Road to Depression

UN conference calls for new global currency!

NEW YORK - September 7, 2009 - The United Nations Conference on Trade and Development said in a report published Monday that the U.S. dollar should be replaced as the world’s standard reserve currency, giving rise to a new global currency managed by an as-yet undetermined financial regulatory organization.

Road to Depression

U.S. banks lose collective 3.7 billion dollars in quarter!

NEW YORK - August 27, 2009 - The U.S. banking industry lost a collective 3.7 billion dollars in the second quarter amid heavy write-downs and provisions for bad loans, the government's insurance agency said Thursday.

Road to Depression

FDIC might sink into red by end of year!

NEW YORK (PNN) - August 27, 2009 - The government agency that guarantees you won't lose your money in a bank failure may need a lifeline of its own.

The coffers of the Federal Deposit Insurance Corp. have been so depleted by the epidemic of collapsing financial in

Road to Depression

Ambrose Evans-Pritchard: Can the soufflé really rise again?

By Ambrose Evans-Pritchard

August 26, 2009 - Two facts that should give pause for thought.

1) Japanese data released on Thursday showed that exports fell yet again in July. They are down 39.5% to the U.S., and 26.5% to China.

Japan is the world’s second biggest economy. It lives on exports. It is also a key par

Road to Depression

Real U.S. unemployment rate at 16 percent!

CHATTANOOGA, Tennessee - August 26, 2009 - The real U.S. unemployment rate is 16% if persons who have dropped out of the labor pool and those working less than they would like are counted, a Federal Reserve official said Wednesday.

Road to Depression

Senator warns of hyperinflation!

WASHINGTON - August 25, 2009 - The economy could spiral into hyperinflation not seen since the early 1980s if the Federal Reserve does not tighten its monetary policy soon, Senator Chuck Grassley (R-Iowa) warned Tuesday.

Road to Depression

State government to shut down for 12 days!

PROVIDENCE, Rhode Island - August 24, 2009 - Rhode Island will shut down its state government for 12 days and hopes to trim millions of dollars in funding for local governments under a plan Governor Don Carcieri outlined Monday to balance a budget hammered by surging unemployment and plummeting tax revenue.