Bernanke's Exit Plan - By Ramsay Su (28/3/13) PDF Print E-mail
Ramsay Su   
Thursday, 28 March 2013 11:02

Last week, Fed Governor Sarah Bloom Raskin gave a bleak report on employment. In the speech she highlighted all the dire conditions that contradict the so called recovery, a theme currently promoted by her Fed Chairman.

In summary, she said the poverty rate now "…stands at 15%, significantly higher than the average over the past three decades. And those who are fortunate enough to have held onto their jobs have seen their hourly compensation barely keep pace with the cost of living over the past three years."

The unemployment rate is bogus. 12 million are unemployed, not including nearly a million workers who have given up looking are not counted. 8 million can only find part time work. It all adds up to a real unemployment rate of 14.3%, commonly known as U6.

About two-thirds of all job losses resulting from the recession were in moderate-wage occupations, such as manufacturing, skilled construction, and office administration jobs. However, these occupations have accounted for less than one-quarter of subsequent job gains. The declines in lower-wage occupations–such as retail sales and food service–accounted for about one-fifth of job loss, but a bit more than one-half of subsequent job gains. Indeed, recent job gains have been largely concentrated in lower-wage occupations such as retail sales, food preparation, manual labor, home health care, and customer service."

"….. the rebound is being driven by the low-paying nature of the jobs that have been created. …… while average wages have continued to increase steadily for persons who have remained employed all along, the average wage for new hires have actually declined since 2010."



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Too Big To Fail Or Ignore: How The US Went From Over 13,000 Banks In 1987 To 6,000 Today. $7.4 Trillion In Deposits Backed By $32 Billion Dollars - By mybudget360 in bailout, banks, FDIC (28/3/13) PDF Print E-mail
mybudget360 in bailout, banks, FDIC   
Thursday, 28 March 2013 11:00

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BRICS Agrees To Create $100 Bn Contingency Fund - By Times of India (28/3/13) PDF Print E-mail
Times of India   
Thursday, 28 March 2013 10:04

In a major achievement for India in its campaign for reforming the international financial architecture, BRICS nations on Wednesday decided to establish a new development bank to finance infrastructure and to create a USD 100 billion Contingency Reserve Arrangement to tackle any financial crisis in the emerging economies.

The decision was taken at the BRICS Summit here which also launched a Business Council to encourage investment and trade in member countries and to expand business cooperation. Leaders of the inter-continental grouping including Prime Minister Manmohan Singh, met here this morning for an extended session and accepted the report of their finance ministers saying "we are satisfied that the establishment of a New Development Bank is feasible and viable".

"We considered that developing countries face challenges of infrastructure development due to insufficient long-term financing and foreign direct investment, especially inestment in capital stock. "This constrains global aggregate demand. BRICS cooperation towards more productive use of global financial resources can make a positive contribution to addressing this problem," the laders said in a statement after the two-hour summit.

However, the leaders did not decide on the capital for the proposed bank leaving it to the finance ministers to negotiate this and other issues before September. The development bank, mooted by India at the last year's Summit in Delhi, was originally proposed to be started with a capital of USD 50 billion with USD 10 billion from each of the members.



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Iceland Offers Hard Lessons For Cyprus On Capital Controls - By Alistair Scrutton and Robert Robertsson (28/3/13) PDF Print E-mail
Alistair Scrutton and Robert Robertsson   
Thursday, 28 March 2013 10:03

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Cyprus And Money - By Doug Noland (27/3/13) PDF Print E-mail
Doug Noland   
Wednesday, 27 March 2013 10:54

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