Tuesday, November 4, 2008
No Currency Left to Buy the Big Lies
By John Cusack
No more money left to pay off the debt, the wreckage in the wake. The orgy of excess has drained every bottle, smashed the furniture and left the cupboards bare. All that's left is derivative debts -- bets between liars and lies. Trillions of dollars. It turned capitalism into a Ponzi scheme for trading worthless paper. Continue
Eurozone edges towards recession: The worst financial crisis for generations has driven the European economy to the brink of recession and economic growth will come close to a standstill in 2009, the European commission has warned.
Spain Lets Jobless Postpone Half of Mortgage Payments : Spain will allow unemployed workers to put off paying half their monthly mortgage payments for two years, Prime Minister Jose Luis Rodriguez Zapatero said today, part of a series of measures aimed at softening the impact of a shrinking economy.
The Fed as a central bank to the world: While the French President dreams of global economic cooperation ahead of the G20 summit in Washington, the Fed is quietly becoming central bank to the world, backed by the full might of the U.S. Treasury and a teflon-coated greenback.
Effectiveness of AIG's $143 Billion Rescue Questioned: "What we see now are a lot of games by the government to keep these institutions going with a lot of cash," she said. "This is to fill holes in companies' balance sheets, and they're trying to hold at bay the charges that our financial system is insolvent."
Manufacturing activity at 26-year low: Business research group says its index fell to recessionary level. - Employment in the manufacturing sector fell for the third month in a row
Circuit City to shut 155 U.S. stores to preserve cash: Struggling electronics retailer Circuit City Stores Inc. said Monday that it's shutting 155 U.S. underperforming stores, reducing future store openings and aggressively renegotiating certain leases to help preserve cash after its liquidity deteriorated and its vendors tightened the company's payment terms.
Debt linked to huge buyouts is tightening the vise: "There's absolutely going to be a lot of pain to go around," said Josh Lerner, a professor of investment banking at Harvard Business School. "The big question is how apocalyptic it will be."