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Drones killing innocent Pakistanis, U.N. official says

"The study concludes that the strikes have killed far more people than the United States has acknowledged, and traumatized many more innocent people. That trauma is destroying a way of life, Emmerson said. 'The Pashtun tribes of the ... area have suffered enormously under the drone campaign.' And tribal law prescribes revenge for the killing of a tribe member, which serves to radicalize more young men against the United States, he said. Pakistan considers the strikes counterproductive, illegal and a violation of its sovereignty." Continue reading →

Continue ReadingDrones killing innocent Pakistanis, U.N. official says

Police Cited Homeless Veteran For Dumpster Diving In Search For Food

"They’ve traveled many different roads with all of them leading to the same destination – a place called homelessness. James Kelly, 44, is no exception. 'James Kelly is a nine-year veteran of the Navy, who has fallen on hard times,' said Randall Kallinen, a civil rights attorney. Those hard times recently got even harder, when Kelly was issued a citation as he foraged for food in a trash bin on Bagby Street. 'The mayor is shutting down feeding the homeless,' said Deborah Girton, who is also homeless. Critics point to a city ordinance passed last summer that places restrictions on good Samaritans and how many people they can feed." Continue reading →

Continue ReadingPolice Cited Homeless Veteran For Dumpster Diving In Search For Food

Has the bull market in stocks become ‘too big to fail’?

"Officially, the Federal Reserve isn't supposed to worry about keeping stock prices flying high. But when Fed Chairman Ben S. Bernanke was asked about the market's outlook last week on Capitol Hill, he sounded like a lot of bullish Wall Street investment strategists. 'I don't see much evidence of an equity bubble,' he told the Senate Banking Committee in his semiannual testimony on Fed policy. Stocks 'don't appear overvalued given earnings and interest rates.' More important for the markets, Bernanke pledged to continue the Fed's policy of pumping colossal sums into the financial system to support the economic recovery." Continue reading →

Continue ReadingHas the bull market in stocks become ‘too big to fail’?

Treasury chief Jacob Lew not worried about financial bubble

"US Treasury Secretary Jacob Lew said Thursday that he was not worried about a potential financial bubble forming as Wall Street stocks racked up record highs. 'The analysis that I’ve seen doesn’t give me reason to be worried right now,' Lew said in an interview on US business news channel CNBC. Lew nevertheless called for monitoring of the situation in order to avoid another crisis like the 2008 Wall Street crash that led to the Great Recession. The blue-chip Dow Jones Industrial Average on Thursday closed at a record high for the eighth day in a row, though the US economy remains sluggish and massive government spending cuts kicked in on March 1." Continue reading →

Continue ReadingTreasury chief Jacob Lew not worried about financial bubble

Land prices rising even after year of record drought

"American farmers may have suffered an historic drought last year, but the price of their land is skyrocketing. In Iowa, the land prices jumped 24% in 2012 and and have gained 63% over the last three years, according to a study by Iowa State University. Last year, farmers recovered some $14.7 billion in insurance payments for crop damage, a record sum. US government forecasters expect overall farming income to gain 14 percent this year. 'Farmers have cash on hand and with low interest rates, the best place to make investments is to buy more land that they can farm to be more profitable in their operation,' said Lyle Hansen, a real estate agent." Continue reading →

Continue ReadingLand prices rising even after year of record drought

Private equity crash could trigger next wave of financial crisis, Bank of England warns

"The Bank of England warned on Thursday that the next phase of the UK's six-year financial and economic crisis may be triggered by the collapse of debt-laden companies bought by private equity firms in the boom years before the crash. In its latest quarterly bulletin, Threadneedle Street said the need over the next year to refinance firms subject to heavily leveraged buyouts posed a systemic threat. The Bank added that it would use its new role as the watchdog of the City to monitor private equity deals in future 'episodes of exuberance' to prevent a repeat of the debt-driven takeover boom in the run-up to the banking crisis." Continue reading →

Continue ReadingPrivate equity crash could trigger next wave of financial crisis, Bank of England warns

Euro woes not over, says crisis-wary Bundesbank

"A wary German central bank said on Tuesday it had set aside billions more euros against what it deems risky European Central Bank moves, and criticized France directly for "floundering" in its reform drives. Presenting Bundesbank 2012 results, Jens Weidmann, the bank's chief, said the euro zone crisis, which has eased as a result of ECB funding promises, was not over. Weidmann, a member of the ECB's Governing Council, opposed the bank's yet-to-be-used bond-buy plan agreed last September and believeseuro zone governments must shape up their economies to exit the crisis rather than looking to the ECB for help." Continue reading →

Continue ReadingEuro woes not over, says crisis-wary Bundesbank

Popularity of French President Francois Hollande in Steep Decline

"Since taking office 10 months ago, Hollande has experienced the fastest drop in popularity ever seen in French presidential politics. In June of last year, those who said they had confidence in him numbered between 51 and 63 percent, depending on the polling institute. That number is now 30 to 37 percent, nearing the lowest approval rating of any French president on record: Nicolas Sarkozy in May 2011, at 20 percent. Hollande is struggling to find convicing counterarguments as unemployment has risen to 11 percent, economic data looks more dismal by the week, industrial output is taking a nosedive and a recovery is nowhere to be seen." Continue reading →

Continue ReadingPopularity of French President Francois Hollande in Steep Decline

Norway’s Sovereign Wealth Fund Flees Currencies Tainted by Stimulus Addiction

"Norway’s $713 billion sovereign wealth fund is turning away from the world’s biggest currencies and their debt-laden governments as policy makers undermine their exchange rates through unprecedented stimulus measures. The Government Pension Fund Global, the world’s largest wealth fund, cut its holdings in French and U.K. government bonds by almost half last year as it raised its share of government bonds in emerging-market currencies to 10 percent of its fixed-income holdings by adding investments in Turkey, Russia and Taiwan." Continue reading →

Continue ReadingNorway’s Sovereign Wealth Fund Flees Currencies Tainted by Stimulus Addiction