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#1 |
SUBSIM Newsman
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Ben Bernanke says US economy 'close to faltering'
US Federal Reserve Chairman Ben Bernanke has told Congress that the US economy is "close to faltering" and more action may be needed.Giving testimony to the US legislature, he said the Fed was "prepared to take further action as appropriate" to bolster the recovery.His comments come after the Fed already decided to shift $400bn of investments into longer-term government debt.Stock markets responded positively, with the Dow Jones rallying over 1%.But US markets fell back again somewhat in afternoon trading.
China 'blocking' He said the switch into longer-term government debt announced last month - dubbed Operation Twist - was the equivalent of a half-percentage-point cut in interest rates, and gave a "meaningful, but not an enormous support to the economy".But he warned that the eurozone debt crisis, as well as overly hasty spending cuts by the federal government, risked undermining the US recovery.When asked what additional action the Fed might take if the economy continued to weaken, he reiterated policy options he has laid out in past speeches:giving clearer guidance as to how long interest rates will be held close to zero, and in what circumstances they would rise;increasing "quantitative easing" - the Fed's purchase of US government bonds and other debts;cutting the interest rate paid on excess cash that the banks hold at the Fed.But he added that the US central bank's monetary policies were "no panacea". http://www.bbc.co.uk/news/business-15173683 Note: 4 October 2011 Last updated at 19:24 GMT
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Nothing in life is to be feard,it is only to be understood. Marie Curie ![]() |
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#2 |
Captain
![]() Join Date: Aug 2011
Location: Nuclear submarine under the North Pole
Posts: 482
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"Come now, you rich, weep and howl for your miseries that are coming upon you! Your riches are corrupted, and your garments moth-eaten!"
"Wail, you who live in the market district; all your merchants will be wiped out, all who trade with silver will be destroyed!" "They will throw their silver into the streets, and their gold will be like refuse..." ![]() |
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#3 | |
In the Brig
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#4 |
Captain
![]() Join Date: Aug 2011
Location: Nuclear submarine under the North Pole
Posts: 482
Downloads: 1
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#5 |
Silent Hunter
![]() Join Date: Nov 2006
Location: Jakarta
Posts: 4,794
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Great news, it has been boring. Tis is an interesting times we live in.
Political, economical and global climate crises are coming our way HARD and FAST!!! I expect mankind to fail to live up to the challenges. We're good at failing. And then to make excuses why we didn't fail. Oops. ![]() || ![]()
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Last edited by Castout; 10-05-11 at 01:52 AM. |
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#6 |
Silent Hunter
![]() Join Date: Jan 2006
Location: UK
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Yep its no big secret that there is a storm coming, the economy is about to fall on its ass. Its not a question of 'if' but 'when'.
![]() the only real question I have is how bad is it going to be? many seem to suggest it will be far more serious than 2008 this time around. Might be a good time to stock up on tinned food. @Cast out, I dont think anyone will be celebrating when they lose there jobs, savings and security. we talking about possible instabillity on a global scale, I dont think anyone is safe. I only hope a better system will rise from the ashes. |
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#7 | |
Soaring
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There were times both in Germany and the US, when the states were so threatened by the lacking trust in their inflation money that they simply prohibited the trading and possession of gold. Happened to be the case in the USin the first half and the middle of the past century, happened to have taken place in Germany until the mid-30s of the last century. The police raided homes to search for private stocks of gold! If the crisis has become worse enoiugh.- You will not be able to trade anything for your stocks or your 500,000,000 thaler-notes - while with gold, silver and jewelry, you will still be able to get somethign for them. These items are labelled a crisis asset because they can hold out for longer than printed notes, stocks, coins (as long as they are not made of gold or silver themselves), and fonds papers. All these valued papers die first. Gold also can die - but it dies last of them all. Go and find somebody really old who still has memories of the big inflations in Germanyx and America. Maybe then you understand what the difference is between paper, and gold.
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