Obama did indeed inherit some of the mess now occurring. What seems bizarre are his solutions to the situation, i.e., to make it a humungous disaster of a mess. He’s applying 1930’s solutions to the 21st century. Good luck with that, Mr. President: this is going to bear your name in some fashion or other. An Italian boy from the Bronx, Gerald Celente, has a lot to say about the disintegration... 

German industrial giant Siemens will pay $100 million over 15 years into a fund to fight corruption after probes revealed fraud at its subsidiaries, the jewish World Bank said. Siemens has also agreed not to bid for business from the Washington-based jewish World Bank for two years as part of its punishment following the anti-corruption investigations. “The World Bank Group today announced a... 

Boris Johnson wants to give amnesty to all foreigners living in the UK Summary 1. The Government is already saddling our next generation with huge debts. Uncontrolled immigration from developing countries, and in particular an amnesty for illegal immigrants will add still further to government debt. A two child family living on the minimum wage whose parents live to 80 years of age costs the taxpayer... 

Illegals pouring over the boarder for free health care and education are burgeoning California’s already bankrupt economy. Will it spread to the rest of the country?  Read More »

The history of the economic crisis in Germany before the Second World War began with the signing of the Treaty of Versailles in 1919. The WWI winners deprived the country of a part of its territories with three-quarters of iron ore reserves. German was supposed to pay $33 billion of reparations. Germany plunged into the chaos of inflation. One US dollar cost 4.2 trillion Deutsche Marks. People were... 

Thirty years ago, the Labour Prime Minister Jim Callaghan found himself in almost exactly the same predicament Gordon Brown does today. In 1979, the British public finances were in disarray. However, a general election against Margaret Thatcher’s resurgent Tory Party was just round the corner. Callaghan faced a hideous choice: he could come clean about the scale of the problem and make deep and... 

Russian gamblers are placing their final bets before casinos close down for good in Moscow and other big cities. A new law that comes into effect Wednesday says gambling must now be confined to four far-flung special zones. Casinos and slot machines will now be allowed to operate only in Kaliningrad on the Baltic Sea, the Primorsky region on the Pacific coast, the Altai region in Siberia and near the... 

Britain’s net debt as a proportion of national output will skyrocket to 90 per cent in 2010, while the unemployment rate is set to hit almost 10 per cent in the same year, warns a leading economic think-tank. The Government was under fresh fire over the state of the public finances today after the Organisation For Economic Co-operation and Development said it should be ‘more ambitious’... 

Recently, the U.S. Congress approved of the International Monetary Fund (IMF) selling 400 metric tons of its gold for around $13 billion. Something’s very fishy here. For starters, it’s not clear how much gold the IMF has and where it’s located. Last year, a rationale for the IMF selling its gold was that the IMF should be investing in financial securities with positive yields. But none of these... 

In just a few weeks time, California hits the wall. And Americans should take a good, long look at the fiscal and social wreck of the Golden Land, because California is at a place to which all of America is heading. In May, when five fund-raising proposals were put on the ballot, Gov. Schwarzenegger pleaded with the overtaxed Californians not to make their state “the poster child for dysfunction.” As... 

Lawmakers in Congress passed a 106-billion-dollar emergency bill to finance the wars in Afghanistan and Iraq, shore up efforts to fight swine flu, and fund US participation in the IMF. By a vote of 226 to 202, the House of Representatives approved a compromise version of the legislation, to reconcile differing House and Senate versions. The measure is to provide funds through September 30 — the... 

Is Japan panicking about hyper-inflation of US currency? by James Buchanan An article on a financial website notes “We’ve heard a lot of big numbers over the past year. A $700 billion bank rescue. A trillion-dollar deficit. A $50 billion Ponzi scheme. A quadrillion-dollar Zimbabwean personal check. But this story might top them all, if only for sheer originality. Details are extremely vague, but... 

China to overtake USA in 10 years. China’s economy is now a fourth the size of the $14 trillion U.S. economy, but given plausible growth rates in both countries, China’s output will exceed America’s in the 2020’s. China will overtake the U.S. in terms of economic output within a decade, according to estimates released by Deutsche Bank, which said it had to accelerate its forecast... 

President Obama announced today that the United States will provide $73 million in aid to Zimbabwe, saying the economically-wracked nation has made progress since Prime Minister Morgan Tsvangirai entered a power-sharing arrangement with longtime President Robert Mugabe four months ago. “We’ve seen progress from the prime minister,” Obama said, after meeting with Tsvangirai in... 

The Obama administration is proposing the broadest changes in financial regulation since the Great Depression, calling for the elimination of some bank regulators and giving the Treasury Department and Federal Reserve vast new authority. “We are going to put forward a very strong set of regulatory measures we think can prevent this kind of crisis from happening again,” President Barack...