Author: James Wesley Rawles

G20 Summit Recovery Package: A Global Plan of Unprecedented Scale Derivatives will have to go through a central clearinghouse. Concern Grows Over New IMF Power G20: Fat Cats Brought Down to Earth with a Bump ” …the declaration shows how little political influence is now wielded by the once powerful vested interests of Wall Street and the City of London.” President of European Commission Warns Millions More Europeans Will Lose Jobs G20 Laid Foundation for Next, Bigger Crisis Banks Could Bet on Toxic Assets with Taxpayers’ Money “Making Work Pay” Won’t Change Many Spending Habits (Most won’t notice a $10 …

Laura H. suggested this WND article: Families learning of $163,000 tax ‘bomb’, Economics prof says deficits heading toward ‘banana republic levels’ From reader AC: Social Security Surplus Already Gone Reader Jon M. flagged this, over at Seeking Alpha: Did the ECB Save COMEX from Gold Default? Items from The Economatrix: Congress, Bankers Just Don’t Get It “Changing the way you account for losses on bad assets doesn’t mean the losses have gone away. If anything, the obfuscation of those losses will drive investors away because balance sheets in the financial sector will become more opaque.” What to Buy Before the …

Courtesy of reader D.D.: Faint signs the economy has a pulse? Better-than-expected factory orders, but job market still a worry. From G.G.: U.K. News: Interest Rates Set to Soar, Warns Bank’s Chief Economist M.A.M. suggested a piece that was linked at the Naked Capitalism blog: On the Urgency of Restructuring Bank and Mortgage Debt, and of Abandoning Toxic Asset Purchases. (Hussman’s approach is a bit interventionist for my taste, but at least it underscores the broad implications of the current crisis.) In my view, malinvestment must be worked out the system naturally, through bankruptcies. The fractional reserve credit system and …