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...swap agreements China has hashed out circumvent most of these problems. A Malaysian clothing store, for example, that buys shirts and dresses from China can now use its local currency, the ringgit, to pay for its purchases. Because it no longer has to pay a bank a fee to convert ringgit into dollars, transaction costs are reduced. Similarly, a Chinese company buying Malaysian palm oil can make its purchases in yuan. (Read about the economies of South Korea, Taiwan, Hong Kong and Singapore...
...economic downturn is as long or longer than many pessimistic experts believe, it may well lead to a sort of widespread tribalism within the United States that has never been experienced before, at least not in anyone's memory, and that may be imperative to the government's ability to render assistance to people who have absolutely no place to live. At some point, the federal welfare system could become insolvent because of the demands of those in need. The fact that people have bonds beyond their nuclear families may be the only thing that prevents that...
...budget, stimulus package, and bank bailout assumptions for employment and revenue are no longer right, the government's pot for solving the nation's economic problems is already light. The Administration's forecast is that unemployment will average 8.1% this year and 7.9% next year. The CBO estimates are a bit higher. Based on where unemployment stands now and where it will likely be at mid-year, none of those numbers is even remotely realistic. (See pictures of the Top 10 scared traders...
...Through this entanglement of feeder funds, international hedge funds, sub-partnerships and pension funds, with thousands of unsuspecting investors, Madoff was able to keep his house of cards standing much longer than he otherwise could have with his ragtag band of family members, small-time accountants and clerks furiously cranking out false statements...
...Obama has indicated that he may not press ahead with deploying a system that has yet to prove its effectiveness despite years of testing. And in his efforts to "reset" relations with Moscow, President Obama told his Russian counterpart Dmitry Medvedev on Wednesday that "spheres of influence" was no longer a useful concept...