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How the Banks Put the Economy Underwater
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This chapter of the financial crisis is a self-inflicted wound. The major banks and their agents have for years taken shortcuts with their mortgage securitization documents — and not due to a momentary lack of attention, but as part of a systematic approach to save money and increase profits. The result can be seen in [...]
U.S. “Quantitative Easing” is Fracturing the Global Economy
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What is reversing trends that seemed irreversible for the past 65 years is the manner in which the United States has dealt with its bad-debt crisis. The Federal Reserve and Treasury are seeking to inflate the economy out of debt with an explosion of bank liquidity and credit – which means yet more debt. This [...]
Greek police intercepted a booby-trapped parcel addressed to French President Nicolas Sarkozy on Monday, after another package exploded at a courier company in Athens, slightly wounding an employee. Police suspect the parcels were linked to Greek leftist guerrilla groups. Greece has been rocked by a wave of gas canister and bomb attacks, usually claimed by [...]
Governor Mark Carney is closing the door on liquidity programs the Bank of Canada started during the credit crisis, just as the Federal Reserve may expand asset purchases to sustain the U.S. economic recovery. Canada’s central bank will reduce the relative amount of bonds available to securities dealers at government auctions, reversing steps it took [...]
China must be ready to shift to a “prudent” monetary policy from its “moderately loose” stance at present as the economy stabilises, an academic adviser to the central bank said on Tuesday. The comments by Li Daokui, who sits on the central bank’s monetary policy committee, are the clearest official suggestion that Beijing is considering [...]
It’s all about America this week. The world’s markets will be on tenterhooks until Wednesday’s over. By then, we should have a good idea of the results of the mid-term elections. More importantly, the Federal Reserve will have revealed how much more money it plans to print. The Fed’s money printing has annoyed leaders of [...]
Commodities Lift Canadian Dollar
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The Canadian dollar closed higher Monday, receiving a lift from higher commodity prices even as the U.S. dollar strengthened ahead of an announcement from the U.S. Federal Reserve on new stimulus measures. The loonie closed up 0.4 of a cent at 98.42 cents (U.S.) at the start of what is likely to be a volatile [...]
During last night’s Asian trading the Dollar / Yen pair saw a significant charge out of the gates as the Chinese released stronger than expected manufacturing numbers, signaling that the world’s economic health might be stronger than thought. Unfortunately for dollar bulls, this move did not last for long. After rising all the way to [...]
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GBP/USD managed to reach an intraday high around 1.6090 yet finally closed at the Asian opening levels, barely unchanged intraday. Read more about GBP/USD…
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EUR/USD continues to move sideways in Asia as traders remain cautious ahead of the RBA rate decision. The pair dropped toward an intraday low at 1.3881, although it failed once more to extend below the 1.3880/70 area that has been supporting the pair for the last four sessions. Read more about EUR/USD…
As many writers have documented, the corporate media is usually pro-war. And so Washington Post hack David Broder’s op-ed arguing that war with Iran will save America’s economy is not all that surprising. Of course, China and Russia might not sit idly by and let their ally, Iran, be attacked. So there’s the wee complication [...]
Armed security guards will be on hand at 36 unemployment offices around Indiana in what state officials said is a step to improve safety and make branch security more consistent. No specific incidents prompted the action, Department of Workforce Development spokesman Marc Lotter told 6News’ Norman Cox. Lotter said the agency is merely being cautious [...]
In March, Wisconsin Insurance Commissioner Sean Dilweg, who regulates the company’s Ambac Assurance Corp unit, seized $64 billion of Ambac’s worst assets. On October 8, he filed a rehabilitation plan for a segregated account containing those assets, which would pay policyholders a combination of cash and notes for their claims. Read more about Ambac…