Last week, Moody's warned that if the United States fails to rein in the soaring cost of Social Security, Medicare and Medicaid, the nation's credit rating will be down-graded within a decade. No big deal there, I mean a huge bulge of population is only about to retire and need increasing amounts of medical care.
Financial Times:
McKinsey warns US may lose financial leadership
By Gillian Tett in London
Published: January 15 2008 17:38 | Last updated: January 15 2008 21:11
The US looks poised to lose its mantle as the world’s dominant financial market because of a rapid rise in the depth and maturity of markets in Europe, a study suggests.
The change may have occurred already, not least because US markets are beset by credit woes, according to research by McKinsey Global Institute, a think-tank affiliated to the consultancy.
US banks get $21bn foreign bail-out
By Ben White in New York
Published: January 15 2008 19:42 | Last updated: January 15 2008 20:04
Citigroup and Merrill Lynch turned to foreign investors for an unprecedented bail-out on Tuesday, saying they will raise a total of $21.1bn in fresh capital, mainly from outside the US, to shore up balance sheets devastated by the subprime mortgage crisis.
Citi also unnerved investors by warning of losses to come from consumer loans as it revealed a $9.83bn fourth-quarter loss, $18.1bn in subprime credit writedowns, a 40 per cent dividend cut and remaining exposure of $37bn to subprime mortgages.
Russia to deliver 82 tons of nuclear fuel to Iran by late February
MOSCOW — A leading Russian contractor said it has delivered the required equipment for launching the Bushehr reactor. The Toul Co. cited the delivery of nuclear fuel as well as cylinders to Iran.Officials said 82 tons of nuclear fuel would be delivered by late February 2008. They said this would enable initial operations of Bushehr by August in cooperation with the Russian prime contractor, the state-owned Atomostroiexport.
"Along with the second consignment of nuclear fuel for Bushehr power plant, part of important and necessary equipment for the nuclear reactor, including protective guide cylinders have been dispatched to the power plant," a Toul spokesman said on Dec. 29.
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1 comment:
You are absolutely correct Epi.
It was on the loudspeakers just this morning...:
"'Comrades!' cried an eager youthful voice. 'Attention, comrades! We have glorious news for you. We have won the battle for production! Returns now completed of the output of all classes of consumption goods show that the standard of living has risen by no less than 20 per cent over the past year. All over Oceania this morning there were irrepressible spontaneous demonstrations when workers marched out of factories and offices and paraded through the streets with banners voicing their gratitude to Big Brother for the new, happy life which his wise leadership has bestowed upon us"
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