Archive for the ‘Recession’ Category
“Federal Reserve chairman Ben Bernanke appeared incredibly nervous during an interview aired last night on PBS’ NewsHour, particularly during a question on the ongoing effort to pass legislation that would see the Fed’s books being opened up to a general audit. In a display that will greatly encourage those who continue for push for greater transparency of the privately run Fed’s actions, Bernanke stammered and stuttered his way through the interview, his voice shaking as he attempted to rail against calls to audit the Fed, reciting now familiar and standard lines of propaganda.
‘There’s an effort in Congress, and in the House in particular, to audit what the Federal Reserve does, particularly in monetary policy. How do you feel about that?’ asked PBS’ Jim Lehrer. ‘So that bill, people don’t fully understand what that bill is about. It sounds like, audit the Fed, it sounds like ‘Let’s look at the books.’ That’s what it sounds like.’ Bernanke spluttered…”
source: infowars.com
“The dollar fell to the lowest level this year against the currencies of six major U.S. trading partners as speculation the global economy is emerging from the recession reduced demand for a refuge.
The Australian dollar advanced to the highest level since September against the U.S. currency after the Reserve Bank said the economy may rebound faster than forecast six months ago. The euro climbed to a seven-week high against the dollar after Deutsche Bank AG said second-quarter profit rose 68 percent, beating analysts’ estimates…
The Dollar Index, which the ICE uses to track the dollar against currencies including the yen, pound and Swedish krona, fell as much as 0.4 percent to 78.315, the lowest level since Dec. 18, and was at 78.509 at 7:30 a.m. in New York, compared with 78.626 yesterday. The euro advanced 0.2 percent to $1.4256 per euro, from $1.4232. The 16-nation currency traded in a range of $1.3833 to today’s high of $1.4304 in July…”
source: bloomberg.com
“The feds are spending tens of millions of stimulus dollars to repair and build toilets across the nation, in an outflow of taxpayer funds that critics have branded ‘potty pork.’
From humble sylvan outhouses to ‘historic’ restrooms, cash from the $787 billion stimulus is going to spruce up or completely replace aging toilets, government releases show.
In New Mexico alone, the feds are spending $2.8 million for toilets in national forests. “
source: nypost.com
“…Paul Krugman is a devotee of John Maynard Keynes. He’s such a hard core disciple that he was Keyensian when Keynesianism wasn’t cool: the period between the 1970s stagflation, which seemed to disprove Keynesian doctrine, and now, when it is groundlessly renascent due to our society’s stunted memory span. He himself proudly admits his devotion to Keynes. He has written such headlines as ‘The Greatness of Keynes” and “Why Aren’t We All Keynesians Yet?’ But what does it mean to be keen on Keynes? What diagnosis does Krugman’s Keynesian economics have for the economic crisis, and what remedies does he prescribe…
…Paul Krugman wants to be our savior. Like a savior, he would perform a miracle for us: that of turning consumption into wealth. But who would accept a messiah with such a John the Baptist as John Maynard Keynes, who proclaimed that credit expansion could perform the ‘miracle … of turning a stone into bread’? In any case, Krugman is a curious kind of savior: one more interested in exercising his brilliance than in actually helping people…”
via mises.org
“The UK’s technology industry can pull the country out of its debt hole and make up for the decline in manufacturing.
So reckons Micro Focus, which is launching a manifesto called Making BrITain Great Again. The group is promoting five policy moves backed by its panel of three parliamentarians – Tory Lord Young of Graffam, Labour’s Lord Harris of Haringey and for the LibDems Lord Razzall of Mortlake.
The group notes the long-term decline of UK manufacturing and the recent collapse of financial services shows the need for the UK to have some basis for sustainable growth in the future. The group calls for all political parties to embrace the same five point strategy as follows.”
via theregister.co.uk