Man-Made Bacteria Produces a Fuel That’s Better Than Gas : Gas 2.0

Man-Made Bacteria Produces a Fuel That’s Better Than Gas : Gas 2.0: "Researchers reported Monday that they have re-engineered a common bacteria to produce complex and energy-dense alcohols similar to the hydrocarbon compounds found in fuels such as gasoline. This is the first time these types of alcohols have been synthesized by bacteria (man-made or otherwise) in the lab."

Ocean currents can power the world, say scientists - Telegraph

Ocean currents can power the world, say scientists - Telegraph: "The technology can generate electricity in water flowing at a rate of less than one knot - about one mile an hour - meaning it could operate on most waterways and sea beds around the globe."

Mint Widens Freeze on Gold Coin Sales - WSJ.com

Mint Widens Freeze on Gold Coin Sales - WSJ.com: "NEW YORK -- Citing extraordinary demand the U.S. Mint has broadened its freeze on sales of gold bullion coins as individual investors who are priced out of the futures markets have been piling up their holdings of the metal as a hedge against market uncertainty. 'Due to the extreme fluctuating market conditions for 2008 as well as current market conditions gold and silver demand is unprecedented and the demand for platinum is unusually high ' the Mint said in a memorandum late Monday released to its authorized purchasers. The Mint added in the memo that it s halting the production and sales of several gold and platinum coins while putting a few other coins under allocation sales. The move came after the Mint halted sales of two other coins in September and August."

Geothermal Sources Could Add Significant Power Generation Capacity : CleanTechnica

Geothermal Sources Could Add Significant Power Generation Capacity : CleanTechnica: "A study released last week from the U.S. Geological Survey reports that geothermal power production could significantly add to electric power generating capacity within the United States."

US Govt to take over mortgage giants - ABC News (Australian Broadcasting Corporation)

US Govt to take over mortgage giants - ABC News (Australian Broadcasting Corporation): "US media reports say mortgage giants Freddie Mac and Fannie Mae are set to be put under government control in an attempt to rescue the firms.

The two companies own or guarantee nearly half of the nation's mortgages, totalling more than $US5 trillion.

Congressman Barney Frank has told reporters that US Treasury Secretary Henry Paulson will use government powers to ensure the continued and stable functioning of the companies."

Credit crunch forcing US middle classes to live in their cars | World news | The Guardian

Credit crunch forcing US middle classes to live in their cars | World news | The Guardian: "Homeless people living in cars and motorhomes across the US are being joined by a new breed: the middle class."

US confidence plummets as house prices slump 23% - Times Online

US confidence plummets as house prices slump 23% - Times Online: "US house prices dropped 22.8 per cent over the last three months as American consumer confidence signalled the worst level of consumption since since 1974."

Scientists find bugs that eat waste and excrete petrol - Times Online

Scientists find bugs that eat waste and excrete petrol - Times Online

Saudis get serious on oil prices - Jun. 19, 2008

Saudis get serious on oil prices - Jun. 19, 2008: "NEW YORK (CNNMoney.com) -- Saudi Arabia this weekend will convene a special summit on oil prices that could lead to cheaper crude on the world market."

Bloomberg.com: Commodities

Bloomberg.com: Commodities: "June 19 (Bloomberg) -- Gold prices may rise to $5,000 an ounce as investors seek to protect themselves against accelerating inflation, said Schroder Investment Management Ltd., which oversees $277 billion of assets globally."

Bank robberies up around USA - USATODAY.com

Bank robberies up around USA - USATODAY.com: "Bank robberies are up in cities across the USA this year and, although the reason is unclear, the down economy is a suspect."

ExxonMobil to sell 2,220 gas stations - CNN.com

ExxonMobil to sell 2,220 gas stations - CNN.com: "(CNN) -- Oil giant Exxon Mobil Corp. plans to sell its company-owned gas stations, saying they aren't profitable enough even with gasoline selling at $4 per gallon.
The 2,220 stations make up about 1/5 of the Exxon and Mobil stations in the United States.
The nation's largest oil company, which earned nearly $41 billion last year, says it will sell more than 2,000 stations over the next few years."

With transparent HP tech, pretty solar buildings? | Green Tech - CNET News.com

With transparent HP tech, pretty solar buildings? | Green Tech - CNET News.com: "Hewlett-Packard is licensing flat-panel display technology to a start-up that could lead to dramatically more productive--and aesthetically pleasing--solar panels.

The deal, announced Wednesday, allows Livermore, Calif.-based Xtreme Energetics to use HP-developed transparent transistors to bend light in concentrating photovoltaic, or CPV, solar arrays. CPV systems squeeze more electricity from panels by maximizing the light that hits solar cells."

More than a million homes in foreclosure in latest report - Jun. 5, 2008

More than a million homes in foreclosure in latest report - Jun. 5, 2008: "NEW YORK (CNNMoney.com) -- More than one million homes are now in foreclosure, the highest rate ever recorded, according to a trade group which warned Thursday that number will continue to climb."

Zimbabwe's currency crashes, prices rocket | Reuters

Zimbabwe's currency crashes, prices rocket | Reuters: "Official figures put Zimbabwe's annual inflation -- the highest in the world -- at 165,000 percent in February, but analysts say the figure vaulted as high as 1.8 million percent by May."

House prices | Through the floor | Economist.com

House prices | Through the floor | Economist.com: "AS HOUSE prices in America continue their rapid descent, market-watchers are having to cast back ever further for gloomy comparisons. The latest S&P/Case-Shiller national house-price index, published this week, showed a slump of 14.1% in the year to the first quarter, the worst since the index began 20 years ago. Now Robert Shiller, an economist at Yale University and co-inventor of the index, has compiled a version that stretches back over a century. This shows that the latest fall in nominal prices is already much bigger than the 10.5% drop in 1932, the worst point of the Depression. And things are even worse than they look. In the deflationary 1930s house prices declined less in real terms. Today inflation is running at a brisk pace, so property prices have fallen by a staggering 18% in real terms over the past year."

Breaking The Oil Addiction: Oil And Water Do Mix In India

Breaking The Oil Addiction: Oil And Water Do Mix In India: "Emulsified fuel combines water and diesel oil. A privately held “special sauce” of additives is included in the mix to keep water and oil from separating like they normally would. Srinivasan Gopalakrishnan of Hydrodrive Systems and Controls said his molecular engineering process uses 25 percent water and 75 percent diesel fuel, better than several European emulsified fuels now on the market. They have no more than 20 percent water. A fuel that requires more diesel costs more."

Gold rush fever returns to the California hills - Telegraph

Gold rush fever returns to the California hills - Telegraph

JPMorgan Chase CEO: Recession Just Beginning

JPMorgan Chase CEO: Recession Just Beginning: "NEW YORK -- JPMorgan Chase & Co.'s chief executive said Monday that while the crisis in the credit markets appears to be three-quarters over, he believes a U.S. recession is just beginning.

'Even if the capital markets crisis resolves, it does not mean that this country will not go into a bad recession,' said CEO James Dimon, whose bank saw its first-quarter profit fall by half due to the recent collapse of the U.S. mortgage market. 'The recession just started.'"

Dollar, not supply, causes record oil - Iran offical - Yahoo! India News

Dollar, not supply, causes record oil - Iran offical - Yahoo! India News: "TEHRAN (Reuters) - The weak U.S. dollar is the main reason behind oil prices rising to record levels, not demand or supply factors, an Iranian Oil Ministry official was quoted as saying on Saturday."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "May 1 (Bloomberg) -- Gulf states are considering dropping their pegs to the dollar after the U.S. currency's decline stoked inflation across the region, Kuwaiti Finance Minister Mustafa al- Shimali said."

Iran Ends Oil Transactions In U.S. Dollars, OPEC's Second-Largest Producer Now Pegs Petroleum To Euros And Yen - CBS News

Iran Ends Oil Transactions In U.S. Dollars, OPEC's Second-Largest Producer Now Pegs Petroleum To Euros And Yen - CBS News: "(AP) Iran, OPEC's second-largest producer, has completely stopped conducting oil transactions in U.S. dollars, a top Oil Ministry official said Wednesday, a concerted attempt to reduce reliance on Washington at a time of tension over Tehran's nuclear program and suspected involvement in Iraq."

reportonbusiness.com: 'There is no sign of a bottom'

reportonbusiness.com: 'There is no sign of a bottom': "WASHINGTON -- Conditions at the epicentre of the credit crunch are getting worse as Ben Bernanke and the U.S. Federal Reserve Board appear poised to slow their aggressive drive to cut interest rates. Home prices are falling faster in virtually every major U.S. city and foreclosures are on a pace to double over last year, according to two reports released yesterday."

Gas to Hit $7 a Gallon | Autopia from Wired.com

Gas to Hit $7 a Gallon | Autopia from Wired.com: "Both Qatar's oil minister and the head of OPEC can see oil hitting $200 a barrel before the end of the year and one analyst says gas could reach $7 a gallon within four years. That could mean cataclysm for the global economy."

Buffett says recession may be worse than feared | Reuters

Buffett says recession may be worse than feared | Reuters: "NEW YORK (Reuters) - Warren Buffett, the world's richest person, said on Monday the U.S. economy is in a recession that will be more severe than most people expect."

Many states appear to be in recession - Yahoo! News

Many states appear to be in recession - Yahoo! News: "The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that's true for the nation as a whole, a survey of all 50 state fiscal directors concludes.
The situation looks even worse for the fiscal year that begins July 1 in most states."

California home prices fall 26 percent amid foreclosures

California home prices fall 26 percent amid foreclosures: "A glut of foreclosed homes helped prompt a 26 percent plunge in California home prices in March, highlighting a trend that experts said is likely to continue as low, introductory interest rates expire for people who bought near the height of the housing boom.

More than 38 percent of California homes sold in March had been foreclosed at some point during the previous year, DataQuick Information Systems said in its survey released Thursday.

Figures for previous years were not immediately available, but company analyst John Karevoll said the March percentage for foreclosed home sales was believed to be an all-time high for the state.

The state's median home price was $358,000 last month, down from $484,000 in March 2007, when the market peaked, DataQuick said."

The Press Association: Merrill Lynch axes 4,000 jobs

The Press Association: Merrill Lynch axes 4,000 jobs: "A major investment bank hit by the credit crunch cast a shadow over the City after unveiling thousands of job cuts.

US giant Merrill Lynch, one of the main casualties of the sub-prime crisis, said it was axing 4,000 staff in a bid to save hundreds of millions of dollars a year."

Ron Paul slams Federal Reserve as US money printing de-stabilize world - LANKA BUSINESS ONLINE

Ron Paul slams Federal Reserve as US money printing de-stabilize world - LANKA BUSINESS ONLINE: "April 13, 2008 (LBO) – Texas Congressman Ron Paul has slammed the Federal Reserve for printing money to manipulate interest rates and undermining the salaries of workers and savings of older people.
Paper money from pure fiat central banking, backed by nothing other than government debt - a process that was born after the gold standard was lifted by the United States which has led to rampant inflation since then - is a mystery to most ordinary people."

U.S. housing collapse spreads overseas - International Herald Tribune

U.S. housing collapse spreads overseas - International Herald Tribune: "DUBLIN: The collapse of the housing bubble in the United States is mutating into a global phenomenon, with real estate prices down from the Irish countryside and the Spanish coast to Baltic seaports and even in parts of India."

IMF Approves Selling 400 Tons Of Gold | April 10, 2008 | AHN

IMF Approves Selling 400 Tons Of Gold | April 10, 2008 | AHN: "Washington (AHN) - The executive board of the International Monetary Fund has approved the sale of some 440.3 tons of its gold supplies in a wide-ranging financial overhaul and to replenish its depleting coffers.

Dominique Strauss-Kahn, IMF managing director, welcomed the board's move on Monday, the action seen as a buffer to the expected $400 million budget deficit the Washington-based lending institution could experience in the next few years.

The board is projecting to generate at least $11 billion from the sale of at least 12 percent of its gold reserve. The money to be generated from the sales would fund the reorganization of the IMF and finance lending to needing countries."

Massive Oil Deposit Could Increase US reserves by 10x

Massive Oil Deposit Could Increase US reserves by 10x: "America+is+sitting+on+top+of+a+super+massive+200+billion+barrel+Oil+Field+that+could+potentially+make+America+Energy+Independent+and+until+now+has+largely+gone+unnoticed.+Thanks+to+new+technology+the+Bakken+Formation+in+North+Dakota+could+boost+America%u2019s+Oil+reserves+by+an+incredible+10+times%2C+giving+western+economies+the+trump+card+against+OPEC%u2019s+short+squeeze+on+oil+supply+and+making+Iranian+and+Venezuelan+threats+of+disrupted+supply+irrelevant."

Iranian president wants OPEC off dollars - Oil & energy- msnbc.com

Iranian president wants OPEC off dollars - Oil & energy- msnbc.com: "According to the Iranian government's Web site, Ahmadinejad told OPEC Secretary General Abdalla Salem el-Badri the cartel 'should establish a joint bank as well as having joint currency.'"

Wall Street brokerages borrowing $38.1 billion a day from Federal Reserve | Freep.com | Detroit Free Press

Wall Street brokerages borrowing $38.1 billion a day from Federal Reserve | Freep.com | Detroit Free Press: "WASHINGTON -- Big Wall Street investment companies are stepping up their borrowing a bit from the Federal Reserve’s unprecedented emergency lending program.

The Federal Reserve reports Thursday that those firms averaged $38.1 billion in daily borrowing over the past week from the new lending program. That compared with $32.9 billion in the previous week and $13.4 billion in the first week the lending facility opened."

Consumer bankruptcies jump 27% - Apr. 2, 2008

Consumer bankruptcies jump 27% - Apr. 2, 2008: "NEW YORK (CNNMoney.com) -- The number of individuals filing for bankruptcy surged during the first-quarter as American households struggled to stay on top of debt, according to a report released Wednesday."

Research firm says banking industry to lose 200,000 jobs - Apr. 1, 2008

Research firm says banking industry to lose 200,000 jobs - Apr. 1, 2008: "Analysts at the financial research firm Celent LLC said in a report Tuesday that they expect the U.S. commercial banking industry - essentially, all companies that lend or collect deposits - to lose 200,000 of its two million jobs over the next 12 to 18 months.

An annual loss of 200,000 jobs at the nation's commercial banks would be an unprecedented number."

IMF predicts US recession: report - Yahoo! News

IMF predicts US recession: report - Yahoo! News: "BERLIN (AFP) - The International Monetary Fund will next week forecast that the US economy will go into recession this year, a German newspaper reported Tuesday, citing an upcoming report.

The IMF believes the US will experience at least two successive quarters of negative growth -- the technical definition of a recession -- and will grow only half a percent over the whole of 2008, weekly Die Zeit reported."

Treasury’s Plan Would Give Fed Wide New Power - New York Times

Treasury’s Plan Would Give Fed Wide New Power - New York Times: "WASHINGTON — The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system."

The Associated Press: FDIC Plans Staff Boost for Bank Failures

The Associated Press: FDIC Plans Staff Boost for Bank Failures: "WASHINGTON (AP) — Federal bank regulators plan to increase staffing 60 percent in coming months to handle an anticipated surge in troubled financial institutions."

In Debt We Trust: America Before The Bubble Bursts, page 1

In Debt We Trust: America Before The Bubble Bursts, page 1

Eliot Spitzer - Predatory Lenders' Partner in Crime - washingtonpost.com

Eliot Spitzer - Predatory Lenders' Partner in Crime - washingtonpost.com: "Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive 'teaser' rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets."

GoldMoney Market Commentary and Analysis

GoldMoney Market Commentary and Analysis: "To conclude, there is now more reason than ever to own gold and silver. They are continuing to fulfil their function as an inflation hedge, but those who own physical gold and silver are also benefiting in another way - they are protected from counterparty risk. In other words, gold and silver are a hedge against financial catastrophe, and more of that is probably on the way."

Weak dollar costs U.S. economy its No. 1 spot | Reuters

Weak dollar costs U.S. economy its No. 1 spot | Reuters: "PARIS (Reuters) - The U.S. economy lost the title of 'world's biggest' to the euro zone this week as the value of the dollar slumped in currency markets."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "March 17 (Bloomberg) -- Ben S. Bernanke's interest-rate cuts have touched off a vicious circle of doom for the dollar."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "March 17 (Bloomberg) -- U.S. stock index futures, Asian and European equities and the dollar tumbled after the Federal Reserve cut its discount interest rate at an emergency meeting and JPMorgan Chase & Co. agreed to buy Bear Stearns Cos. for $2 a share. Bonds, gold and crude oil climbed."

JPMorgan Acts to Buy Ailing Bear Stearns at Huge Discount - New York Times

JPMorgan Acts to Buy Ailing Bear Stearns at Huge Discount - New York Times: "Bear Stearns, pushed to the brink of bankruptcy by what amounted to a run on the bank, agreed late Sunday to sell itself to JPMorgan Chase for a mere $2 a share, narrowly averting a collapse that threatened to cascade through the financial system."

Switzerland to sign huge Iran gas deal | Jerusalem Post

Switzerland to sign huge Iran gas deal | Jerusalem Post: "Swiss energy giant EGL is set to sign a 25-year deal in Teheran on Monday to buy 5.5 billion cubic meters of Iranian natural gas per year, starting in 2011, for a reported €18 billion."

Bloomberg.com: U.K. & Ireland

Bloomberg.com: U.K. & Ireland: "March 17 (Bloomberg) -- The pound fell 2 percent against the euro, the most in six years, declining to a record, after the Federal Reserve cut its discount rate and JPMorgan Chase & Co. bought Bear Stearns Cos."

Silver Stock Report: The Financial Dominoes are Falling

Silver Stock Report: The Financial Dominoes are Falling

Carlyle Fund Expects Assets Will Be Seized - New York Times

Carlyle Fund Expects Assets Will Be Seized - New York Times: "LONDON — Shares of Carlyle Capital plunged on Thursday, losing most of their value, after the company said it expected its lenders to promptly take over all its assets after discussions with banks to refinance the fund failed."

Key Forecaster Says U.S. In Recession - Forbes.com

Key Forecaster Says U.S. In Recession - Forbes.com: "'My personal opinion is that the economy is now in a recession,' said Martin Feldstein, president and chief executive of the National Bureau of Economic Research (NBER), in a speech in Boca Raton, Fla."

UK tycoon Joe Lewis loses $800m on Wall Street - Times Online

UK tycoon Joe Lewis loses $800m on Wall Street - Times Online: "JOE LEWIS, the secretive British billionaire, has lost an estimated $800m in the collapse of the American investment bank Bear Stearns."

What the Price of Gold Is Telling Us by Ron Paul

What the Price of Gold Is Telling Us by Ron Paul

Dollar plunge sets off global alarm bells - Telegraph

Dollar plunge sets off global alarm bells - Telegraph: "The dollar has plummeted against all major currencies on dire US retail sales and fears that the Federal Reserve may need to slash interest rates further to stop the downward spiral in the credit markets."

Watching The Dollar Die

Watching The Dollar Die: "The 10 cent piece of my youth contains $1.42 worth of silver at today's silver price. The quarter is worth $3.55, and the half dollar contains $7.10 of silver. The silver dollar is worth 15.2 times its face value. These are just the silver values of coins that might be worth far more depending on condition and rarity. The silver in the wartime nickel is worth $1.10, which is 22 times the coin's face value. Even the copper penny is worth 2.5 cents."

Oil For War - WBAL Radio - wbal.com

Oil For War - WBAL Radio - wbal.com: "Earlier this week, I mentioned an article in The American Conservative that absolutely blew me away by revealing the astounding amount of fuel being used to continue our failed occupation of Iraq."

Bush family private equity fund in deep trouble as Financial Tsunami rolls on

Bush family private equity fund in deep trouble as Financial Tsunami rolls on: "Carlyle Capital reports it is attempting to convince lenders holding $16 billion in securities not to liquidate the company's remaining collateral. The company is a listed mortgage-bond fund managed by the Carlyle Group. The Carlyle Group already has loaned Carlyle Capital $150 million to cover debt obligations since July 2007. In the past several days it failed to meet margin calls with four banks. The fear in the market according to informed reports is that its entire portfolio, recently valued at $21 billion, could be sold off in a distress sale, putting major downward pressure on all mortgage bonds globally. A collapse at Carlyle would hit the value of all fixed-income securities, which have already dropped sharply as banks pull back on their lending, and force a new global round of asset sales."

Billionaire Investor Sees Bank Failures Ahead: Financial News - Yahoo! Finance

Billionaire Investor Sees Bank Failures Ahead: Financial News - Yahoo! Finance: "Billionaire investor Wilbur Ross says the current market downturn differs from previous slumps in that no American banks have yet failed this time, but he suggests that's about to change."

Alex Jones' Infowars: There's a war on for your mind!

Alex Jones' Infowars: There's a war on for your mind!: "White House Press Secretary Dana Perino mentioned in a press conference that she is not allowed to talk about the value of the U.S. Dollar. She says that the Treasury Secretary is the only one allowed to discuss the U.S. Dollar. She even said that she would be fired if she talked about the U.S. Dollar."

Dow Climbs 416.66 for Its Biggest Gain in Over 5 Years - New York Times

Dow Climbs 416.66 for Its Biggest Gain in Over 5 Years - New York Times: "Wall Street enjoyed its best trading day in more than five years on Tuesday — complete with a 400-point gain in the Dow Jones industrial average — after the Federal Reserve injected a burst of financial adrenaline into the ailing banking system."

Fed says it’ll spend, markets like the news - Stocks & economy- msnbc.com

Fed says it’ll spend, markets like the news - Stocks & economy- msnbc.com: "NEW YORK - Wall Street finally found a reason for a huge rally Tuesday, after the Federal Reserve said it plans to pump $200 billion into the financial markets to help ease the strain from the credit crisis. The Dow Jones industrial average shot up more than 416 points, its biggest one-day point gain since July 24, 2002."

AFP: US corn biofuels will expand Gulf of Mexico 'dead zone': scientists

AFP: US corn biofuels will expand Gulf of Mexico 'dead zone': scientists: "VANCOUVER, Canada (AFP) — A planned increase in US ethanol production from corn would spell environmental 'disaster' for marine species in the Gulf of Mexico, said a co-author of a science study published Monday."

Bush hopes Cheney's Mideast visit will rein in oil prices - International Herald Tribune

Bush hopes Cheney's Mideast visit will rein in oil prices - International Herald Tribune: "WASHINGTON: With oil soaring to a record $108 a barrel amid mounting signs of U.S. economic turbulence, President George W. Bush said Monday that he was sending Vice President Dick Cheney to the Middle East to raise concerns about oil prices and to press Israeli and Palestinian leaders to move toward peace."

Column: How to Get in on Gold-Price Rush - Forbes.com

Column: How to Get in on Gold-Price Rush - Forbes.com: "Experts predict gold will soon top the psychologically important $1,000 level for the first time, and some believe the metal still could reach $1,500 or even $2,000."

Oil spike to last through 2008: OPEC president: Financial News - Yahoo! Finance

Oil spike to last through 2008: OPEC president: Financial News - Yahoo! Finance: "ALGIERS (Reuters) - Oil prices will stay at current high levels for the rest of this year due to speculation and geopolitical tensions, Algerian state media on Monday reported OPEC President Chakib Khelil as saying."

Hussman Funds - Weekly Market Comment

Hussman Funds - Weekly Market Comment: "“Stocks are not cheap,” Warren Buffett noted on Monday. Not surprisingly, given a market down 15% from its highs, with many stocks down much more, he did note “I find more things to look at now than I did six months or a year ago.” Buffett also remarked “from a common-sense standpoint right now, we're in a recession.”"

The National Expositor - CNN Warns: A New Great Depression Is Coming

The National Expositor - CNN Warns: A New Great Depression Is Coming: "The American economy is propped up on faith and credit, and Wall Street is now in a short supply of both of these essentials. The video below from CNN Money contains the sort of talk that can start runs on banks to withdraw savings and shatter stock markets."

Ethanol fuel is not so green | The Courier-Mail

Ethanol fuel is not so green | The Courier-Mail: "It is not green, it is not economically viable, and any move to mandate its inclusion in fuel would have enormous repercussions for other sectors of Australian industry.

It is something of a relief, therefore, to read a just-released parliamentary research paper on the economic effects of an ethanol mandate.

The paper concludes that 'no prima facie economic case for a mandate has been established'."

Mysterious power at the heart of gold | theage.com.au

Mysterious power at the heart of gold | theage.com.au: "'I'M THINKING of putting some savings into gold … gold bars,' said my physiotherapist and I nearly fell off the table. It's unbelievable: in the space of a few weeks investors have gone from cautiously conservative to defensive in the extreme.

And nothing soothes that fear like gold - that's why the precious yellow metal is soaring to almost $US1000 ($A1078) an ounce. If that price means nothing to you, put it this way, it's the highest gold price since 1984."

Goldman Sachs raises possibility of $200 a barrel oil - MarketWatch

Goldman Sachs raises possibility of $200 a barrel oil - MarketWatch

Seeing an End to the Good Times (Such as They Were) - New York Times

Seeing an End to the Good Times (Such as They Were) - New York Times: "The dismal jobs report released Friday showed overall employment to be lower than it was three months ago. Every time such a slump has occurred since the early 1970s, a recession has followed — or already been under way."

MIDAS RESOURCES/GENESIS COMMUNICATIONS NETWORK ECONOMIC NEWS

MIDAS RESOURCES/GENESIS COMMUNICATIONS NETWORK ECONOMIC NEWS: "U.S. central banks may have less than half the gold they claim to possess in their vaults, charges a watchdog group in an ad scheduled for publication in the Wall Street Journal this week."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "``There's not much gas left in the tank,'' said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. ``In the early stage of a recession, consumers tend to rely on credit cards to see them through the hard times.''"

Belleville Intelligencer - Ontario, CA

Belleville Intelligencer - Ontario, CA: "And you thought that I had a gloomy outlook on the economy. Now the bad news pops up everywhere."

The Associated Press: Oil Rally May Be Economy's Undoing

The Associated Press: Oil Rally May Be Economy's Undoing: "NEW YORK (AP) — Preoccupied the last few months with shrinking credit and a slumping economy, Wall Street has all but ignored the relentless rise in oil prices that has taken a barrel of crude to a once-unthinkable $106.

But the market may not be able to look the other way much longer — especially when consumers, already hurting from the soaring cost of gasoline, find themselves paying even more to fill their tanks come spring."

Indiadaily.com - Empire State Manufacturing index at -11.7 confirms US economic depression has reached the main streets- Dow headed below 10,000

Indiadaily.com - Empire State Manufacturing index at -11.7 confirms US economic depression has reached the main streets- Dow headed below 10,000: "The Federal Reserve Bank of New York said that its Empire State Manufacturing survey showed business conditions deteriorated markedly in February, with the index at -11.7, falling below zero for the first time since May 2005.

It is another confirmation of US economic depression. The economists and the politicians do not want to utter the D word. But now it is clear that the bubble bursting effect in financial leverage markets have reached the main street dragging the consumer and business confidence with it"

Homeowner equity is lowest since 1945 - Yahoo! News

Homeowner equity is lowest since 1945 - Yahoo! News: "NEW YORK - Americans' percentage of equity in their homes fell below 50 percent for the first time on record since 1945, the Federal Reserve said Thursday."

BBC NEWS | Business | Credit crunch hits Carlyle unit

BBC NEWS | Business | Credit crunch hits Carlyle unit: "Carlyle Capital Corporation, the fund manager backed by the giant private equity firm Carlyle Group, has not been able to meet several payment demands."

Feed the world? We are fighting a losing battle, UN admits | Environment | The Guardian

Feed the world? We are fighting a losing battle, UN admits | Environment | The Guardian: "The United Nations warned yesterday that it no longer has enough money to keep global malnutrition at bay this year in the face of a dramatic upward surge in world commodity prices, which have created a 'new face of hunger'."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "March 5 (Bloomberg) -- Berkshire Hathaway Inc. Chairman Warren Buffett toppled Bill Gates from the top spot on Forbes magazine's annual list of billionaires worldwide, ending a 13- year reign for the Microsoft Corp. co-founder."

The Federal Reserve's rescue has failed - Telegraph

The Federal Reserve's rescue has failed - Telegraph: "The verdict is in. The Fed's emergency rate cuts in January have failed to halt the downward spiral towards a full-blown debt deflation. Much more drastic action will be needed."

Paulson Not Big Penny Fan - Business on The Huffington Post

Paulson Not Big Penny Fan - Business on The Huffington Post: "WASHINGTON — A penny for your thoughts? Treasury Secretary Henry Paulson thinks the answer to that question should be not much. In fact, if he had his way, he would like to get rid of the penny."

Press TV - Iran shifts oil sales away from dollar

Press TV - Iran shifts oil sales away from dollar: "Deputy head of the National Iranian Oil Company for international affairs says Iran has completely dropped dollar in its oil sales."

FT.com / Home UK / UK - Run of bad data adds to dollar’s slide

FT.com / Home UK / UK - Run of bad data adds to dollar’s slide: "The dollar fell to new lows Thursday after the run of woeful US data continued with weaker-than-expected fourth-quarter growth and rising unemployment claims.

The euro climbed against the currency to a fresh record of $1.5210, while the Swiss franc also powered to a new peak at SFr1.0499 following the data.

Fourth-quarter gross domestic product rose at an annual rate of 0.6 per cent, unchanged from the first estimate published last month and dashing hopes of an upward revision. Meanwhile, weekly jobless claims rose by 19,000 to 373,000."

More writedowns seen after CIBC's C$1.46 bln loss

More writedowns seen after CIBC's C$1.46 bln loss: "TORONTO (Reuters) - Canadian Imperial Bank of Commerce posted a big first-quarter loss on Thursday after taking pretax charges of C$3.38 billion ($3.47 billion) and executives acknowledged that further writedowns may be needed."

Stocks Fall Sharply on Economic Worries: Financial News - Yahoo! Finance

Stocks Fall Sharply on Economic Worries: Financial News - Yahoo! Finance: "NEW YORK (AP) -- Stocks fell sharply Friday after a series of depressing economic and corporate reports as well as high oil prices stoked concerns about the health of the economy. The major stock indexes fell more than 2.5 percent and the Dow Jones industrials lost 315 points."

AIG Hammered By Credit Crunch - Business on The Huffington Post

AIG Hammered By Credit Crunch - Business on The Huffington Post: "The credit crunch hit American International Group Inc. with brute force, as the global insurer reported a $5.3 billion fourth-quarter loss largely because of a write-down that exceeded many analysts' expectations. It was by far the worst quarterly loss the company has reported in its history, which dates back to 1919."

House OKs new taxes on big oil companies - Yahoo! News

House OKs new taxes on big oil companies - Yahoo! News: "WASHINGTON - The House approved $18 billion in new taxes on the largest oil companies Wednesday as Democrats cited record oil prices and rising gasoline costs in a time of economic troubles."

Economy.com: One in 10 Home Loans Under Water

Economy.com: One in 10 Home Loans Under Water: "NEW YORK -- One-tenth of U.S. homeowners hold mortgages that are larger than the worth of their homes, Moody's Economy.com said Friday."

Bloomberg.com: U.S.

Bloomberg.com: U.S.: "Feb. 26 (Bloomberg) -- Bank seizures of U.S. homes almost doubled in January as property owners failed to make higher payments on adjustable-rate mortgages.

Repossessions rose 90 percent to 45,327 last month from the same period a year ago, according to RealtyTrac Inc., a seller of foreclosure statistics that has a database of more than 1 million properties."

After subprime debacle, U.S. wrestles with question of bank bailouts - International Herald Tribune

After subprime debacle, U.S. wrestles with question of bank bailouts - International Herald Tribune: "WASHINGTON: Over the past two decades, few industries have lobbied more ferociously or effectively than banks to get the government out of its business and to obtain freer rein for 'financial innovation.'

But as losses from bad mortgages and mortgage-backed securities climb past $200 billion, talk among banking executives about a major government rescue plan is suddenly coming into fashion."

Traitor Greenspan Urges Gulf States To Abandon Dollar

Traitor Greenspan Urges Gulf States To Abandon Dollar: "Greenspan's zeal to destroy the dollar is evident in numerous public statements he has made predicting the replacement of the dollar with the Euro as the world reserve currency.

The former Fed chairman has repeatedly badmouthed the dollar and hyped the inevitability of economic chaos at a time when market confidence is in the toilet. Greenspan's rhetoric matches that of the IMF, who in October of last year bizarrely slammed the dollar as 'overvalued' at the same time the greenback hit its all time low against the Euro."

Foreclosures up 57 percent in the past year - Mortgage mess- msnbc.com

Foreclosures up 57 percent in the past year - Mortgage mess- msnbc.com: "LOS ANGELES - The number of homes facing foreclosure jumped 57 percent in January compared to a year ago, with lenders increasingly forced to take possession of homes they couldn’t unload at auctions, a mortgage research firm said Monday."

Economy.com: One in 10 Home Loans Under Water

Economy.com: One in 10 Home Loans Under Water: "NEW YORK -- One-tenth of U.S. homeowners hold mortgages that are larger than the worth of their homes, Moody's Economy.com said Friday."

FDIC to Add Staff as Bank Failures Loom - WSJ.com

FDIC to Add Staff as Bank Failures Loom - WSJ.com: "WASHINGTON -- The Federal Deposit Insurance Corp. is taking steps to brace for an increase in failed financial institutions as the nation's housing and credit markets continue to worsen."

U.S. existing home sales lowest in 9 years - Pacific Business News (Honolulu):

U.S. existing home sales lowest in 9 years - Pacific Business News (Honolulu):: "Existing home sales plummeted to the lowest level in nine years nationwide, as the housing market battles a critical credit crunch and a flood of homes listed for sale, the National Association of Realtors said Monday."

David Ignatius - Wall Street Bank Run - washingtonpost.com

David Ignatius - Wall Street Bank Run - washingtonpost.com: "It doesn't look like an old-fashioned bank run because it involves the biggest financial institutions trading paper assets so complicated that even top executives don't fully understand the transactions. But that's what it is -- a spreading fear among financial institutions that their brethren can't be trusted to honor their obligations.

Frightened financiers are pulling back from credit markets -- going on strike, if you will -- to escape the unraveling daisy chain of securitized assets and promissory notes that binds the global financial system. As each financier tries to protect against the next one's mistakes, the whole system begins to sag. That's what we're seeing now, as credit market troubles spread from bundles of subprime residential mortgages to bundles of other kinds of debt -- from student loans to retailers' receivables to municipal bonds."

Northern Rock deal could cost us each �3,500 - Telegraph

Northern Rock deal could cost us each 3,500 pounds - Telegraph: "The cost of the Northern Rock crisis has reached the equivalent of 3,500 pounds for every taxpayer as experts warned that the nationalisation rescue of the bank was bound to fail."

U.S. Credit Markets Collapsing!

U.S. Credit Markets Collapsing!: "The U.S. credit markets, the giant growth engine that powers the American economy, are collapsing ... with few credit sectors spared from damage, few investors escaping losses, and little hope of federal action that's quick or strong enough to make a major difference."

As gold prices climb, prospectors head for Alaska | Jerusalem Post

As gold prices climb, prospectors head for Alaska | Jerusalem Post: "But with gold prices reaching an all-time high of $900 an ounce and the US economy slumping, Alaska expects to see more and more people trekking to the edge of the continent in search of gold."

Iran's envoy: Iran and Russia can rid world of dollar's slavery - Irna

Iran's envoy: Iran and Russia can rid world of dollar's slavery - Irna: "Iran's Ambassador to Moscow said here Friday Iran and Russia, as major energy suppliers, can rid the world of US dollar's slavery by promoting oil and gas deals using different currencies."

Bloomberg.com: Japan

Bloomberg.com: Japan: "Feb. 15 (Bloomberg) -- Dollar sales by Japanese individual investors on the Tokyo Financial Exchange Inc. rose to a record high on speculation the U.S. economy will suffer a recession."

1st phase of Iran oil stock inaugurated on Kish island - Irna

1st phase of Iran oil stock inaugurated on Kish island - Irna: "The first phase of Iran's oil stock market started its work on Kish island in the Persian Gulf, southern Iran, on Sunday presenting oil and petrochemical products."

Press TV - OPEC considers dumping US dollar

Press TV - OPEC considers dumping US dollar: "Organization of Petroleum Exporting Countries plans to discuss a proposal by Iran and Venezuela to price oil in non-dollar currencies."

Press TV - Iran Oil Bourse may use Russian ruble

Press TV - Iran Oil Bourse may use Russian ruble: "The Russian national currency, ruble, is an option for dealings at the Iran Oil Bourse, set to be launched soon, an Iranian official says.

'We are seeking to launch an oil exchange in Iran selling the crude in currencies other than US dollar. It is possible that in the future, we'll be able to use the ruble, Russia's national currency, in our operations,' the Iranian Ambassador to Moscow Gholam-Reza Ansari noted."

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "Feb. 16 (Bloomberg) -- The dollar had its biggest weekly loss this year against the euro after Federal Reserve Chairman Ben S. Bernanke signaled he may cut interest rates further amid mounting concern that the economy is headed for a recession."

China still goes for the gold as haven _English_Xinhua

China still goes for the gold as haven _English_Xinhua: "BEIJING, Feb. 15 -- China surpassed the United States as the world's second-biggest retail gold market after India in 2007 by volume despite rocketing prices of the metal.

Total consumer demand in China's mainland, Hong Kong and Taiwan reached 363.3 tons, up 23.5 percent from a year earlier, the World Gold Council said in a research report.

India had a gold demand of 773.6 tons last year, while the figure in the US sat at 278.1 tons."

Greenspan sees strong chance of U.S. recession - Feb. 15, 2008

Greenspan sees strong chance of U.S. recession - Feb. 15, 2008: "HOUSTON (CNNMoney.com) -- Former Federal Reserve Chairman Alan Greenspan said Thursday there's at least a 50% chance the United States will slip into recession, and that the storm clouds over the economy won't clear until home prices bottom out."

US subprime crisis costs global 7.7 trillion dollars: bank

US subprime crisis costs global 7.7 trillion dollars: bank: "The meltdown in the US subprime real-estate market has led to a global loss of 7.7 trillion dollars in stock-market value since October, a report by Bank of America showed Thursday.

The crisis, which has spread beyond US shores to banks and other sectors worldwide, is 'one of the most vicious in financial history,' according to Bank of America chief market strategist Joseph Quinlan."

U.S. economy's descent steepens - International Herald Tribune

U.S. economy's descent steepens - International Herald Tribune: "LONDON: Job losses and a contraction in the business sector where more than 80 percent of Americans work show that the angle of descent for the U.S. economy is steepening."

Charge: Freddie and Fannie taking on too much debt - Feb. 7, 2008

Charge: Freddie and Fannie taking on too much debt - Feb. 7, 2008: "NEW YORK (CNNMoney.com) -- The increased share of housing debt taken on by Freddie Mac and Fannie Mae during the housing slump has put the two government sponsored enterprises at risk, it was charged Thursday."

CapeCodTimes.com - Retailers report worst January in nearly 40 yearsbsb

CapeCodTimes.com - Retailers report worst January in nearly 40 yearsbsb: "NEW YORK — Here's a sign of how shaky the economy has become: Wal-Mart says its shoppers are redeeming their holiday gift cards for basic items — pasta sauce, diapers, laundry detergent — instead of iPods or DVDs."

Euros Accepted signs pop up in New York City | U.S. | Reuters

Euros Accepted signs pop up in New York City | U.S. | Reuters

Wal-Mart leads parade of huge sales misses - Feb. 7, 2008

Wal-Mart leads parade of huge sales misses - Feb. 7, 2008: "NEW YORK (CNNMoney.com) -- U.S. retailers are on track to report their slowest monthly sales growth in five years, which would further cement fears that American consumers are buckling under the weight of a slowing economy.

Leading the way is No. 1 retailer Wal-Mart Stores Inc., (WMT, Fortune 500) which reported a big miss in its January same-store sales, or sales at stores open at least a year. Same-store sales is a key measure of performance in the retail industry."

Lenders freeze equity lines in response to tumbling property values - The Californian / North County Times - Riverside County -

Lenders freeze equity lines in response to tumbling property values - The Californian / North County Times - Riverside County -: "Several banks issued statements this week saying they were temporarily suspending withdrawals from open home equity lines out of concern that borrowers could owe more than the house is worth."

Greenback Has Lost 30% in Past 7 Years, Becomes "Bernanke Peso"

Greenback Has Lost 30% in Past 7 Years, Becomes "Bernanke Peso": "The dollar has lost 30% of its purchasing power during the last 7 years. Against gold, oil and other key commodities - and other major currencies - it is down much more. In many sunny places with shady finances, this must seem all-too familiar. The ‘banana republics’ did business this way themselves - running up huge debts to overseas lenders… selling off their capital assets to foreign savers… printing money by the boatload… and generally making themselves look ridiculous. Now, the kvetchers are labeling the United States as “the world’s largest banana republic.”"

Asia Times Online :: Asian news and current affairs

Asia Times Online :: Asian news and current affairs: "The recent meltdown in global stock markets is the first truly global financial crisis since the word 'globalization' became widely used. While Latin America and Asia suffered in the 1990s, this crisis marks a wider, possibly deeper set of problems underlining how vulnerable the integrated world economy has become to failures in one part of the globe. What began as worry over tremors in the US mortgage market has become a full-blown confidence crisis."

Press TV - Iran Oil Bourse to deal blow to dollar

Press TV - Iran Oil Bourse to deal blow to dollar: "The long-awaited Iranian Oil Bourse, a place for trading oil, petrochemicals and gas in various non-dollar currencies, will soon open."

Press TV - Turkey rejects US bank request on Iran

Press TV - Turkey rejects US bank request on Iran: "A Turkish official has refused a US request to scrutinize and then suspend the activities of the Turkey-based Iran's Bank Mellat."

Jim Rogers: 'It's going to be much worse' - Jan. 31, 2008

Jim Rogers: 'It's going to be much worse' - Jan. 31, 2008: "NEW YORK (Fortune) -- You might expect Jim Rogers to be gloating a little bit. After all, the famed investor has been predicting a recession in the U.S. economy for months and shorting the shares of now-tanking Wall Street investment banks for even longer. And with fears of a recession sparking both a worldwide market sell-off and emergency action from Federal Reserve chairman Ben Bernanke, Rogers again looks prescient - just as he has over the past few years as the China-driven commodities boom he predicted almost a decade ago began kicked into high gear. But when I reached him by phone in Singapore the other day there was little hint of celebration in his voice. Instead, he took a serious tone.

'I'm extremely worried,' he says. 'I have been for a while, but I just see things getting much worse this time around than I expected.'"

Feed Article | Business |

Feed Article | Business |: "MOSCOW, Jan 30 (Reuters) - Russia's metals billionaires are moving into gold, attracted by record prices and the prospect of carving a share of production that is forecast to rise 40 percent by 2015.
Six of the 10 richest Russians ranked by Forbes magazine own gold assets in a country with reserves second only to South Africa's."

The Raw Story | US home foreclosures surge

The Raw Story | US home foreclosures surge: "Home repossessions spiked across the United States during 2007 leaving over one percent of all households in some stage of foreclosure, an industry report showed Tuesday.

RealtyTrac, a California-based company which tracks foreclosure activity, said 2.2 million foreclosure filings were lodged during 2007, marking a 75 percent increase compared with the prior year.

The percentage of households in foreclosure almost doubled from 0.58 percent in 2006, signalling the slump in the US housing market has yet to abate."

Silver may outshine gold, experts say

Silver may outshine gold, experts say: "While gold has made all the headlines this year after passing through landmark highs, silver has very quietly kept pace. And many experts believe the metal could outperform gold in the months ahead."

PeoplePC - News

PeoplePC - News: "CARACAS, Venezuela - Venezuelan President Hugo Chavez urged his Latin American allies on Saturday to begin withdrawing billions of dollars in international reserves from U.S. banks, warning of a looming U.S. economic crisis."

INO Equities Stocks Indexes - U.S $ INDEX (NYBOT:DX) Price Chart and Quote

INO Equities Stocks Indexes - U.S $ INDEX (NYBOT:DX) Price Chart and Quote: "U.S $ INDEX"

Soros Sees 'End Of An Era' - Forbes.com

Soros Sees 'End Of An Era' - Forbes.com: "Davos, Switzerland -
Billionaire financier George Soros believes that the current market turmoil and economic uncertainty do not represent 'a normal crisis similar to the other crises' and that the problems of credit, equities and the dollar are 'an end to an era.'

He told a group of writers at the World Economic Forum in Davos, Switzerland, that it appeared that the world's central banks had 'lost control' and that a recession would be 'very difficult' to avoid."

Existing single-family home sales drop - Yahoo! News

Existing single-family home sales drop - Yahoo! News: "WASHINGTON - Sales of existing single-family homes plunged in 2007 by the largest amount in 25 years, closing out an awful year that saw median prices fall for the first time in at least four decades."

Capital One 4Q Profit Falls 42 Percent: Financial News - Yahoo! Finance

Capital One 4Q Profit Falls 42 Percent: Financial News - Yahoo! Finance: "CHARLOTTE, N.C. (AP) -- Capital One Financial Corp.'s fourth-quarter profit fell 42 percent, hurt by rising losses on credit card loans and charges from closing its GreenPoint Mortgage business, the credit card company said Wednesday."

Bloomberg.com: Currencies

Bloomberg.com: Currencies: "``The current crisis is not only the bust that follows the housing boom, it's basically the end of a 60-year period of continuing credit expansion based on the dollar as the reserve currency,''"

BBC NEWS | Business | Rogue trader to cost SocGen $7bn

BBC NEWS | Business | Rogue trader to cost SocGen $7bn: "French bank Societe Generale says it has uncovered 'massive' fraud by a Paris-based trader which resulted in a loss of 4.9bn euros ($7.1bn; �3.7bn).

The bank said the fraud was based on simple transactions, but concealed by 'sophisticated and varied techniques'.

It also announced new write-downs of 2.05bn euros related to the sub-prime mortgage crisis in the US.

The bank's shares, which were suspended in the morning, lost 3.6% when they resumed trading."

DeBeers Settlement

DeBeers Settlement: "This website provides information about a proposed settlement of class action lawsuits concerning the price of diamonds and diamond jewelry. The proposed settlement is currently pending in the U.S. District Court for the District of New Jersey. The defendants are certain companies within the De Beers Group."

Jan 17, 2008 Casino Royale Brian Bloom 321gold . . . s

Jan 17, 2008 Casino Royale Brian Bloom 321gold . . . s: "Let there be no misunderstanding. The 'investment' markets across the globe have become like casinos and, in trying to make a buck in any of these markets, you are betting against the house. If you want commodity prices in general to rise, and the gold price in particular to rise, you can be sure that the house wants these prices to fall. If you want the price of industrial equities to fall, you can be sure that the house wants them to rise. Who will pocket the most winnings in this monstrous game of roulette?"

California home prices drop nearly 15 percent - Real estate- msnbc.com

California home prices drop nearly 15 percent - Real estate- msnbc.com: "LOS ANGELES - The median price of a home in California tumbled nearly 15 percent amid a steep drop in sales in December, a real estate research firm said Thursday.

The median home price hit $402,000 last month, down 14.8 percent from $472,000 in the year-ago period, according to DataQuick Information Systems.

The state’s median home price peaked last spring at $484,000."

Panic selling shuts 2bn fund | Money | The Guardian

Panic selling shuts 2bn fund | Money | The Guardian: "One of Britain's biggest property funds was forced to shut its doors to withdrawals yesterday after the slump in commercial prices triggered panic selling by small investors."

FINANCE - Fed Is Ready to Cut Interest Rates Again - Top News - Comcast.net

FINANCE - Fed Is Ready to Cut Interest Rates Again - Top News - Comcast.net: "WASHINGTON - Federal Reserve Chairman Ben Bernanke pledged Thursday to slash interest rates yet again to prevent housing and credit problems from plunging the country into a recession."

Goldman Sachs sees recession in 2008 - Yahoo! News

Goldman Sachs sees recession in 2008 - Yahoo! News: "NEW YORK (Reuters) - Goldman Sachs on Wednesday said it expects the U.S. economy to drop into recession this year, prompting the Federal Reserve to slash benchmark lending rates to 2.5 percent by the third quarter."

Super Soaker Inventor Cuts Solar Power Costs - Johnson Thermoelectric Energy Conversion System - Heat Engine - Popular Mechanics

Super Soaker Inventor Cuts Solar Power Costs - Johnson Thermoelectric Energy Conversion System - Heat Engine - Popular Mechanics: "Solar energy technology is enjoying its day in the sun with the advent of innovations from flexible photovoltaic (PV) materials to thermal power plants that concentrate the sun’s heat to drive turbines. But even the best system converts only about 30 percent of received solar energy into electricity—making solar more expensive than burning coal or oil. That will change if Lonnie Johnson’s invention works. The Atlanta-based independent inventor of the Super Soaker squirt gun (a true technological milestone) says he can achieve a conversion efficiency rate that tops 60 percent with a new solid-state heat engine. It represents a breakthrough new way to turn heat into power."