June 14, 2007, 3:40 pm
Filed under: economy, homelessness, housing market, poverty, US dollar, war profiteering

Gulf economies to drop the dollar (Al Jazeera): “Gulf economies will move away from a dollar currency peg and shift foreign exchange reserves away from dollar to other currencies, including the Chinese yuan, the chief executive of Dubai International Financial Centre (DIFC) has said. Nasser al-Shaali noted that the UAE central bank had already started buying euros – part of its strategy to move about 10 per cent of its reserves into the single European currency before the end of the year.

More Americans hungry and homeless ; numbers are up 7% from last year, 12% increase from 2004-2005. (alertnet.org)

Ohio citizens are applying for public aid in record numbers, and they’re not alone. (ABC and local TV)

They always bury the bad news in the middle of the article so you skim past it, and even then they still try to spin it: “Analysis of the I.R.S. data by The New York Times found that average reported incomes fell or were virtually flat at the end of the period at every level of income except for the poorest 26 million taxpayers, the bottom fifth. Those impoverished taxpayers made less than $11,166 each in 2004 and had an average income of $5,743, up $135 or 2.4 percent, from the year 2000. A taxpayer can be a single individual or a married couple. The poorest taxpayers consist of nearly 48 million adults and about 12 million dependent children. This means that the poorest 60 million Americans reported average incomes of less than $7 a day each. (NYTimes)

Goldman Sachs warns that the housing bust will get worse (Telegraph , UK)
“We believe that housing will soon become the proverbial ‘straw that breaks the camel’s back’,” said David Kostin, the investment bank’s US strategist.

Donald Tomnitz, CEO of DR Horton, the 2nd largest homebuilder in the US, said at a Citigroup Inc. conference in New York “I don’t want to be too sophisticated here, but 2007 is going to suck, all 12 months of the calendar year; our future is not as bright as what we would like it to be.” (Bloomberg)

Why the US is not leaving Iraq: the Booming Business of War Profiteering (Global Research.ca)

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nice blog

Comment by sonja kirchberger

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