Exclusive Interview: Jim Rogers Predicts Bigger Financial Shocks Loom, Fueling a Malaise That May Last for Years
VANCOUVER, B.C. - The U.S. financial crisis has cut so deep - and the government has taken on so much debt in misguided attempts to bail out such companies as Fannie Mae (FNM) and Freddie Mac (FRE) - that even larger financial shocks are still to come, global investing guru Jim Rogers said in an exclusive interview with Money Morning. Indeed, the U.S. financial debacle is now so ingrained - and a so-called “Super Crash” so likely - that most Americans alive today won’t be around...
August 19, 2008
More businesses try bartering to keep the books balanced
In a tough economy, more businesses are turning to bartering to make ends meet. Jason Iras, vice president of Naturalistic Landscapes in Shelby Township, said his business has increased 20% since joining TradeFirst.com two years ago. In exchange for landscaping services, Iras said his company gets materials on trade such as mulch, trees and topsoil, maintenance on company vehicles — even a treadmill. “We decided to give it a shot. It brings in business that we normally wouldn’t...
August 19, 2008
Wag the Dog: How to Conceal Massive Economic Collapse
“I’m in show business, why come to me?” “War is show business, that’s why we’re here.” - “Wag the Dog” (1997 film) Last week, Fannie Mae and Freddie Mac had just announced record losses, and so had most reporting corporations. Unemployment was mounting, the foreclosure crisis was deepening, state budgets were in shambles, and massive bailouts were everywhere. Investors had every reason to expect the dollar and the stock market to plummet, and...
August 18, 2008
Surge for the dollar as global fears rise
The dollar surged to a two-year high against the pound and a six-month peak against the euro on Friday, as fears about spreading economic gloom triggered a sell-off in commodities. Against sterling, the US currency notched up its 11th consecutive day of gains – its longest uninterrupted rise in more than 35 years – as markets became increasingly convinced that the US was best-placed to weather the global downturn. The strong dollar rebound undermined sentiment in the gold market, where prices...
August 17, 2008
Wal-Mart workers win union contract
Arbitrator rules in favour of eight employees in Gatineau tire, lube shop OTTAWA-Employees at a Wal-Mart Stores Inc. outlet in Canada won an arbitrator-imposed contract yesterday, becoming the giant retailer’s only location in North America with a collective agreement in place. The contract, imposed after binding arbitration ended in June, affects only eight employees at Wal-Mart’s tire and lube garage in Gatineau, Que., across the river from Ottawa. “There has been a decision....
August 16, 2008
Breaking up big banks questioned as losses mount
NEW YORK - America’s biggest banks have suffered unprecedented losses from the ongoing credit crisis, and that’s made some investors question whether the big financial conglomerates should be broken up in order to survive. Break-up advocates, who for months have been clamoring for Citigroup Inc. to be dismantled, got some validation of their viewpoint this past week. Europe’s UBS AG - created through the combination of Swiss Bank Corp. and Union Bank of Switzerland in 1997 - on...
August 16, 2008
Pub beats the credit crunch by allowing punters to barter home-grown food for beer
Punters at a village pub have developed an ingenious way of beating the credit crunch without compromising on their daily pint. Thrifty punters have begun bartering home-grown produce in exchange for beer and even pub meals. Various items of fresh fruit, fish, meat and vegetables have been exchanged, with the amount of pints, meals or vouchers offered linked to the size, quantity and quality of the items presented. A sign placed inside the pub says: ‘If you grow, breed, shoot or steal anything...
August 15, 2008
Stocks rise moderately as oil continues slide
Wall Street rises moderately as oil prices fall sharply NEW YORK (AP) — Wall Street rose moderately Friday as the price of oil extended its decline, falling below $112 a barrel and helping to offset a disappointing report on consumer sentiment. Oil fell on a growing sense that economies around the world are joining the U.S. in a slowdown. The rising dollar, which is gaining strength on economic concerns, contributed to the sell-off in crude and also in other commodities. Light, sweet crude...
August 15, 2008
Gold Drops Below $800 an Ounce in Asia as Dollar Strengthens
Aug. 15 (Bloomberg) — Gold tumbled below $800 an ounce in Asian trading as the dollar headed for its longest winning streak in more than two years, reducing the appeal of the metal as an alternative investment to U.S. assets. Oil, gold, copper and corn have plunged from records this year as the dollar strengthened and concern mounted that slower global economic growth will cut demand for raw materials. Silver and platinum also tumbled today amid increasing expectations the Federal Reserve won’t...
August 15, 2008
The Great Gold Robbery of 1933
It’s been 75 years since the federal government, on the spurious grounds of fighting the Great Depression, ordered the confiscation of all monetary gold from Americans, permitting trivial amounts for ornamental or industrial use. This happens to be one of the episodes Kevin Gutzman and I describe in detail in our new book, Who Killed the Constitution? The Fate of American Liberty from World War I to George W. Bush. From the point of view of the typical American classroom, on the other hand,...
August 13, 2008
The Raw Story- Congress requests special counsel on rendition
- Did Rove bolt from the country to avoid testifying?
- Journo: FISA vote 'step toward fascism'; ACLU sues gov't
- Impeach bill: Bush lied America into war
- US: Real or not, Iranian missile tests must stop
- Poll: Turnout expected to skyrocket in November
- After FISA flip, Obama vets Dodd for VP
- Group: Obama finance disclosure less than Bush
- McCain questioned about PNAC, 9/11
- Poll: Obama up 48-40
- Antiwar
- The Most Dangerous Man in America
- The Narrative Versus the News
- Why Bush Will Pardon AIPAC for Espionage
- Big Three Block Iran Attack
- Bush Covered Up Musharraf Ties With al-Qaeda, Khan
- Kosovo Casts Shadow on South Ossetian Standoff
- Double Standards in the Global War on Terror: Anthrax Department
- Please Mr. President, Don't Make Promises to Fools
- Who Started Cold War II?
- Arar Faces Uphill Legal Battle
- Truth News
- The Matrix & Other 9/11 Hollywood Symbolism
- Did Tom Clancy’s “lucky assertions” foretell the Georgia Conflict of 2008 in 2001 and the SPP of 2005 in 2004?
- We Are Change L.A. questions Dennis Kucinich about 9/11
- Fmr President Ford secretly told FBI about panel’s doubts on JFK murder
- Flashback: U.S.-Georgia training begins amid Russia strain
- Pentagon closes controversial intelligence unit
- What the Iraq Forgery Says About 9/11
- Chemical Traces of High Explosives in WTC Debris
- Law Professor: Counter Terrorism Czar Told Me There Is Going To Be An i-9/11 And An i-Patriot Act
- Get Outraged And Get Active About Internet Censorship
