As the Sino-American showdown in the South China and Yellow Seas escalates into the gravest superpower clash since the Cold War, the United States cannot wisely rely on China to help fund its budget deficit for any longer.
Archive for the ‘Root of All Evil’ Category
America no longer needs Chinese money, for now
Monday, August 23rd, 2010‘Hindenburg Omen’ Flashes
Saturday, August 14th, 2010The Omen, named after the famous German airship in 1937 that crashed in Lakehurst, N.J., is a technical indicator that foreshadows not just a bear market but a stock-market crash. Its creator, a blind mathematician named Jim Miekka, said his indicator is now predicting a market meltdown in September.
Bank Profits Depend on Debt-Writedown ‘Abomination’ in Forecast
Wednesday, July 14th, 2010Bank of America Corp. and Wall Street firms that notched perfect trading records in the first quarter are now depending on an accounting benefit last used in the depths of the credit crisis to prop up their results.
Historian warns of sudden collapse of American ‘empire’
Tuesday, July 13th, 2010Harvard professor and prolific author Niall Ferguson opened the 2010 Aspen Ideas Festival Monday with a stark warning about the increasing prospect of the American “empire” suddenly collapsing due to the country’s rising debt level.
China agency ‘downgrades’ US Treasuries
Tuesday, July 13th, 2010CHINA is trying to turn the world of credit ratings on its head, by unveiling rival sovereign debt ratings that question the creditworthiness of major developed economies.
Merkel’s Rules for Bankruptcy
Tuesday, July 13th, 2010
French President Nicolas Sarkozy and German Chancellor Angela Merkel at the summit in Brussels in May where euro-zone leaders came up with a rescue package for struggling members. Now Merkel wants to come with a set of rules for euro-zone countreis that face national insolvency
Creating Order in the Euro Zone
With the US trapped in depression, this really is starting to feel like 1932
Monday, July 5th, 2010
People queue for a job fair in New York. The share of the US working-age population with jobs in June fell from 58.7pc to 58.5pc. The ratio was 63pc three years ago. Photo: EPA
The US workforce shrank by 652,000 in June, one of the sharpest contractions ever. The rate of hourly earnings fell 0.1pc. Wages are flirting with deflation.
Strikes hit Greece and Spain as ECB deadline looms
Tuesday, June 29th, 2010
Strikes in Greece and Spain highlighted resistance to Europe-wide austerity measures on Tuesday as the euro and shares tumbled ahead of a deadline for banks to repay a giant European Central Bank cash injection.
More Than 90 Banks Miss TARP Payments
Sunday, June 20th, 2010More than 90 U.S. banks and thrifts missed making a May 17 payment to the U.S. government under its main bank bailout program, signaling a rising number of lenders are struggling to meet their obligations.
Spain plays high-stakes poker game with Germany as borrowing costs surge
Friday, June 18th, 2010
Jobseekers line up at an employment office in Madrid, Spain.
Spain has upped the ante in a high-stakes poker game with Germany, pushing for the release of EU stress test results for major banks in a move that risks precipitiating a dramatic escalation of Europe’s financial crisis.