Rough week: $2.5 trillion wiped off value of world stocks

LONDON — More than $2.5 trillion have been wiped off the value of world stocks this week on mounting concerns the global economy is heading toward another recession and Italy and Spain are being engulfed by the euro zone sovereign debt crisis. The sum wiped off the...

China Joins Russia in Blasting U.S. Borrowing

China, the largest foreign investor in U.S. government securities, joined Russia in criticizing American policy makers for failing to ensure borrowing is reined in after a stopgap deal to raise the nation’s debt limit. People’s Bank of China Governor Zhou Xiaochuan...

House to Vote on Debt Bill That Obama, Senate Oppose

House Speaker John Boehner plans to take his proposal to raise the U.S. debt-ceiling to a vote in the chamber about 6 p.m., Republican leaders announced. The vote is scheduled to occur between 5:45 p.m. and 6:15 p.m. in Washington, according to a plan put out by the...

Obama Warns U.S. Debt Threatens ‘Serious’ Damage

President Barack Obama warned that the nation’s burgeoning deficit threatens to do “serious” damage to the economy and pressured Congress to reach a compromise on a deal to raise the debt ceiling and address future shortfalls. With a week left before the Treasury...

Wall Street, companies brace for the worst: a U.S. default

NEW YORK (Reuters) – American businesses, from Wall Street banks to major industrial corporations, are preparing contingency plans for a pair of once-unthinkable events: the United States defaulting on its debt and the loss of the nation’s top AAA credit...

The case of the double-headed gold coins

It’s a case that combines history and mystery–and very valuable gold coins. The stakes were certainly high: One of these rare $20 pieces sold for a record $7.59 million in 2002. Here’s the story. A jury decided that a Philadelphia woman, Joan...

Behind scenes, Fed preps for worst in US debt fight

Reports emerged last night that the Federal Reserve is actively preparing for a government debt default. With negotiations over the debt ceiling still going nowhere, it’s clear that Fed Chairman Ben Bernanke and his fellow central bankers don’t want to be...

New Highs for Gold

As the dollar continues to shrink, silver and gold are moving up nicely. I believe they will rise for years to come. Gold has nearly doubled since early 2008 when it hit $850. As this is written, gold is over 1600, with silver just over $40! If you haven’t bought...