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Trade-Exchange Rates

  • Top Economist Warns Of "Serious Breakdown" In World Financial System
    23 January 2008 par (Open-Publishing)
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    Top Economist Warns Of "Serious Breakdown" In World Financial System
    Father of Reaganomics warns that massive interest rate cut could undermine dollar’s status as world reserve currency
    Paul Joseph Watson
    Prison Planet, Tuesday, January 22, 2008 Father of Reaganomics and former editor of the Wall Street Journal Paul Craig Roberts today warned that the Fed’s shock 75 basis points interest rate cut would only succeed in putting average families through the ringer and could even portend (…)

  • so it begins
    21 January 2008 par (Open-Publishing)

    So It Begins By David Glenn Cox
    The run on the bank that George Bailey faced on his wedding day in, “It’s a wonderful Life” made him ask, “How did this start?”
    “I don’t know? How do these things ever start George.” But for us in 2008 the answer is simple yet complicated. It starts by outsourcing jobs and moving manufacturing over seas, naively believing your global competitors will be satisfied with just a piece of your business. That the student could never better the master that (…)

  • what would it look like if civilization had a nervous breakdown?
    19 January 2008 par (Open-Publishing)

    Nervous breakdown
    Non-clinical definition: general term for various emotional disorders causing severe life disturbance.
    Symptoms: inability to cope.
    Causes: Extreme stress, emotional trauma, grieving, severe anxiety.
    I recently read a fascinating article that referred to a discipline known as ponerology. [1] It captivated me because I had never before considered the hypothesis it raised: that our systems of government and commercial enterprise across the globe have been irreparably (…)

  • bony sends lawyer to $23bln trial
    15 January 2008 par (Open-Publishing)

    BoNY Sends Lawyer to $23Bln Trial By Anatoly Medetsky Staff Writer
    A legal representative for Bank of New York Mellon will appear for the first time in court to defend the bank against allegations as a $22.5 billion money-laundering case resumes Monday.
    The Federal Customs Service filed the lawsuit with the Moscow Arbitration Court in May — against the backdrop of chilling relations with the United States — but has taken a long time to present the bank with proper notification.
    The (…)

  • Biggest Swiss Bank UBS May Be Split Up, Face More Writedowns
    14 January 2008 par (Open-Publishing)

    Biggest Swiss Bank UBS May Be Split Up, Face More Writedowns
    By Carey Sargent
    Jan. 13 (Bloomberg) — UBS AG, Europe’s biggest bank by assets, may split its investment banking and money management operations into two separately traded companies, SonntagsZeitung reported, without saying where it got the information.
    The bank, based in Zurich, may also take another $5 billion to $8 billion in writedowns following the collapse of the U.S. subprime mortgage market, the newspaper said. UBS on (…)

  • Cleveland sues 21 banks over subprime mess
    12 January 2008 par (Open-Publishing)

    Cleveland sues 21 banks over subprime mess
    Posted by Henry J. Gomez and Thomas Ott January 11, 2008 05:01AM
    Cleveland Mayor Frank Jackson took aim at Wall Street on Thursday with a lawsuit against 21 major investment banks that he said have enabled the subprime lending and foreclosure crisis here.
    The one-of-a-kind suit, filed in Cuyahoga County Common Pleas Court, accuses venerable institutions such as Deutsche Bank, Goldman Sachs, Merrill Lynch and Wells Fargo of creating a public (…)

  • Wall Street Imploding over Credit Concerns
    12 January 2008 par (Open-Publishing)

    Wall Street was in retreat mode from the opening to closing bells on Friday as investors sold stocks amid an ongoing credit and banking crisis.
    Today’s headliners were American Express (AXP) and Merrill Lynch (MER), both of which were seen suffering the consequences of an eroding US economy.
    American Express was down more than 10% as the company warned that it would miss first quarter analyst estimates due to having to bolster reserves for delinquent credit card users. Stocks of other (…)

  • Giant Write-Down Is Seen for Merrill
    11 January 2008 par (Open-Publishing)

    Giant Write-Down Is Seen for Merrill
    January 11, 2008 By JULIA WERDIGIER and JENNY ANDERSON
    Merrill Lynch is expected to suffer $15 billion in losses stemming from soured mortgage investments, almost double its original estimate, prompting the firm to raise additional capital from an outside investor.
    Merrill, the nation’s largest brokerage firm, is expected to disclose the huge write-down when it reports earnings next week, according to people who have been briefed on its plans. The (…)

  • Big four may lose $1bn loan to US firm
    11 January 2008 par (Open-Publishing)

    Big four may lose $1bn loan to US firm
    Scott Murdoch | January 11, 2008 THE four major banks stand to lose most of the nearly $1 billion they invested in a troubled US mortgage group after agreeing to lend the money without any form of protection.
    The Commonwealth Bank and National Australia Bank pumped $300 million each into Countrywide Financial and were joined by ANZ with $150 million and Westpac with $120 million.
    Banking sources confirmed to The Australian yesterday that the (…)

  • Japanese Stocks Tumble on Goldman U.S., Domestic Recession Call
    10 January 2008 par (Open-Publishing)

    Japanese Stocks Tumble on Goldman U.S., Domestic Recession Call
    By Patrick Rial and Satoshi Kawano
    Jan. 10 (Bloomberg) — Japanese stocks fell after Goldman Sachs Group Inc. said the domestic economy and that of the U.S., the world’s two largest, may be headed for recession, sparking concern company earnings will falter.
    Mitsubishi UFJ Financial Group Inc. led banks lower after the Wall Street Journal said Citigroup Inc. and Merrill Lynch & Co. are seeking additional capital (…)