If one needs a shining example of why the days of Europe’s artificial currency are numbered, look no further than the EU’s poorest country which moments ago said “Ne Mersi” to the Eurozone and the European currency. From the WSJ: “Bulgaria, the European Union’s poorest member state and a rare fiscal bright spot for the bloc, has indefinitely frozen long-held plans to adopt the single currency, marking the latest fiscally [...]
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — Wow, and what an epiphany! Zen masters call it satori, enlightenment. One of those great a-ha moments!
I finished my last piece, was thinking about my fellow doomsday prognosticator, Jeremy Grantham, the guy whose firm managers $95 billion. He’s convinced that capitalism is one big engine driving the world headlong into doomsday, off a cliff, into a cosmic [...]
TOKYO (AFP) – Japan on Thursday posted a record trade deficit for fiscal 2011 as the quake-tsunami disaster and ensuing nuclear crisis sent car and electronics exports tumbling and energy imports soaring.
The country’s trade shortfall hit 4.410 trillion yen ($54.2 billion) in the 12 months to March, the finance ministry said, amid continuing worries about the recovery in the world’s third-largest economy.
For decades, Japan enjoyed huge trade surpluses owing to [...]
by Victor Morton
Former President Jimmy Carter has sent North Korea a message of condolence over the death of Kim Jong-il and wished “every success” to the man expected to take over as dictator, according to the communist country’s state-run news agency.
A dispatch from the Korean Central News Agency (KCNA) said Mr. Carter sent the message to Kim Jong-un, Kim Jong-il’s son and heir apparent.
“In the message Jimmy Carter extended condolences to [...]
Muammar Gaddafi secretly salted away more than $US200 billion ($A196 billion) in bank accounts, real estate and corporate investments around the world before he was killed, according to senior Libyan officials.
That’s about $US30,000 for every Libyan citizen and double the amount that Western governments previously had suspected.
The new estimates of the deposed dictator’s hidden cash, gold reserves and investments are “staggering”, one person who has studied detailed records of the [...]