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Investors keen to protect their precious cash have sought security in all the usual places in recent months. The U.S. dollar, the Swiss franc and the Japanese yen - each with a history as a safe haven - have all provided homes for nervous depositors' cash. But as the economies of those three countries flounder, it's time to look around, and smart investors think they've discovered a new harbor to protect them from the choppy economic seas. "The best safe haven currency," analysts at banking giant HSBC wrote in a research note this month, is Norway's. According to HSBC...
...middle of the year, their losses in the first two quarters should not be terribly different than they were in the fourth quarter. Depending on which of the P&L lines financial analysts look at, it means that Detroit is going through as much as $9 billion a month. GM (GM) and Chrysler could spend the $22 billion that they are requesting in as little as 90 days. It has been said that a country should never get into a land war in Asia. This is an unfortunate but easy analogy for the government's current predicament with the American...
...budget. For weeks, Obama's economic advisers have been repeating the mantra that times of crises are times of opportunity. It is a thesis well founded in Keynsian economics, since the federal government has great incentives to stimulate the economy by taking on more debt during downturns. About a month ago, a senior administration official explained the dynamic this way. "It's actually easier to do expansive economic policy in a recession," the official said, in a statement that is widely accepted by economists. "The existence of a large pool of unemployed people creates as close [as] economics ever...
...Obama's central theme is being tested. The discussion is now likely to return to the promise Obama made last month, when he told Congress that he was willing to "sacrifice some worthy priorities" to make his budget responsible. White House aides say that the president has already made significant sacrifices by scaling back his campaign promises in the current budget. To make the numbers balance under a rosier outlook, Obama shrunk the size of the "Make-Work-Pay" tax credit by 20%, to $800 per family. He slowed down his foreign aid spending plans, scrapped a plan to reduce...
...military, which, above all, appears to be motivated by self-preservation. Many members of the political opposition - including Nobel Peace Prize laureate Aung San Suu Kyi, who still languishes under house arrest - have been excluded from participating in the polls by regulations both arcane and outlandish. This month, five members of her NLD were arrested, joining an estimated 2,100-plus political prisoners who suffer in Burmese jails - double the number from two years ago, according to a recent U.N. report. Some opposition parties have vowed to boycott the elections unless the prisons are cleared of political detainees...