Economy

(FinancialTimes) – US senator warns of ‘financial meltdown’ risk

The US is heading for a debt-driven “financial meltdown” within five to seven years, according to Judd Gregg, the outgoing Republican senator for New Hampshire. Read More Here

(SteveWatson) – Prominent Investor: Pound Could Collapse Within Weeks

Billionaire financier Jim Rogers has predicted that the British Pound could completely collapse within weeks, sending shockwaves throughout the global economy and heralding the beginning of a downturn that would make the recent economic crisis look tame in comparison. Read More Here

(WSJ) – The Euro’s Next Battleground: Spain

Greece set off the crisis rattling the euro zone. Spain could determine whether the 16-nation currency stands or falls. Read More Here

(DailyReckoning) – A Real Economic Phenomenon

The depression is alive and well, thank you. Read More Here

(CNN) – The secret lives of America’s debtors

Americans are loaded up with credit card debt. What’s worse is that some husbands, wives and even children hide those money woes from their families. The results are often devastating. Read More Here

(DetroitNews) – Detroit Mayor Bing emphasizes need to shrink city

Mayor says it’s not ‘an easy conversation,’ but people, services must be focused to save city Read More Here

(WashingtonTimes) – Bernanke delivers blunt warning on U.S. debt

Stage is set in U.S. for a Greek tragedy Read More Here

(Bloomberg) – Junk Debt ‘Wall’ to Trigger U.S. Defaults, Bank of America Says

A “wall” of junk debt maturing in the next four years will increase the risk of corporate defaults in the U.S., according to Bank of America Merrill Lynch. Read More Here

(HuffingtonPost) – Freddie Mac 4Q Results: Freddie Mac Posts $7.8 Billion Loss

Freddie Mac lost almost $26 billion last year, ominous news for taxpayers who are footing the bill to rescue the mortgage finance company and its sibling Fannie Mae. Read More Here

(DigitalJournal) – Jim Rogers: British Pound could collapse within weeks

Jim Rogers, Chairman of Rogers Holdings, has once again made a bold prediction and that is the British Pound could quite possibly collapse within the coming weeks. Read More Here

(DailyMail) – Man who broke the Bank of England George Soros ‘at centre of hedge funds betting against crisis-hit euro’

The man who broke the Bank of England in 1992 is said to be at the centre of a plot to cash in on the demise of the euro. Read More Here

(HuffingtonPost) – Jim Bunning Repeatedly Blocks Unemployment Benefits Extension, Tells Dem ‘Tough Shit’

Jim Bunning, a Republican from Kentucky, is single-handedly blocking Senate action needed to prevent an estimated 1.2 million American workers from prematurely losing their unemployment benefits next month. Read More Here

(SeekingAlpha) – Recent Stats Indicate U.S. Economic Recovery Was an Illusion

A number of economic reports in the last few days indicate that the U.S. economy has not only not failed to recover from the recession, but continues to fall deeper into a hole. Read More Here

(Truthout) – Documents Reveal Anthem Blue Cross Manipulated Data to Justify Massive Rate Hike

Internal documents show one of the country’s largest for-profit health insurers, in an effort to maintain profits, manipulated data to justify a rate increase on individual premiums in California this year by as much as 39 percent. Read More Here

(ConnexionFrance) – Seniors march in pensions protest

THOUSANDS of retired people have taken to the streets to call for changes to the way the state pension is calculated. Read More Here

(Cryptogon) – Banks Bet Greece Defaults on Debt They Helped Hide

But first, a quick walk down memory lane: Banks Bundled Bad Debt, Bet Against It and Won: Read More Here

Video: The Dollar Is Dying a Slow Death, Says Niall ‘Ascent of Money’ Ferguson

(Yahoo) – “It’s clear where we’re headed,” says Niall Ferguson, author of The Ascent of Money. “Ten years from now there will be more than one international reserve currency,” he tells Tech Ticker. Continue reading

MSM: Dollar Reaches Breaking Point as Banks Shift Reserves

(Bloomberg) – Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades. Continue reading

Massive Ordnance Penetrator: Another Sign Obama Will Strike Iran

The Pentagon has put a new weapon on the fast-track. The Massive Ordnance Penetrator is a 30,000-pound bomb designed to hit targets buried 200 feet below ground. Earlier this year, the Pentagon comptroller sent a request to shift funds to the House and Senate Appropriations and Armed Services Committees in order to fast forward the development and procurement of the Massive Ordnance Penetrator, or MOP, according to ABC News. Continue reading

MSM: UN calls for new reserve currency

(Breitbart) – The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the “privilege” of building a huge trade deficit. Continue reading

Is the Dollar Heading Up Or Down?

Arguments for a Long-Term Devaluation of the Dollar
Unless you’ve been living in a cave, you know that the dollar is losing its status as world reserve currency. Continue reading

Eyeing Iran, US seeks to rush production of 30,000-pound bomb

The US Defense Department is seeking to accelerate by three years the development of a 30,000-pound bomb, a move that underscores growing unease over nuclear threats from Iran and North Korea, the Bloomberg news network reported on Friday. Continue reading

Russia’s Central Bank says it will sell US treasuries and eyes IMF bonds

Russia’s Central Bank says it plans to cut reserves it holds in U.S. Treasuries and invest in International Monetary Fund bonds instead, a senior official said Wednesday. Continue reading

If You Are Stressed Now, Just Wait – Policymakers Have Created A Perfect Storm

(Paul Craig Roberts) – Economic news remains focused on banks and housing, while the threat mounts to the US dollar from massive federal budget deficits in fiscal years 2009 and 2010. Continue reading

MSM: Dollar hits new multimonth low vs euro, pound, yen

(AP) – The dollar kept falling Friday, notching fresh multimonth lows against the euro, pound and yen as a warning that Britain’s debt level may result in its credit rating being cut ricocheted into worries about the massive U.S. deficit. Continue reading

British Pound Collapsing Under Weight of Bankrupt Banks Liabilities

Jack Crooks writes: Great Britain’s Prime Minister, Gordon Brown, is meddling in the Bank of England and U.K. Treasury, much the same way that our Hank Paulson and Ben Bernanke have done. And now everything that Mr. Brown is struggling with underlines why his home currency has performed so poorly recently … and will continue to disappoint. Continue reading

MSM: Jim Rogers – ‘Sell any sterling you might have. It’s finished’

Investment guru issues grim warning as sharp fall in inflation hits pound

Fresh concerns about the British economy and fears for the stability of the UK’s financial system pushed sterling to new record lows against the dollar, euro and yen yesterday. Continue reading

MSM: ‘Worst financial crisis in human history’: Bank boss’s warning as pound suffers biggest fall for 37 years

  • Economy outstrips forecasts to shrink by 0.5%
  • Pound suffers worst fall against dollar for 37 years
  • FTSE plunges 9% before rallying to close down 5%
  • Asian markets tumble for a third day amid global fears
  • Europe and Asia to work together to deal with crisis, Miliband pledges
  • Continue reading