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CHINA: ‘From a government perspective, gold is seen as currency.’

from WSJ:

China will allow over-the-counter gold trading between banks for the first time Monday, a significant financial reform for the world’s second-largest buyer of the precious metal.

The move reflects the Chinese government’s latest effort to develop Shanghai into a major gold trading center, and mirrors similar developments in the country’s currency and oil markets.

The introduction of interbank trading is intended to develop China into a liquid and market such as [...]

Deadbeat parents cost taxpayers $53 billion

The answer for a win-win-win is this: When any ncp faces a judge, they have the option to enter the state-sponsored job program, tied in with affirmative action laws. This way every company has to hire an ncp if the excuse is ‘I can’t find work’.

This eliminates the financial costs to the kids, the state (a worker pays taxes too) and the poor ncp can remain alive. One minimum-wage job [...]

White House to contractors: Hold off on layoff warnings

Obama wont get the votes if people are getting layoff notices…

NEW YORK (CNNMoney) — The White House on Friday told government contractors worried about fiscal cliff spending cuts to hold off on warning employees about possible layoffs.

The government said it would cover legal costs if contractors are forced to slash their payrolls because of the looming $109 billion in automatic cutsnext year and are alleged to have violated the WARN Act.

The [...]

Dallas Riot Happening Now!!! Hundreds of South Dallas residents formed an angry crowd after one person was killed in an officer-involved shooting.

View more videos at: http://nbcdfw.com.

Hundreds of South Dallas residents formed an angry crowd after one person was killed in an officer-involved shooting.

The incident was reported near Mural Ln. and Barber Ave. around 5 p.m. on Tuesday afternoon.

One person was confirmed dead in a field adjacent to a horse barn near the scene on Barber Ave.

After the shooting, a crowd formed around crime scene tape [...]

Thomas Cook’s Greece Holiday Bookings In Germany Down 30% On Year -Report

FRANKFURT (Dow Jones)–Travel company Thomas Cook Group PLC’s (TCG.LN) holiday bookings from Germany to Greece have fallen dramatically, by almost 30% on year, Michael Tenzer, head of the company’s …

http://online.wsj.com/article/BT-CO-20120519-701371.html

ALERT: Mortgage rate jumps past 4%

NEW YORK (CNNMoney) — After many recent weeks where mortgage rates hit record lows, the 30-year rate jumped this week to its highest level since late October.The 30-year fixed-rate mortgage, a popular choice for most home buyers, hit 4.08%, according to Freddie Mac’s weekly survey. That’s 0.16 percentage points higher than a week earlier and its first time over the 4% mark since October. The average rate for a 15-year [...]

Doctors living on loans

NEW YORK (CNNMoney) — Government-backed loans to doctors have surged more than 10-fold in the past decade, a trend industry insiders say is a red flag that doctors in America are in financial distress.

From 2000 to 2011, Small Business Administration loans to physicians’ offices, including private practice doctors and mental health specialists, ballooned to $675 million from less than $60 million.

Among the factors they (doctors) cite for their shrinking revenue: [...]

MOODY’S Cuts Rating on 12 UK Financial Institutions, nine Portuguese banks

“Moody’s believes that the government is likely to continue to provide some level of support to systemically important financial institutions, which continue to incorporate up to three notches of uplift.

However, it is more likely now to allow smaller institutions to fail if they become financially troubled,” Moody’s said in a statement.

In addition, Moody’s downgraded nine Portuguese banks on Friday, citing the increased risk linked to [...]

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