(AmericanFreed) - Time for dollar, euro to step aside — the redback cometh… Yuan finally set to emerge on a global scale with China hot on heels of US as world’s second largest economy. There are increasing calls for the yuan to become an international payment, investment and reserve currency. Read the rest of this entry »

As Tiger Woods returns to golf, not all his affairs are salacious headlines. The Tiger Woods Golf Course in Dubai is costing $100million to build. Dubai relies on cheap third world labour, as do certain consumer brands that have helped make Woods a billionaire. Nike workers in Thailand wrote to Woods, expressing their “utmost respect for your skill and perseverance as an athlete” but pointing out that they would need to work 72,000 years “to receive what you will earn from [your Nike] contract”. Read the rest of this entry »

(InfoClearingHouse) – 20+ African countries are selling or leasing land for intensive agriculture on a shocking scale in what may be the greatest change of ownership since the colonial era. Read the rest of this entry »

This time Max Keiser and co-host, Stacy Herbert, look at the scandals behind: ‘the owner of Great Britain’ bouncing a $54 million check for a pile of dirt in the Persian Gulf; a currency speculator in Monaco moving currency markets with an ‘accidental Jim Rogers press release’ while Colonel Gaddafi calls for jihad against Switzerland and receives zero market impact; and Alan Greenspan wins major award for causing up global financial markets to explode. Keiser also talks to David DeGraw about his new book, “The Economic Elite versus the People of the United States of America.” Read the rest of this entry »

(SeekingAlpha) – In the links Monday, I pointed to an FT article detailing the Austrian government’s nationalization of the insolvent bank Hypo Group Alpe Adria (HGAA). The financial institution, which has 58 billion in assets, is the country’s sixth largest bank. But, in relative terms, this is a very large bankruptcy – using GDP at purchasing power parity, an American HGAA would have assets of $2.5 trillion, larger than any of the American banks. So, this is a very big deal and it points to renewed risks in banking and the possibility of contagion. Read the rest of this entry »

The engine of the black Corvette revved to a gasket-popping roar. Its driver leant out of his window. He was dressed in traditional Arab robes but wore a rubber wizard’s mask. He held an aerosol aloft and directed a jet of party foam into the air. Four-wheel drives plastered in pictures of Dubai’s Royal Family roared their engines back in approval. The cacophony was deafening. Read the rest of this entry »

This past week was one of utmost turmoil in world markets. In the midst of an American holiday, Dubai faced bankruptcy for some $100 billion. Another unsuspected untoward event. The exposure of the Dubai event coming as it did could have been discovered at any given time, thus, we question the timing. We can understand why the London market was off some 300 Dow points, but exposure to Dubai was very limited in Europe, the US and in Asia. Could it have been an excuse to take down the US and European markets and gold and silver? We do not know, but we have come to question everything that happens. Read the rest of this entry »

For the past couple years we have been covering every nuance of the economic collapse and in almost every instance we have come to the conclusion that 2010 would be the year that the U.S. would see an incredible downturn, possibly resulting in the inflationary disintegration of the Dollar, and a major stock market revolt which would destroy any remaining illusion Americans still have that a recovery is in progress: Read the rest of this entry »

(WashingtonsBlog) – You know about Dubai’s economic crisis. But do you know the background to – and fallout from – the crisis? Read the rest of this entry »

(MarketWatch) - China should use the shockwaves created by the Dubai crisis as an opportunity to buy gold and oil, a senior Chinese official who helps oversee some of the nation’s biggest enterprises was quoted as saying Monday. Read the rest of this entry »

(TelegraphUK) – Bankers from Rothschild have been appointed to help restructure Dubai World with a mandate to dispose of some of the stricken conglomerate’s famous assets. Read the rest of this entry »

Russia Today – November 28, 2009 Read the rest of this entry »

(Independent) – Dubai is finally financially bankrupt – but it has been morally bankrupt all along. The idea that Dubai is an oasis of freedom on the Arabian peninsular is one of the great lies of our time. Read the rest of this entry »

(Bloomberg) – Dubai’s debt woes may worsen to become a “major sovereign default” that roils developing nations and cuts off capital flows to emerging markets, Bank of America Corp. said. Read the rest of this entry »

(PakAlert) – Fears of a dangerous new phase in the economic crisis swept around the globe yesterday as traders responded to the shock announcement that a debt-laden Dubai state corporation was unable to meet its interest bill. Read the rest of this entry »

(Telegraph) – Stock markets in Germany, France, Spain and Italy were all down about 2pc in early afternoon trading as investors retreated from riskier assets. Investors spent the morning digesting the news that Dubai World, the government investment company with $59bn of liabilities, is seeking to delay repayment on much of its debt. Price for European government bonds rose as investors moved money into safer assets. Read the rest of this entry »

Is Osama bin Laden still alive? I have dealt with this question in a recent little book entitled Osama bin Laden: Dead or Alive?  The present essay summarizes the main points of this book. Read the rest of this entry »

Rather than using federal bailout money to reinvigorate lending to consumers, some banks that received funds from TARP have spent it on questionable items that have done little to improve the health of the country’s financial sector but have certainly helped out foreign economies such as Dubai and China. Read the rest of this entry »

And Buffett warns about ‘selling off the farm’ to feed our addictions

Remember America’s so-called “ownership society?” Oh, you forgot that political rhetoric? Well, China didn’t. It’s cashing in on the “American Dream.” Why? The country is tired of lending us megabucks to fund our mega trade deficits to indulge in our mega out-of-control addiction to their “stuff.” Read the rest of this entry »

An Australian man has been arrested at Heathrow Airport in London accused of being a Holocaust denier. Read the rest of this entry »