The dollar is rallying, and yet …
Chinese Banker Aims to Diminish Dollar A major power player in China’s banking system is lobbying for the creation of an international currency unit. He suggests that we start with a blend of the dollar, pound, yen, and euro. Find out what this means for the dollar.
Oil is pulling back and yet …
Rising Fear of a Future Oil Shock Sharp reductions in investments and low oil prices could curb future supplies by almost eight million barrels a day within the next five years, according to a study scheduled for release Friday, the latest warning that the world could face a new energy shock when the economy picks up.
IN OTHER NEWS …
Gold futures fall for second day as dollar rises Gold futures fell Monday for a second straight session, as the U.S. dollar strengthened ahead of this week’s meeting of leaders from the Group of 20 nations, reducing gold’s appeal as an investment appeal.
IMF gold sales expected to be on G20 agenda A recent surge in IMF lending to countries facing balance of payments crises related to the global downturn has led analysts to ask whether the Washington-based institution needs to proceed with the gold sales as part of a broader make-over of its financial structures
“I think there have been four or five times in our nation’s history - the founding of the republic, the Civil War, obviously the Great Depression, World War II - where what we did as a country was determinative of whether we’d survive as a country,” he said. “I think we’re in that kind of moment again.” — Sen. Chris Dodd, (D - Conn.)
Obama’s Toxic Advisors Just go read the whole thing — it’s short, and fairly infuriating.
Capitalist Fools Behind the debate over remaking U.S. financial policy will be a debate over who’s to blame. It’s crucial to get the history right, writes a Nobel-laureate economist, identifying five key mistakes—under Reagan, Clinton, and Bush II—and one national delusion.
America Is in Need of a Moral Bailout In decaying societies, politics become theater. The elite, who have hollowed out the democratic system to serve the corporate state, rule through image and presentation. They express indignation at AIG bonuses and empathy with a working class they have spent the last few decades disenfranchising, and make promises to desperate families that they know will never be fulfilled. Once the spotlights go on they read their lines with appropriate emotion. Once the lights go off, they make sure Goldman Sachs and a host of other large corporations have the hundreds of billions of dollars in losses they incurred playing casino capitalism repaid with taxpayer money.
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