New Year 2008 may destroy USA’s struggling economy - Pravda.Ru

New Year 2008 may destroy USA’s struggling economy - Pravda.Ru: "A forecast made by Denmark-based Saxo Bank, chaos will take a grip on the world in 2008. Oil prices will skyrocket to 175 dollars per barrel, the Chinese market will collapse by 40 percent, whereas the U.S. will suffer a 25-percent setback. All this will happen because of the mortgage crisis in the USA which already slows down the U.S. economy."

New Year 2008 may destroy USA’s struggling economy - Pravda.Ru

New Year 2008 may destroy USA’s struggling economy - Pravda.Ru: "A forecast made by Denmark-based Saxo Bank, chaos will take a grip on the world in 2008. Oil prices will skyrocket to 175 dollars per barrel, the Chinese market will collapse by 40 percent, whereas the U.S. will suffer a 25-percent setback. All this will happen because of the mortgage crisis in the USA which already slows down the U.S. economy."

Amount of unpaid credit card bills is rising - U.S. business- msnbc.com

Amount of unpaid credit card bills is rising - U.S. business- msnbc.com: "SAN FRANCISCO - Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come."

Crisis may make 1929 look a 'walk in the park' - Telegraph

Crisis may make 1929 look a 'walk in the park' - Telegraph: "As central banks continue to splash their cash over the system, so far to little effect, Ambrose Evans-Pritchard argues things are rapidly spiralling out of their control

Twenty billion dollars here, $20bn there, and a lush half-trillion from the European Central Bank at give-away rates for Christmas. Buckets of liquidity are being splashed over the North Atlantic banking system, so far with meagre or fleeting effects."

US foreclosure filings up 68 pct in Nov. - Yahoo! News

US foreclosure filings up 68 pct in Nov. - Yahoo! News: "LOS ANGELES - U.S. homeowners increasingly failed to keep up with their home loan payments in November, as the number of foreclosure filings surged 68 percent nationwide compared with the same month a year ago, according to a mortgage research company."

AFP: Bush sees 'storm clouds' over US economy

AFP: Bush sees 'storm clouds' over US economy: "FREDERICKSBURG, Virginia (AFP) — US President George W. Bush on Monday said the US economy was basically strong but warned of 'storm clouds' in the form of a credit crunch and what may be a bursting housing bubble."

Daily Times - Leading News Resource of Pakistan - Russia may dump weakening US dollar in its energy deals

Daily Times - Leading News Resource of Pakistan - Russia may dump weakening US dollar in its energy deals: "Alternative oil exchanges, where other currencies would be used, could change the situation. But the USA and their allies strictly control this issue. Saddam Hussein tried to organize such an oil exchange, but it was just on the eve of the US intrusion."

Report Says That the Rich Are Getting Richer Faster, Much Faster - New York Times

Report Says That the Rich Are Getting Richer Faster, Much Faster - New York Times: "Earlier reports, based on tax returns, showed that in 2005 the top 10 percent, top 1 percent and fractions of the top 1 percent enjoyed their greatest share of income since 1928 and 1929."

House prices seen falling 30 pct | Special Coverage | Reuters

House prices seen falling 30 pct | Special Coverage | Reuters: "NEW YORK (Reuters) - Housing markets from Punta Gorda, Florida, to Stockton, California, will crash and suffer price drops of more than 30 percent before the housing crisis is over, a report from Moody's Economy.com said on Thursday."

Is the roof falling in on the housing market? - Independent Online Edition > Mortgages

Is the roof falling in on the housing market? - Independent Online Edition > Mortgages: "Steepest decline in prices since 1995 Value of average home down 2,000 pounds last month Number of new mortgages down 31% in a year Monthly home lending down 5bn pounds. Has the bubble burst? The signs are ominous. For some months the property market has been cooling, the bubble showing distinct signs of strain."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "Nov. 29 (Bloomberg) -- OAO Gazprom, the world's largest natural-gas exporter, may start selling its crude and gas production in rubles rather than dollars and euros after the U.S. currency weakened."

Thaindian News � More bad news for the dollar as the UAE gets ready to dump it

Thaindian News - More bad news for the dollar as the UAE gets ready to dump it: "Dubai, Nov.28 (ANI): A serious crisis looms ahead of the US dollar as the UAE along with other Gulf Cooperation states are reportedly considering a move to dump the US currency."

Home foreclosures soar 94 percent: RealtyTrac | Reuters

Home foreclosures soar 94 percent: RealtyTrac | Reuters: "NEW YORK (Reuters) - Home foreclosure filings in October edged up 2 percent from September but at 224,451 were a whopping 94 percent higher than a year earlier, real estate data firm RealtyTrac said on Thursday."

The Raw Story | US existing home sales drop 1.2 pct, prices in record slump

The Raw Story | US existing home sales drop 1.2 pct, prices in record slump: "On a 12-month basis, sales in October were down 20.7 percent from the pace of a year ago."

US Home Prices Plunged 4.5% in Third Quarter - Real Estate * US * News * Story - CNBC.com

US Home Prices Plunged 4.5% in Third Quarter - Real Estate * US * News * Story - CNBC.com: "Prices of existing U.S. single-family homes in the third quarter slumped 4.5 percent from a year earlier, matching a record decline from the previous period as the housing downturn deepened, according to a national home price index Tuesday."

Oil leaders' private debate televised by mistake | World | The Observer

Oil leaders' private debate televised by mistake | World | The Observer: "On Friday night, during what the participants thought were private talks, Venezuela's oil minister Venezuela Rafael Ramirez and his Iranian counterpart Gholamhossein Nozari, argued that pricing - and selling - oil using the crippled dollar was damaging the cartel."

Bloomberg.com: News

Bloomberg.com: News: "Nov. 15 (Bloomberg) -- Investor Jim Rogers urged people to get out of the dollar and says he expects to be rid of all his U.S. currency assets by summer next year. ``If you have dollars, I urge you to get out,'' Rogers said in an interview from Singapore. He is chairman of New York-based Rogers Holdings, formerly known as Beeland Interests Inc. ``That's not a currency to own.''"

Saudi minister warns of dollar collapse | Business News

Saudi minister warns of dollar collapse | Business News: "The dollar could collapse if Opec officially admits considering changing the pricing of oil into alternative currencies such as the euro, the Saudi Arabian foreign minister has warned. Prince Saud Al-Faisal was overheard ruling out a proposal from Iran and Venezuela to discuss pricing crude in a private meeting at the oil cartel's conference."

Goldman Sachs Betting Crisis Going On - Free Market News Network

Goldman Sachs Betting Crisis Going On - Free Market News Network: "Goldman Sachs, the feted investment bank and the only major Wall Street firm to have avoided giant losses from the credit crisis, is betting that the chaos in the American mortgage market will continue to get worse."

BBC NEWS | Business | Carnage on Wall Street as loans go bad

BBC NEWS | Business | Carnage on Wall Street as loans go bad: "The scale of the losses that will hit Wall Street banks could approach half a trillion dollars as large numbers of sub-prime home loans go bad."

PeoplePC - News

PeoplePC - News: "NEW YORK - Shares of online brokerage E-Trade Financial Corp. lost more than half their value Monday, with a Citigroup analyst saying customers were poised to flee and the company was at risk of bankruptcy."

Talk of Worst Recession Since the 1930s - November 12, 2007 - The New York Sun

Talk of Worst Recession Since the 1930s - November 12, 2007 - The New York Sun: "A Wall Street superstar this year who runs Balestra Capital Partners, Jim Melcher, says he's 'worried about a recession. Not a normal one, but a very bad one. The worst since the 1930s. I expect we'll see clear signs of it in six months with a dramatic slowdown in the gross domestic product.'"

'Sub-prime black hole is getting scarier' - Independent Online Edition > Business News

'Sub-prime black hole is getting scarier' - Independent Online Edition > Business News: "Blackstone's president warned that the sub-prime crisis on Wall Street was getting 'deeper, darker and scarier' yesterday as the US private equity firm posted a loss for the third quarter, hit by a fall in real-estate revenues and charges related to its initial public offering."

BofA to writedown $3 billion in debt-related losses - Nov. 13, 2007

BofA to writedown $3 billion in debt-related losses - Nov. 13, 2007: "CHARLOTTE, N.C. (AP) -- Bank of America Corp., the nation's second biggest bank, said Tuesday it will take a $3 billion debt-related writedown in the fourth quarter and warned its losses could grow as the market wrestles with the fallout from the housing and mortgage-lending slump."

Gold, silver hit multi-year highs

Gold, silver hit multi-year highs: "LONDON -- Precious metals zoomed higher on Wednesday on a tumbling dollar and record high oil, with gold trading near its all-time peak, platinum setting a record and silver touching its highest level in 27 years."

Crash is coming, warns top investor - National - theage.com.au

Crash is coming, warns top investor - National - theage.com.au: "THE man responsible for investing $41 billion of the State's money has warned mum-and-dad investors to prepare for a massive sharemarket crash. He says a dramatic downturn is inevitable as the rapid rate of investment is unsustainable, and the repercussions of the $300 billion subprime lending crisis in the US are yet to be felt fully."

FT Alphaville � Blog Archive � Gisele no longer accepts dollars

FT Alphaville Blog Archive Gisele no longer accepts dollars: "Yes, that Gisele. Gisele Bundchen, the supermodel. You know, the Brazilian beauty and former squeeze of Leonardo DiCaprio. OH OK, OK - this Gisele: Gisele Bunchen You see, it just doesn’t make good business sense for a girl to take dollars anymore."

Citigroup calls emergency board meeting - Telegraph

Citigroup calls emergency board meeting - Telegraph: "Fears of more turmoil hitting global stock markets grew last night after it emerged that Citigroup, the world’s biggest bank, has called an emergency board meeting for this weekend amid fears of escalating bad debts."

Top US analyst hits back after death threats over Citigroup downgrade - Times Online

Top US analyst hits back after death threats over Citigroup downgrade - Times Online: "Meredith Whitney, the analyst who prompted a $369 billion (�177 billion) plunge in the value of US shares on Thursday by issuing a negative note on Citigroup, hit out at Wall Street’s culture of intimidation yesterday after receiving several death threats from investors in the bank."

City fears second bank is heading for credit crisis | Special report | Guardian Unlimited Business

City fears second bank is heading for credit crisis | Special report | Guardian Unlimited Business: "The City was swept by rumours yesterday that another British bank was in trouble after Northern Rock indicated it was not the only bank borrowing from the Bank of England's rescue fund."

BBC NEWS | Business | Rumours over Citigroup boss mount

BBC NEWS | Business | Rumours over Citigroup boss mount: "Citigroup boss Charles Prince looks set to resign as the bank prepares for an emergency board meeting, say reports. Investor calls for his resignation have increased since the bank reported a 57% drop in quarterly profits, after losses in the sub-prime mortgage market."

WRAPUP 1-Fed has biggest day of injections since Sept 2001�|�Bonds News�|�Reuters.com

WRAPUP 1-Fed has biggest day of injections since Sept 2001�|�Bonds News�|�Reuters.com: "NEW YORK, Nov 1 (Reuters) - The U.S. Federal Reserve added a total of $41 billion in temporary reserves to the banking system on Thursday, the biggest single day of such injections since September 2001."

BBC NEWS | Asia-Pacific | China raises fuel prices by 10%

BBC NEWS | Asia-Pacific | China raises fuel prices by 10%: "China has raised fuel prices by almost 10% in an effort to ease the country's worsening supply crisis."

Fed Pumps $41B Into US Financial System: Financial News - Yahoo! Finance

Fed Pumps $41B Into US Financial System: Financial News - Yahoo! Finance: "WASHINGTON (AP) -- The Federal Reserve pumped $41 billion into the U.S. financial system Thursday, the largest cash infusion since September 2001, to help companies get through a credit crunch."

I should pay more tax, says US billionaire Warren Buffett | | Guardian Unlimited Business

I should pay more tax, says US billionaire Warren Buffett | | Guardian Unlimited Business: "The United States' second-richest man has delivered a blunt message to the Bush administration: he wants to pay more tax."

BBC NEWS | Programmes | Moneybox | US Mint considering cheaper coins

BBC NEWS | Programmes | Moneybox | US Mint considering cheaper coins: "The rising price of copper has prompted the US government to consider making coins with cheaper metals."

Foreclosures jump 30 percent in 3rd quarter - Mortgage Mess - MSNBC.com

Foreclosures jump 30 percent in 3rd quarter - Mortgage Mess - MSNBC.com: "Foreclosure actions were reported on more than 446,000 properties the three months ended Sept. 30, up 30 percent from the second quarter and double last year’s third quarter. That brings the overall foreclosure rate to one in every 196 U.S. households."

Bloomberg.com: Opinion

Bloomberg.com: Opinion: "Oct. 29 (Bloomberg) -- Bargaining while buying some trinkets in the Maldivian capital, Male, recently, I heard most unexpected words: ``You can keep your dollars.''"

Money for Nothing - SilverSeek.com

Money for Nothing - SilverSeek.com: "I found it appalling that Morgan Stanley would claim to store silver that didn’t exist and even have the chutzpah to charge for the storage. That would appear to be a clear case of fraud. I am even more appalled that the judge in the case, or any government regulator, would look the other way. The important lesson here is not that Morgan Stanley got caught with its hand in the cookie jar, but what silver investors can learn from this episode."

Money for Nothing - SilverSeek.com

Money for Nothing - SilverSeek.com: "On September 24, a Federal Judge in New York heard final oral arguments in the class-action settlement between Morgan Stanley and 22,000 of their clients involving costs associated with the storage of precious metals. The parties have agreed to settlement terms. Morgan Stanley will pay several million dollars and promises to revise their precious metals storage processes."

Merrill Lynch reveals $7.9bn write-down - Independent Online Edition > Business News

Merrill Lynch reveals $7.9bn write-down - Independent Online Edition > Business News: "A $7.9bn write-down by the investment banking giant Merrill Lynch has reignited controversy over how big the losses from the mortgage market crisis might yet turn out to be."

Finance Trends Matter: Goodbye dollar, hello inflation

Finance Trends Matter: Goodbye dollar, hello inflation: "Rogers, delivering a presentation late yesterday at an investors' meeting organized by ABN Amro Markets in Amsterdam, said he expects the Chinese currency to quadruple in the next decade and that he is holding on to commodities such as platinum, gold, silver and palladium.' "

The Raw Story | Bank of America to lay off 3,000 from investment unit

The Raw Story | Bank of America to lay off 3,000 from investment unit: "Bank of America on Wednesday said it would lay off 3,000 people, nearly two percent of its entire work force, as part of a restructuring of its loss-hit investment banking unit."

Mexico, one of the world's biggest oil producers, is running out - International Herald Tribune

Mexico, one of the world's biggest oil producers, is running out - International Herald Tribune: "MEXICO CITY: President Felipe Calderon of Mexico is delivering a grim message: The largest oil producer in Latin America is running out of crude. 'Our oil reserves have been consistently falling,' and the decline is 'severely threatening' government finances, Calderon told a nationwide television audience in an address last month at the National Palace."

IMF chief warns dollar may suffer 'abrupt fall'

IMF chief warns dollar may suffer 'abrupt fall': " The head of the International Monetary Fund, Rodrigo Rato, warned Monday there are risks of an 'abrupt fall' in the dollar, linked to a loss of confidence in dollar assets."

Steep decline in oil production brings risk of war and unrest, says new study | Special reports | Guardian Unlimited

Steep decline in oil production brings risk of war and unrest, says new study | Special reports | Guardian Unlimited

UK house market is ‘heading for crash’ - Times Online

UK house market is ‘heading for crash’ - Times Online: "The property boom of the past ten years has left the British housing market in danger of following the slump in American house prices, the International Monetary Fund said yesterday. In a bleak warning, the IMF found that homes in Britain were overpriced by up to 40 per cent — far more than the overpricing in the US before the current property slump began there. The finding will fuel fears over housing market prospects after growing evidence recently that prices have already begun to fall in some parts of Britain."

Housing Slump ‘Unfolding,’ Treasury Chief Says - New York Times

Housing Slump ‘Unfolding,’ Treasury Chief Says - New York Times: "“Let me be clear: Despite strong economic fundamentals, the housing decline is still unfolding, and I view it as the most significant current risk to our economy,” Mr. Paulson said in a speech at a Georgetown University law forum. “The longer housing prices remain stagnant or fall, the greater the penalty to our future economic growth.”"

Worst of U.S. subprime troubles are ahead, S&P chief economist says - International Herald Tribune

Worst of U.S. subprime troubles are ahead, S&P chief economist says - International Herald Tribune: "HONG KONG: The markets have not seen the worst of the credit losses from record defaults on U.S. subprime loans and falling house prices, David Wyss, chief economist at Standard & Poor's, said Thursday at a conference here. 'We've seen the worst of the panic, but we haven't seen the worst of credit losses,' Wyss said. 'People are not sure what the levels of losses are going to be, and an even bigger part of the problem is, markets don't know who're holding these things, they don't where the bodies are buried, and they don't know how leveraged some holdings are.'"

Banks And U.S. Treasury Discuss $100 Billion Support Fund - Forbes.com

Banks And U.S. Treasury Discuss $100 Billion Support Fund - Forbes.com: "Leading U.S. banks have reportedly been meeting with U.S. Treasury officials about creating an up-to-$100-billion fund to stave off the danger that there could be a fire sale of shaky mortgage-backed securities, collateralized debt obligations and other distressed assets following the recent global credit crunch. "

Credit card debt is ready to blow -- baltimoresun.com

Credit card debt is ready to blow -- baltimoresun.com: "After every financial crisis over the past 10 years, the Federal Reserve has cut interest rates and pumped money into the economy. Each rescue solved the problem - and created a new one. The next bomb from this chain reaction of bailouts and blowups will be credit-card debt. Hardly anybody is talking about it yet, but banks and consumers are laying the ground for a wave of credit-card defaults, bankruptcies and asset write-offs for 2009 or so."

Vicente Fox admits that he and George W. Bush have ’agreed’ on common currency, North American Union

Vicente Fox admits that he and George W. Bush have ’agreed’ on common currency, North American Union: "Los Angeles, CA (Oct. 10, 2007) -- Speaking on the Larry King show, former Mexican President Vicente Fox confirmed every assertion made by Jerome Corsi in his new book, NY Times bestseller 'The Late Great U.S.A: The Coming Merger with Mexico and Canada' (WND Books, ISBNs 0-9790451-4-2, $25.95, July 2007). Not only did Fox admit that he and George W. Bush have 'agreed' to create a common currency, the Amero, he contended that a North American Union is 'inevitable' "

US mortgage crisis predicted to get worse as home loan defaults soar - Times Online

US mortgage crisis predicted to get worse as home loan defaults soar - Times Online: "America’s mortgage crisis is likely to get considerably worse because the level of fraudulent lending to unsuitable borrowers was much higher than previously estimated, Standard & Poor’s said yesterday."

Wired 6.11: What If Cold Fusion Is Real?

Wired 6.11: What If Cold Fusion Is Real?: "... in the basement of a fine new home in the hills overlooking Santa Fe, New Mexico, a retired scientist named Edmund Storms has built a different kind of fusion reactor. It consists of laboratory glassware, off-the-shelf chemical supplies, two aging Macintosh computers for data acquisition, and an insulated wooden box the size of a kitchen cabinet. While JET's 15 European sponsor-nations have paid about US$1 billion for their hardware, and the US government has spent $14.7 billion on fusion research since 1951 (all figures in 1997 dollars), Storms's apparatus and ancillary gear have cost less than $50,000. Moreover, he claims that his equipment works, generating surplus heat for days at a time. Storms is not an antiestablishment pseudoscientist pursuing a crackpot theory. For 34 years he was part of the establishment himself, employed at Los Alamos on projects such as a nuclear motor for space vehicles. Subsequently he testified before a congressional subcommittee considering the future of fusion. He believes you don't need millions of degrees or billions of dollars to fuse atomic nuclei and yield energy. 'You can stimulate nuclear reactions at room temperature,' he says, in his genial, matter-of-fact style. 'I am absolutely certain that the phenomenon is real. It is quite extraordinary, and if it can be developed, it will have profound effects on society.'"

Subprime crisis far from over: S&P | News | Bonds News | Reuters

Subprime crisis far from over: S&P | News | Bonds News | Reuters: "MUMBAI (Reuters) - The U.S. subprime housing crisis will not peak until 2009, rating agency Standard and Poor's said on Tuesday, adding it had underestimated the extent of fraud in the industry."

Bloomberg.com: Latin America

Bloomberg.com: Latin America: "Oct. 7 (Bloomberg) -- Venezuela, the fourth-biggest supplier of crude oil to the United States, said its proven oil reserves have risen to 100 billion barrels."

The Associated Press: Washington Mutual 3Q Earnings to Tumble

The Associated Press: Washington Mutual 3Q Earnings to Tumble: "SEATTLE (AP) — Washington Mutual Inc. said Friday that the weak housing market and the recent mortgage crunch will lead to a 75 percent drop in its third-quarter net income, making it the latest financial institution to warn investors it took a major hit over the summer."

Dollar crunch puts gold centre stage - Telegraph

Dollar crunch puts gold centre stage - Telegraph: "The report's authors, John Hill and Graham Wark, say the avalanche of central bank bullion sales earlier this year was 'clearly timed to cap the gold price'."

Scientists Invent 30 Year Continuous Power Laptop Battery

Scientists Invent 30 Year Continuous Power Laptop Battery: "Your next laptop could have a continuous power battery that lasts for 30 years without a single recharge thanks to work being funded by the U.S. Air Force Research Laboratory. The breakthrough betavoltaic power cells are constructed from semiconductors and use radioisotopes as the energy source. As the radioactive material decays it emits beta particles that transform into electric power capable of fueling an electrical device like a laptop for years"

AFP: China unleashes cautious giant onto world's financial markets

AFP: China unleashes cautious giant onto world's financial markets: "China Investment Corp. is tasked with diversifying and maximising returns on part of the country's huge forex reserves, topping 1.3 trillion dollars and growing by the second. It is estimated that about 70 percent of this enormous amount is placed in US dollar assets, including Treasury bonds that are as low-yield as they are safe."

The Canadian Press: Loonie closes above parity for the first time in nearly 31 years

The Canadian Press: Loonie closes above parity for the first time in nearly 31 years: "TORONTO - The loonie rose sharply and held onto its gains on Friday, ending the trading day above the U.S. dollar for the first time in nearly 31 years. The Canadian dollar finished up two-thirds of a cent at 100.52 cents US continuing its spectacular tear and marking the highest close since Nov. 25, 1976."

Premier Says France Bankrupt - Forbes.com

Premier Says France Bankrupt - Forbes.com: "PARIS - France is bankrupt because of chronic budget deficits, the country's prime minister said Friday, pledging to balance the budget before the end of his term."

Greenspan: Euro Gains As Reserve Choice: Financial News - Yahoo! Finance

Greenspan: Euro Gains As Reserve Choice: Financial News - Yahoo! Finance

Fears grow for British economy as panic over Northern Rock spreads | Business | The Observer

Fears grow for British economy as panic over Northern Rock spreads | Business | The Observer: "Experts warn that a decade-long borrowing binge has left Britain dangerously exposed to the fallout from the global liquidity crisis "

FT.com / World - Greenspan alert on US house prices

FT.com / World - Greenspan alert on US house prices: "US house prices are likely to fall significantly from their present levels, Alan Greenspan has told the Financial Times, admitting that there was a bubble in the US housing market. In an interview ahead of the release on Monday of his widely-anticipated memoirs, the former chairman of the Federal Reserve said the decline in house prices “is going to be larger than most people expect”."

Jumpy customers besiege crisis-hit British bank - Yahoo! News

Jumpy customers besiege crisis-hit British bank - Yahoo! News: "LONDON (Reuters) - Thousands of nervous customers queued for hours outside branches of British bank Northern Rock on Saturday desperate to withdraw savings after it was forced to seek emergency funds to weather the global credit crunch."

China may lead US economy to collapse dumping US dollar - Pravda.Ru

China may lead US economy to collapse dumping US dollar - Pravda.Ru: "The Telegraph reported that, according to Redeker, the numbers demonstrate “that world central banks are in a hurry to get out of the U.S.”"

Run on the bank - Times Online

Run on the bank - Times Online: "The jitters plaguing financial markets spread to the high street for the first time yesterday as thousands of panicking savers queued to withdraw millions of pounds from Northern Rock, Britain’s eighth-biggest bank."

Is China quietly dumping US Treasuries? - Telegraph

Is China quietly dumping US Treasuries? - Telegraph: "A sharp drop in foreign holdings of US Treasury bonds over the last five weeks has raised concerns that China is quietly withdrawing its funds from the United States, leaving the dollar increasingly vulnerable. Data released by the New York Federal Reserve shows that foreign central banks have cut their stash of US Treasuries by $48bn since late July, with falls of $32bn in the last two weeks alone."

Kitco - Commentaries - Scott Wright

Kitco - Commentaries - Scott Wright: "While gold has weathered this recent stock-market maelstrom rather well, silver’s erratic behavior has prompted a number of its long-faithful investors to question its steadfastness. Frankly I was shocked to see some of the wild commentary and distraught inquiries into the supposed perils of this white metal. Let’s take a look at what this fuss is all about."

Barclays admits borrowing hundreds of millions at Bank's emergency rate | | Guardian Unlimited Business

Barclays admits borrowing hundreds of millions at Bank's emergency rate | | Guardian Unlimited Business: "Barclays has been forced to borrow hundreds of millions of pounds from the Bank of England's emergency lending facility for the second time in a fortnight, it was revealed last night. In a hurried and emotive statement after London's markets had closed, Barclays attempted to calm fears that it faces a cash crisis. Rumours had circulated all day that Barclays was forced to go to the Bank of England after the central bank said it had lent �1.6bn at its penal rate of 6.75%. It is thought that Barclays borrowed the entire amount."

Bloomberg.com: Asia

Bloomberg.com: Asia: "Aug. 24 (Bloomberg) -- The dollar may decline to a record low against the euro in the next six months because U.S. economic growth will slow, forcing the Federal Reserve to cut interest rates, according to Goldman Sachs Group Inc."

Federal Reserve allows Citigroup to elude key�banking rule - Aug. 24, 2007

Federal Reserve allows Citigroup to elude key�banking rule - Aug. 24, 2007: "If the Federal Reserve is waiving a fundamental principle in banking regulation, the credit crunch must still be sapping the strength of America's biggest banks."

Comment is free: Rein in finance

Comment is free: Rein in finance: "The global financial markets have turned ugly. August has seen a spasm of selling on stock markets as dealers have come to terms with the fact that the days of unlimited, cheap credit are over. Today there was a whiff of panic in the air. In London, the FTSE index lost 250 points and closed below 6,000 for the first time since last autumn. This followed a big stocks selloff in Asia, which in turn was prompted by a warning from investment bank Merrill Lynch that the US mortgage lender Countrywide could go bust as a result of the crisis in the American housing market. Merrill's comments underline the seriousness of the situation, because Countrywide is not just any old company; it is the US's biggest home loan provider. So when you hear over the coming weeks, as you will, that this is just a market wobble that will soon blow over, take it with a pinch of salt. "

GoldMoney - Founder's Commentary

GoldMoney - Founder's Commentary: "Is a German-style hyperinflation really our future? Central banks in the past week created 1/3rd of a trillion dollars out of thin air in the blink of an eye. Does that sit right with you?"

'No plans' to sell off greenback

'No plans' to sell off greenback: "The US dollar plays an important role in the global monetary system and dollar assets are an important part of China's foreign exchange reserve, the central bank said yesterday."

Bankers Report Interbank Lending Shut For Two Hours Over German Bank Crisis | LaRouche Political Action Committee

Bankers Report Interbank Lending Shut For Two Hours Over German Bank Crisis | LaRouche Political Action Committee: "August 9, 2007 (LPAC)--A senior European banking source reports that the interbank money market closed down this morning for two to three hours, for the first time ever. Rumors had spread that the German Bundesbank was holding an emergency meeting because of a collapse of a major German bank, believed to be Westdeutsches Landesbank, one of the largest in Germany. The Bundesbank then released a statement saying that the meeting was to discuss the IKB banking crisis. The source said that a Westdeutsches Landesbank failure would have collapsed the entire global financial system. The source underlined that this ongoing crisis is far worse then anything he has witnessed."

Dow Sinks 387 on Renewed Credit Concerns - The Huffington Post

Dow Sinks 387 on Renewed Credit Concerns - The Huffington Post: "The ECB's injection of money into the system is an unprecedented move, said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co., adding that it shows that problems in subprime lending are, in fact, spreading into the general economy. 'This is a mini-panic,' he said. 'All the things that had been denied up until this point are unraveling. On top of this, retail sales were mediocre, which shows that indeed, the housing collapse is affecting the consumer.'"

CANOE Money: Sectors - Central banks intervene to ease fears of credit crunch

CANOE Money: Sectors - Central banks intervene to ease fears of credit crunch: "TORONTO (CP) - The Bank of Canada and other central banks around the world pumped billions of dollars into the financial system Thursday in a bid to calm jittery investors and ease concerns about a looming credit crunch that battered North American stock markets. In an unusual step, the Bank of Canada said Thursday it will 'provide liquidity to support the stability of the Canadian financial system and the continued functioning of financial markets.'"

Bankers Report Interbank Lending Shut For Two Hours Over German Bank Crisis | LaRouche Political Action Committee

Bankers Report Interbank Lending Shut For Two Hours Over German Bank Crisis | LaRouche Political Action Committee: "August 9, 2007 (LPAC)--A senior European banking source reports that the interbank money market closed down this morning for two to three hours, for the first time ever. Rumors had spread that the German Bundesbank was holding an emergency meeting because of a collapse of a major German bank, believed to be Westdeutsches Landesbank, one of the largest in Germany. The Bundesbank then released a statement saying that the meeting was to discuss the IKB banking crisis. The source said that a Westdeutsches Landesbank failure would have collapsed the entire global financial system. The source underlined that this ongoing crisis is far worse then anything he has witnessed."

China threatens 'nuclear option' of dollar sales - Telegraph

China threatens 'nuclear option' of dollar sales - Telegraph: "The Chinese government has begun a concerted campaign of economic threats against the United States, hinting that it may liquidate its vast holding of US treasuries if Washington imposes trade sanctions to force a yuan revaluation."

ScienceDaily: New Flexible Plastic Solar Panels Are Inexpensive And Easy To Make

ScienceDaily: New Flexible Plastic Solar Panels Are Inexpensive And Easy To Make: "Science Daily — Researchers at New Jersey Institute of Technology (NJIT) have developed an inexpensive solar cell that can be painted or printed on flexible plastic sheets."

42.8% Efficiency: A New Record for Solar Cells (TreeHugger)

42.8% Efficiency: A New Record for Solar Cells (TreeHugger): "Narrowly edging out the previous record set by Spectrolab late last year, two scientists at the University of Delaware have just created a new device that can convert 42.8% of the light striking it into electricity. The solar cell, built by Christina Honsberg and Allan Barnett, splits light into three components — high, medium and low energy light — and directs it to several different materials which can then extract electrons out of its photons."

Iran demands oil pay in yen not dollars - Times Online

Iran demands oil pay in yen not dollars - Times Online: "The dollar was driven down against the Japanese yen this afternoon, hit by the news that Iran had asked Japan to pay for its oil purchases in the Japanese currency and not in dollars."

Forget futures, go back to gold's basics - MarketWatch

Forget futures, go back to gold's basics - MarketWatch

Mineweb - GOLD & SILVER NEWS - Individual gold bullion trading to be launched in China in July

Mineweb - GOLD & SILVER NEWS - Individual gold bullion trading to be launched in China in July: "The Shanghai Gold Exchange is launching individual gold bullion trading next month through a partnership with China's Industrial Bank."

Foreign Policy: The List: The World’s Worst Currencies

Foreign Policy: The List: The World’s Worst Currencies: "Most countries seem to have finally whipped inflation—at least for now. But not everyone is celebrating the world’s impressive economic stability. In today’s List, FP takes a hard look at the soft currencies of some of the most unstable economies on the planet."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "June 28 (Bloomberg) -- Monsanto Co., the world's biggest seed producer, said third-quarter profit jumped 71 percent as U.S. corn farmers increased purchases of the company's products to meet rising demand for ethanol and animal feed."

BIS warns of Great Depression dangers from credit spree | Business | Money | Telegraph

BIS warns of Great Depression dangers from credit spree | Business | Money | Telegraph: "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."

Associated Press Business News: Switzerland to Sell 250 Tons of Gold - MSN Money

Associated Press Business News: Switzerland to Sell 250 Tons of Gold - MSN Money: "BERN, Switzerland (AP) - The Swiss National Bank said Thursday it will sell 276 US tons of gold reserves over the next two years."

RIA Novosti - World - Regional currency to replace dollar in Argentina-Brazil trade

RIA Novosti - World - Regional currency to replace dollar in Argentina-Brazil trade: "BUENOS AIRES, May 23 (RIA Novosti) - Argentina and Brazil, South America's two largest economies, will drop the U.S. dollar in favor of a regional currency in their bilateral trade starting in October 2007, Argentine Economics Minister Felisa Miceli said."

Scotsman.com News - International - US mortgage crisis forces homeowners to take refuge in their cars

Scotsman.com News - International - US mortgage crisis forces homeowners to take refuge in their cars: "THEY are victims of the United States' growing mortgage crisis - low-paid workers whose homes have been repossessed amid rising interest rates, a stagnant property market and a lax lending regime.

But in Los Angeles, where having a car is as essential as owning a home, many are sleeping in their vehicles to ensure a roof over their head."

World powers may be ready to consider Tehran's enrichment program - Israel News, Ynetnews

World powers may be ready to consider Tehran's enrichment program - Israel News, Ynetnews: "The United States, Russia, China and the European Union are for the first time ready to listen to an Iranian proposal that would allow Tehran to keep some of its uranium enrichment program intact instead of mothballing it completely, government officials said Tuesday."

Existing Home Sales Plunged in March: Financial News - Yahoo! Finance

Existing Home Sales Plunged in March: Financial News - Yahoo! Finance: "WASHINGTON (AP) -- Sales of existing homes plunged in March by the largest amount in 18 years, reflecting in part rising troubles in the subprime mortgage market."

BBC NEWS | Programmes | From Our Own Correspondent | Moscow's suburb for billionaires

BBC NEWS | Programmes | From Our Own Correspondent | Moscow's suburb for billionaires: "Fifteen years ago everything in Russia was owned by the state. Today a quarter of Russia's economy is owned by 36 men."

March Home Foreclosures Up 47 Percent Year-on-Year

March Home Foreclosures Up 47 Percent Year-on-Year: "NEW YORK -- U.S. home foreclosures rose 7 percent in March from February to 149,150, reflecting the struggle of subprime borrowers to keep their homes, real estate data firm RealtyTrac said Wednesday."

Flight from U.S. dollar gathers strength

Flight from U.S. dollar gathers strength: "The assault against the U.S. dollar intensifed yesterday as the greenback slumped to historic lows against currencies as diverse as the U.K. pound and the Polish zloty amid growing conviction among investors higher returns lie beyond U.S. borders."

Digital Journal - Candidate says US going bankrupt

Digital Journal - Candidate says US going bankrupt: "Presidential candidate Ron Paul, campaigning in Iowa, says that the US is going bankrupt.
Speaking to a group of supporters at the University of Iowa, the Republican candidate said that:

'As time goes on, our country will realize that we can't afford to pay all the promises we've made.'

He said that our entitlements programs, the wars in Iraq and Afghanistan and our monetary policy are causing such a drain on the country's finances that in the very near future our trading partners abroad will lose confidence in the dollar and then there will be a very severe financial crisis, possibly worse than the Great Depression of the 30's. "

Technology monitor | Flying wind farms | Economist.com

Technology monitor | Flying wind farms | Economist.com: "IF IT ever seems windy where you live, be thankful you do not live 10km up in the air. At that height, the jet-stream winds blow stronger and more constantly than ground level winds, carrying up to a hundred times more energy.

So, just as oil companies are drilling deeper and in more remote locations in search of new reserves, pioneer wind-power engineers are looking higher in the sky for new sources of energy. Conventional turbines will not take them there—the highest to date is just over 200 metres tall. So they are trying to invent a whole new technology for harvesting wind: electricity generators that fly."

EconomicPolicyMonitor.com: The Always Bullish National Association of Realtors Has Cracked

EconomicPolicyMonitor.com: The Always Bullish National Association of Realtors Has Cracked: "They admit that existing-home prices are beginning to decline.

'The national median existing-home price will probably slip 0.7 percent to $220,300 in 2007, following a 1.0 percent rise last year,' the National Association of Realtors said today.

This would be the first overall drop in housing prices in more than 38 years."

Occidental CEO got more than $400 million in 2006 - washingtonpost.com

Occidental CEO got more than $400 million in 2006 - washingtonpost.com: "CHICAGO (Reuters) - Occidental Petroleum Corp.'s (OXY.N) chairman and chief executive took in more than $400 million in compensation last year, the company said in a filing, one of the biggest single-year payouts in U.S. corporate history."

ScienceAlert - Australia & NZ - Cheaper solar cells

ScienceAlert - Australia & NZ - Cheaper solar cells: "Solar cell technology developed by the University’s Nanomaterials Research Centre will enable New Zealanders to generate electricity from sunlight at a 10th of the cost of current silicon-based photo-electric solar cells."

70% Of Navarra's Power Comes From Wind, Solar (TreeHugger)

70% Of Navarra's Power Comes From Wind, Solar (TreeHugger): "The region of Navarra, in Northeastern Spain, better known in the U.S. for the “running of the bulls” in Pamplona. But in this region, approximately 70% of the electricity comes from the wind and the sun. With no coal, oil or gas of its own, this mountainous region deliberately went for renewable energy in the late 1980s. The first wind farm was built in full view of the regional capital Pamplona, so that people could get used to it. Now, with some 1,100 windmills dotted all over Navarra, this tiny region is capable of generating more electricity from renewable sources than big EU countries like France or Poland. Navarra plans to reach 100% renewable energy generation by 2010."

www.miningmx.com | gold_silver Central banks can’t break gold link

www.miningmx.com | gold_silver Central banks can’t break gold link: "[miningmx.com] -- GOLD holdings by central banks have declined to their lowest level in 60 years, but the yellow metal still makes up a significant portion of the total foreign reserves of certain central banks, according to IMF statistics."

His energy bill is $0.00 - Yahoo! News

His energy bill is $0.00 - Yahoo! News: "EAST AMWELL, N.J. - Mike Strizki lives in the nation's first solar-hydrogen house. The technology this civil engineer has been able to string together – solar panels, a hydrogen fuel cell, storage tanks, and a piece of equipment called an electrolyzer – provides electricity to his home year-round, even on the cloudiest of winter days."

www.bbj.hu :: Central Bank gold holdings fall to lowest since 1948, IMF says

www.bbj.hu :: Central Bank gold holdings fall to lowest since 1948, IMF says: "Gold holdings by central banks and other government organizations declined for the eighth straight year in 2006, to the lowest in almost 60 years, figures from the International Monetary Fund show."

Bloomberg.com: Commodities

Bloomberg.com: Commodities: "Feb. 21 (Bloomberg) -- Gold surged to a nine-month high in New York after the U.S. said inflation accelerated more than forecast in January and commodity prices jumped."

Bloomberg.com: Commodities

Bloomberg.com: Commodities: "Feb. 14 (Bloomberg) -- Gold climbed to a six-month high in London as the dollar extended declines against the euro, spurring demand for the precious metal as an alternative asset.

Investment demand for gold in exchange-traded funds, or ETFs, tracked by the World Gold Council has increased 2.1 percent this year to 18.5 million ounces. The gains accelerated this week as the dollar fell against the euro to the lowest since Jan. 4."

Bloomberg.com: Commodities

Bloomberg.com: Commodities: "Feb. 9 (Bloomberg) -- Gold prices in New York rose to the highest in more than six months as the increasing cost of energy boosts the appeal of the precious metal as an inflation hedge.

Gold sometimes moves in the same direction as the price of oil, which today rose above $60 a barrel for the first time in a month. Gold reached a 26-year high of $732 an ounce in May, and oil climbed to a record in July.

``Oil helped pushed gold higher,'' said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. ``The market is bullish.''"

Product offers Canadians retirement gold�|�Reuters.ca

Product offers Canadians retirement gold�|�Reuters.ca: "OTTAWA (Reuters) - Canadian investors can now hitch their retirement fortunes to the price of gold with a product that lets them buy and sell gold coins and bars in their tax-deferred retirement savings accounts.

Spearheading the product are online bullion dealer Kitco Metals Inc. and online brokerage Questrade Inc., which say their offering is a first in Canada."

Investment Funds | Gold returns to favour with a 24% rise in 2006

Investment Funds | Gold returns to favour with a 24% rise in 2006: "The price of gold rose by 24% in 2006, new research from Clerical Medical shows. This was the largest calendar year rise since 2002, and the third biggest annual gain in the past 20 years. "

Now That a Penny Isn’t Worth Much, It’s Time to Make It Worth 5 Cents - New York Times

Now That a Penny Isn’t Worth Much, It’s Time to Make It Worth 5 Cents - New York Times: "How dumb do you have to be to mint money at a loss? In the latest only-in-Washington episode, we find that the government may have lost as much as $40 million coining pennies and nickels last year.

The metal in them — the zinc, copper and nickel — has soared in value in the last few years, making the coins more valuable as raw materials than they are as currency. The government reaction has been to ban the melting of the coins to get the metal. But there is a good chance that we will find ourselves in an outright coin shortage of a form we have not seen in four decades and one that harks back to the monetary problems of medieval times."

www.mineweb.net | int_beat Massive metals deposits revealed along China’s Qinghai-Tibet Railway

www.mineweb.net | int_beat Massive metals deposits revealed along China’s Qinghai-Tibet Railway: "Chinese geologists have disclosed one of the closely-held secrets that motivated the nation to spend US$3.7 billion on the Tibet railway: the discovery of large mineral deposits that may reduce the nation’s dependence on mineral imports.

Critics had long questioned China’s claim that the development of Tibet was the sole reason behind the building of the 1,956-km Qinghai-Tibet Railway. Now, the official Chinese news agency Xinhua has reported that Meng Xiani, director of the China Geological Survey (CGS), has revealed that 16 large copper, lead, zinc, iron iron and crude oil deposits along the railway are expected to yield 18 million tons of copper, and 10 million tons of lead and zinc. "

Jan 29, 2007 Gold powering up for major uptrend Clive Maund 321gold . . . Inc

Jan 29, 2007 Gold powering up for major uptrend Clive Maund 321gold . . . Inc: "Gold is looking technically stronger than it has done for the past 16 months."

IMF gold trading rule changes set to boost the gold price | Financial Planning

IMF gold trading rule changes set to boost the gold price | Financial Planning: "The International Monetary Fund is in the process of revising the laws that govern the trading of gold by the world's central banks which will radically change the ability of central bankers to suppress the gold price, a major factor depressing the price of the yellow metal that has been an open secret for years."

www.mineweb.net | gold_silver China gold trade and consumption seen as increasing dramatically

"There is little doubt that China is a very significant player indeed in the future direction of the world gold price. As more and more of a consumer society develops we would anticipate demand growing more rapidly than supply with a corresponding positive impact on the metal price. "

www.mineweb.net | whats_new IMF to make central bank gold lending data more transparent

"RENO, NV (Mineweb.com) --A Blanchard & Company study calling for greater transparency in central bank gold lending accounting has apparently helped to convince the International Monetary Fund to adopt a landmark accounting change in the way central banks account for gold loans.

The December 2006 study by Blanchard Vice President and Director of Economic Research Neal R. Ryan suggested that if more transparent governance was implemented in central bank gold lending, “gold prices will experience exponential growth because they will become a reflection of a fair and equitable market for all participants.” "