World Trade Contracted 12 Percent In 2009: WTO's Lamy - By Reuters (26/2/10) PDF Print E-mail
Reuters   
Thursday, 25 February 2010 22:23

BRUSSELS - Global trade contracted by about 12 percent in 2009 but has started to pick up, the head of the World Trade Organization (WTO) said on Wednesday.

WTO Director General Pascal Lamy said the Organization had revised its previous estimate of a contraction of about 10 percent in 2009 but gave no forecast for 2010.

"World trade has also been a casualty of this (global economic) crisis, contracting ... by about 12 percent in 2009," Lamy said during a visit to Brussels, calling it a huge drop and the sharpest decline since the end of World War Two.



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Junk Debt ‘Wall’ To Trigger U.S. Defaults, Bank Of America Says - By Karen Eeuwens (26/2/10) PDF Print E-mail
Karen Eeuwens   
Thursday, 25 February 2010 22:20

Bloomberg

A “wall” of junk debt maturing in the next four years will increase the risk of corporate defaults in the U.S., according to Bank of America Merrill Lynch.

More than $600 billion of high-yield bonds and loans are due to be repaid between 2012 and 2014, New York-based analysts Oleg Melentyev and Mike Cho wrote in a note to clients. Almost 90 percent of loans outstanding mature in the next five years, compared with an average of 36 percent between 2005 and 2009, according to the report.



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Sultans Of Swap - Explaining $605 Trillion Of Derivatives! - By Gordon T Long (26/2/10) PDF Print E-mail
Gordon T Long   
Thursday, 25 February 2010 22:19

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Contradictory Statistics And BS Analyses - By Bill Boner (26/2/10) PDF Print E-mail
Bill Boner   
Thursday, 25 February 2010 22:15

Daily Reckoning

A couple of years ago, we used to get such a kick out of making fun of the financial industry. Its pretensions were absurd and shocking. Its delusions were breathtaking. Its leaders were lunkheads and grifters.

But the financial industry blew itself up in 2007-2009. Now, what do we have?

The government! Doing all the same things...making the same mistakes (only worse)...and working hard to blow itself up.



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American Military Policy And The War On Terrorism - By Karen Kwiatkowsi (26/2/10) PDF Print E-mail
Karen Kwiatkowsi   
Thursday, 25 February 2010 22:14

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