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FDIC gets ready for more bank failures...
The Federal Deposit Insurance Corp. is one of those agencies with a low profile but essential role similar to plumbing or electricity — you don't notice it until the power's out or the basement's flooding.
These days, the FDIC's folks are busier with the financial equivalent of fixing burst water mains and dead power lines.
Seventy-five years after it was launched during the Great Depression, the bank regulator and insurer is facing its biggest challenge in decades. Many banks in Georgia and across the nation have been battered by the slumping economy and troubled loans to home builders, developers and homeowners. The Federal Deposit Insurance Corp. is one of those agencies with a low profile but essential role similar to plumbing or electricity ... more -
US inflation highest since 1991, oil and food
The cost of living in the US surged at twice the rate expected last month to the fastest annual level in 17 and a half years, official data showed today, due to spiralling food and oil prices.
The data adds to the gloomy economic news in the US coming from the slump in the housing market, falling growth and risk of a recession.
The Labour Department said that the consumer prices index of inflation, the key measure of inflation, rose at 0.8% in July, after a 1.1% jump in June. This was double Wall Street expectations.
The annual rate rose to 5.6%, the sharpest year-on-year increase since January 1991.
Record oil prices in July pushed up fuel inflation while food prices continued to edge up to 6% compared with a year ago.
Worringly for the US Federal Reserve, core inflation, which excludes volatile food and energy items, rose 0.3% in July taking the annual pace to 2.5%.
Unlike the Bank of England, the Federal Reserve has cut interest rates agressively from 5.25% a year ago to 2% in an attempt to revive the flagging economy.
This month, the central bank left borrowing costs at 2% despite inflation fears, citing rising unemployment and the plunge in the housing market as the reasons for its decision.
Analysts said inflation may soften in the coming months as the recent slide in commodity prices takes effect.
"If we don't get an unexpected shock that pushes commodity prices back up, this might be the worst inflation news that we'll get for a while," said Gary Thayer at Wachovia securities.
"If inflation moderates along with the commodity markets, monetary policymakers will probably focus more on the housing problems and worry less about inflation. That will allow the Fed to hold interest rates steady into the early part of next year." The cost of living in the US surged at twice the rate expected last month to the fastest annual level in 17 and a half years, official... more -
UK economy 'worse than thought'
Seems as though things are getting tough all over the world.
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US unemployment at four-year high (5.7%)
The US unemployment rate climbed to 5.7% in July official figures show, its highest in more than four years.
Firms cut workers for a seventh month in a row, but the losses were fewer than analysts had been expecting. The economy lost 51,000 non-farm payrolls the Labor Department said, the same as the newly revised figure for June, when unemployment was at 5.5%. Economists had been expecting about 75,000 jobs to go - which reinforced fears of recession. US companies have been reluctant to add staff amid higher oil and food prices, and slowing economic growth. The only major sectors showing job creation were were government, hospitality, education and health services. About 22,000 jobs went in the construction sector while factories cut 35,000 jobs. The US unemployment rate climbed to 5.7% in July official figures show, its highest in more than four years. ... more -
IMF Raises World Economic Targets
The International Monetary Fund (IMF) has raised its global economic forecast after the impact of a credit crunch was not as severe as had been first feared.
The IMF said it now expects the global economy to grow 4.1% in 2008, up from an initial forecast of 3.7% in April. That compares with 5% growth in 2007.
Despite upgrading forecasts for the UK and US, the IMF warned that the global economy remained in a "tough spot".
Policymakers need to balance growth, while dealing with inflation, it said.
"The global economy is in a tough spot, caught between sharply slowing demand in many advanced economies and rising inflation everywhere, notably in emerging and developing countries," the IMF said in an update to the World Economic Outlook it published in April.
Read more... The International Monetary Fund (IMF) has raised its global economic forecast after the impact of a credit crunch was not as severe as... more -
Argentine MPs approve farm taxes
Argentina's lower house of Congress has approved a controversial package of taxes on agricultural exports.
Farmers are strongly opposed to the measures and have staged widespread protests over the past four months, resulting in riots and food shortages. They had threatened to renew roadblocks if the measures were approved.
Argentina is one of the world's top producers of soya, grains and beef and the government wants a bigger share of the profits, it says to fight poverty. Farmers say such high taxes are crippling. Argentina's lower house of Congress has approved a controversial package of taxes on agricultural exports. ... more -
Dow Jones in 350-point tumble, oil reaches $140 a barrel
The Dow plummeted more than 350 points Thursday afternoon as selling accelerated following a record surge in oil prices. All three indexes took a beating right out of the gate after Goldman Sachs downgraded two key Dow components, and two tech leaders disappointed investors.
The Dow Jones industrial average shed 358.41 points, or 3%, to close at 11,453.42. The last time the index was near that level was 21 months ago in September 2006.
The Dow lost more points Thursday than any other day in this year except for Feb. 5, when the indicator lost 370.03 points.
Oil touches $140 a barrel. Oil crossed $140 a barrel for the first time ever Thursday following reports that Libya may cut production and an OPEC official saying crude could hit $170 a barrel this summer. The dollar's decline against the euro added further upward pricing pressure. The Dow plummeted more than 350 points Thursday afternoon as selling accelerated following a record surge in oil prices. All three ind... more -
BIS warns of Great Depression dangers from credit spree
The Bank for International Settlements, the world's most prestigious financial body, has warned that years of loose monetary policy has fuelled a dangerous credit bubble, leaving the global economy more vulnerable to another 1930s-style slump than generally understood.
"Virtually nobody foresaw the Great Depression of the 1930s, or the crises which affected Japan and southeast Asia in the early and late 1990s. In fact, each downturn was preceded by a period of non-inflationary growth exuberant enough to lead many commentators to suggest that a 'new era' had arrived", said the bank.
The BIS, the ultimate bank of central bankers, pointed to a confluence a worrying signs, citing mass issuance of new-fangled credit instruments, soaring levels of household debt, extreme appetite for risk shown by investors, and entrenched imbalances in the world currency system.
(End of excerpt)
Full story at link by Ambrose Evans-Pritchard// Telegraph
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Image: Bank of International Settlements Headquarters by David Croll posted at Wikimedia Commons
http://en.wikipedia.org/wiki/Image:BankIntZahlungsausgl...
Licensed under GNU Free Documentation License
http://commons.wikimedia.org/wiki/Commons:GNU_Free_Docu... The Bank for International Settlements, the world's most prestigious financial body, has warned that years of loose monetary poli... more -
Fuel protesters in Indonesia
Police in Indonesia use water cannons to disperse students outside parliament protesting against fuel price hikes.
The protesters also urged the government to investigate the recent death of a student beaten by police during an anti-fuel hike protest last month. Police in Indonesia use water cannons to disperse students outside parliament protesting against fuel price hikes. ... more -
Saudi Arabia to host oil price summit
Saudi Arabia is set to host a meeting of oil producing and consuming nations to discuss soaring oil prices.
The US and other consumers have urged producers to boost supply, blaming lack of capacity for the recent price surge.
Top world supplier Saudi Arabia has made slight increases but says market speculation, not lack of supply, has driven prices to nearly $140 a barrel.
Several nations have faced protests as rising fuel costs have hit industries and helped push up food prices.
Energy ministers from more than 30 countries, as well as senior executives from the world's largest oil companies, are gathering for the conference in the Saudi city of Jeddah amid concerns that recent record oil prices are helping tip the US and other major economies towards recession. Saudi Arabia is set to host a meeting of oil producing and consuming nations to discuss soaring oil prices. ... more -
India inflation rate rises to 11%
Indian inflation has risen to a new 13-year high, hitting shares and weakening the rupee.
The wholesale price index rose to 11% in the 12 months to 7 June, up from the previous week's 8.75%. The inflation rate is now at its highest since 1995.
Rising fuel and food costs are pushing inflation well above the government's target of between 5% and 5.5%.
Unlike most countries, India calculates inflation on the wholesale price of a basket of 435 basic goods, which means actual prices paid by the consumer are much higher.
Cooking gas prices have risen by 20% and diesel is up 21%. Indian inflation has risen to a new 13-year high, hitting shares and weakening the rupee. ... more -
Saudi Arabia plans to increase oil output
Saudi Arabia, the world’s biggest oil exporter, is planning to increase its output next month by about a half-million barrels a day. The increase could bring Saudi output to a production level of 10 million barrels a day, which, if sustained, would be the kingdom’s highest ever.
Saudi Arabia is currently pumping 9.45 million barrels a day, which is an increase of about 300,000 barrels from last month.
While they are reaping record profits, the Saudis are concerned that today’s record prices might eventually damp economic growth and lead to lower oil demand, as is already happening in the United States and other developed countries. The current prices are also making alternative fuels more viable, threatening the long-term prospects of the oil-based economy.
Oil prices have gained 40 percent this year, rising to nearly $140 a barrel in recent days and driving gasoline costs above $4 a gallon. Some analysts have predicted that prices could reach $200 a barrel this year as oil consumption continues to rise rapidly while supplies lag. Saudi Arabia, the world’s biggest oil exporter, is planning to increase its output next month by about a half-million barrels a day. T... more -
Japan: Oil prices could spur global recession
Japan's energy chief launched a meeting of ministers from the world's top industrialized nations Sunday by warning that soaring oil prices could trigger a global recession if they're not checked.
The Group of Eight rich nations met in northern Japan with representatives from China, India and South Korea to discuss oil and gas markets, energy investment, energy security and climate change amid deepening concerns about the world economy.
Oil prices made their biggest single-day surge on Friday, soaring $11 to $138.54 on the New York Mercantile Exchange, an 8 percent increase. On the same day, the United States announced a rise in unemployment.
Five top energy consumers -- the United States, China, Japan, South Korea and India -- urged oil producers on Saturday to boost output to meet growing demand, while pledging to develop clean energy alternatives and increase efficiency. Japan's energy chief launched a meeting of ministers from the world's top industrialized nations Sunday by warning that soar... more -
New World Energy Order
A leading global energy monitor fears there may not be enough oil out there to slake the world's thirst -- and is preparing a landmark forecast that could reverberate through the global economy even as major companies announce fuel-related cutbacks.
The International Energy Agency is studying depletion rates at about 400 oil fields in a first-of-its-kind study of world oil supply, chief economist Fatih Birol said.
"We are entering a new world energy order, " Birol told The Associated Press.
Market analysts call the Paris-based IEA the world's most reliable independent source of oil information and welcomed its decision to undertake a deep study of oil supplies.
But the IEA's new forecasts are likely to further upset markets. Oil prices hit an all-time high Thursday above $135 a barrel before falling back.
Less oil would mean even higher prices for everything from gasoline to food. Already, airlines squeezed by jet fuel costs are bleeding profits and predicting cutbacks and industry upheaval. Ford Motor said Thursday it was cutting production of gas-guzzling sport utility vehicles and forecast more rough times ahead.
Birol said the IEA study, whose results will be released in November, was prompted by concern about the volatility of world oil markets and uncertainty about supply levels.
"The prices are very high, and demand did not respond in the last few years as much as one would have expected," Birol said. "The growth in terms of production was not great. We did not see enough investment."
The spurt in oil prices Thursday came after a report in the Wall Street Journal that the IEA was planning to lower its forecast for long-term world supply.
Birol would not speculate on whether the forecast, which will predict supplies through 2030, could go sharply downward. "We will see," he said.
The IEA's past forecasts put oil supply at about 116 million barrels a day in 2030, up from 87 million barrels a day now. A leading global energy monitor fears there may not be enough oil out there to slake the world's thirst -- and is preparing a lan... more -
The Emancipation of Humanity from the Machinery of Economy via the ROBOTIC WAGELES...
Not understanding is NOT an excuse...
ROBOTISM© Will Succeed for PRECISELY the Reasons Communism Failed...
...People Intelligently CHOSE to NOT Work as Robots, real ROBOTS will have no such choice.
Any remaining "work" not associated 100% with FAST-TRACKING
the ROLLOUT of The INEVITABLE ROBOTIC WAGELESS ECONOMY is a complete waste of time !!
The only way to free humans from the tyranny of others
is to perform ALL work with Robots & Computers, PERIOD...
Everything else is just rearranging the chairs...
Just suppose, "saving" jobs that are not fit for humans, is NOT HUMANE, just STUPID
1. Any job a Robot can do is beneath a human's dignity....
2. CA Farm Association is replacing Migrant Workers with Robotic Fruit Pickers, TODAY !
3. Start REALLY CARING for your Fellow Humans, TODAY !
4. DEMAND a WAGELESS ROBOTIC ECONOMY from your LEADERS TODAY !
5. Free your fellow humans to be beings, & you will, of course, free yourself too !
6. Many of your LEADERS & the POWER CLASS Think of YOU and your CHILDREN as FLESHBOTS, to be harvested and used to "run" THEIR GAME, you know, "Human" Resources, JUST another resource, like coal, oil etc. Many is not all, so there are some in the POWER CLASS who can help. Contact them !
7. Let them know that you and yours deserve the leisure they enjoy, and that REAL ROBOTS, not HUMAN ROBOTS should do the "work" to run the "show", EXPECT, ACCEPT, DEMAND NOTHING LESS !!
"...A generation that wearies of technology is bound to turn to magic.
Those who refuse to use machines that move mountains will pray for a faith that moves mountains..." Hoffer
http://RoboEco.com/current Not understanding is NOT an excuse... ROBOTISM© Will Succeed for PRECISELY the Reasons Communism Failed... ... more -
world economic uncertainty a fact, Japan's Bank calls on G7 to come up w/ som...
because of the high level of turbulence that the global money machine is going through, Japan is now in the awkward position of having to call the us, canada, france, germany, italy, japan and britain aka uk, and see what they can come up w/, cause according to the Japanese super computers and brains, we r melted.
why? cause there is no bank leader, this is the first time in 80 years, and the bank of japan does not know what to do next, so they pick up the phone and call the stock holders aka G7
now what?
proper language below
http://www.iht.com/articles/2008/04/07/business/boj.php
http://ap.google.com/article/ALeqM5haHNJcLQFnRXXudStsjS...
http://www.earthtimes.org/articles/show/197172,oecd-jap... because of the high level of turbulence that the global money machine is going through, Japan is now in the awkward position of having... more -
Future Superpowers
We were brought up in an era where America was heralded as the world's ‘Superpower’. But with Beijing 2008 in sight, an incoming US president, Putin's new Russia and a burgeoning India, change is in the air.
Have we learnt our lessons from the past? Is there hope for the future? Which of these socio-political powerhouses will shape our world in the next 30 years, and will it be a better world?
This is the main promo from my UK campaign for the Current TV 'Future Superpowers' season, airing April 19th to the 25th. I used a lot of archive stills and audio in this piece (as well as great footage from Current), to create a big impact, dark atmosphere, questioning mood, and hopefully make it an intriguing topic for everyone. After-all, we all have to live here.
Current TV: Sky 193 & Virgin 155 We were brought up in an era where America was heralded as the world's ‘Superpower’. But with Beijing 2008 in sight, an incoming ... more -
A different kind of Dunkin Donuts!
Project Integrity International will create the kind of global society that can tackle the critical issues facing humanity at the beginning of the twenty first century. By providing an economic platform that welcomes individuals from all personal backgrounds and professional disciplines, Project Integrity International will support the technological, ecological, human rights, multicultural, and spiritual movements brewing today across countries and continents. PII will foster a healthier planet by more intelligently utilizing the abundant resources of Planet Earth while saturating its human population with a tidal wave of sustainable economic opportunities. Project Integrity International will create the kind of global society that can tackle the critical issues facing humanity at the begi... more
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Make your voice be heard!
The Annual World Economic Forum in Davos, Switzerland, is accepting the participation of You Tube user in its Congress Center viewing and answering the significant suggestion to what companies or individuals must do in order to make the World a better place in 2008.
Most of the conflicts we have in the World today is caused by economic inequality and its consequences.
The idea that corporation, which in many aspects decide the way other human beings and the environment are treated, are considering to take in consideration opinion and ideas of single individuals, like you and I, make me feel quiet optimist about the possibilities of a future with fair way of living for all!
So, it's up to you! You've up to January 27, 2008 to address them!
Make your voice be heard!!! The Annual World Economic Forum in Davos, Switzerland, is accepting the participation of You Tube user in its Congress Center viewing ... more -
The Davos Question
This year the World Economic Forum has joined YouTube to give you the chance to add your voice to the debate, no board position on a multi-national corporation needed.
Called "The Davos Question" anyone can record a YouTube video expressing their thoughts on how to improve the world, which, if ranked highly enough by other YouTube users, will then be shown at some of the public sessions attended by world leaders gathered in Davos.
http://www.youtube.com/profile?user=thedavosquestion This year the World Economic Forum has joined YouTube to give you the chance to add your voice to the debate, no board position on a m... more
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