Eventually the money runs out. Much of America was shocked when the city of Detroit defaulted on a$39.7 milliondebt payment and announced that it was suspending payments on $2.5 billion of unsecured debt, but those who visitmy site on a regular basis were probably not too surprised. Anyone with half a brain and a calculator could see this coming from a mile away. But people kept foolishly lending money to the city of [...]
Cancer patients are much more likely to go bankrupt than Americans who aren’t faced with a cancer diagnosis, a new study finds. Even the Americans who have access to health insurance aren’t necessarily safe from bankruptcy, since the high cost of treating cancer can still put an untenable strain their finances.
A team of researchers in Washington state collected data from nearly 400,000 adults, evenly split between those who had been treated [...]
Europe Has Become A Totalitarian State
The Cyprus Template
“What manner of men had lived in those days…who had so eagerly surrendered their sovereignty for a lie and a delusion?”
Cyprus is absolutely the template for Europe now. It is just that the template is far worse than what is narrowly imagined.
It is not the small nation of Cyprus nor is it that the specifics of the criminality that was transacted in [...]
ICELAND’S centre-right opposition has stormed back to power, marking a spectacular comeback for a coalition ousted in 2009 after presiding over the country’s near bankruptcy.
Its victory could also spell the end of EU membership negotiations, as both parties are in favour of halting Iceland’s bid.
If Abenomics works, Britain’s leaders will look like monkeys
George Osborne should abandon the tribal morality of austerity and, like Japan, print money not for banks but for people
If you thought Germany was a model modern economy, forget it. Look east. After two decades of self-imposed austerity, Japan has had enough. Its new leaders are systematically, deliberately, massively inflating their economy. Named after the [...]
Debt crisis: Cyprus wants to sell gold reserves:
Midst of the crisis Cyprus wants to sell some of its gold reserves. The government of the island nation threatened by bankruptcy is waiting for the approval of the Central Bank.
The reserves could be sold in the coming months, said Finance Minister Harris Georgiades to Bloomberg. The exact plan for this “serious decision” should be formulated by the Board of Governors of the Central Bank.
Euro Bailouts: Savers Be Warned – Your Money’s Not Safe. Nearly half of all Germans fear for their savings.
Germans are right to be worried about their savings because the euro bailouts will make most of them poorer in the long term — through higher inflation and lower payouts from life insurance and pension schemes. Why can’t crisis-hit nations follow the Cypriot example and make rich depositors pay a share?
Nearly half [...]
Looks like Cyprus banks aren’t reopening tomorrow after all – all banks to remain closed until Thursday. Not enough cash?
The Associated Press‏@AP4 min
BREAKING: Cyprus Central Bank: Finance minister has ordered all banks to remain closed until Thursday
Cyprus Market‏@russian_market29 s
Not again! Cyprus banks to remain closed through March 27: Central bank
Cyprus Market‏@russian_market49 s
Banks closed in Cyprus till March 27. Then what? Easter holidays? *sigh
The Cyprus Central Bank would like to [...]
Nicosia official says Cyprus not in reach of deal with troika, blames IMF
A senior Cypriot official suggested late on Saturday that his government was not close to an agreement with the troika over a range of measures aimed at securing a 10-billion-euro bailout for his country.
“We are not in touching distance of an agreement,” the official, who preferred to remain anonymous, told the Cyprus News Agency.
According to the news [...]
this all is not just a big scam – and Cyprus is the first country to “enjoy” it – it is an act of war fought with money instead of guns.
To cut a long story short, this is what´s happening right in front of our eyes – and will happen to other countries as well, if they are not as smart as Iceland was:
country gets large amounts of money “for [...]
The company behind the “Girls Gone Wild” videos filed for bankruptcy to protect itself from a $10.3 million debt claimed by Steve Wynn’s Wynn Las Vegas LLC and a $5.8 million award won by a woman who says the company used naked images of her without permission.
Last year, Wynn and his company won a slander lawsuit against Joe Francis, founder of the “Girls Gone Wild” franchise, which features college-age women [...]
After spending weeks looking at the city’s books, the independent review team released a report Tuesday saying Detroit’s deficit could have reached $900 million last fiscal year had it not borrowed enormous amounts of money. The city’s long-term liabilities, including underfunded pensions, are more than $14 billion.
Snyder has 30 days to accept or reject the review team’s findings, but there’s no statutory deadline for him to appoint an emergency manager, [...]
SAN BERNARDINO, Calif. — The gunshots ripped through a house party here, an hour before midnight on New Year’s Eve, wounding three and killing one. It was a brutal, if fitting, cap to a year that left this city bloody and broke.
Five months after San Bernardinofiled for bankruptcy — the third California city to seek Chapter 9 protections in 2012 — residents here are confronting a transformed and more perilous [...]
If Congress does not raise the debt ceiling, the result will be no different than the Jones family deciding that they have maxed out their credit cards; and that if they continue borrowing and spending over their means, there will be significant pain to the family at best and bankruptcy at worst.
The economics of government is no different.
Mr. and Mrs. Jones want to be able to provide for themselves in [...]
At least two people were shot at Taft High School Thursday morning. It happened at about 9 a.m. and as of 9:30, students had been evacuated to the football field and there were reports one person was in custody.
Details were still sketchy at 9:45 a.m. but the Sheriff’s Department has confirmed a shooter is in custody and at least two people have been wounded.
Hall Ambulance dispatched three ambulances and a [...]
by J. D. Heyes, Natural News:
As lawmakers wax poetic and jockey for political position ahead of the pending “fiscal cliff,” a package of automatic tax hikes and spending cuts coming Jan. 1 that many economists believe could rekindle the crippling recession of 2008-09, few of them are talking about the fact that the federal government continues to spend money on foolish, wasteful projects that contribute nothing to the “general welfare,” but [...]
NEW YORK (AP) — Hostess Brands Inc. plans to ask for a judge’s approval Thursday to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans.
Can you hear that sound? It is the sound of the air being let out of the economy. Since the election, there has been a massive tsunami of layoffs and business failures. Of course the company that is making the biggest headlines right now is Hostess. On Monday, Hostess will be in a New York bankruptcy courtroom as it begins the process of liquidating itself. Needless to say, Twinkie lovers [...]
Shadow Banking Grows to $67 Trillion Industry, Regulators Say
The shadow banking industry has grown to about $67 trillion, $6 trillion bigger than previously thought, leading global regulators to seek more oversight of financial transactions that fall outside traditional oversight.
The size of the shadow banking system, which includes the activities of money market funds, monoline insurers and off- balance sheet investment vehicles, “can create systemic risks” and “amplify market reactions [...]
Greece risks sliding into a civil war, unless officials in Athens follow Iceland’s example and default on the country’s loans, journalist Charlie McGrath told RT.
Charlie McGrath from Wide Awake News says Greece needs to admit to bankruptcy and start fresh from scratch.
“The financial health is not going to change in the country until they realize that they are in default – that they are bankrupt – and tell the banks [...]
Battery maker A123 Systems vowed thousands of new jobs when it received a nearly quarter-billion-dollar stimulus grant in late 2009, but federal job-tracking figures show only a few hundred positions were created before the company joined a growing list of federally backed energy businesses that ended in bankruptcy.
The latest quarterly report on file with a federal stimulus tracking database shows just seven positions created through the grant from April to June this [...]
President Obama took Chrysler and GM into bankruptcy and even sold Chrysler to the Italians. Who will do more for the auto industry? The clear answer is Mitt Romney.
Greece will have to introduce another one hundred and fifty economic reforms to please its international creditors. That’s according to a leaked report from its lenders. Greece has been locked in talks with the Troika for weeks over the crucial austerity package it would need to introduce to be saved from bankruptcy by mid-November. RT talks to Johan Van Overtveldt, editor-in-chief of Trends business magazine.
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It was one of Barack Obama’s favorite green-energy companies. And green-energy companies, according to the president, are one of the best ways to facilitate economic growth.
Well, yesterday, The Denver Post detailed the criminal investigation of Abound Solar, a defunct solar-panel manufacturer in Colorado that was run on taxpayer “investments,” for securities fraud, consumer fraud and financial misrepresentation.
Abound shuttered its Colorado plant during the summer and filed for bankruptcy, leaving “125 workers without [...]
October can be the cruelest month for stocks
Mark Hulbert: The seasonal pattern that is the source of the “Sell In May and Go Away” strategy is based on historical averages, and there is wide variability in the year-by-year results. In fact, just over half the time since the Dow was created in 1896, that six-month stretch has done at least as well as it has this year.
The reason that [...]
Euro-zone Sept. composite PMI hits 39-month low
Atwater, California mulls fiscal emergency, bankruptcy
Six million will pay health law penalty: study
California May See More Bankruptcies, Chiang Says
Fed’s Fisher Says U.S. Inflation Expectations Rising
In Spain, economic crisis fans Catalan separatism
India hit by national strike over economic reforms
Italy slashes growth outlook, hikes deficit, debt goals
And surprise surprise… it comes from ROMNEY!!
Romney: [The] former head of Goldman Sachs, John Whitehead, was also the former head of the New York Federal Reserve. And I met with him, and he said as soon as the Fed stops buying all the debt that we’re issuing—which they’ve been doing, the Fed’s buying like three-quarters of the debt that America issues. He said, once that’s over, he said we’re going to [...]
DALLAS — American Airlines is sending layoff warning notices to more than 11,000 employees although a spokesman says the company expects job losses to be closer to 4,400.
The notices went out to mechanics and ground workers whose jobs will be affected as American goes through a bankruptcy restructuring.
American Airlines spokesman Bruce Hicks said Tuesday that fewer than 40 percent of those getting notices will lose their jobs. Hicks said federal [...]
From Economic Policy Journal:
“People don’t pay attention until cities talk about bankruptcy, but by then the frog has already been boiled to death.” So says David Crane, a lecturer in the Public Policy Program at Stanford University who is president of the advocacy group Govern for California and a member of the Volcker-Ravitch State Budget Crisis Task Force, writes Mark Funkhouser at Governing Magazine.
Here’s Funkhouser reporting on an interview with [...]
Credit cards have been used as a lifeline and a way to live beyond one’s means in the United States for many years. Yet the current environment of deleveraging is hitting credit cards hard. The outstanding balance on credit card debt has reached a level last seen over a decade ago. This is positive since many were simply using credit cards as a method of spending money they did not have. [...]