Economic News Round-Up
November 10, 2007, 5:56 pm
Filed under: collapse, dollar collapse, economy, empire, news, politics, poverty, US dollar

Japan and China lead flight from dollar (Telegraph, UK)

Three of the largest oil refineries in Japan now pay for their Iranian oil in Chinese yen (Pravda) Only 15% of Iran’s oil is paid for in dollars now

Bank of the South will rival IMF and World Bank (Pravda via WUFYS) Former Mexican President Fox confirms plans for regional ‘Amero’ currency; previously derailed by Venezuela’s Chavez (WorldNetDaily)

A Graphic Representation of the Ongoing Economic Collapse (Mises)

White House: Wealth Inequality ‘not a very interesting story’ (NYTimes)

Richest 0.25% reaped 47% of the total income gains in 2005 compared to 2000. (MotherJones)

“Americans earned a smaller average income in 2005 than in 2000, the fifth consecutive year that they had to make ends meet with less money.”

IRS: Richest 1% earned 21% of total U.S. income in 2005, up 19% from 2004 (Reuters/Yahoo)

American Nightmare: One in six Cleveland households affected by subprime market fallout (via MParent)

This World: American Nightmare was broadcast on October 29, 2007 on BBC 2.

“There has been blood flowing on the streets of Cleveland but nobody cared. The only time anyone listened was when blood flowed on the only street that matters in this country, and that’s Wall Street”.

U.S. food prices rise 4% overall from July 2006-2007 (McClatchy DC)

EXCERPT: “The Labor Department’s most recent inflation data showed that U.S. food prices rose by 4.2 percent for the 12 months ending in July, but a deeper look at the numbers reveals that the price of milk, eggs and other essentials in the American diet are actually rising by double digits.  Already stung by a two-year rise in gasoline prices, American consumers now face sharply higher prices for foods they can’t do without.”

Argentines launch tomato boycott to protest rising prices (BBC)

36,500,000 lived in poverty in 2006: US Census Bureau (AFP via Raw Story)

Let’s define poverty: “For a single person under the age of 65, the income threshold was $10,488 a year; for a single parent with one child, it was $13,896.”

Percentage of families living in “severe poverty” has reached a 32 year high (Southern Studies)

EXCERPT: “The McClatchy analysis found that the number of severely poor Americans grew by 26 percent from 2000 to 2005. That’s 56 percent faster than the overall number of poor people grew in the same period. McClatchy’s review also found statistically significant increases in the percentage of the population in severe poverty in 65 of 215 large U.S. counties, and similar increases in 28 states. The review also suggested that the rise in severely poor people isn’t confined to large urban counties but extends to suburban and rural areas.”

“Severe poverty” was defined as a family of four with an annual income of less than $9,903 or individuals earning less than $5,080 a year

Richest and Poorest places in the U.S. (CNN)

Workers paying more for health coverage (LA Times)

“Health premiums for families have increased 78% since 2001, while wage rose 19% and cost of living rose 17%”

Renters’ problems overlooked amid mortgage crisis (USA Today)

A peep into Richistan (ZMag)

Private Student Loan Bubble Could Burst (AP/Yahoo)

Living paycheck to paycheck gets harder (AP/MyWay)

Warning bells as the cost of bread rises (Times, UK)

In the ‘I told you so’ department: remember that plan to ‘outsource‘ Social Security?  (AmericaBlog)

Here’s the Q3 postings of some of the top hitters:

Washington Mutual – 75% drop
Merrill Lynch – $5 billion write down
UBS – $3.4 billion loss
Citigroup – 60% decline.
Deutsche Bank – $3.12 billion write down.

Hedge fund collapse on the way (Financial Times)

Pennies and nickels currently cost more than they’re worth to make, so Congress is considering changing their composition to make them worth-less (USA Today)


Calls grow louder for international overview of U.S. markets (Int’l Herald Tribune)

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[…] on the way (Financial Times). Pennies and nickels currently cost more than they’re … hope2012.wordpress.com/2007/11/10/economic-news-round-up-3/ Hope2012 […]

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Make peace, not war!

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