Currency

China tells US to avoid debt crisis for sake of global economy

China tells US to avoid debt crisis for sake of global economy

A senior Chinese official has warned that the “clock is ticking” to avoid a US default that could hurt China’s interests and the global economy. China, the US’s largest creditor, is “naturally concerned about developments in the US fiscal cliff”, vice finance minister Zhu Guangyao said. Washington must agree a deal to raise its borrowing limit by 17 October, or… Read more →

China, Europe orders signal economic healing but U.S. disappoints

China, Europe orders signal economic healing but U.S. disappoints

(Reuters) – A flood of new orders gave a boost to European and Chinese firms in September although weakness in U.S. factory activity tempered evidence of a healing global economy. Purchasing managers’ indexes, surveying thousands of companies across the globe, showed a welcome pick-up in the euro zone and China although slower growth in the United States’ manufacturing sector backed the Federal Reserve’s… Read more →

JPMorgan to stop making student loans – company memo

(Reuters) – JPMorgan Chase & Co (JPM.N) will stop making student loans in October, according to a document reviewed by Reuters on Thursday, after the biggest U.S. bank concluded that competition from federal government programs limits its ability to expand the business. The company will stop accepting applications for private student loans on October 12, at the end of the… Read more →

Nasdaq OMX Group Inc. halted trading for three hours yesterday to protect the integrity of markets as a technology malfunction left some investors without stock quotes, Chief Executive Officer Robert Greifeld said in his first public remarks since the incident.

The exchange operator was in constant communication with rivals during the outage and decided to halt trading of listed stocks to prevent “information asymmetry” among traders, Greifeld said in interviews at Nasdaq’s offices with Bloomberg Television’s Betty Liu and Andrew Ross Sorkin on CNBC. Greifeld said he supports developing a backup data feed to prevent the issue from happening again.

“The general theme we’re focused on going forward is that we have to improve our defensive driving ability,” Greifeld told Bloomberg TV. “This system has been around for 20 years, it works and it works remarkably well. Then things happen in the external environment that causes a problem.”

A faulty connection between the two biggest operators of U.S. stock exchanges brought half of the world’s largest equity market to a standstill, the second time this week U.S. trading was shaken by a computer malfunction.

Connectivity was disrupted between NYSE Arca (NYX), where about 11 percent of American share volume occurs, and the data processing subsidiary of Nasdaq Stock Market, home to 2,150 U.S. companies, according to a person with direct knowledge of the matter. That led Nasdaq to freeze thousands of stocks from Apple Inc. to Facebook Inc. (FB) that trade on about 50 markets from Kansas to New Jersey for more than three hours.

 

Bloomberg has the full article

This fiscal horror story playing out across America, is actually much worse than publicly recognized

This fiscal horror story playing out across America, is actually much worse than publicly recognized

The United States has accumulated over $70 trillion in unreported debt, an amount nearly six times the declared figure, according to a new study by University of California-San Diego economics Professor James Hamilton. The unique aspect of Hamilton’s study  is that he examines federal debt that has not been publicly released, specifically the government’s support for “housing, other loan guarantees, deposit insurance,… Read more →

STUDY: U.S. DEBT OBLIGATIONS $70 TRILLION

STUDY: U.S. DEBT OBLIGATIONS $70 TRILLION

A new study by University of California-San Diego economics professor James Hamilton finds that the United States has over $70 trillion in off-balance sheet liabilities–an amount nearly six times the on-balance-sheet debt figure. The Treasury debt outstanding is $16.74 trillion. Of that, $4.84 trillion is money the U.S. owes itself. For that reason, explains Matt Phillips of Quartz, “many analysts tend to focus on… Read more →

November 23, 2012 – Joni Table Talk – Threshold of a major banking crisis – Bank of America nationalized.

WE’RE ON A THRESHOLD OF A MAJOR BANKING CRISIS. WHAT HE SHOWED ME WAS AN ISSUE WITH BANK OF AMERICA. I WON’T TELL THE WHOLE DREAM, BUT THERE WAS AN ISSUE WITH BANK OF AMERICA AND BANK OF AMERICA IS SHRINKING. BUT NOW BANK OF AMERICA HAS ANNOUNCED THAT THEY WILL LAY OFF 16,000 PEOPLE BY THE END OF THE… Read more →

***WARNING SOME STRONG LANGUAGE***

Last week, Reason.tv followed investment guru, radio show host, and unflappable defender of capitalism Peter Schiff as he spent three hours among the Occupy Wall Street protesters in Manhattan’s Zuccotti Park.

An unapologetic member of “the 1 Percent,” Schiff argued with all comers for the better part of an afternoon.

Schiff is no ordinary observer. As the prinicipal of the financial firm Euro Pacific Capital, he’s a full-fledged and unapologetic member of “the 1 Percent.” As an outspoken radio show host and commentator, he not only predicted the housing crash and financial crisis, he railed bank and auto-sector bailouts as they were happening. Schiff believes that capitalism offers is the only hope for young, frustrated people to have a vibrant and prosperous future. So he went to Occupy Wall Street to engage and debate the protesters.

Mistakes Leading to 2008 Crash Being Remade: American Dream Erased as Homeownership at 18-Year Low

Mistakes Leading to 2008 Crash Being Remade: American Dream Erased as Homeownership at 18-Year Low

The U.S. homeownership rate, which soared to a record high 69 percent in 2004, is back where it was two decades ago, before the housing bubble inflated, busted and ripped more than 7 million Americans from their homes. With ownership at 65 percent and home values rising, housing industry and consumer groups are pressing lawmakers to make the American Dream more inclusive by ensuring… Read more →

Former chief strategist for left-wing billionaire George Soros has joined Facebook’s Mark Zuckerberg

Former chief strategist for left-wing billionaire George Soros has joined Facebook’s Mark Zuckerberg

The former chief strategist for left-wing billionaire George Soros has joined Facebook’s Mark Zuckerberg in an effort to push amnesty for America’s illegal immigrants, Bloomberg reports. Stanley Druckenmiller, who Bloomberg reports served as Soros’s “chief strategist” for “more than 10 years” as a client money manager, has joined Zuckerberg’s efforts at FWD.us to push for comprehensive immigration reform. Druckenmiller served as… Read more →