Money

Meet The Bubblebusters: Federal Reserve Launches A Committee To ‘Avoid Asset Bubbles’

Just when we thought that the Fed is pulling an Obama and has “no strategy” to deal with what not some fringe blog but Deutsche Bank itself proclaimed was the bubble to end, or rather extend, all bubbles, when it said that “the bubble probably needs to continue in order to sustain the current global financial system” they surprise us once again when they report that, drumroll, the Fed has formed a committee led by the former head of the Bank of Israel – best known for using de novo created fiat money to buy AAPL stock as part of “prudent monetary policy” – Vice Chairman Stanley Fischer, to monitor financial stability, which according to Bloomberg is “reinforcing the Fed’s efforts to avoid the emergence of asset-price bubbles.” Because contrary to what even five-year-olds know by now, the Fed is supposedly not promoting the emergence of bubbles but is actually “avoiding” them. No, really.

Steep Slide in Movie Sales This Year~Last Weekend Worst Since 9-11 Attacks

At first, Hollywood thought the summer’s movies weren’t as good as usual, to explain the 15% drop in sales. Now they are noting that the drop occurred since January as well, and are really worried. They just don’t know what to make of it, because, frankly, the actors and actresses live in a liberal fantasy land in Hollywood.

Student Loan Debt Burdens More Than Just Young People

JANET LEE DUPREE, 72, was surprised when she received her first Social Security benefits seven years ago. About one-fifth of her monthly payment was being withheld and she called the federal government to find out why. The woman, who is from Citra, Fla.

Long-term unemployed still at record levels

It has come down to this for Brian Perry: an apple or banana for lunch, Red Sox ballgames on an old Zenith TV and long walks to shake off the blues. At 57, Perry has been unemployed and looking for work for nearly seven years, ever since that winter when the Great Recession hit and he was laid off from his job as a law firm clerk.

40 million Americans now have student loan debt

Carrying tens of thousands of dollars in student loan debt has become the new normal. Thanks to climbing tuition and inadequate college savings, 40 million Americans now have at least one outstanding student loan, according to new analysis from credit bureau Experian. That’s up from 29 million consumers in 2008.

World Bank warns of global jobs crisis

The world is facing a global jobs crisis that is hurting the chances of reigniting economic growth and there is no magic bullet to solve the problem, the World Bank warned on Tuesday. In a study released at a G20 Labour and Employment Ministerial Meeting in Australia, the Bank said an extra 600 million jobs needed to be created worldwide by 2030 just to cope with the expanding population. “There’s little doubt there is a global jobs crisis,” said the World Bank’s senior director for jobs, Nigel Twose.

Get your money out of Britain: Global banks warn investors ‘Yes’ vote would be ‘cataclysmic’ for UK economy

International investors have been warned to pull their cash out of Britain to protect themselves against the ‘cataclysmic’ impact of Scottish independence. Japan’s biggest bank, Nomura, warned sterling could plunge by 15 per cent in the event of a ‘Yes’ vote – amid warnings over a ‘run on UK assets’ threatening savings and pensions of ordinary families. It came as it emerged David Cameron has pleaded with business chiefs to publicly warn against Scottish independence.

De-Dollarization Continues: China-Argentina Agree Currency Swap, Will Trade In Yuan

It appears there is another nation on planet Earth that is becoming isolated. One by one, Russia and China appear to be finding allies willing to ‘de-dollarize’; and the latest to join this trend is serial-defaulter Argentina. As Reuters reports, China and Argentina’s central banks have agreed a multi-billion dollar currency swap operation “to bolster Argentina’s foreign reserves” or “pay for Chinese imports with Yuan,” as Argentina’s USD reserves dwindle.

+ More