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Top Economists Warn of Serious Global Financial Crisis


Top Economist Warns Of “Serious Breakdown” In World Financial System
Father of Reaganomics warns that massive interest rate cut could undermine dollar’s status as world reserve currency

Paul Joseph Watson
Prison Planet
January 22, 2008

Father of Reaganomics and former editor of the Wall Street Journal Paul Craig Roberts today warned that the Fed’s shock 75 basis points interest rate cut would only succeed in putting average families through the ringer and could even portend the collapse of the dollar as the world reserve currency.

Speaking on The Alex Jones Show, Roberts said that average hard working families, and not money casino cowboy shareholders, would be the biggest victims of the latest downturn as a recession looms on the back of the surprise rate cut.

“The more important thing is the hardship for the average American family – many of them have not had any real increase in their income for years and they’ve lost jobs to offshoring, they’ve lost jobs to work visas for foreigners and now they’re confronted with losing jobs to recession,” said Roberts.

“They also are heavily indebted and have used up their home equity in consumption and many of them now have mortgages that threaten them with being homeless and so I think the worst part of this will not be felt by Wall Street and banks and shareholders but by the average American family – I think they’re now going to go through the ringer,” he concluded.

Roberts speculated on the impact that today’s rate cut would have on the dollar, further undermining its position as the world reserve currency.

“It is true that in the long run the decline of the dollar could cause it to lose its reserve currency role and if another currency has a rythm to take its place, it would be very hard to conduct international trade on the basis that it is now where you have a reserve currency that one accepts in payment,” said Roberts, adding that the massive interest rate cut today only signalled more inflation despite the tax rebate.

Roberts said that he expected the economic decline to be slow and gradual, but that it was inevitable that the living standards of Americans would drop, similar to when the pound lost 80 per cent of its value during the two world wars and lost its status as a world reserve currency.

Roberts said that the only solution to the current crisis was to cut the current defense budget in half and halt the offshoring of jobs by U.S. corporations.

“If they can’t do anything about that the world is going to conclude that the dollar is not going to be the reserve currency forever and they’ll start getting out from under it in larger ways and then that pressure on the dollar will mount and become stronger and it will completely cancel the ability to do anything about the domestic economy – whether it’s in recession or depression,” said Roberts, adding that a “real serious breakdown,” the likes of which have not been witnessed so far, will occur if these issues are not addressed.

Roberts said that it was difficult for ordinary people to diversify and find a safe haven because if they bought gold they would become a target for government theft just as happened in 1933.

Roberts added that a total breakdown of the global economy would take place, “If the destruction of the dollar’s role as world reserve currency continues and there’s not a clear alternative that arrives to take its place,” warning that it was the biggest danger and there would be “no way to survive” its impact.

 

Soros Predicts Worst Recession In 50 Years

First Post
January 22, 2008

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Amid collapsing stock prices worldwide, the billionaire investor George Soros has told an Austrian daily, the Standard, that the United States is threatened with recession and the world is facing the worst financial crisis in half a century. “The situation is much more serious than any other financial crisis since the end of World War II,” Soros was quoted as saying.

He said over the past few years politics had been guided by some basic misunderstandings stemming from something that he called “market fundamentalism” – the belief that financial markets tended to act as a balance. “This is the wrong idea,” he said. “We really do have a serious financial crisis now.”

He added he was surprised how little it was understood that a US recession was also a threat to Europe. European shares duly fell nearly six per cent on Monday, their biggest one-day slide since 9/11.

Meanwhile in Mumbai, some market analysts are suggesting Soros shorted the Indian markets last week. Over 15 years after he shorted the British pound in September 1992 and earned one billion dollars, local market sources say one of Soros’s funds may have shorted the Nifty last week.

 



Gold nears $850 on Greenback slump

Gold nears record-high on dollar, Pakistan turmoil

Reuters
December 30, 2007

Gold rallied to a 7-week high on Monday and close to a record high of $850 on speculative buying driven by a weak U.S. dollar and tensions in Pakistan following the assassination of opposition leader Benazir Bhutto.

But thin trading in Asia ahead of the New Year holidays meant gold and other precious metals were prone to sharp fluctuations. Platinum dropped but held near last week’s record high of $1,542 an ounce.

Spot gold hit an intraday high of $842.90 an ounce before dipping to $842.00/842.80. This was still higher than $837.80/838.50 late in New York on Friday.

“There’s still a potential for further unrest in Pakistan following Bhutto’s assassination. I guess there’s a potential for us to push higher and test the highs around $847 at least,” said Darren Heathcote of Investec Australia in Sydney.

“I think $847 will be the initial technical point to breach. When London comes in, more stops get taken out,” he said.

Gold hit a record high at $850 January 1980 on high inflation linked to high oil prices, Soviet intervention in Afghanistan and the effects of the Iranian revolution. After adjusting for inflation, that level was equal to $2,079 at 2006 prices.

Gold has risen more than 30 percent this year — the biggest annual gain since 1979 — as a number of factors, including a weak U.S. dollar, record-high crude prices, credit market turmoil and falling U.S. rates, boosted its safe-haven appeal.

The latest safe-haven buying was sparked by Bhutto’s killing last week, which plunged Pakistan into crisis. Electoral officials hold an emergency meeting on Monday to decide whether to go ahead with a January election that is aimed at shifting the country from military to civilian rule.

Bhutto’s killing in a suicide attack on Thursday triggered bloodshed across the country and rage against President Pervez Musharraf, casting doubts on nuclear-armed Pakistan’s stability and its transition to civilian rule.

“I think it’s possible to touch $850 in the near term. It moved in a massive range already in the past 24 hours,” said David Moore, a commodity analyst at the Commonwealth Bank of Australia in Sydney.

“It’s possible it might go higher in the near term. It’s obviously been supported by a number factors but probably the thin trading conditions are sort of exacerbating the movements in the gold price at the moment,” he said.

Read Full Article Here

 

Dollar Heads for Annual Declines Against Euro, Yen on Fed Cuts

Bloomberg
December 31, 2007

The dollar fell for a second year against the euro and declined against the yen, snapping two years of gains, as traders raised bets the Federal Reserve will cut interest rates again to bolster the slowing economy.

The dollar traded at a two-week low versus the euro and yen, after weakening against 14 of the 16 most active currencies this year, as the Fed reduced borrowing costs three times to temper the worst housing slump in 16 years. A U.S. report today may show sales of existing homes held at the lowest since the National Association of Realtors began keeping records in 1999.

“Going into the end of the year, clearly markets have taken another bounce of dollar negativity on board,” said Jeremy Stretch, senior market strategist in London at Rabobank Groep, the third-biggest Dutch bank. “The slowdown in the U.S. economy is clearly going to happen.”

The dollar fell to $1.4712 per euro as of 9:48 a.m. in London from $1.4723 in New York on Dec. 28. It has lost 11.4 percent this year, and reached $1.4967 on Nov. 23, the weakest since the euro began trading in 1999. The dollar slipped to 112.11 yen, from 112.28 on Dec. 28 and 119.05 at the end of 2006.

The British pound headed for a second annual gain versus the U.S. currency, rising 2 percent to $1.9986. The Canadian dollar was poised for its biggest yearly advance since 2003, climbing 16 percent to 97.91 Canadian cents per U.S. dollar.

Read Full Article Here

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Gold Rises Above $830, Oil $97 a Barrel

Gold rises above $830 over Pakistan

The Times
December 28, 2007

Gold put in a stellar performance again after fears of political instability in Pakistan in the wake of the assassination of opposition leader Benazir Bhutto sparked a flight to safety.

Gold has traditionally performed well in times of uncertainty and has maintained its reputation as a safe-haven investment despite recent price volatility.

The precious yellow metal was trading $11.47 firmer at $836.77 at 17:35 after safe-haven buying triggered a new test of previous multi-decade highs.

Spot prices had been languishing well below the US$830 an ounce mark when they were jolted from a month-long slumber yesterday afternoon as news of Bhutto’s death aroused concerns over heightened geopolitical tension.

The metal climbed to US$830.50 on the news but a brief round of profit taking saw it finish slightly easier yesterday at $827.50.

Bhutto died when an attacker shot her and then blew himself up as she left a political rally in Rawalpindi, a city near the capital where Pakistan’s army has its headquarters.

It was the second suicide attack against her since her tumultuous homecoming from an eight-year exile in October.

Her assassination has sparked nationwide grief and fury, while unrest risks tipping the volatile country into chaos.

Bhutto was buried earlier today and along with her the promise of restoring democracy in Pakistan.

“For the moment resistance at the $830 level appears to be capping gold, however with the dollar under pressure and violent protests seen in Pakistan it is likely that gold could see further safe-haven investment demand, and potentially rise to challenge this years high around $845.60,” said James Moore of TheBullionDesk.

With political tensions providing the environment of uncertainty that gold enjoys, the momentum in gold prices remains to the upside for now.

 

Oil steady near $97 on lower US stocks, Bhutto

Reuters
December 28, 2007

Oil rose on Friday on U.S. supply concerns, the slumping dollar and mounting tensions in Pakistan and northern Iraq.

U.S. crude traded up 23 cents to $96.85 a barrel by 12:05 p.m. EST. London Brent gained 12 cents to $94.90 a barrel.

A U.S. government report on Thursday showed unexpectedly large draws in crude and distillate inventories in the world’s top consumer. U.S. crude inventories are now at their lowest level in nearly three years, adding to winter supply worries that helped push oil to nearly $100 in November.

“Escalating geopolitical tensions, tightening oil supplies and a weakening dollar would seem to stack the deck in favor of further upward movement,” said Mike Fitzpatrick, vice president at MF Global.

The assassination of Pakistani opposition leader Benazir Bhutto on Thursday stoked geopolitical concerns, although Pakistan is not a major crude producer and unrest is unlikely to directly affect oil flows.

“The Bhutto story will keep being a factor into next week, and it should help keep a floor under the market, along with the other geopolitical uncertainties,” said a New York broker.

Read Full Article Here

 

Forex – Dollar falls continue on weak US data; Euro at record high vs pound

Thompson Financial
December 28, 2007

The dollar fell across the board, coming under further pressure after a string of weak US data, while yet another disappointing report on the UK housing market pushed the euro to fresh record highs against the pound.

Yesterday’s unexpectedly weak US durable goods orders data added to fears about the state of the US economy and increased the likelihood that the Federal Reserve will need to cut interest rates further next year.

‘US economic data continues to disappoint the market with yesterday’s worse-than-expected durable goods orders for November adding further downside pressure to the greenback,’ said James Hughes, market analyst at CMC Markets.

The European Central Bank by contrast is not expected to temper its hawkish rhetoric any time soon, particularly with regional German inflation figures suggesting that the inflation pressures it warned of have not gone away.

The euro rose to a 15-day high against the dollar of 1.4682 usd, but it also staged fresh gains against the pound, hitting a new record high of 0.7350 stg.

Read Full Article Here

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Fed Endorses Home Mortgage Protections

Fed Endorses Home Mortgage Protections

AP
December 18, 2007

The Federal Reserve moved Tuesday to protect home buyers from dubious lending practices, its most sweeping response to a mortgage meltdown that has forced record numbers of people from their homes.

The Fed has been under attack for not doing more to stem the crisis as hundreds of thousands of people lost the roof over their head. The situation raised the odds the country will fall into recession, unhinged Wall Street, racked up multibillion losses for financial companies and resulted in political finger-pointing over who was to blame.

The proposed rules, endorsed by the Federal Reserve Board in a 5-0 vote, would crack down on a range of shady lending practices that has burned many of the nation’s riskiest “subprime” borrowers — those with spotty credit or low incomes — who have been hardest hit by the housing and credit debacles. The rules also would curtail misleading ads for many types of mortgages and bolster financial disclosures to borrowers.

Read Full Article Here

Greenspan Urges U.S. To Help In Subprime Mess

NY Times
December 17, 2007

Alan Greenspan, former chairman of the Federal Reserve, said Sunday that the government should provide direct financial assistance to homeowners who are threatened by foreclosure in the worsening credit crisis.

In an interview on “This Week” on ABC, Mr. Greenspan said that helping homeowners directly would create “a short-term fiscal problem” for the government, but that doing so would be more effective than solutions like freezing mortgage rates.

Two ways to help homeowners directly would be to reduce taxes or to give cash grants similar to those given to disaster victims.

Either approach would strain the federal budget, but Mr. Greenspan said, “It’s far less damaging to the economy to create a short-term fiscal problem, which we would, than to try to fix the prices of homes or interest rates.”

Either of those efforts, Mr. Greenspan said, would “drag this process out indefinitely.”

“It’s important to recognize that there are a very large number of people who are in very major stress and having great difficulty in paying off their mortgages,” Mr. Greenspan said.

“Cash is available,” he added, “and we should use that in larger amounts, as necessary, to solve the problems of the stress of this.”

In one step taken by the Bush administration, Henry M. Paulson Jr., the secretary of the Treasury, has negotiated a freeze on interest rates on some subprime mortgages. Mr. Paulson has not called for any government spending to help homeowners or banks.

Read Full Article Here

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Central Banks to Pump Billions into World Financial System

Central Banks to Pump Billions into World Financial System

NY Times
December 13, 2007

A day after the Federal Reserve disappointed investors with a modest cut in interest rates, central banks in North America and Europe on Wednesday announced the most aggressive infusion of capital into the banking system since the terrorist attacks of September 2001.

Most market specialists and economists welcomed the effort but concluded that it would probably have only limited success in addressing broader problems in the global economy and the credit markets.

In response, stocks initially surged in New York, but most of the early gains dissipated in afternoon trading as the market moved wildly up and down through the day.

The effort to grease the wheels of bank lending suggested that policy makers were increasingly concerned about the risk that economies could fall into recession because of failures in the credit markets, which have seized up again in the last couple of weeks after they overcame a bout of panic in August and September.

Economists and market specialists say policy makers are trying to reassure bankers that they will stand firm as the lenders of last resort. The coordinated action is being led by the Fed, which will lend $40 billion this month. The European Central Bank, the Bank of England, the Swiss National Bank and the Bank of Canada will lend $50.2 billion this month and next.

Read Full Article Here

 

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Why America’s Currency Is the World’s Problem

THE DOLLAR NOSEDIVE: Why America’s Currency Is the World’s Problem

Spiegel Online
December 3, 2007

The ailing US economy seems to be driving the exchange rate of the dollar inexorably downward, with serious consequences for the global economy. Politicians and central bankers are looking on helplessly as the economic outlook worsens by the day and European companies rack up huge losses.

It costs about four cents to produce a one-dollar bill — a pittance, compared to the greenback’s influence on the world’s economy.

The exchange rate of the dollar can boost the fortunes of companies and entire economies — or plunge them into crisis. Its rate against the euro fluctuates by a few hundredths of a cent each day. But in the past five years that fluctuation has more often than not taken the US currency on a downward trajectory, causing consternation — and now despair — among people around the world.

Last Thursday, Thomas Enders, the CEO of Airbus, gave a speech to employees in building 261 at the consortium’s production complex in Hamburg. He was there to tell them that a pain threshold had reached. The graph he had projected on the wall revealed the horrifying progression of the dollar over time. The US currency has lost 13 percent of its value against the euro since the beginning of the year. Conversely, the euro has risen in value, and for a short time last Friday it even approached the symbolic $1.50 threshold.

According to Enders, the rate at which the US currency is falling makes “reasonable processes of adjustment” a virtual impossibility. Every cent the dollar drops against the euro costs Airbus €100 million. This has even the normally optimistic Enders alarmed. “It’s life-threatening,” he told his audience.

Read Full Article Here

 

Merrill Lynch Predicts Recession

Silicon Alley Insider
December 5, 2007

Two major Wall Street firms have finally thrown in the towel and are now calling for a recession. For a variety of reasons, Wall Street is usually late to call downturns, so this probably means that 1) we’re already beginning to come out of the recession, or 2) this recession is going to be a doozy (the more likely explanation, in our opinion).

The pessimism of Jan Hatzius at Goldman prompted Ben Stein to call him a lightweight, conflicted shill who was just “selling fear” to help Goldman’s proprietary trading desk. We therefore look forward to Stein’s explanation for the pessimism of Merrill Lynch economist David Rosenberg:
“The US consumer is on the precipice of experiencing its first recessionary phase since 1991 – the last time we had the combination of high, punishing energy prices; weakening employment conditions; real estate deflation and tightening credit conditions…

We reiterate that real estate deflations are unique and have never ended well for the consumer, the credit market or the economy. We can identify only five periods post WWII when the real value of housing assets turned negative on a year-on-year basis. All of these time periods inevitably included a consumer downturn. Maybe it will be different this time, but we fail to see why.”

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http://mparent7777-2.blogspot.co…mtge-junk.html

Bush says economic fundamentals are good
http://www.reuters.com/article/domesticNews/idUSWBT00802120071204

Credit and economic woes sink Wall Street
http://www.reuters.com/article/hot…54763720071204

Pound Falls to 6-Week Low Against Dollar as House Prices Slide
http://www.bloomberg.com/apps/ne…CLye4&refer=uk

Paulson Crafts Subprime Deal to Prevent Second Bush Recession
http://www.bloomberg.com/a…4wSM&refer=home

AMF Urges Dollar Depegging
http://www.arabnews.com/?pag…d=1&m=12&y=2007

World Food Prices To Rise
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?…date=20071204

Banks Ask UK Clients Not to Borrow
http://www.nakedcapitalism.c…s-not-to-borrow.html

UK: House prices ‘will plummet by 10pc over the next year’, says banking chief economist
http://www.dailymail.co.uk/pages/live/articl…=1770&ct=5

The Fed has sold us out one and all for the benefit of a small cabal of credit addicted privileged insiders
http://www.stockmarketimplode.com/2007/12/short-it-blind.html

Market bears’ gloomy growl being echoed by big players
Krugman: Financial Crisis
Subprime Mess To Get Worse
Epidemiology of the Credit Crunch
Soft landing of U.S. economy could support dollar, according to Thomson Research
Dollar climbs as higher stocks boost risk appetite
Housing mess forces Bush admin change
Real Estate Foreclosures Topping Great Depression
Bernanke Clears Way For Fed Rate Cut
Paulson’s Plan to Punish the Public
SIV watch: Citi’s Sedna edges closer to liquidation
Price tag in mortgage crisis is looking like real money
Foreclosure fallout: Renters forced out of lost homes
Shadow Mortgage Bailout Already in Progress
U.S. Government, Banks Near a Plan to Freeze Subprime Rates
UK: Trouble ahead for the economy
IMF Warns Of UK Recession
Video: “Food Banks Nationwide Face Shortages”
In the long run, value of paper currencies is zero
More bad news for the dollar as the UAE gets ready to dump it
China’s attempt to convert its U.S. Treasury holdings into euros
Growth in Consumer Spending Slows While Construction Activity Drops Sharply
Goldman Sachs Says To Short Gold In 08
Treasury Close to Subprime Aid Plan
Morgan Stanley may face $5.7 billion Q4 writeoff
New Home Prices: Worst Drop In 37 Years
More than 50,000 Lost Their Homes in October

U.S. Economic Collapse News Archive

 



Dollar Decline “Irreversible”

Dollar Decline “Irreversible”

The Independent
November 17, 2007

The decline of the dollar, symbol of US global hegemony for the best part of a century, may have become so entrenched that some experts now fear it is irreversible.

After months of huge and sustained turmoil on the money markets, lack of confidence in the world’s totemic currency has become so widespread that an increasing number of international traders are transferring their wealth to stronger currencies such as the euro, which recently hit its highest level against the dollar.

“An American businessman over here who is given the choice would take anything but the dollar,” David Buik of Cantor Index said yesterday. “I would want to be paid in yen, and if not yen then the euro or sterling.”

Matthew Osborne, of Armstrong International, added: “The majority would say sterling. There are a few dealers in the City who may take the view that they’ll take dollars now, while they’re cheap, and hold on to them for 12 months.

“But the problem is so serious that there are people who in July or August might have been thinking, ‘I’m paid in dollars, how annoying’ for whom it’s now a question of, ‘Do you have a job; do you have a bonus?’ “

The collapse of the sub-prime mortgage market in the US, which is fuelling the dollar unrest, has already brought down one British bank, Northern Rock, and has forced others to declare vast losses. Yesterday, just as it appeared that the dollar might have finally reached its floor, there was another warning that the sub-prime crisis is going to get worse. The US Treasury Secretary Henry Paulson, warned an international business summit in South Africa: “The sub-prime market, parts of it will get worse before it gets better.” Huge numbers of US homeowners are still cushioned by introductory interest rates set when they took out loans in 2005 or 2006, he said. When these introductory offers run out, their interest payments will increase, setting off another wave of defaulting and repossessions. And the dollar is enduring its rockiest spell in recent memory.

Read Full Article Here

 

Goldman Sees Subprime Cutting $2 Trillion in Lending

Bloomberg
November 16, 2007

Nov. 16 (Bloomberg) — The slump in global credit markets may force banks, brokerages and hedge funds to cut lending by $2 trillion and trigger a “substantial recession” in the U.S., according to Goldman Sachs Group Inc.

Losses related to record home foreclosures using a “back- of-the-envelope” calculation may be as high as $400 billion for financial companies, Jan Hatzius, chief U.S. economist at Goldman in New York wrote in a report dated yesterday. The effects may be amplified tenfold as companies that borrowed to finance their investments scale back lending, the report said.

“The likely mortgage credit losses pose a significantly bigger macroeconomic risk than generally recognized,” Hatzius wrote. “It is easy to see how such a shock could produce a substantial recession” or “a long period of very sluggish growth,” he wrote.

Goldman’s forecast reduction in lending is equivalent to 7 percent of total U.S. household, corporate and government debt, hurting an economy already beset by the slowing housing market. Wells Fargo & Co. Chief Executive Officer John Stumpf said yesterday that the property market is the worst since the Great Depression.

Citigroup Inc., the biggest U.S. bank, and Merrill Lynch & Co. have led companies writing down more than $50 billion on securities linked to subprime mortgages. The risk of further losses by banks has pushed their borrowing costs above the average for investment-grade companies, according to Merrill Lynch indexes. Citigroup paid bondholders the highest yield relative to benchmark interest rates in its history this week.

Read Full Article Here

Related News:

Will Dow-gold ratio hit one-to-one again?
http://www.thestar.com/Business/article/276972

Markets poised for severe fall: Bank of England
http://www.telegraph.co.uk/mon….cnking115.xml

Stiglitz: Greenspan To Blame For Crisis
http://www.bloomberg.com/apps/news?…6mHrJk&refer=us

Wells Fargo: Housing worst since Great Depression
http://www.guardian.co.uk/feedarticle?id=7080215

China State TV To Viewers: Dump The Dollar
http://mparent7777-2.blogspot.com/…p-dollar.html

Cost Of The Crunch $2 Trillion, Says Goldman
http://www.forbes.com/2007/11/16/gold….ed=rss_news

Goldman Sees Subprime Cutting $2 Trillion in Lending
http://www.bloomberg.com/apps/new…A&refer=home

Suddenly ‘world’s biggest financial institutions are paying more to borrow in the corporate bond market than the average company’
http://www.bloomberg.com/apps/…fqw&refer=home

Investors Should Spank Banks for Betraying Trust
http://www.bloomberg.com/apps/news….4&refer=home

Pound Poised for Biggest Weekly Drop Against Dollar Since 2005
http://www.bloomberg.com/apps/new…8&refer=uk

Warning over rate rise by ‘devious’ lenders
http://www.telegraph.co.uk/news/main.j…1/17/nrates117.xml

Fed Pumps $47bn Into System, Goldman Sachs Warns Recession
http://noworldsystem.com/2007/11/17/fed…s-recession/

Gold falls below $800 and Oil Slides $94 a Barrel
http://noworldsystem.com/2007/11/16/g…-a-barrel/

Jim Rogers Urges People To Sell Dollars
http://www.bloomberg.com/apps…d=aXH9wCx1oydw

Gold steadies as bargain hunters resurface
Gulf states’ dollar peg comes under threat
Pound hits fresh 4-yr low vs euro after weak data
Economists in poll expect credit turmoil to continue: WSJ
UK: Fastest rise in food prices for 14 years
Forex – Pound sinks as Oct retail sales show flagging sentiment
Bank’s grim warning over UK economy
Consumer inflation posts increase
Inflation, gold: Back to the 1970s?
Goldman Sachs bets credit crisis will worsen
British taxpayers face paying £730 EACH to cover Northern Rock in plans to ‘nationalise’ bank
Carnage on Wall Street as loans go bad
Treasury Market Inflation Anxiety Renewed
‘Sub-prime black hole is getting scarier’
California, Ohio, Florida Cities Lead U.S. Foreclosure Filings
US dollar will get stronger: Bush
Dollar to stay anchor of China’s reserves: Chinese official
When I start seeing Jay-Z flashing euros instead of the dollar, I know our economy is in trouble
Talk of Worst Recession Since the 1930s
Recession fears grow as inventories swell
Recession fears grow as inventories swellOECD Says the Full Effect of the Sub-Prime Mess is Still in Front of Us
MBIA, Ambac Downgrades May Cost Market $200 Billion
Paulson Becomes Boxed-in by `Strong’ Dollar Chant
88% Erosion and Purchasing Power
Bear Stearns Cuts Subprime Assets, Limits Writedown
Orlando Foreclosure Filings Up 184%
Judge rules against the banks!?
Crude Oil = $98; Gold = $845
Wall Street Sees Worst Weekly Point Loss Since 9/11
Gold bounces above $800 after 1 percent drop
It’s the FIRE Economy, stupid
Dollar Crisis: None dare call it ‘conspiracy’
Subprime Losses May Reach $300/400 Bil
Sterling falls as risk aversion leads to carry unwind
Time for the White House to Rescue the Dollar?
Bets against the dollar unlikely to slow this quarter
Even a weakened dollar still rules
World stocks hit 8-week low
With the dollar’s fall, intervention idea gains force
Currency Controls Return as Central Banks Fight Gains
The Risk of a Systemic Shock to the System is “Alarmingly High” – Morgan Stanley
Wall Street’s money machine breaks down
Oil Price Rise Causes Global Shift in Wealth
Global credit crisis intensifies
Ron Paul to Bernanke: How can we solve inflation with more inflation?

U.S. Economic Collapse News Archive