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U.S. | Bank REO Real Estate
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U.S. officially in Recession since December 2007 according to NBER

December 1, 2008 by · Leave a Comment
Filed under: Economic News 

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Well it is good for us to finally admit what most people without a P.H.D in economics have known for sometime.  You do not get a housing bubble to burst and a meltdown in the credit markets and not have a contraction in the economy.   The real question is, are we heading for a depression?  I think the verdict is still out but with each move to bail out failed companies, moves us closer by devaluing our currency and going against the basic free market principles.   Everyone loves the good times but want to do anything to prevent the bad times from ever coming.

News:

The U.S. economy entered a recession a year ago this month, the panel that dates American business expansions said today.

The declaration was made by the cycle-dating committee of the National Bureau of Economic Research, a private, nonprofit group of economists based in Cambridge, Massachusetts. The last time the U.S. was in a recession was from March through November 2001, according to NBER.

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U.S. has plundered world’s wealth with dollar according to China

October 26, 2008 by · Leave a Comment
Filed under: Global News 

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Well this is pretty strong language coming from the state-owned newspaper in China.  They are basically saying that we should not settle transactions in dollars and instead opt for settling trade in the native currencies.  This will create a new pricing standard based on other currencies so that over time, trade will not be just denominated in dollars.  

I would say that this would be a good thing for the long-term.  WIth a dual price for major items, we would not only see what the true value is but also we would see monetary inflation more clearly when one price rises to fast compared to the other.  

Press Release:

The United States has plundered global wealth by exploiting the dollar’s dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday.

The front-page commentary in the overseas edition of the People’s Daily said that Asian and European countries should banish the U.S. dollar from their direct trade relations for a start, relying only on their own currencies.

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