“Evidence outlined in a Pentagon contractor report suggests that financial subversion carried out by unknown parties, such as terrorists or hostile nations, contributed to the 2008 economic crash by covertly using vulnerabilities in the U.S. financial system. The unclassified 2009 report ‘Economic Warfare: Risks and Responses’ by financial analyst Kevin
“There are long-term problems with state budgets that a return to economic growth won’t solve. Health-care costs and pension obligations are projected to grow at rates that look to be completely unsustainable, unless something is done. But so far, many states aren’t doing much to deal with their fundamental problems.
“World oil prices advanced on Tuesday despite OPEC kingpin Saudi Arabia’s pledge to ensure sufficient supplies to cover Libya’s production shortfall. Brent North Sea crude for delivery in April rose 67 cents to $112.47 per barrel. New York’s light sweet crude for April, known as West Texas Intermediate (WTI), gained
“The massive oil terminal at Brega feels strangely deserted for Libya’s second-largest hydrocarbon complex. After more than a week of turmoil in the country, production has been scaled back by almost 90 percent with many employees fleeing and ships not coming to collect its products. The most activity on the
“The daunting tower of national, state and local debt in the United States will reach a level this year unmatched just after World War II and already exceeds the size of the entire economy, according to government estimates. But any similarity between 1946 and now ends there. The U.S. debt
“Groceries and gasoline are two necessities in just about every American household and pretty soon, most families will have to stretch those two major budget items. According to the United Nations’ food price index, the cost of putting food on the table has increased over the past seven months, peaking
“Competition between India and China as they seek bigger shares of the world’s dwindling supply of oil is likely to accelerate the rise in oil prices, economists say. It also has the potential to ignite lingering tension between the two countries going back to China’s 1962 invasion of India and
“Moody’s has downgraded debt-stricken Ireland by five notches just days after the Irish parliament approved a multi-billion euro international bailout. The credit ratings agency cited increased uncertainties over Ireland’s economy and public finances for cutting its foreign and local-currency government bond ratings from Aa2 to Baa1. The action follows similar
“Portugal’s central bank said on Tuesday the country’s banks faced an ‘intolerable risk’ unless the government manages to bring its public spending under control as it struggles to combat a debt crisis. The Bank of Portugal report spelled out a tricky scenario for the banks as concerns grew in markets
“More than 100,000 Irish citizens took to the streets of Dublin today to protest against the international bailout and four years of austerity. Despite overnight snow storms and freezing temperatures, huge crowds have gathered in O’Connell Street to demonstrate against the cuts aimed at driving down Ireland’s colossal national debt.