in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned.
Did you know that when you look at the top 30% of the population of America in terms of wealth and success, nine out of 10 of those folks weren’t there a decade ago? That’s one of the things I learned in conducting a study of 5,000 Americans for my book “The Difference.”
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, according to senior American government officials.