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Dollar Declines on Speculation Fed Rescue
Package Won't Succeed
March 12 (Bloomberg) -- The dollar fell
against the euro and the yen on speculation the Federal Reserve's plan to
provide funds to banks won't be enough to break the gridlock in money- market
lending and stem credit losses.
Rest in http://www.bloomberg.com/apps/news?pid=20601087&sid=aCSWCVKOW3KM\
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Dollar's clout sinks worldwide
By ALAN CLENDENNING, AP
Business Writer Thu Mar 13, 3:04 PM ET
SAO PAULO, Brazil -
Antique store owners in lower Manhattan, ticket vendors at India's Taj Mahal
and Brazilian business executives heading to China all have one thing in common
these days: They don't want U.S. dollars.
Rest in http://news.yahoo.com/s/ap/20080313/ap_on_bi_ge/diving_dollar
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Many
more going bankrupt
Rise in state filings tied to
housing crisis
By Kimberly Blanton and Todd
Wallack, Globe Staff | March 11, 2008
Bankruptcy filings have surged 22 percent in
Massachusetts this year, as more people are unable to afford their rising
mortgage payments or refinance their homes to pay bills, according to court
filings and bankruptcy attorneys.
http://www.boston.com/business/personalfinance/articles/2008/03/11/many_more_going_bankrupt/
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Market
panic after Bear Stearns reports
By Ambrose Evans-Pritchard
Last
Updated: 1:02am GMT 13/03/2008
Panic swept the credit markets on
reports of an insolvency crunch at both the US investment bank Bear Stearns and
the mortgage giant Fannie Mae, triggering a dramatic surge in default insurance
and rumours of yet another emergency rate cut by the US Federal Reserve.
Rest in http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/11/cnbear111.xml
March 13,
2008
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Despite
the Federal Reserve's efforts Wall Street fears a big US bank is in trouble
Siobhan
Kennedy and Suzy Jagger
Global
stock markets may have cheered the US Federal Reserve yesterday, but on Wall
Street the Fed's unprecedented move to pump $280 billion (£140 billion) into
global markets was seen as a sure sign that at least one financial institution
was struggling to survive.
The
name on most people's lips was Bear Stearns. Although the Fed billed the
co-ordinated rescue as a way of improving liquidity across financial markets,
economists and analysts said that the decision appeared to be driven by an
urgent need to stave off the collapse of an American bank.
“The
only reason the Fed would do this is if they knew one or more of their primary
dealers actually wasn't flush with cash and needed funds in a hurry,”
Simon Maughan, an analyst with MF Global in London, said.
http://business.timesonline.co.uk/tol/business/economics/article3542775.ece
Last Updated: March 12, 2008 07:48 EDT
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Carlyle Capital Nears Collapse as Rescue
Talks Fail (Update7)
By Edward Evans
March 13 (Bloomberg) -- Carlyle Group said creditors
plan to seize the assets of its mortgage-bond fund after it failed to meet more
than $400 million of margin calls on mortgage- backed collateral that plunged
in value.
Carlyle Capital
Corp., which began to buckle a week ago from the strain of shrinking
home-loan assets, said in a statement it defaulted on about $16.6 billion of
debt as of yesterday. The dollar fell to a 12-year low against the yen and
European stocks tumbled. Rest in
http://www.bloomberg.com/apps/news?pid=20601087&sid=a27ldweXtg0Y&refer=home
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Meltdown
Looms Larger as Credit Markets Freeze
By MIKE WHITNEY March 13, 2008
"It's
another round of the credit crisis. Some markets are getting worse than January
this time. There is fear that something dramatic will happen and that fear is
feeding itself," Jesper Fischer-Nielsen, interest rate strategist at
Danske Bank, Copenhagen; Reuters
Read in http://counterpunch.org/whitney03132008.html
From the Wall Street
Journal...
·
Latest
Trouble Spot for Banks: Souring Home-Equity Loans
Losses May Hit Lenders That Skirted
Subprime; Surprise Delinquents
By ROBIN SIDEL
March 12,
2008; Page C1
Here comes another headache for
banks suffering from the mortgage downturn: Losses on home-equity loans are
soaring, even at some lenders that avoided big blunders on subprime loans.
When times were good, banks raked
in billions of dollars in profit from home-equity loans, which allow borrowers
to tap the accumulated value in their property with either a loan for a
specific amount or a line of credit. As long as home prices were rising,
lenders had little to worry about.
But falling home values are
leaving banks with little or nothing to collect on many home-equity loans in
case of default. Some stretched borrowers are keeping up with their mortgage
and credit cards -- but not their home-equity loan.
Rest in http://online.wsj.com/public/article/SB120527998662928743.html?mod=djm_HAWSJSB_Welcome
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Irish
banks may need life-support as property prices crash
Last
Updated: 1:02am GMT 13/03/2008
The Dublin government appears
to be almost powerless to prevent a severe downturn. Ambrose Evans-Pritchard
reports
The Irish banking system faces
acute strains and may require a phase of temporary nationalisation as the
property slump leads to a wave of defaults, according to a leading Irish
economist.
From cutting edge ministry..
The REAL Financial Objective of This Crisis
We
believe that this economic crisis has one major, overriding goal -- to induce
Americans to accept the regional currency, the AMERO.
Every
time the Federal Reserve lowers interest rates, they depreciate the American
Dollar even more, and that causes prices of commodities like oil to go up even
further.
And,
that is part of the plan -- creating "Order Out of Chaos".
We
believe that oil will be allowed to rise, and the Dollar will be allowed to
fall, until the financial pressure gets so high that it threatens the entire
American economy -- and by extension, the global economy. At that point, a
brilliant person will step forward to propose an exciting alternative. That new
plan will be to create a stable, fixed currency for all North America -- NAFTA
-- to replace the fluctuating and declining American Dollar.
Can
you imagine the kind of broad support a bipartisan proposal of this sort would
receive once the American people are told that this move could lower oil prices
by 50%? The vast majority of Americans would not only accept this new currency,
they would DEMAND it NOW!
Even
genuine Conservatives would be hard pressed to decide whether they will stick
to their principles of keeping American sovereignty by opposing this AMERO, or
whether they will grudgingly accept it because their financial assets will be
protected.
We
have no idea when this point will be reached. But, it will be reached, as that
is the Plan.
UPDATE
-- Thursday, March 13
Remember
that regional currencies are the rage right now in the world. Less than two
weeks ago, Former Federal Reserve Chairman, Alan Greenspan, visited a regional
meeting of finance ministers of the Gulf Oil companies friendly to the United
States. Greenspan urged that these individual nations form a regional currency!
From
a collection of regions throughout the world, a global system can occur. This
plan has been in effect since the days prior to World War II. Josef Stalin
advocated regionalism as a natural precursor to globalism.
""Dictatorship
can be established only by a victory of socialism in different countries or
groups of countries," after which there would be federal unions of the
various groupings of these socialist countries, and the third stage would be an
amalgamation of these regional federal unions into a world union of socialist
nations. " (Josef Stalin, speaking at the 1936 Communist International)
Read on http://cuttingedge.org/newsletters/
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