Euro displaces dollar in bond markets
• Financial TimesThe euro has displaced the US dollar as the world’s pre-eminent currency in international bond markets, having outstripped the dollar-denominated market for the second year in a row.
Contents Pages by Subject
Economy - Economics USA
Countdown to the Tax-Rise Torpedo
• by Michael S. Rozeff (LewRockwell)Now that the Democrats are running Congress, the risk that Nancy Pelosi will launch a tax-rise torpedo at the stock market has risen. Investors ignore this risk at their peril.
US comptroller says US taxes have to double to pay for Bush budget by 2040
• Raw StoryIn an overlooked hearing, the head of a government watchdog agency warned of looming disaster for America's economy if an effort isn't made to control spending. Decision-makers in Washington suffer from "tunnel vision and "myopia,**
A Minimum of Understanding
• by James D. Miller (TCS Daily)Democrats want to raise the federal minimum wage from $5.15 to $7.25 an hour. But raising the minimum wage will harm unskilled workers. If the price of gas went up by 40%, people would buy less gas. Similarly, if the wages businesses must pay low ski
House passes minimum wage increase
• APThe Democratic-controlled House voted to increase the federal minimum wage to $7.25 an hour, bringing America's lowest-paid workers a crucial step closer to their first raise in a decade. The vote was 315-116, with more than 80 Republicans joi
Texas-based pizza chain accepts Mexican pesos
• ReutersA Dallas-based pizza chain which caters to the Hispanic community is accepting the Mexican currency at all of its 59 U.S. stores starting on Monday, giving the greenback some unusual competition at the cash register.
Chinese Automaker In US Show Debut
• www.playfuls.comChangfeng Group Co made its US debut at the Detroit auto show with two cars and two pickup trucks, a sign of China's growing ambitions to export its own vehicles to rich markets.
Moscow slams U.S. sanctions on its military firms
• ReutersRussia accused the US of illegally imposing sanctions on some Russian military firms which Washington says were cooperating with Iran and Syria. "This is by far not the first time the U.S. resorts to illegal attempts to spread its internal legis
Stores report disappointing Dec. sales
• APDecember's lackluster retail sales left the nation's merchants wondering about their chances for a turnaround in 2007 — even as several big merchants were scaling back their fourth-quarter earnings expectations.
Services sector slows, factory orders disappoint
• ReutersGrowth in the U.S. services sector slowed as expected in December and new factory orders rose at a disappointing pace the previous month, reports showed, pointing to a slackening economy.
Wikinomics could change everything as concept of sharing spreads
• USA TodayTo avert a wild goose chase, McEwan shared on the Web Goldcorp's geological data going back to 1948 and offered $575,000 in prizes to those who could come up with the best way to find and extract the gold. Participants in the contest found 55
Dollar Dethroned By Red Ink
• Paul Craig RobertsWill Congress allow President Bush to waste another year on his Iraq misadventure while serious problems overwhelm the United States?
Immigrants Wary of Banks Put Faith in New Card
• NY TimesSince coming to this country eight years ago, Jose Dimas has bristled at the $8 fee he often must pay to cash his paycheck. He stews over the $10 charge he faces whenever he wires $150 home to his parents in Mexico.
Consumer debt worse than WWII
• The AgonistThe consumer debt issue is still alive and well. In fact, it’s reaching historic levels – as in levels not seen since WWII levels. Some digging into the most recent Federal Reserve’s Flow of Funds report and found some pretty scary developments.
<b>AGING DOLLAR VS.YOUNG AMERO</b> by The Mogambo Guru
Ernest HancockAs to whether or not it is true, there surely are people who desperately want it to be true because they are all lining themselves up to make a big profit from it somehow.
THREE STRIKES AGAINST THE DOLLAR - by James Turk
• James Turk - Daily ReckoningThough it has been given scant coverage in the United States, Iran's decision to drop the dollar in favor of the euro has been receiving widespread attention in Europe. (This is a blog entry with some other good thoughts leading up to article)
The United States is Insolvent
• http://news.goldseek.comThere is simply no way for our national bills to be paid under current levels of taxation and promised benefits. Our combined federal deficits now total more than 400% of GDP. Treasury/OMB report entitled Financial Report of the United States Govern
Dow hits record high on blue chip gains (and then...)
• By TIM PARADIS, AP Business WriterThe Dow Jones industrial average reached another record close on Tuesday as investors largely looked past economic and earnings reports that had stirred concerns about the health of the economy. The Standard & Poor‘s 500 also rose, but the Nasdaq fel
New report shows federal deficit higher under different accounting method
• APThe federal deficit for 2006 would have been 81% higher than the $247.7 billion reported if government had to use the accounting methods of private companies. Under the accrual method of accounting, the deficit would be $449.5 billion,
Out-of-control Federal Spending
• Jacob Hornberger Commentary(The New York Times, Rising Metal Prices Prompt Ban on Melting and Export of Coins, December 14, 2006). It’s another classic case where a government-induced “crisis” results in more attacks on the economic liberty of the American people.
M3 - money supply reconstructed
• www.nowandfutures.comTwo analysts who have reconstructed money supply data after the Fed stopped publishing it argue a coming dollar collapse will set the stage for creating the amero as a North American currency to replace the dollar.
China says....
• ABC Radio AustrailiaIn his opening remarks, US Treasury Secretary Henry Paulson urged China to work towards a freely floating exchange rate. Mr Paulson says Washington wants to see market forces setting the rate of the Chinese currency, the yuan.
Debut of the 'amero'
• By Judi McLeod - CanadaFreePressThe billions of dollars China has invested in the flagging American economy will be worthless. They will have to negotiate the exchange rate to the new amero. This will then force the creation of the North American Union.
Pennies, Nickels, and Dollars
• Mish's Global Economic Trend AnalysisRight now, a nickel is the closest thing to "Honest Money" we have. We are in the ironic situation where the value of the dollar is falling but the value of a nickel is rising. In what time frame will the current (and probably soon to be co
U.S. Boomers Are Drowning in Debt
• David Galland for Daily Reckoning78 million is the number of baby boomers who are in or approaching retirement. That’s the biggest demographic bulge in U.S. history, fully 26% of the population. And they are still carrying historic levels of debt and counting on shaky housing pric
U.S. Mint bans melting pennies, nickels
• APGiven rising metal prices, the pennies and nickels in your pocket are worth more melted down than their face value — and that has the government worried.
Inexplicable Numbers
• Michael ShedlockThe differences between the automaker's numbers and the government's numbers are so staggering there simply must be questions.
Fed Leaves Rate Unchanged, Signals Softer Outlook ("softer outlook",... hummmm)
• Bloomberg.comThe Federal Open Market Committee called the cooling of the housing industry ``substantial,'' one of the few changes in language from its previous statement in October.
Dramatic fall in US trade gap but China deficit rockets
• AFPCheaper oil prices have driven the US trade deficit to a 14-month low in October but the politically controversial gap with China surged to a new high.
Thank Foreign Investors
• Cato Inst.Foreign ownership of long-term U.S. Treasury securities increased from 19% in December 1994 to 52% of the larger total outstanding in June 2005. The large continued purchase of treasury securities abroad has had broadly beneficial effects on the U.S.
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