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'We are not a Deadbeat Nation': Obama warns Republicans

dailymail.co.uk | President Obama warned Republicans on Monday against failing to raise the debt ceiling, saying the move would withhold money from American troops and Social Security recipients.

'They will not collect ransom in exchange for not crashing the American economy,' Obama said of House Republicans, many of whom have vowed to delay raising the debt ceiling until Obama commits to steep spending cuts.

'America cannot afford another debate with this Congress about whether or not they should pay the bills they have already racked up,' Obama continued.

  • Written by: John Galt
  • Category: Economics
  • Hits: 8108

Bundesbank to Repatriate 374 Tons of Gold From Bank of France and New York Fed!!

Silverdoctors.com | While Bernanke spent his afternoon today outlining why the gold standard can never work (never mind the fact that it worked perfectly for 2 centuries in America), the Bundesbank has just shattered the remaining confidence in the fractional bullion banking system, announcing that it will repatriate a portion of its gold reserves from the NY Federal Reserve, and ALL 374 tons of its gold held at the Bank of France!

  • Written by: John Galt
  • Category: Economics
  • Hits: 8350

Goldman Sachs And The Big Hedge Funds Are Pushing Leverage To Ridiculous Extremes

theintelhub.com | As stocks have risen in recent years, the big hedge funds and the “too big to fail” banks have used borrowed money to make absolutely enormous profits. But when you use debt to potentially multiply your profits, you also create the possibility that your losses will be multiplied if the markets turn against you.

When the next stock market crash happens, and the gigantic pyramid of risk, debt and leverage on Wall Street comes tumbling down, will highly leveraged banks such as Goldman Sachs ask the federal government to bail them out?

The use of leverage is one of the greatest threats to our financial system, and yet most Americans do not even really understand what it is.

  • Written by: John Galt
  • Category: Economics
  • Hits: 7700

News UK News: Statistics Cast Doubt on Coalition's '500,000 New Jobs' Claim

Guardian.co.uk | Government claims to have created an additional 500,000 jobs in the past year have been called into question after it was revealed that one in five of the people involved are on government work schemes, including tens of thousands still claiming unemployment benefits.

In the last few months the government has trumpeted "record high" employment and the net creation of half a million jobs over the past year.

  • Written by: John Galt
  • Category: Economics
  • Hits: 7791

REPORT: Goldman & Morgan Stanley Agree To Settle On Foreclosure Fraud

bloomberg.com | Goldman Sachs Group Inc., Morgan Stanley and two other banks may agree as soon as this week to settle claims over botched foreclosures in an accord similar to one reached with 10 other loan servicers, two people briefed on the discussions said.

The agreement, also involving HSBC Holdings Inc. and Ally Financial Inc., would end case-by-case reviews of foreclosures under earlier accords with the biggest mortgage servicers, said the people, who declined to be identified because the talks are private. The Federal Reserve-led discussions specified at least $1.5 billion in cash and assistance for borrowers, one of the people said.


  • Written by: John Galt
  • Category: Economics
  • Hits: 8203