Massive government spending and tighter regulation would prolong recession, Czech President Vaclav Klaus said on Monday, as he urged U.S. President Barack Obama not to endanger the free market economy in his response to the financial crisis.In a speech at Columbia University in New York, Klaus, a former Czech prime minister who championed the free [...]
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Dollar surges as global fears rise
Posted by Jason on August 17th, 2008
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 [...]
Sovereign Wealth funds buying up foreclosures
Posted by Jason on August 10th, 2008
According to a recent article in the New York Post, sovereign wealth funds are now looking at foreclosed residential properties. These funds have already gobbled up various iconic commercial real estates, such as the Chrysler Building. How much more of the US can be bought by foreign nations?
“A sovereign fund would have [...]
Higher oil costs forcing increase in prices of everyday consumer goods
Posted by Jason on June 26th, 2008
It’s no secret that record oil prices are pinching at the pump, but now the high cost of crude also is causing pain in ways shoppers hadn’t considered before, from the pro shop to the pretzel aisle.Petroleum isn’t just for power; it’s a key ingredient in thousands of consumer products. More than half of a [...]
NY Fed chief urges global bank framework
Posted by Jason on June 9th, 2008
Banks and investment banks whose health is crucial to the global financial system should operate under a unified regulatory framework with “appropriate requirements for capital and liquidity”, according to Timothy Geithner, president of the Federal Reserve Bank of New York.Writing in Monday’s Financial Times, Mr Geithner, a key US policymaker throughout the credit crisis and [...]
US begins to break foreign oil ‘addiction’
Posted by Jason on May 20th, 2008
The US is starting to break its “addiction” to foreign oil as high prices, more efficient cars, and the use of ethanol significantly cut the share of its oil imports for the first time since 1977.The country’s foreign oil dependency is expected to fall from 60 per cent to 50 per cent in 2015, before [...]
