Dollar Crisis

Rippling Global Economic Crisis

USSIANS ARE CUTTING BACK on personal spending and trading rubles for dollars as the collapse of world oil prices cripples an economy that just months ago soared on the strength of record prices for its petroleum exports. Even vodka sales are down. Economists are especially worried by the mounting flight of capital and increased dollarization of the economy—something that last happened a decade ago when the government defaulted on its foreign debts. "Some of my friends have converted all their savings into dollars, leaving just 500 rubles to pay the phone bill in their account," said an administrative assistant at...

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Making Every Nickel Count

HE ECONOMIC CRISIS HAS STAGGERED Wall Street and here is a man who says that the worst is still to come. He's been right too many times to dismiss. Try 2012 on for size. He also says President-elect Barack Obama doesn't have a prayer in fixing this mess. Gerald Celente of the Trends Research Institute is a highly respected prognosticator. Here's another Celente forecast from the December 2007 newsletter called Top Trends 2008: America’s going broke and the whole world knows it. Betting that its economy will spiral down and that the dollar will fall with it, foreign creditors are...


The China Syndrome

David Ignatius in the Washington Post analyzes the similarities of the Chinese bailout of its own staggering markets in 1998 to the current US government's intervention with our own faltering system. While some experts may see this Federal intervention as a last ditch desperation akin to rearranging the deck chairs on the Titanic as the stock market continues to swing wildly, the majority of pundits caution us to remain calm. As I posted a couple of days ago here, I saw this shift in American capitalism coming of necessity as the inevitable pressures of globalism frayed the interlocking financial systems...


Homegrown Economic Terrorism

ND HERE"S A WONDERFUL comment I found on the blogosphere—hell or high water, I hope Georgie Bush and his penchant for ease-dropping ultimately has this all on tape. John McCain needs to stop being coy, suit up, get militant, and proceed in all earnestness in striking at the head of this dragon. Sarah Palin needs to be carrying an AK47 and names need to be named. It is time for resignations and indictments. Pursuit, punishment, retribution and reform in a post-2008 America—NOW! Of course, the Obama campaign will scream racism. But that's okay. That's what THEY DO. Charming, isn't it?...


The Fraud, The Fix, The Fool

Andy Kessler of the WSJ has piped in with some good news in the works which should help ease the tensions of us little folks seared with doubts and fears over this Wall Street monstrosity. But then, why in the world should we believe the holy writ of the very folks who is supposed to scrutinize the swindlers who nuanced this mess? N 1992, HEDGE FUND MANAGER George Soros made $1 billion betting against the British pound. In 2007, John Paulson's Credit Opportunities fund correctly bet against subprime mortgages, clearing $15 billion for the year and $3.7 billion for him....