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."