Economic Glance
In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.
It added that the present system, under which the dollar acts as the world's reserve currency , should be subject to a wholesale reconsideration.
UN wants new global currency to replace dollar
Lehman downfall triggered by mix-up between London and Washington
A breakdown in communications at the highest level between the US and the UK led to the shock collapse of the investment bank Lehman Brothers in September last year, a Guardian/Observer investigation has revealed.The downfall of Lehman, which triggered the biggest banking crisis since the Great Depression, came after a rescue bid by the high street bank Barclays failed to materialise.
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U.S. Companies Cut 298,000 Jobs in August
Companies eliminated more jobs than forecast in August, a private survey indicated today, signaling that employers have yet to gain confidence about a recovery from the deepest recession since the 1930s.
The 298,000 drop followed a revised 360,000 decline the prior month that was smaller than previously estimated, according to figures from ADP Employer Services.
GATA presses Fed to give up its golden secrets
We construe this as an admission that the U.S. gold reserve has been put into private hands to some extent or has been compromised in some way by possession by private interests, such as financial houses that trade in gold. Really, why should any Federal Reserve record involving the national gold reserves be confidential, except perhaps records involving the most ordinary security of the reserve's vaulting? Plainly the Fed has knowledge of something that has been done with the gold reserve that the U.S. government does not want the American people and the financial markets to know.
Millions Face Shrinking Social Security Payments
Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise.
The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975.
State jobless rate at all-time worst
California led the nation in job losses in July, while a third of the nation showed decreases in unemployment for the month. California lost 35,800 jobs, the U.S. Labor Department said Friday, to boost its unemployment rate to 11.9 percent, a mark unequalled since modern labor record-keeping began.
The new numbers bring California's total job losses to 760,200 over the last year. If there is good news, it is that the rate of job losses slowed for a second straight month. July's job losses were barely half those in May.
U.S. banks to make $38 billion from overdraft fees: report
A large portion of the revenue is likely to come from the most financially stretched consumers, according to the paper.
It said the research showed that many banks have increased charges on overdrafts and credit cards in order to boost profits.
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