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Latest | Highest ratedDubai: Some Perspective from HBC [View article]
U.S. Unemployment: From Bad to Worse [View article]
The author is right, government investment in infrastructure and cap-ex that will be accretive to the economy when it recovers is what's needed, not more bureaucrats clinging to our national debt lifeline.
Will Dubai's Standstill Spark a Reversal in the Dollar? [View article]
Dubai's new government is right in saying it will not let the crony capitalism that is sinking it go on and on. The powers that be are not happy with that decision, but what should they do. Cover their eyes and play see no evil hear no evil? If you think What Dubai did was really that bad, you should look at what the US is doing? The case of Fannie Mae, Freddie Mac, AIG, and the too big to fail banks are only dissimilar die to the fact that our problem does not number in the tens of billions of dollars but trillions.
Against Liquidity [View article]
Yen, Gold and the Perfect Desert Storm [View article]
And perhaps the BoJ should hire Hank Paulson and Greenspan. I'm sure that will put a damper on their currency values without having to lift a finger. If that fails to drop the Yen just elect George Bush Jr.
Looking at $5 Trillion in Losses and Zombie Debt in Residential Mortgages [View article]
Whoever made this beast must gave gotten the concept from the little wooden Russian dolls that hold little wooden Russian dolls that hold yet more little wooden Russian dolls.
Dubai: The Great Unravelling [View article]
Undoubtedly banks and others knew very well the risk and problems in Dubai but decided to brush it off and hide it in the back corner with their derivatives. That is partially understandable maybe, since it was assumed Dubai World would always get backing by the government no matter how bad their practices were. This is much like the implicit guarantee issue to Fannie Mae and Freddie Mac.
Continuing on, it is assumed foreign government debt problems are never that bad since it is assumed that any government debt problem will get backed by the US with Ben Bernanke taking our money and exchanging it with any garbage fiat currency he sees (I assume he doesn't think our currency is worth that much). In this way there is no need for an austerity program through World Bank Financing which is also miraculously our money given away for free with no expectation for any returns.
So since it's all a free ride on the US taxpayers endless gratitude I'm sure it will all end up fine and dandy one way or another. If not, they will just sweep it under the rug with yet more intransparancy and accounting fiascos. Perhaps they will put it where the $500 trillion in derivatives junk is hiding.
Is Dubai's Default a Black Swan Event? [View article]
Gold May Gain on Dubai Crisis [View article]
Take for instance if Inda experienced an economic meltdown, they would be forced to dump their sizable gold hoard. Now exchange that with Dubai and oil since no one wants their 120 degree sweltering apartments and you can see why oil is lower. Undoubtedly, they hold gold as well.
It is true US dollar depreciation is leading gold higher , but this scenario isn't going to help gold. If anything it will help the dollar if the rush to liquidity spreads.
Mini Thanksgiving Meltdown [View article]
The real problem is Chinese RMB which forces China to buy loads of garbage US Treasuries and gets Americans to keep buying cheap Chinese goods they can't afford (but can afford more than buying expensive domestic goods as their dollar drops into the cellar). It is a raw deal for both of them. The Chinese get deflated garbage paper for labor and the US is driven into economic collapse.
I guess at least with Dubai we will get cheaper oil although oil would be cheaper already on weak demand and oversupply except the Federal Reserve's dollar depreciation is driving everyone into hoarding anything just to get away from holding dollars that drop over 10% in value annually. Happy Thanksgiving, the turkey is Ben Bernanke and the stuffing is US Treasury notes.
Dubai: Gauging the Impact [View article]
$59 Billion Dubai Debt Default Could Have Much Wider Implications [View article]
We’ve Survived Worse Markets (and Economies) Before – the 1970s [View article]
That means getting confidence, credibility, and accounting standards up will be that much harder. What we need is transparency and barring those responsible from being in financial, insurance, and the brokerage industry indefinately. It irks us that Countrywide's management is now doing loans again. Never have we been so ethically bankrupt.
We Have Nothing to Fear but Uncle Sam Himself [View article]
The Death of the U.S. Consumer [View article]
For one thing government doesn't buy from mom and pop stores, so you can forget the small and medium sized businesses getting any of the windfall. And as for everyone else, they are too busy stuffing their own pockets to help you out. You will be lucky if they buy a crossant sandwitch from you on their way from one meeting to the next.
While the government gets fatter your purchasing power gets smaller. I doubt if any of you got a 14% raise to make up for the 14% drop in the value of the dollar. Inevitably you are the one that will pay, and pay, and pay, and pay...