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."