Amber light flashing on U.S. dollar intervention

So Inflation is really the greatest export of the US._____________________________________________________________________________________LONDON (Reuters) - Three days before the last bout of coordinated central bank intervention to calm world currency markets, the International Monetary Fund’s top economist opined: “If not now, when?” Many experts are now asking the same.In 2000, when Michael Mussa urged the world’s big central [...] continue reading world news

FREDDIE & FANNIE UNCONSTITUTIONAL BAIL OUT USING WHAT?

“As I write this column, Congress has run this country into a $9,498,511,404,143.63 debt. That’s just under $9.5 TRILLION “dollars.”"I really hope that you will find time to read this article. _______________________________________________________________________________________Arthur Henning of the Chicago Tribune said back in 1935, “The New [...] continue reading world news

Merill Lynch posts loss of 4.6 bln dlrs, sheds assets

Wall Street investment giant Merrill Lynch on Thursday announced a quarterly loss of 4.6 billion dollars, driven by hefty writedowns from its bets on the US real estate market.Merrill, which has been roiled by its exposure to the US subprime mortgage crisis, also said it would shore up its capital with the sale of some [...] continue reading world news

US: Financial system is a house of cards

What will happen if “more” banks will fail?Interesting comment:“I was talking to a close friend yesterday and he told me that he just heard an “expert” on CNBC tell the audience that the failure of IndyMac was nothing to worry about - it was just one bank. How on God’s green earth do they allow [...] continue reading world news

Citigroup posts another big loss

Citigroup has reported another big loss, although it lost less money than had been expected.The biggest US bank by assets lost $2.5bn (£1.3bn) in the three months to the end of June, weighed down by another $11.7bn of write-downs.Citigroup said it had cut 11,000 jobs in the first six months of the year and planned [...] continue reading world news

As faith in bank bailouts dims, losses set to deepen

NEW YORK (Reuters) - The nightmare scenario for U.S. economic authorities is here: confidence in their ability to rescue the country from a housing-led financial panic is now at its lowest level since the crisis began.This means losses for investors, already totaling nearly half a trillion dollars, could mount even further over the next few [...] continue reading world news

U.S. Financial Breaking Point Soon

Something is going to break, and soon. Banks are insolvent and failing by the hundreds if not thousands. Hedge funds are on the edge of oblivion. Only a tiny percentage of toxic waste losses in real estate and other asset classes of collateral, which will eventually amount to over $1.4 trillion in [...] continue reading world news