Category Archives: Economy

Bernanke To CFR: New Financial Authority Is Needed

Steve Watson
Tuesday, March 10, 2009

Federal Reserve Chairman Ben Bernanke has told an elite gathering that a new overarching financial authority should be created by the government and empowered with sweeping new regulatory responsibilities.

Bernanke also coyly indicted to the renowned globalist group that he believes a new international order could be fomented out of the crisis.

“We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components,” Bernanke said in a speech to the Council on Foreign Relations.

“We should consider whether the creation of an authority specifically charged with monitoring and addressing systemic risks would help protect the system from financial crises like the one we are currently experiencing.” he added.

Large firms will require “especially close” oversight in the future, Bernanke noted, adding that regulators need the authority to seize such firms.

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Push for a Single Africa Currency Begins

AU Commissioner for Economic Affairs Dr Maxwell Mkwezalamba (left) with Kenya's Minister for Planning and National  Development Wycliffe Ambesta Oparanya during  First Congress of African Economists in Nairobi on Monday. The congress is to deliberate, in the next three days, the possibilities of adoption of a single African currency Photo/CHRIS OJOW

The push for a single currency to facilitate trade and help in fast tracking the integration of African countries has began.

African economists and top academicians are meeting in Nairobi at a congress whose theme is towards the creation of a single African currency. The congress is to deliberate on the possibilities of adoption of the currency for the next three days.

The African Union, through its economic affairs department has organised the workshop whose recommendations will be presented to a heads of states and governments summit later in July.

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Gold Industry Officials Warn Of Depression, Expect Major Economies To Boost Reserves

Steve Watson
Monday, March 2, 2009

Senior Officials within the Gold Industry have warned that an economic depression followed by a dollar crash is a real possibility, as they announced moves by major economies to raise their central banks’ gold reserve holdings.

Marcus Grubb, managing-director of investment research and marketing at the World Gold Council, has warned that the strength of the U.S. dollar is likely to be short-lived and has said that major developing economies such as India and China are looking toward diminishing their dollar holdings.

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Did Hillary really pledge U.S. homes to China?

Posted: March 02, 2009
2:56 pm Eastern

By Jerome R. Corsi
© 2009 WorldNetDaily

Secretary of State Hillary Clinton departing for Asia Feb. 15

The State Department says there is “no factual basis” to an Internet rumor that went viral over the weekend claiming Secretary of State Hillary Clinton was willing to pledge American homes to China as collateral for Beijing buying U.S. debt.

The rumor, in various versions, claimed Clinton brought with her last month to Beijing a written agreement offering to extend to China the option to exercise eminent domain rights within the U.S. The rights purportedly were offered as collateral for China’s continued willingness to purchase additional trillions of dollars in U.S. Treasury debt the Obama administration hopes to sell to finance projected federal budget deficits.

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