Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East.
“This is a very dangerous situation for the dollar,” said Hans Redeker, currency chief at BNP Paribas.
Countrywide, the largest US mortgage lender, is cutting 20 per cent of its workforce over the next three months as the US housing crisis worsens.
Welcome to Fleece U., where our mission is to take feckless teenagers such as yourselves and turn them into full-fledged citizens of our economy, meaning, of course, debtors.
IT’S not Doomsday yet, but if we don’t act now it soon will be.
That’s the message from mounting evidence about the looming oil crisis confronting Australia.
The theories for predicting timing of peak oil, despite using different methodologies, have arrived at remarkably similar conclusions. Whether peak oil occurred in 2006 or will occur in 2010, what is certain is a shoot-up in prices, given the enormous appetite for energy in China and India, say RAM VENKATACHALAM and SHANMUGANATHAN N.
Over the last couple of years, this column has elaborated on the different theories that predict the timing of peak oil.
Going into Labor Day weekend, there were lots of rumors anticipating a false flag operation, another 9-11. Trainloads of armored vehicles rolled into Houston. The San Francisco Bay bridge closed for three days. Suspicious activity was reported on ferries in Puget Sound. Ominous civil defense exercises are being held in Oregon, as part of Operation Noble Resolve, which also involves military jets flying over New York. An antiaircraft division is ordered to Washington DC.
Oil prices extended gains Wednesday after finishing at a record close in the previous session on worries about tight supplies.
An announced increase in output by the Organization of Petroleum Exporting Countries failed to calm market concerns about the ability of producers to meet strong winter demand in the final quarter of the year, analysts said.
The US economy continues its slow death before our eyes, but economists, policymakers, and most of the public are blind to the tottering fabled land of opportunity.
The U.S. dollar is standing at the edge of a cliff, and most people don’t even know it.
THE sharemarket has closed in negative territory after US stocks fell overnight amid fears that the world’s biggest economy could be heading for a recession. At the 4.15pm AEST close, the benchmark S&P/ASX200 index finished down 87.2 points to 6191.2 and the All Ordinaries had lost 86.9 points to 6209.6.