The president of the World Bank has warned that the world is “one shock away from a full-blown crisis”. Robert Zoellick cited rising food prices as the main threat to poor nations who risk “losing a generation”. He was speaking in Washington at the end of the spring meetings of the World Bank and International […]
Even the baseline scenario in places like Las Vegas and Miami is grim, where Case Shiller projects a 21% decline in home prices from 2010 to 2012. But in one scenario it could be worse. 6.7 million delinquent mortgages are waiting to flood the market around the country — and with near-zero cure rates most […]
CHICAGO (CBS) – At one time, $5 per gallon gas seemed like a farfetched idea, but that is no longer the case. As CBS 2’s Roseanne Tellez reports, as of Monday, the average price for a gallon of regular unleaded gasoline in the Chicago area is $4.11, compared with $3.71 a month ago, and about $3.10 […]
The United States is on a fiscal path towards insolvency and policymakers are at a “tipping point,” a Federal Reserve official said on Tuesday. “If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when,” Dallas Federal Reserve Bank President Richard Fisher said in […]
The oil price spike, driven by instability in the Middle East, has the potential to cause repercussions in the U.S. housing market, according to Barclays‘ Luca Ricci. The simple reason why a rise in crude prices could tank the housing market is that it has done it before. From Barclays’ Luca Ricci (emphasis ours): The […]
Billionaire real-estate magnate Sam Zell warns that Americans should brace for a “disastrous” 25 percent decline in the standard of living if the U.S. dollar’s reign as the global reserve currency ever ends. He says that there are signs in the market that it could eventually happen. As it is now, a Korean manufacturer who […]
If the stock market performance was an accurate measure of economic health, then Zimbabwe would have had one of the healthiest economies on the entire globe during the last decade. Just like Zimbabwe’s stock market was artificially pumped up with “funny money” that was rapidly being devalued, so is the United States. All of the […]
BERLIN — Agriculture ministers from Europe, Africa and Canada warned Saturday of dire consequences, including riots and social unrest, unless action is swiftly taken to improve food security and tackle price hikes. The ministers from Germany, France, Poland, Ukraine, Morocco, Kenya and Canada met in Berlin to prepare for a larger gathering which was to […]
The following are 22 facts about California that make you wonder why anyone would still want to live in that hellhole of a state…. #1 The California state government is facing a potential state budget deficit of 19 billion dollars this year, and California debt is rapidly approaching junk status. One way or another the […]
Frosty Wooldridge– In the past week, I took a shopping tour in Denver, Colorado-my residence for the last four decades. Forty years ago, I walked into American stores like Sears, J.C. Penny’s, K-Mart and McDonald’s along with Ford, Chevy and Chrysler dealerships. I ate at Burger King, Dominos, Dairy Queen and Howard Johnson’s. As a […]
