Lehmans puts another 1,500 jobs on the block

Lehman Brothers is planning to axe up to 1,500 more jobs, as part of its desperate struggle to reduce costs, raise money and rebuild its battered balance sheet.The job losses, which are still being planned by executives at the company’s New York head office, are expected to be spread among its 26,000-strong global workforce, including [...] continue reading world news

Wall Street Journal: New credit hurdle looms for banks

U.S. and European banks, already burdened by losses and concerns about their financial health, face a new challenge: paying off hundreds of billions of dollars of debt coming due.At issue are so-called floating-rate notes - securities used heavily by banks in 2006 to borrow money. A big chunk of those notes, which typically mature in [...] continue reading world news

Integrity Bank Becomes 10th U.S. Failure This Year

Aug. 29 (Bloomberg) – Integrity Bank of Alpharetta, Georgia, was closed by U.S. regulators today, the 10th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Great Depression.Integrity Bank, with $1.1 billion in assets and $974 million in deposits, was shuttered by the Georgia [...] continue reading world news

Integrity Bank Becomes 10th U.S. Failure This Year

Aug. 29 (Bloomberg) – Integrity Bank of Alpharetta, Georgia, was closed by U.S. regulators today, the 10th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Great Depression.Integrity Bank, with $1.1 billion in assets and $974 million in deposits, was shuttered by the Georgia [...] continue reading world news

Darling: UK facing worst economic crisis in 60 years

Alistair Darling is under pressure to come up with solutions to the crisisThe UK is facing its worst economic crisis in 60 years, Chancellor Alistair Darling has admitted.He told the Guardian newspaper that the economic downturn would be more “profound and long-lasting” than most people had feared.Using strong language, Mr Darling acknowledged voters were angry [...] continue reading world news

Darling: UK facing worst economic crisis in 60 years

Alistair Darling is under pressure to come up with solutions to the crisisThe UK is facing its worst economic crisis in 60 years, Chancellor Alistair Darling has admitted.He told the Guardian newspaper that the economic downturn would be more “profound and long-lasting” than most people had feared.Using strong language, Mr Darling acknowledged voters were angry [...] continue reading world news

Wall Street Journal: New credit hurdle looms for banks

U.S. and European banks, already burdened by losses and concerns about their financial health, face a new challenge: paying off hundreds of billions of dollars of debt coming due.At issue are so-called floating-rate notes - securities used heavily by banks in 2006 to borrow money. A big chunk of those notes, which typically mature in [...] continue reading world news

FDIC Will Need Half A Trillon Dollars, Says Analyst

The Federal Deposit Insurance Corp.’s (FDIC) list of troubled banks has increased by 30 percent this quarter, and this jump is causing the FDIC and the banking community to prepare for tomorrow’s problems today.The FDIC may have to borrow money from the Treasury Department to handle an expected wave of bank failures coming down the [...] continue reading world news

FDIC Will Need Half A Trillon Dollars, Says Analyst

The Federal Deposit Insurance Corp.’s (FDIC) list of troubled banks has increased by 30 percent this quarter, and this jump is causing the FDIC and the banking community to prepare for tomorrow’s problems today.The FDIC may have to borrow money from the Treasury Department to handle an expected wave of bank failures coming down the [...] continue reading world news

FDIC may borrow money from Treasury

(Reuters) - Federal Deposit Insurance Corp (FDIC) might have to borrow money from the Treasury Department to see it through an expected wave of bank failures, the Wall Street Journal reported.The borrowing could be needed to cover short-term cash-flow pressures caused by reimbursing depositors immediately after the failure of a bank, the paper said.The borrowed [...] continue reading world news

FDIC may borrow money from Treasury

(Reuters) - Federal Deposit Insurance Corp (FDIC) might have to borrow money from the Treasury Department to see it through an expected wave of bank failures, the Wall Street Journal reported.The borrowing could be needed to cover short-term cash-flow pressures caused by reimbursing depositors immediately after the failure of a bank, the paper said.The borrowed [...] continue reading world news

Beijing swells dollar reserves through stealth

China has resorted to stealth intervention in the currency markets to amass US dollars, using indirect means to hold down the yuan and ease the pain for its struggling exporters as the global slowdown engulfs the economy.A study by HSBC’s currency team in Asia has concluded that China’s central bank is in effect forcing commercial [...] continue reading world news

FDIC: 117 troubled banks, highest level since 2003

WASHINGTON (AP) - The number of troubled U.S. banks leaped to the highest level in about five years and bank profits plunged by 86 percent in the second quarter, as slumps in the housing and credit markets continued.Federal Deposit Insurance Corp. data released Tuesday show 117 banks and thrifts were considered to be in trouble [...] continue reading world news

FDIC: 117 troubled banks, highest level since 2003

WASHINGTON (AP) - The number of troubled U.S. banks leaped to the highest level in about five years and bank profits plunged by 86 percent in the second quarter, as slumps in the housing and credit markets continued.Federal Deposit Insurance Corp. data released Tuesday show 117 banks and thrifts were considered to be in trouble [...] continue reading world news

The United States of America is the Next Argentina

DON’T CRY FOR ME ARGENTINA SAVE YOUR TEARS FOR YOURSELF - While bankers do control the issuance of credit, they cannot control themselves. Bankers are the fatal flaw in their deviously opaque system that has substituted credit for money and debt for savings. The bankers have spread their credit-based system across the world by catering [...] continue reading world news

The United States of America is the Next Argentina

DON’T CRY FOR ME ARGENTINA SAVE YOUR TEARS FOR YOURSELF - While bankers do control the issuance of credit, they cannot control themselves. Bankers are the fatal flaw in their deviously opaque system that has substituted credit for money and debt for savings. The bankers have spread their credit-based system across the world by catering [...] continue reading world news

Moscow Dismisses Economic Threats

Attempts to isolate and punish Russia for its military actions in Georgia will backfire, given Russia’s economic muscle and key role in mediating international disputes, senior Russian officials said Friday.Top officials in President George W. Bush’s administration have said Russia’s continued military presence in Georgia could jeopardize its membership in the Group of Eight and [...] continue reading world news

Moscow Dismisses Economic Threats

Attempts to isolate and punish Russia for its military actions in Georgia will backfire, given Russia’s economic muscle and key role in mediating international disputes, senior Russian officials said Friday.Top officials in President George W. Bush’s administration have said Russia’s continued military presence in Georgia could jeopardize its membership in the Group of Eight and [...] continue reading world news

U.S. Mint resumes gold coin orders on limited basis

NEW YORK (Reuters) - The U.S. Mint said it must allocate the American Eagle bullion coins among dealers to cope with overwhelming demand as it resumed taking orders for the popular coins on Monday.“The unprecedented demand for American Eagle gold one-ounce bullion coins necessitates our allocating these coins among the authorized purchasers on a weekly [...] continue reading world news

Inflation in consumer prices is actually running at over 13%!

It was when “official government-approved” inflation figures were released that I really lost it last week, as that particular rate of inflation is now a staggering 5.6%. This is - as you can probably tell by the look of panic and terror on my face - Terrible, Terrible News (TTN).And when you look at what [...] continue reading world news

Backlog of US homes for sale is worst on record

The number of unsold homes on the market in the United States is at levels not seen for at least 40 years, and prices are continuing to slide, according to a disheartening new survey.With participants throughout the financial system saying that the credit crisis cannot end until the US housing market stabilises, the monthly data [...] continue reading world news

U.S. Mint resumes gold coin orders on limited basis

NEW YORK (Reuters) - The U.S. Mint said it must allocate the American Eagle bullion coins among dealers to cope with overwhelming demand as it resumed taking orders for the popular coins on Monday.“The unprecedented demand for American Eagle gold one-ounce bullion coins necessitates our allocating these coins among the authorized purchasers on a weekly [...] continue reading world news

FDIC gets ready for bank failures

Regulator, insurer boosts its staff and provisions as it faces its biggest challenge in decadesATLANTA - The Federal Deposit Insurance Corp. is one of those agencies with a low profile but essential role similar to plumbing or electricity - you don’t notice it until the power’s out or the basement’s flooding.These days, the FDIC’s folks [...] continue reading world news

Bundesbank: Gold reserves more important than before

BERLIN, Aug 22 (Reuters) - Germany’s Bundesbank on Friday rejected calls that it should sell some of its gold reserves to help boost the slowing German economy, telling Reuters financial and political uncertainty make the reserves even more important than before.“Gold sales are not a suitable way to sustainably consolidate the public accounts,” the Bundesbank [...] continue reading world news

COMEX silver and gold pricing is manipulated

For years, the data contained in the weekly Commitment of Traders Report (COT), issued by the CFTC, have indicated that several large COMEX traders have manipulated the price of silver and gold. For an equal number of years, the CFTC has reluctantly responded to public pressure over this issue with blanket denials of any wrongdoing. [...] continue reading world news

GM, Ford Seek $50 Billion From U.S., Double Request

And you know who will pay for all of this._____________________________________________________________________________Aug. 22 (Bloomberg) — General Motors Corp., Ford Motor Co., Chrysler LLC and U.S. auto-parts makers are seeking $50 billion in government-backed loans, double their initial request, to develop and build more fuel-efficient vehicles.The U.S. automakers and the suppliers want Congress to appropriate $3.75 billion needed [...] continue reading world news

Columbian Bank and Trust of Kansas Closed by U.S. Regulators

Aug. 23 (Bloomberg) — Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators, the nation’s ninth bank to collapse this year amid bad real-estate loans and writedowns stemming from a drop in home prices.The bank, with $752 million in assets and $622 million in total deposits, was shuttered by the Kansas [...] continue reading world news

Freddie, Fannie Failure Could Be World `Catastrophe,’ Yu Says

Aug. 22 (Bloomberg) — A failure of U.S. mortgage finance companies Fannie Mae and Freddie Mac could be a catastrophe for the global financial system, said Yu Yongding, a former adviser to China’s central bank.“If the U.S. government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be [...] continue reading world news

Monsanto Defeated on rBGH Animal Drug After 14 Year Battle

(NaturalNews) I recently received great news from the Organic Consumers Association (OCA) that after a long fourteen year battle between OCA, public interest and family farmer groups against Monsanto’s Recombinant Bovine Growth Hormone (rBGH), Monsanto has announced on August 6th that they will sell off their controversial rBGH. This is very good news since rBGH [...] continue reading world news

Jim Rogers Predicts Bigger Financial Shocks

VANCOUVER, B.C. – The U.S. financial crisis has cut so deep – and the government has taken on so much debt in misguided attempts to bail out such companies as Fannie Mae (FNM) and Freddie Mac (FRE) – that even larger financial shocks are still to come, global investing guru Jim Rogers said in an [...] continue reading world news

US factory prices rise at fastest in 27 years

Fears that the cost of living in America is rising out of control were heightened today after official data showed that factory gate prices increased at their fastest rate for 27 years. US producer prices — a measure of the price of goods as they leave the manufacturer — rose 1.2 per cent in July [...] continue reading world news

Japan: Economy Shrinks 2.4%; Recession Looms

Aug. 13 (Bloomberg) — Japan’s economy, the world’s second biggest, contracted last quarter as exports fell and consumers spent less, bringing the country to the brink of its first recession in six years.Gross domestic product shrank an annualized 2.4 percent in the three months ended June 30 after expanding 3.2 percent in the first quarter, [...] continue reading world news

The Disconnect Between Supply and Demand in Gold & Silver Markets

There is a huge demand for both gold and silver right now in India and North America. North American shops are completely bare of silver.  Indian shops are empty of both silver and gold. Even the Indian banks don’t have any gold or silver.  The big western bullion banks, based in New York and London, [...] continue reading world news

Large U.S. bank collapse seen ahead, says ex-IMF chief economist

SINGAPORE (Reuters) - The worst of the global financial crisis is yet to come and a large U.S. bank will fail in the next few months as the world’s biggest economy hits further troubles, former IMF chief economist Kenneth Rogoff said on Tuesday.“The U.S. is not out of the woods. I think the financial crisis [...] continue reading world news

Inflation surges to 16-year high

Inflation soared to 4.4% last month - the biggest jump in the cost of living in more than 16 years - on the back of rocketing food prices, clouding hopes that the Bank of England will move to cut interest rates in coming months.The Office for National Statistics said today that the consumer prices index [...] continue reading world news

Wall Street banks hit by downgrades

Goldman Sachs, JPMorgan Chase and Morgan Stanley were hit by a raft of analysts’ downgrades on Tuesday amid growing concerns that tough conditions in credit and equity markets will significantly reduce their profits.The bearish comments by Wall Street analysts triggered a sell-off in banking shares that dragged the broader market lower, with the S&P 500 [...] continue reading world news

Sterling slumps to 12-year low

The pound has fallen to its weakest level in 12 years after the Bank of England signalled that it is no longer prepared to raise interest rates.Sterling dipped sharply against both the dollar and the euro after the Bank used its quarterly Inflation Report to slash its economic growth forecasts and predicted that inflation will [...] continue reading world news

Spanish government cuts short holiday as economy collapses

Spain’s cabinet ministers took the unprecedented step of interrupting their summer holidays to hold an emergency meeting on the nation’s deepening economic crisis.Jose Luis Rodriguez Zapatero, the Spanish prime minister, sought to address the “stagnation and slowdown” of the economy when he announced a package of 24 measures designed [...] continue reading world news

U.S. mint suspends gold coin sales; futures price is a fiction

This is very important news. There is a massive manipulation going on and as I have said before that when the financial markets collapse you will not be able to buy Gold and Silver anymore and even if you could it would be too late. Related article: U.S. Dollar Intervention Protect yourself.______________________________________________________________________________Dear Friend of [...] continue reading world news

Western oil demand set for biggest fall in 25 years

Oil demand in Western countries is set for its biggest fall in 25 years as the global economic slowdown intensifies and consumers respond to high prices.Demand in the economies of the Organisation of Economic Co-operation and Development (OECD) countries is set to average 48.6 million barrels per day this year, a decline of 1.3 per [...] continue reading world news

Subprime pain sweeps the world

More than 100 local councils, charities, churches, hospitals and nursing homes across Australia are sitting on a $2 billion black hole after buying subprime investments structured by Wall Street banks during the bull market but which are now potentially worthless.Melbourne’s Metropolitan Ambulance Service and local councils are among those facing losses of hundreds of millions [...] continue reading world news

Consumer prices rise at double the expected rate

WASHINGTON (AP) - Consumer prices shot up in July at twice the expected rate, pushed higher by surging energy and food costs. The latest surge left inflation running at the fastest pace in 17 years.The Labor Department reported Thursday that consumer prices rose by 0.8 percent last month, twice the 0.4 percent gain that economists [...] continue reading world news

Gold, Silver Slump, Leading Commodities Drop on Dollar, Growth

Aug. 15 (Bloomberg) — Gold plunged below $800 an ounce, silver dropped as much as 12 percent and oil, corn and copper slumped as the dollar’s rebound reduced the appeal of commodities after a six-year boom.Related article: U.S. Dollar Intervention !!!Palm oil tumbled as much as 9 percent, and rubber and wheat fell as the [...] continue reading world news

Merrill Lynch: Credit Crisis`Far From Over’

Aug. 13 (Bloomberg) — The credit crisis is “broad, deep, and global” and “far from over” for financial companies even after they reported $500 billion in writedowns and credit losses, Merrill Lynch & Co.’s chief investment strategist said.“Investors are significantly underestimating both the scope and the extent of the credit bubble and the consequences of [...] continue reading world news

US foreclosure filings surge 55 percent

WASHINGTON (AP) - The number of homeowners stung by the dramatic decline in the U.S. housing market jumped last month as foreclosure filings grew by more than 50 percent compared with the same month a year ago, according to data released Thursday.Nationwide, more than 272,000 homes received at least one foreclosure-related notice in July, up [...] continue reading world news