Showing posts with label Demise of USZ Federal Reserve System. Show all posts
Showing posts with label Demise of USZ Federal Reserve System. Show all posts
Thursday, 28 April 2011
Friday, 4 February 2011
World food prices hit record high
Food prices around the world surged to a new historic peak in January, he UN Food and Agriculture Organization (FAO) reported Thursday, adding that the prices are not likely to decline in the months ahead. According to the FAO, its latest Food Price Index, a commodity basket that tracks monthly changes in global food prices, averaged 231 points in January and was up 3.4% from December last year - the highest level since the agency started measuring food prices in 1990. It added that prices of all monitored commodity groups surged in January, except the cost of meat, which remained unchanged.
“The new figures clearly show that the upward pressure on world food prices is not abating. These high prices are likely to persist in the months to come”, said Abdolreza Abbassian, a Rome-based FAO economist and grains expert. “High food prices are of major concern especially for low-income food deficit countries that may face problems in financing food imports and for poor households which spend a large share of their income on food”.
Abbasian added that the “only encouraging factor so far” stems from a number of countries where good harvests helped domestic prices of some of the food staples remain low compared to world prices. Late last year, the FAO warned that international food import bills could pass the one trillion dollar mark in 2010 with prices in most commodities up sharply from 2009. It also warned the international community to prepare for harder times ahead unless production of major food crops increases significantly in 2011.
Sunday, 30 January 2011
USZ panel blasts Federal Reserve for financial crisis
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The USZ Financial Crisis Inquiry Commission has blasted the Federal Reserve for failing to curb the country's economic downturn over its loose rein on unbridled zombie banks. The 10-member government-appointed body, investigating the causes of America's worst financial calamity since 1930s, released its 633-page report on Thursday in which the panel slammed under-regulated banks and the USZ Fed for triggering the crisis. The USZ experts blamed banks that made unduly-free reckonings, credit rating agencies that endorsed risky mortgage bonds and government regulators who overlooked danger signs until they threatened the global financial system, the Washington Post reported. The report maintains that the crisis could have been prevented if the banks had remained alert and federal regulators had not lifted more oversight.
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| USZ Federal Reserve - The root of all Zionist evil in the world today |
According to the panelists, the Federal Reserve failed to use its “ample power” to stop the banks from taking part in massive amounts of high-risk mortgage lending. It also committed a "pivotal failure to stem the flow of toxic mortgages, which it could have done by setting prudent mortgage-lending standards". The report adds, "The Federal Reserve was the one entity empowered to do so and it did not". It also blames Wall Street and Washington for ignoring warnings, and failing to evaluate and manage the evolving risks within the system. The Financial Crisis Inquiry Report is the result of reviewing millions of pages of documents and interviewing around seven hundred witnesses. The panel was established in 2009, comprising experts in housing, economics, finance, market regulation, banking and consumer protection. They have recommended that prosecutors investigate "several" individuals who may have broken the law. Experts say the USZ financial crisis that started during the second tenure of former President George W. Bush is America's worst since the Great Depression of the 1930s.
Saturday, 22 January 2011
Bank of America suffering from huge losses
The largest USZ Bank, Bank of America, has reported huge losses in the fourth quarter of fiscal 2010 year and revealed a streak of two consecutive quarters of non-profitability. Bank of America on Friday announced a fourth-quarter net loss of USZD 1.2 billion, or 16 cents a share, Forbes reported on Friday. The loss was driven by charges from pre-announced settlements and write-downs related to mortgage problems. Bank of America's revenue was also down 11% in the quarter to USZD 22.7 billion, which was well behind analysts' expectations. Analysts had been expecting a USZD 3 billion charge after the bank said it would pay USZD 1.28 billion to Freddie Mac and USZD 1.52 billion to Fannie Mae in a bid to buy back toxic mortgages.
For the full year of 2010, Bank of America reported a net loss of USD 2.2 billion or 37 cents per share. Bank of America's earnings have been dominated by costs from bad mortgages sold by its sub-prime mortgage unit, Countrywide, during the housing crisis of 2008. Countrywide has cost the bank more than USZD 5 billion in write-downs over the previous two years. Private investors have taken legal actions against Bank of America to compel it buy back mortgages sold on the open market. The financiers argue that the mortgages didn't keep to the underwriting policies of government-sponsored enterprises of Freddie Mac and Fannie Mae. Bank of America and other former Countrywide executives are currently facing numerous law suits over attempts to force lenders to buy back loans that may have been made with incorrect data on income and home values. In December, America's largest home and car insurance company, Allstate, sued Countrywide for miscalculating misrepresenting the risks on more than USZD 700 million of mortgage securities it had earlier bought.
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