Archive
Household wealth down 23% in 2 years – Fed
By Charles Riley, staff reporterMarch 24, 2011: 4:04 PM ET
NEW YORK (CNNMoney) — The average American family’s household net worth declined 23% between 2007 and 2009, the Federal Reserve said Thursday.
A rare survey of U.S. households, first performed in 2007 but repeated in 2009 in order to gauge the effects of the recession, reveals the median net worth of households fell from $125,000 in 2007 to $96,000 in 2009.
Titled “Surveying the Aftermath of the Storm,” the report offers a broad look at how the financial crisis impacted individual households.
It is widely known that the 2008 financial crisis resulted in the vaporization of trillions Read more…
Breach suspected at troubled Japanese power plant
TOKYO – Two weeks after an earthquake and tsunami triggered a crisis at a nuclear plant, the government said Friday there is a suspected breach at a reactor — another setback that would mean radioactive contamination at the facility is more serious than once thought.
Japanese leaders defended their decision not to evacuate people from a wider area around the plant, insisting they are safe if they stay indoors. But officials also said residents may want to voluntarily move to areas with better facilities, since supplies in the tsunami-devastated region are running short.
The escalation in the nuclear plant crisis came as the death toll from the quake and tsunami passed the grim milestone of 10,000 on Friday. Across the battered northeast coast, hundreds of thousands of people whose homes were destroyed still have no power, no hot meals and, in many cases, no showers for 14 days.
The uncertain nuclear situation again halted work at the Fukushima Dai-ichi complex, where authorities have been scrambling to stop the overheated facility from leaking Read more…
Upcomming days of interest for possible Seismic Activity
- Keep in mind of sunspot 1176’s possible activity
IMF Prepares For “Threat To International Monetary System”
Back in April 2010, before Waddell and Reed sold a few shares of ES, effectively destroying the market on news that Europe was insolvent, we made the following observation: “The IMF has just announced that it is expanding its New Arrangement to Borrow (NAB) multilateral facility from its existing $50 billion by a whopping $500 billion (SDR333.5 billion), to $550 billion.” Little did we know that our conclusion “something big must be coming” would prove spot on just a month later after Greece, then Ireland, then Portgual, and soon Spain, Italy, Belgium, and pretty much all other European countries would topple like dominoes tethered together by a flawed monetary regime. Well, based on news from Dow Jones we can now safely predict the following: “something bigger must be coming.” As if the IMF’s trillions in open lending facilities (many of which have recently been adjusted to uncapped) were not enough, we now learn that the world lender of last resort (which in theory is the Fed, but apparently Bernanke has been getting a little Read more…
Is the European Union on the brink of Collapse?
Foto: THOMAS BORBERG (arkivfoto)
A real risk of disintegration if the EU does not soon display solid internal and external cooperation.
Europe’s external divisions on Libya are as great as its internal divisions on the new Europact.
Over the past few days, EU countries have faced historically difficult decisions without being able to reach agreement.
The indecision has seriously questioned the determination that European countries are able to muster, both in NATO and in the European Union.
The countries seem to have reached agreement on handing over the responsibility for the Libya operation to NATO. The breakthrough has, however, come so late that credibility has already been lost.
For once, Denmark has stood out in a positive light by both sending fighter aircraft to Read more…
Israel to deploy ‘Iron Dome’ anti-rocket system
“I authorised the army to deploy in the next few days the first battery of “Iron Dome” for an operational trial,” Defence Minister Ehud Barak said as he toured the tense Gaza Strip border.
The order comes after a spate of rocket fire by Gaza militants in recent days, some of them striking deep into Israel.
The deployment of the Iron Dome interceptor, designed to combat short-range rocket threats from the Gaza Strip and Lebanon, has been delayed until now with officials saying operating crews needed more training and suggestions the system was prohibitively expensive.
The system, developed by Israel’s Rafael Advanced Defence Systems with the help of Read more…
Scientists plan to drill all the way down to the Earth’s mantle
Credit: World Book illustration by Raymond Perlman and Steven Brayfield, Artisan-Chicago
(PhysOrg.com) — In what can only be described as a mammoth undertaking, scientists, led by British co-chiefs, Dr Damon Teagle of the National Oceanography Centre in Southampton, England and Dr Benoit Ildefonse from Montpellier University in France, have announced jointly in an article in Nature that they intend to drill a hole through the Earth’s crust and into the mantle; a feat never before accomplished, much less seriously attempted.
The Earth’s mantle is the part of the planet that lies between the crust and the iron ball at its center, and to reach it, would require drilling down from a position in the ocean, because the crust is much thinner there. Even still, it would mean drilling through five Read more…
G.E.’s Strategies Let It Avoid Taxes Altogether
A PRESIDENT'S BUSINESS LIAISON In January, President Obama named Jeffrey R. Immelt, General Electric's chief executive, to head the President's Council on Jobs and Competitiveness. "He understands what it takes for America to compete in the global economy," Mr. Obama said.
The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.
Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.
That may be hard to fathom for the millions of American business owners and households now preparing their own returns, but low taxes are nothing new for G.E. The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies.
Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore. G.E.’s giant tax department, led by a bow-tied former Read more…
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