Venezuela's Chavez to impose higher retroactive tax hikes on foreign oil companies, as part of move to gain more control over natural resources.
Russian finance minister Alexei Kudrin tells IMF that US dollar is not a reliable reserve currency, US dollar accounted for 70% of Russia's $212 billion of FX reserves, and Euros at 25%. Inventory of unsold US existing homes soars 7% to 3.2 million units, or 5.5 months of supply, the highest since July 1998.
Federal Reserve chief Bernanke hints at pause in rate hike campaign at 5%, says risks exist that sharper US housing slowdown could drag on US growth. Bernanke complains that markets see him as as a super dove, and not as an aggressive inflation fighter.
Clevland Fed's Pianalto says "At some point, international investors will become reluctant to add US dollars to their portfoilios" due to large deficits.