Talking in a broad sense, the conditions of life for workers in the USA improved from Second World War (SWW) until seventies and after that pick worsened.Lire la suite
The growing indebtedness of Mexican credit card users has actually created a new opportunity for the shadowy, high-interest lender. To pay off high-interest credit cards, some debtors look again to the agiotistas. Meanwhile,
delinquency rates on U.S. credit card accounts topped 5% at the end of the last year, with default rates continuing to climb upward during the first few months of 2009.
Chinese authorities are searching for a way to reduce their exposure to the greenback. The surest method would be to stop buying so many U.S. Treasury bonds; but that would mean allowing the Chinese currency to rise against the dollar, which would hurt Chinese exporters when they are already suffering.Lire la suite
The nationwide foreclosure problem is getting worse than ever, according to the latest figures from the Mortgage Bankers Association. 12.07 percent of U.S. home loans are now either in the foreclosure process or at least one payment past due, which is said to be the highest level ever recorded.Lire la suite
The Bush administration and the Obama administration have simply abandoned the principles that worked for Roosevelt through the Reconstruction Finance Corporation in the first days of his administration, that worked in the Savings and Loan Crisis in the early 90’s, that worked in Sweden as well at the same time and that have been understood by capitalist central bankers for 150 years. Save the depositors not the bank owners or bondholders.Lire la suite
The President of United Nations General Assembly, Miguel D’Escoto, criticized European countries for rejecting without justification the draft for a declaration of the world leaders Conference on the World Financial and Economic Crisis (G-192) to be hold in New York from June 1 to 3 to debate and propose alternatives to the international crisis.Lire la suite
Russia proposed on Thursday an IMF or G20 study on creating a new international reserve currency and China reiterated support for a broader discussion of the dollar’s role that was missing at the London G20 summit.Lire la suite