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Trade-Exchange Rates

  • Wall Street fears for next Great Depression
    16 March 2008 par (Open-Publishing)

    Wall Street fears for next Great Depression
    By Margareta Pagano, Business Editor Sunday, 16 March 2008
    Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (£150bn) was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.
    One UK economist warned that the world is now close to a 1930s-like Great Depression, while New York traders said (…)

  • House seeks debt limit increase to $10.2 trillion
    16 March 2008 par (Open-Publishing)
    1 comment

    House seeks debt limit increase to $10.2 trillion
    Fri Mar 14, 2008 6:45pm EDT
    WASHINGTON (Reuters) - The government’s debt limit would be raised to $10.2 trillion under a budget plan for next year approved by the U.S. House of Representatives.
    The House’s fiscal 2009 budget, which passed on Thursday, would increase U.S. borrowing authority by $385 billion from the current limit of $9.815 trillion, according to the House Budget Committee.
    The Senate on Friday passed its own version of (…)

  • Venezuela requires Euros for some oil contracts
    15 March 2008 par (Open-Publishing)
    1 comment

    Venezuela requires Euros for some oil contracts
    Fri Mar 14, 2008 1:30pm EDT
    CARACAS, March 14 (Reuters) - Venezuela is requiring payments in euros on some contracts for crude, oil product and spot sales, Energy Minister Rafael Ramirez told Reuters on Friday.
    The move to have some of its contracts in euros is a sign OPEC-member Venezuela could be easing away from the plummeting dollar — the standard currency for the oil industry.
    The South American producer had no set target for the (…)

  • Irish banks may need life-support as property prices crash
    15 March 2008 par (Open-Publishing)

    Irish banks may need life-support as property prices crash
    Last Updated: 1:02am GMT 13/03/2008
    The Dublin government appears to be almost powerless to prevent a severe downturn. Ambrose Evans-Pritchard reports
    The Irish banking system faces acute strains and may require a phase of temporary nationalisation as the property slump leads to a wave of defaults, according to a leading Irish economist.
    Morgan Kelly, of University College Dublin, said the government is almost powerless to (…)

  • Oh, That Trillion Dollar Financial Bubble, It’s Leaking!
    6 March 2008 par (Open-Publishing)
    2 comments

    “Credit is the air that financial markets breathe, and when the air is poisoned, there’s no place to hide.” - Charles R. Morris

  • Pétition : Oppose ExxonMobil action against Venezuela
    29 February 2008 par (Open-Publishing)

    Venuela Information center Sign on line : http://vicuk.org
    Pétition: Join with leading figures opposed to ExxonMobil action against Venezuela
    In a letter published in the Guardian (28 Feb), over 50 prominent figures representing a wide section of British society have signed a statement, organised by the Venezuela Information Centre, raising concern over legal action taken by oil giant ExxonMobil to prevent the Venezuelan government from exercising its right to control its natural (…)

  • The Implications of the opening of Iran’s Oil Bourse : End of American Empire
    19 February 2008 par (Open-Publishing)
    2 comments

    On Sunday 17 February 2008 the first phase of Iran’s oil and petrochemical bourse in Kish Island was inaugurated, paving the way for “all major currencies of the world” to be used in future oil transactions. To understand the significance of this event, let’s take a look back at our history, starting with World War I. The following short video (2:08) recaps the events that resulted in Britain landing troops in Iran in 1914, and consequently occupying Iraq. A more detailed and glorified (…)

  • The Jewel in the Crown
    19 February 2008 par (Open-Publishing)

    The Jewel in the Crown By David Glenn Cox
    According to the Wall Street pundits, a stock market correction is anytime that the market goes down 10%. Since October we’ve had two corrections and have started on a third. The Wall Street Journal reports that 8 billion dollars have fled from US stock investment portfolios. In finance all good things are bad things and all bad things are good things. The escaping capital has reduced the volatility of the market, like when the big winner leaves (…)

  • America’s Top Accountant Resigns : US Comptroller General warms of US bankruptcy
    16 February 2008 par (Open-Publishing)
    1 comment

    David M. Walker, The Comptroller General of the United States and “head of the Government Accountability Office, announced Friday that he will resign in March to lead a new foundation focused on long-term public policy challenges… Walker, 56, has repeatedly warned that the government faces a long-term fiscal crisis as the baby-boom generation retires, driving up spending on Medicare, Medicaid and Social Security.”…
    “As GAO chief, Walker has warned that the government is ignoring threats (…)

  • US subprime crisis costs global 7.7 trillion dollars: bank
    15 February 2008 par (Open-Publishing)

    US subprime crisis costs global 7.7 trillion dollars: bank
    Feb 14 04:20 PM US/Eastern
    The meltdown in the US subprime real-estate market has led to a global loss of 7.7 trillion dollars in stock-market value since October, a report by Bank of America showed Thursday.
    The crisis, which has spread beyond US shores to banks and other sectors worldwide, is "one of the most vicious in financial history," according to Bank of America chief market strategist Joseph Quinlan.
    Quinlan said (…)