Road to Depression

Credit Agricole and Société Generale downgraded by S&P!

on . Posted in Road to Depression

LONDON, England - January 24, 2012 - Two of France's largest banks have been downgraded by Standard & Poor's as the ratings agency followed up on its earlier downgrade of the country's sovereign rating.

Credit Agricole and Société Generale had their credit ratings cut from A+ with a stable outlook to A, while state bank Caisse des Depots et Consignations had its rating cut from AAA to AA+.

India and Iran ditch U.S. dollar!

on . Posted in Road to Depression

DELHI, India (PNN) - January 23, 2012 - According to a new and yet unconfirmed report, India recently bought oil from Iran using gold. India certainly has the gold resources to fund their oil purchases, while Iran is under pressure by imperialist dictators in the West to stop development of its lawful nuclear program.

Oil is priced in U.S. dollars and bypassing the greenback posed challenges for both parties. Two banks are reportedly involved in this deal: India’s state owned UCO Bank and Turkey’s state owned Halkbank.

Depression continues as Amerikans withdraw their savings!

on . Posted in Road to Depression

NEW YORK (PNN) - January 17, 2012 - More than four years after the Fascist Police States of Amerika (FPSA) fell into economic disaster, many Amerikans have resorted to withdrawing money from their savings to get them through the ongoing Depression

In an ominous sign for Amerika's economic growth prospects, workers are paring back contributions to college funds and growing numbers are borrowing from their retirement accounts.

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