Showing posts with label US. Show all posts
Showing posts with label US. Show all posts
July 17, 2018
How a New Aristocracy's Segregation Puts Stress on Society
July 01, 2018
Canada's Retaliatory Tariffs Target US Republican Strongholds
May 20, 2018
Business Is Business: EU Is Firing Back at the US
September 19, 2017
May 09, 2010
THE NEW YORK TIMES: The fear that began in Athens, raced through Europe and finally shook the stock market in the United States is now affecting the broader global economy, from the ability of Asian corporations to raise money to the outlook for money-market funds where American savers park their cash.
What was once a local worry about the debt burden of one of Europe’s smallest economies has quickly gone global. Already, jittery investors have forced Brazil to scale back bond sales as interest rates soared and caused currencies in Asia like the Korean won to weaken. Ten companies around the world that had planned to issue stock delayed their offerings, the most in a single week since October 2008.
The increased global anxiety threatens to slow the recovery in the United States, where job growth has finally picked up after the deepest recession since the Great Depression. It could also inhibit consumer spending as stock portfolios shrink and loans are harder to come by. >>> Nelson D. Schwartz and Eric Dash | Saturday, May 08, 2010
October 06, 2008
FAMILY SECURITY MATTERS: On September 17, 2008, the U.S. News and World Report magazine reported on how the "Federal Reserve extended an $85 billion loan to American International Group to be paid back as AIG sells off some business in the biggest government takeover so far in the ongoing credit crisis." What the American public hasn't seen yet is what AIG is going to sell off in terms of its business. According to the September 16, 2008 press release by the Federal Reserve on this bailout, the "U.S. government will receive a 79.9 percent equity interest in AIG and has the right to veto the payment of dividends to common and preferred shareholders."
But while the U.S. taxpayers are loaning money to AIG and the U.S. holds a nearly 80% equity interest in AIG, no one in the government seems concerned that AIG is continuing to expand its Sharia finance business. Less than a week after the government bailout of AIG, Reuters reported on how AIG's unit American International Assurance Co (AIA) was awarded an "international takaful (Islamic insurance) license" by the Malaysian government. AIG's American International has been selling Sharia-based "Islamic insurance" for at least two years, through its AIG Takaful division, since its October 1, 2006 announcement, with a stated goal to sell such Sharia financial instruments in the United States. AIG SunAmerica, AIG Financial Services Corp, and other divisions of AIG also are dealers in Sharia mutual trusts.
The AIG bailout came two days before Congressman Tancredo's introduction of the "Jihad Prevention Act" (H.R. 6975), which "would deny U.S. visas to advocates of 'Sharia" law, and expel Islamists already here." This House bill has been referred to the House Committee on the Judiciary. Yet as the AIG bailout shows, the challenge of Sharia is more than an immigration problem, and the U.S. federal government is not yet taking any action on Sharia finance. While we should be concerned about "Islamists" coming to the U.S. to promote Sharia, shouldn't we be really concerned that the U.S. taxpayers own a nearly 80% equity interest in a company promoting Sharia finance today? Shouldn't the first assets that AIG should have sold two weeks ago have been their Sharia finance businesses? Should America Bail Out Sharia Finance? >>> Jeffrey Imm | October 6, 2008
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>
October 01, 2008
SPIEGELONLINE INTERNATIONAL: The banking crisis is upending American dominance of the financial markets and world politics. The industrialized countries are sliding into recession, the era of turbo-capitalism is coming to an end and US military might is ebbing. Still, this is no time to gloat.
There are days when all it takes is a single speech to illustrate the decline of a world power. A face can speak volumes, as can the speaker's tone of voice, the speech itself or the audience's reaction. Kings and queens have clung to the past before and humiliated themselves in public, but this time it was merely a United States president.
Or what is left of him.
George W. Bush has grown old, erratic and rosy in the eight years of his presidency. Little remains of his combativeness or his enthusiasm for physical fitness. On this sunny Tuesday morning in New York, even his hair seemed messy and unkempt, his blue suit a little baggy around the shoulders, as Bush stepped onto the stage, for the eighth time, at the United Nations General Assembly.
He talked about terrorism and terrorist regimes, and about governments that allegedly support terror. He failed to notice that the delegates sitting in front of and below him were shaking their heads, smiling and whispering, or if he did notice, he was no longer capable of reacting. The US president gave a speech similar to the ones he gave in 2004 and 2007, mentioning the word "terror" 32 times in 22 minutes. At the 63rd General Assembly of the United Nations, George W. Bush was the only one still talking about terror and not about the topic that currently has the rest of the world's attention.
"Absurd, absurd, absurd," said one German diplomat. A French woman called him "yesterday's man" over coffee on the East River. There is another way to put it, too: Bush was a laughing stock in the gray corridors of the UN.
The American president has always had enemies in these hallways and offices at the UN building on First Avenue in Manhattan. The Iranians and Syrians despise the eternal American-Israeli coalition, while many others are tired of Bush's Americans telling the world about the blessings of deregulated markets and establishing rules "that only apply to others," says the diplomat from Berlin. The End of Arrogance: America Loses Its Dominant Economic Role >>> By SPIEGEL Staff | September 30, 2008
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>
September 23, 2008
SPIEGELONLINE INTERNATIONAL: The US government is buying bad debt for $700 billion. Now Washington is asking other countries to jump in and help, too, but the Germans are bowing out. Believing that the rescue package sends the wrong signal, experts from the country's leading economics think tanks argue it's the right call.
It's not a call for assistance; it's a scream for help. US Treasury Secretary Henry Paulson is asking other countries to help buy up bad US debt. The US government is putting up $700 billion in taxpayer money in the hopes that the measure might restore stability in the financial system. Some countries are planning to help. But the German government has answered this call quickly and clearly: no.
Economics experts think that's the right response. As they see it, in the long run, those responsible for the crisis -- who have been cashed out with high salaries and bonuses for years -- will not be penalized for billions "but will be let off the hook like everyone else," says Carsten Meier of the Kiel Institute for the World Economy (IfW). According to Meier, by injecting capital into the market, the US government is putting everyone who speculated and lost back on their feet and thereby standing in the way of a market cleanup.
Paulson has stated that the US government will pay a fair price for the bad debt, which Meier sees as sending "precisely the wrong signal," adding that "people shouldn't be rewarded for taking such high risks." Meier also finds Germany's decision to sit out any bailout operation to be the right move. "The financial crisis is primarily a problem in America," Meier says. As he sees it, the fact that Germany and Europe are far less affected that the US justifies European reluctance. "The stability of the German banking system is not in danger," Meier points out as he explains why he believes Europe shouldn't provide any funds. "The world shouldn't have to bear the burden for America's lapses." 'The World Shouldn't Have to Bear the Burden for America's Lapses' >>> By Corinna Kreiler in Hamburg | September 23, 2008
BBC:
Paulson Eyes Rescue Plan Backing: US Treasury Secretary Henry Paulson has urged a key Congressional hearing not to delay a $700bn (£382bn) bail-out of the US banking system.
Mr Paulson told the Senate Banking Committee that the personal savings of US citizens are at risk if the rescue plan is not implemented.
The Treasury wants unlimited authority to buy back the bad debt that is clogging the financial markets.
Fed chairman Ben Bernanke has backed him by saying urgent action is needed. >>> | September 23, 2008
Watch BBC video: Henry Paulson on the plan to rescue the US economy >>>
BBC:
What Would Financial Armageddon Look Like? >>> By Anthony Reuben, Business reporter, BBC News | September 23, 2008
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>
THE TELEGRAPH: Older Americans with investments are among the hardest hit by the turmoil in the financial markets and have the least opportunity to recover.
As companies have switched from fixed pensions to 401(k) accounts, retirees risk losing big chunks of their wealth and income in a single day’s trading, as many have in the last month.
“There’s a terrified older population out there,” said Alicia H. Munnell, director of the Center for Retirement Research at Boston College. “If you’re 45 and the market goes down, it bothers you, but it comes back. But if you’re retired or about to retire, you might have to sell your assets before they have a chance to recover. And people don’t have the luxury of being in bonds because they don’t yield enough for how long we live.”
Today’s retirees have less money in savings, longer life expectancies and greater exposure to market risk than any retirees since World War II. Even before the last week of turmoil, 39 percent of retirees said they expected to outlive their savings, up from 29 percent in 2007, according to a survey by the Employee Benefit Research Institute, an industry-sponsored group in Washington.
“This really highlights the new world of retirement,” said Richard Johnson, a principal research associate at the Urban Institute in Washington. “It’s a much riskier world for retirees, because people don’t have defined-benefit plans. They have pots of money and they have to worry about making it last.” Retirees Filling the Front Line in Market Fears >>> By John Leland and Louis Uchitelle | September 22, 2008
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>
September 20, 2008
THE TELEGRAPH: Homeless encampments dubbed "tent cities" are springing up across the US, partly in response to soaring numbers of home repossessions, the credit crunch and rising unemployment, according to a report.
Nearly 61 per cent of local and state homeless organisations say they have witnessed an increase in homelessness since the foreclosure crisis began in 2007, the Washington DC-based National Coalition for the Homeless study says.
And the problem has intensified since the report was produced in April, along with rising repossessions, soaring energy and food prices and job losses, the group says.
"It's clear that poverty and homelessness have increased," Michael Stoops, acting executive director of the coalition, said.
"The economy is in chaos, we're in an unofficial recession and Americans are worried, from the homeless to the middle class, about their future." 'Tent Cities' of Homeless on the Rise across the US >>> | September 20, 2008
The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (US) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (US) >>>
September 19, 2008
THE NEW YORK TIMES: Stocks shot wildly upward Friday morning after the federal government moved to try to restore confidence in the financial markets.
The Dow Jones industrial average rose more than 400 points only moments after the opening, and later settled at around 300 points higher. The broader Standard & Poor’s 500 was up nearly 3 percent. Markets in Europe and Asia also traded higher.
In a span of about 12 hours, the government took several moves to help restore stability in the markets. The actions began Thursday with discussions between the Treasury, Federal Reserve and Congressional leaders on what could become the biggest bailout in United States history, a plan likely to authorize the government to buy distressed mortgages at deep discounts from banks and other institutions.
On Friday morning, in a move against traders who have sought to profit from the financial crisis by betting against bank shares, the Securities and Exchange Commission issued a temporary ban on short sales of 799 financial stocks, following similar action in Britain on Thursday.
And then the Treasury said that it would guarantee, at least temporarily, money market funds up to an amount of $50 billion in order to ensure their solvency, a startling intervention to shore up an area that had been considered among the safest investments. Stocks Surge as US Acts to Shore Up Money Funds and Limits Short Selling >>> By Graham Bowley | September 19, 2008
THE INDEPENDENT:
Bouncing Back! Record Day for UK Shares >>> By Matt Dickinson, PA | September 19, 2008
LE FIGARO:
Hausse historique à la Bourse de Paris : Au bord du gouffre tout au long de la semaine, le CAC 40 réalise une performance inégalée ce vendredi, clôturant en hausse de 9,27%. >>> Par A Panizzo | 19.09.2008
WELT ONLINE:
Interview zur Finanzkrise: Warum Banken Spielcasinos geworden sind: Joseph Perellas Rat ist gefragt an der Wall Street und in Washington. Oft hat der renommierte Banker davor gewarnt, dass seine Kollegen zu hohe Risiken eingehen. Nun sagt Perella WELT ONLINE: Die Wall Street habe sich von ihren Wurzeln verabschiedet, viele Häuser seien zu Casinos geworden. >>> Von Jörg Eigendorf | 19. September 2008
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>
September 12, 2008
… most analysts agree that at least part of the rationale behind Russia's invasion of Georgia, reigniting fears of a new Cold War, was its confidence that, with America's armed forces preoccupied with two failing wars (and badly depleted because of a policy of not replacing military resources as fast as they are used up), there was little America could do in response. Russia's calculations proved correct. - Joseph Stiglitz
THE AGE / /Business Day: The war in Iraq has been an expensive lesson for the US Government.
THE Iraq war has been replaced by the declining economy as the most important issue in America's presidential election campaign, in part because Americans have come to believe that the tide has turned in Iraq: the troop "surge" has supposedly cowed the insurgents, bringing a decline in violence. The implications are clear: a show of power wins the day.
It is precisely this kind of macho reasoning that led America to war in Iraq in the first place. The war was meant to demonstrate the strategic power of military might. Instead, the war showed its limitations. Moreover, the war undermined America's real source of power — its moral authority. America Counts Cost of Wars It Can’t Win >>> By Joseph Stiglitz | September 10, 2008
* Joseph Stiglitz, professor of economics at Columbia University, and recipient of the 2001 Nobel Prize in Economics, is co-author, with Linda Bilmes, of The Three Trillion Dollar War: The True Costs of the Iraq Conflict.
The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (US) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (US) >>>
June 18, 2008
BBC: President George W Bush has called on Congress to end a 27-year ban on drilling for oil in US coastal waters, to reduce dependence on imports.
Mr Bush said existing restrictions on offshore drilling were "outdated and counter-productive".
His move comes as US consumers are calling for action to tackle high oil prices that have pushed prices at the pump to more than $4 (£2) a gallon.
US energy needs are set to be a key issue in November's presidential poll.
Republican John McCain favours offshore oil drilling, whereas his Democratic rival, Barack Obama, opposes it. Bush Calls for Offshore Drilling >>> | June 18, 2008
Cross-posted at A New Dark Age Is Dawning >>>
The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (US)
The Dawning of a New Dark Age – Paperback, direct from the publishers (US)
May 18, 2008
THE SUNDAY TELEGRAPH: Two senior executives at Britain's biggest defence company were detained last week by American authorities investigating corruption allegations, the Telegraph has learnt.
Mike Turner, the chief executive of BAE Systems, was held with a senior colleague as they landed in America. Personal electronic equipment, including laptops and BlackBerries, was seized and examined before the pair were released.
The detentions are part of an investigation by the US Department of Justice into allegations surrounding the £43 billion al-Yamamah arms deal with Saudi Arabia. BAE has been accused of making tens of millions of pounds in illegal payments to Saudi officials, although the company maintains it has always acted lawfully.
In December 2006 the Government announced that the Serious Fraud Office was dropping its investigation into the al-Yamamah deal, prompting political controversy. America is continuing its inquiries.
The detention of the BAE executives, understood to have been at the George Bush Intercontinental Airport in Houston, Texas, has raised serious concerns at high levels of the Government about "heavy-handed" treatment.
The detentions follow the case of the "NatWest Three", British businessmen each sentenced to 37 months in prison in America this year, and threatens to harm US-UK relations in the run-up to the Group of Eight summit of leading industrial nations in Japan in July.
About the same time as Mr Turner and his unnamed colleague were being detained last week, a number of US-based BAE executives had their homes raided by authorities, The Telegraph understands. BAE Systems Inc, a subsidiary of British-based parent BAE Systems plc, has 43,000 employees in America.
A Foreign Office official expressed concern last night about the way Mr Turner and his colleague, who were on their way to a business meeting, had been treated. He said: "It was pretty heavy-handed. They had their laptops taken away and their documents photocopied."
British officials in Washington were informed of the incident on Monday when Mr Turner, a 59-year-old father of four, alerted military contacts at the embassy. He is also understood to have called contacts in the American government.
The Foreign Office official said it was clear that the American authorities were expecting the men's arrival. "They knew they were coming and they prepared the whole thing," he said. Mr Turner, who was back home in Britain this weekend, is expected to return to the US shortly in connection with the corruption investigation. BAE Bosses Detained by US Investigators over Saudi Case >>> By Patrick Hennessy and Tim Shipman | May 18, 2008
THE OBSERVER:
US Detains BAE Bosses over Saudi Contracts >>> By Gaby Hinsliff | May 18, 2008
THE TELEGRAPH:
Second BAE Boss Detained in US >>> By Russell Hotten, Industry Editor | May 19, 2008
The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)
February 12, 2008
FINANCIAL TIMES: The US is pushing the European Union to increase the pressure on Tehran over its nuclear programme by stopping two Iranian banks from operating on European soil.
The plan to take steps against Banks Saderat and Melli – a move also backed by Paris and London – would build on a United Nations Security Council resolution that the US and the EU hope to push through this month.
So far, Germany, Italy and other European states have resisted taking EU action to ban Saderat and Melli – which Washington alleges are involved in terrorist financing and proliferation activities – because neither bank has yet been the subject of UN action.
The lack of an EU ban has left the UK, the US’s closest ally, unable to prevent a branch of Saderat from operating in the City of London – a fact which blunts the effectiveness of the US’s drive for international action against the banks. US pushes EU to shut down Iranian banks >>> By Daniel Dombey in Washington, Roula Khalaf and James Blitz in London
Mark Alexander (Paperback)
Mark Alexander (Hardback)
January 07, 2008
THE TELEGRAPH: For the first time in more than a century the standard of living in Britain is higher than in America, according to a new report.
Analysts at the respected Oxford Economics consultancy say that increasing incomes, free healthcare and longer holidays make the average Briton better-off than his or her US counterpart.
They predict that gross domestic product (GDP) per head in the UK, an indicator of average incomes, will be £23,500 in 2008, compared with £23,250 in America, reflecting the strength of the pound against the dollar and the steady growth of the British economy.
Adrian Cooper, managing director of Oxford Economics, said: "The past 15 years have seen a dramatic change in the UK's economic performance and its position in the world economy.
"No longer are we the 'sick man of Europe'. Indeed, our calculations suggest that UK living standards are now a match for those of the US. Standard of living in UK better than in USA >>> By Lucy Cockroft
Mark Alexander (Paperback)
Mark Alexander (Hardback)
December 31, 2007
TIMES ONLINE: Losses arising from America’s housing recession could triple over the next few years and they represent the greatest threat to growth in the United States, one of the world’s leading economists has told The Times.
Robert Shiller, Professor of Economics at Yale University, predicted that there was a very real possibility that the US would be plunged into a Japan-style slump, with house prices declining for years.
Professor Shiller, co-founder of the respected S&P Case/Shiller house-price index, said: “American real estate values have already lost around $1 trillion [£503 billion]. That could easily increase threefold over the next few years. This is a much bigger issue than sub-prime. We are talking trillions of dollars’ worth of losses.” Top economist says America could plunge into recession >>> By Suzy Jagger in New York
Mark Alexander (Paperback)
Mark Alexander (Hardback)
December 20, 2007
Mark Alexander (Paperback)
Mark Alexander (Hardback)
Subscribe to:
Posts (Atom)