Road to Depression

U.S. Treasuries harder to buy!

on .

BEIJING, China - December 18, 2009 - It is getting harder for governments to buy United States Treasuries because the shrinking U.S. current-account gap is reducing supply of dollars overseas, a Chinese central bank official said yesterday.

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Regulators close seven more banks!

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WASHINGTON - December 18, 2009 - Regulators on Friday shut down two big Kalifornia banks, as well as banks in Alabama, Florida, Georgia, Michigan and Illinois, bringing to 140 the number of U.S. banks brought down this year by the weak economy and mounting loan defaults.

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Four big bailout recipients mired in debt!

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NEW YORK - December 17, 2009 - Even as the biggest banks repay their government debt in what is being heralded as a successful rescue program, four troubled giants of the financial world remain on government life support.

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AMBROSE EVANS-PRITCHARD: Gulf petro-powers launch their own currency!

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The Arab states of the Gulf region have agreed to launch a single currency modeled on the euro, hoping to blaze a trail towards a pan-Arab monetary union swelling to the ancient borders of the Ummayad Caliphate.

By Ambrose Evans-Pritchard

LONDON, England - December 15, 2009 - The Gulf monetary union pact has come into effect,” said Kuwait’s finance minister, Mustafa al-Shamali, speaking at a Gulf Co-operation Council (GCC) summit in Kuwait.

The move will give the hyper-rich club of oil exporters a petro-currency of their own, greatly increasing their influence in the global exchange and capital markets and potentially displacing the U.S. dollar as the pricing currency for oil contracts.

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FDIC boosts 2010 budget and staff!

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NEW YORK - December 15, 2009 - The Federal Deposit Insurance Corp., overseeing the dissolution of failed banks at the fastest pace in 17 years, today boosted its 2010 budget by 56% to $4 billion to manage further shutdowns.

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