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The City Council of San Bernardino Cuts $26 Million in Spending

The San Bernardino City Council, which is already in bankruptcy, voted to cut $26 million in spending in an effort to keep the city staying afloat. The City Council is currently a facing a budget shortfall of $45.8 million. The…

UK Bank Bailout Money May Never Be Recovered

UK taxpayers may be shocked to know that they might have to forego the cumulative amount of £66 billion ($107 billion), comprising of their hard earned money! The amount was collected for a bailout package for Lloyds and RBS, which…

Europe Approves Extra Fund for Greece

Euro partners of Greece finally approved another package of bailout loans to Greece, after a 12 hour meeting on November 26, 2012. The bailout loan will prevent Greece from going bankrupt. Finance ministers from the 17 European Union countries and…

GFMS Expects a 38 Percent Increase of Silver Price in 2013

The global head of metals analytics at GFMS, a Thomson Reuters unit, projected that the price of silver may go up by around 38 percent in 2013. It is also expected that investing in precious metals, on the whole, will…

Bond King Gross Says Gold Likely To Do Better Than Bonds

Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co (PIMCO) has said the gold is a better investment than bonds and stocks at a time when the world is in a reflationary mode. Referring to…

Japan’s Likely Next PM Calls on BOJ to Print Unlimited Yen

Shinzo Abe, Japan’s principle leader of the opposition, who is all set to come out with flying colors in the December elections, has called for an unlimited money printing exercise in order to try and achieve a steep inflation target.…

Fitch Downgrades Argentina’s Credit Rating and Predicts Default

Fitch, a credit rating agency, has downgraded Argentina’s credit rating for long-term foreign currency (FC) Issuer Default Rating (IDR) from ‘B’ to ‘CC’, and the short-term foreign currency IDR from ‘B’ to ‘C’. According to AP, rating of ‘C’ is…

FHA Projected to Exhaust Reserves, Could Need Bailout

The FHA, which is known to play a crucial part in the process of stabilizing the housing markets, has declared projected losses worth $16.3 billion at the close of September. This could in fact be a prelude to the possibility…

Fed Asks 30 Banks to Undertake Stress Tests for Rising Unemployment

The Federal Reserve has asked 30 big banks to test their ability to withstand a deep depression wherein the unemployment rate could rise to 12%. Aiming to ensure that the banks have enough funds to continue operations during tough economic…

Increasing Gold Holdings

Increasing gold holdings may be in many peoples’ future as an atmosphere of diminishing positive outlook of world economic growth becomes more apparent. In a statement from a senior executive of Britain’s Royal Bank of Scotland, Coutts, Gary Dugan, Coutts’chief…


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