Thursday, May 28, 2009
Monday, May 25, 2009
Friday, May 22, 2009
Thursday, May 21, 2009
Wednesday, May 20, 2009
Tuesday, May 19, 2009
Monday, May 18, 2009
China's yuan 'set to usurp US dollar' as world's reserve currency
The Chinese yuan is preparing to overtake the US dollar as the world's reserve currency, economist Nouriel Roubini has warned.
By James Quinn, Wall Street Correspondent
Professor Roubini, of New York University's Stern business school, believes that while such a major change is some way off, the Chinese government is laying the ground for the yuan's ascendance.
Known as "Dr Doom" for his negative stance, Prof Roubini argues that China is better placed than the US to provide a reserve currency for the 21st century because it has a large current account surplus, focused government and few of the economic worries the US faces.
In a column in the New York Times, Prof Roubini warns that with the proposal for a new international reserve currency via the International Monetary Fund, Beijing has already begun to take steps to usurp the greenback.
China will soon want to see the yuan included in the International Monetary Fund's special drawing rights "basket", he warns, as well as seeing it "used as a means of payment in bilateral trade."
Prof Roubini's warning followed the US government's latest economic data that showed producer prices in April experienced their biggest year-on-year drop since 1950, falling 3.7pc.
The number of Americans claiming unemployment benefit for the first time rose by 32,000 to 637,000 in the week to May 9. The increase meant the total number of people claiming benefits stood at to 6.56m, a record high for the 15th consecutive week in a row.
But neither the gloomy data, nor Prof Roubini's verdict on the greenback's future, held back the markets. The Dow Jones traded up 59.89 at 8344.78 in lunchtime trading.
By James Quinn, Wall Street Correspondent
Professor Roubini, of New York University's Stern business school, believes that while such a major change is some way off, the Chinese government is laying the ground for the yuan's ascendance.
Known as "Dr Doom" for his negative stance, Prof Roubini argues that China is better placed than the US to provide a reserve currency for the 21st century because it has a large current account surplus, focused government and few of the economic worries the US faces.
In a column in the New York Times, Prof Roubini warns that with the proposal for a new international reserve currency via the International Monetary Fund, Beijing has already begun to take steps to usurp the greenback.
China will soon want to see the yuan included in the International Monetary Fund's special drawing rights "basket", he warns, as well as seeing it "used as a means of payment in bilateral trade."
Prof Roubini's warning followed the US government's latest economic data that showed producer prices in April experienced their biggest year-on-year drop since 1950, falling 3.7pc.
The number of Americans claiming unemployment benefit for the first time rose by 32,000 to 637,000 in the week to May 9. The increase meant the total number of people claiming benefits stood at to 6.56m, a record high for the 15th consecutive week in a row.
But neither the gloomy data, nor Prof Roubini's verdict on the greenback's future, held back the markets. The Dow Jones traded up 59.89 at 8344.78 in lunchtime trading.
Saturday, May 16, 2009
Friday, May 15, 2009
Wednesday, May 13, 2009
Tuesday, May 12, 2009
Monday, May 11, 2009
Bilderberg Fear Losing Control of the World
An insider reveals that one of Bilderberg’s primary concerns is the danger that their zeal to reshape the world by engineering chaos in order to implement their long term agenda could cause the situation to spiral out of control and eventually lead to a scenario where Bilderberg and the global elite in general are overwhelmed by events and end up losing their control over the planet.
Friday, May 8, 2009
Thursday, May 7, 2009
US Senate passes Financial Fraud Bill
US Senate passes financial fraud bill
WASHINGTON (AFP) — The US Senate overwhelmingly approved Tuesday a bill targeting mortgage fraud and several other types of financial fraud, giving federal investigators more tools to investigate and prosecute scams.
The measure, approved by a 92-4 vote, is aimed at stemming several types of fraud including stock market fraud and irregularities linked to institutions receiving public aid.
The bill takes direct aim at fraudulent or subprime mortgage loans, an underlying cause of the mortgage crisis in the United States.
It also gives agents from the FBI, the Secret Service and the Security and Exchange Commission (SEC) extended authority to investigate and prosecute such crimes.
"This housing crisis is the root of our larger economic crisis. As the mortgage mess rapidly worsens -- and hurting more hardworking families -- the implications for every other part of our economy are disastrous," said Senate Democratic Majority Leader Harry Reid.
"While we're working to help the millions of desperate homeowners who need to modify their mortgages, countless swindlers are working to take advantage of them. And the way the system works now, we can't keep up."
Read More
WASHINGTON (AFP) — The US Senate overwhelmingly approved Tuesday a bill targeting mortgage fraud and several other types of financial fraud, giving federal investigators more tools to investigate and prosecute scams.
The measure, approved by a 92-4 vote, is aimed at stemming several types of fraud including stock market fraud and irregularities linked to institutions receiving public aid.
The bill takes direct aim at fraudulent or subprime mortgage loans, an underlying cause of the mortgage crisis in the United States.
It also gives agents from the FBI, the Secret Service and the Security and Exchange Commission (SEC) extended authority to investigate and prosecute such crimes.
"This housing crisis is the root of our larger economic crisis. As the mortgage mess rapidly worsens -- and hurting more hardworking families -- the implications for every other part of our economy are disastrous," said Senate Democratic Majority Leader Harry Reid.
"While we're working to help the millions of desperate homeowners who need to modify their mortgages, countless swindlers are working to take advantage of them. And the way the system works now, we can't keep up."
Read More
Wednesday, May 6, 2009
Tuesday, May 5, 2009
Monday, May 4, 2009
Congressman and Physician Ron Paul Warns about Swine Flu Hysteria
Congressman Ron Paul says that government is using swine flu to scare the masses so that they have more control and power over the people.
Friday, May 1, 2009
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