Economy

(Bloomberg) – Obama Spending Plan Underestimates Deficits, Budget Office Says

President Barack Obama’s budget proposal would create bigger deficits than advertised every year of the next decade, with the shortfalls totaling $1.2 trillion more than the administration projected, according to the Congressional Budget Office. Read More Here

(Newsweek) – The Scary New Rich

The global middle class is more unstable and less liberal than we thought. Read More Here

(BusinessWeek) – Russia May Scrap Ruble for New Customs Union Currency (Update3)

Russia may scrap the ruble and introduce a common currency with Belarus and Kazakhstan as the nations broaden their alliance and seek to reduce their dependence on the dollar, a first deputy prime minister said. Read More Here

(BusinessWeek) – Four U.S. Banks Shut Down as Failure Count This Year Reaches 26

Regulators shut banks in Maryland, Illinois, Florida and Utah, pushing the number of U.S. failures to 26 this year and placing more pressure on the Federal Deposit Insurance Corp. to dispose of a growing pile of toxic assets. Read More Here

(Telegraph) – China ready to end dollar peg

The head of China’s central bank has given the strongest signal yet that the country will move away from pegging its currency to the dollar, but he said any changes would be gradual. Read More Here

LAUSD Plans 5,200 Layoffs

In an attempt to close a $640 million funding deficit next year, the LAUSD is moving ahead with teacher layoffs. Read More Here

(NBCConnecticut) – Shaw’s To Lay Off Nearly 1,000

The Shaw’s grocery store chain, which is selling all of its Connecticut locations, says it will cut 967 jobs at those stores. Read More Here

(Telegraph) – Our world balances on a sea of debt

The banks that control the world’s supply of money are no better than counterfeiters – and their system of juggling debt has left the global economy teetering on the brink of ruin. Convicted fraudster Darius Guppy offers a provocative personal view Read More Here

(PicassoDreams) – Percentage of GDP to External Debt: Default is Inevitable

A country’s external debt is defined as the part of the total debt of a country owed to foreign creditors. These creditors may include other banks, governments, corporations, and private individuals. Read More Here

(BusinessInsider) – Europe’s New Debt Solution: Create Their Own Ratings Agency That Only Gives Friendly Ratings

Is your nation under massive financial pressure due to deteriorating sovereign debt ratings? Rising interest costs got you down? Read More Here