U.S. stocks slumped, giving the Standard & Poor’s 500 Index its biggest decline in almost a month, amid concern European leaders will struggle to raise funds to contain the region’s sovereign debt crisis. … “Europe did get a rescue that buys them more time, but they are not anywhere near a resolution to their crisis. [...]
The government and industry computer systems are facing a “disturbing” number of cyber attacks, including a recent serious assault on the Foreign Office’s network, the head of the communications spy agency said on Monday. Iain Lobban, director of the Government Communications Headquarters (GCHQ), said the attacks posed a threat to the economic wellbeing. Read More…
At least European leaders got the pieces right this time. They have recognized that a credible plan must include big writedowns of sovereign debt, a recapitalization of the banking system and guarantees for newly issued government bonds — and that all these elements are inextricably linked. But the magnitude is all wrong. Even if put [...]
The eurozone debt crisis could lead to a decade-long recession and rising social unrest, the International Labour Organisation (ILO) has warned, according to a German media report on Sunday. “The next few months will be decisive in terms of avoiding a dramatic decline in employment and a further sharp increase in social unrest,” news weekly [...]
Dr Ian Lipkin, expert who advised on Soderbergh’s movie, says we must be better prepared for outbreak of deadly disease… “Scientists have been accused of overreacting and crying wolf over the threat of virus outbreaks after the influenza pandemic of 2009,” Lipkin told the Observer. “Sars [Severe Acute Respiratory Syndrome] didn’t progress beyond a few [...]
Pseudo documentary / drama from the History Channel about the impact of a global pandemic and the resulting anarchy/chaos. Watch and then act. Get prepared. After Armageddon, Episode 1 After Armageddon, Episode 2 After Armageddon, Episode 3 After Armageddon, Episode 4 After Armageddon, Episode 5 After Armageddon, Episode 6 After Armageddon, Episode 7 After Armageddon, [...]
Department of Homeland Security Secretary Janet Napolitano said today that a major computer attack against critical U.S. infrastructure could result in a loss of life and massive economic damages. “The network intrusion that shuts down the nation’s critical infrastructure .. . could cause loss of life but also a huge economic loss.” Napolitano said at [...]
… a collapse is getting closer every day. The Fed said as much last week, when it let Bank of America’s Merrill Lynch subsidiary transfer an unspecified amount of its $75 trillion derivatives portfolio from the investment bank to the main, FDIC-insured bank, giving said derivatives an implicit FDIC guarantee. The Fed okay came after [...]
The larger danger is that ballooning debt reaches a tipping point beyond which financial markets conclude the debt cannot be repaid without instigating political chaos. That is Europe’s predicament today. Markets realize that the austerity policies needed to bring the debt under control are making the task of debt reduction impossible, as tax revenues plummet. [...]
New York University economics professor Nouriel Roubini said without meaningful reform by European leaders, the eurozone could start to fall apart and lead to another financial meltdown worse than in 2008. Unless Europe’s leaders enacted serious changes the eurozone could start to crumble, potentially dragging down the world economy in the same way the collapse [...]
As explained by Professor Murray Rothbard, This means that the depositor who thinks he has $10,000 in a bank is misled; in a proportionate sense, there is only, say, $1,000 or less there. And yet, both the checking depositor and the savings depositor think that they can withdraw their money at any time on demand. [...]
The risks of a Japanese-style lost decade or even a second Great Depression are far more immediate. Kenneth Rogoff, professor of economics at Harvard University, former chief economist at the International Monetary Fund, October 3, 2011. The end of 2012 will mark a once in 20-year overlap of a presidential election in the US with [...]
