Obama US government will be handed the power to seize control of a failing bank and derivatives trading will be subject to new controls. Wall Street banks face their toughest clampdown since the Great Depression after the US Senate passed Barack Obama’s banking reform bill. In a historic change, the US government will be handed the power to seize control of a failing bank to avoid a collapse... 

Controversial: Sir Bob Geldof made the comments during a speech at a breakfast in Brisbane held to encourage businesses to pledge to provide 50,000 jobs to Aborigines Sir Bob Geldof has angered thousands of Australians by giving an impassioned ‘speech of shame’ outlining the country’s treatment of its indigenous people. Anti-poverty campaigner Geldof called Australia ‘economically... 

Crystal Castrogiovanni owns Phoenix Pipelines, a business that specializes in the relocation and installation of utilities. Though she has benefited from a program that aids women- and minority- owned businesses, she welcomes neutral processes. Phoenix plans to change a 17-year-old program that helped steer city contracts to companies owned by women, minorities and small-business owners. Under a plan... 

German Chancellor Angela Merkel: "greatest test for Europe since the collapse of communism" In a dramatic appeal for Europeans to come together to address the common currency crisis, Chancellor Angela Merkel warned Thursday that if the euro collapses, so will the idea of European unity. She also described the current euro crisis as Europe’s greatest test since the collapse of communism. During... 

So, after years of deficit spending and paying HUGE welfare bonuses, in addition to paying for health care, education and social services for illegals, California is beyond broke. They’ve been running a budget deficit for many years and CA is on the verge of a total collapse of Government. Arnold issues a threat to Obama saying “Bailout CA or I will end cash welfare and people will riot... 

A German stockbroker in Frankfurt puts a hand to his head as he watches the computer screens today. The German stock market slipped today amid German anger and fears over the European bailout German anger at the 750billion Euro Greek bailout is swelling as world markets slid after initial excitement at the bailout fizzled. The headline on the front page of Germany’s biggest newspaper, Bild, summed... 

Audit The Fed The Senate voted unanimously to peer into Federal Reserve decision-making Tuesday, authorizing an examination of the central bank’s emergency lending to financial institutions in the months surrounding the 2008 financial crisis. Separately, Democrats rejected a Republican plan to end the government’s support of mortgage giants Fannie Mae and Freddie Mac — a financial rescue... 

TODAY THE FEDERAL RESERVE, America’s private central bank, began to ship billions of dollars to the central bankers of Europe in an attempt to stem the fall in the value of the euro created by Greece’s debt crisis. The total value of the deal could easily top $1 trillion according to experts. Americans — suffering from high unemployment and a tanking economy themselves — are expressing... 

Death of US Economy (click on the image to enlarge) Spiraling debt is Uncle Sam’s shock collar, and its jolt may await like an invisible pet fence. “Nobody knows when you bump up against the limit, but you know when it happens it will really hurt,” said fiscal watchdog Maya MacGuineas of the Committee for a Responsible Federal Budget. The great uncertainty about how much debt is too... 

Chancellor Angela Merkel was heckled in the German parliament yesterday as she urged MPs to back the country’s €22.4 billion bailout for Greece, insisting that the “future of Europe” rested on the success of the rescue package. Ms Merkel’s cabinet gave the go-ahead for a German contribution to the €110 billion joint European Union and International Monetary Fund bailout... 

Obamunism An interesting report prepared for Prime Minister Putin by Deputy Minister Tatyana Nesterenko of Russia’s Finance Ministry states that US President Barack Obama yesterday ‘personally ordered’ an attack on America’s fourth largest corporation Proctor & Gamble (P&G) over fears this Global consumer products giant has aligned itself with American Military ‘elements’ set to... 

Following last-minute adjustments, a proposal to audit the Federal Reserve that the Obama administration once opposed was on the verge of passing the Senate as it attracted broad support from conservatives and liberals alike. The administration withdrew its objections to the proposal Thursday, saying it was satisfied that the audit would not interfere with the Fed’s authority to set monetary... 

VAT and the flat tax remain unchanged, while wages in the public sector will drop 25%, President Traian Basescu announced on Thursday, after a meeting with IMF experts and politicians from the governmental coalition. Here are the main ideas put forward by the Romanian president: * There are 3 million people working the real economy and public sector spending transferred on those who work. The... 

Economic Crash The situation of the United Kingdom in fiscal terms is in fact worse than the situation of Greece. That may come as a surprise to you, but if you look at the most recent paper on the subject published by the Bank for International Settlements, it is very clear. The trajectory of U.K. public debt over the next 30 years, absent a major change of policy, will take it to a mind-blowing 500%... 

Portuguese Finance Minister Fernando Teixeira speaks during a parliamentary debate on the govenment’s controversial stability and growth program. As Greece barreled closer to the edge of a debt default this week, fears that the crisis would infect other countries rattled the world’s financial markets. “It’s not a question of the danger of contagion,” Angel Gurria, the...