- Fed’s Fisher Says Monetary Policy Not Cure for Nation’s `Fiscal Pathology’
- Europe Fears Motives Of Chinese Super-Creditor
- Markets Shrug Off Fresh Warnings About US Sovereign Debt
- Li Tests Yuan IPO Market
- 10 Things That Would Be Different If The Federal Reserve Had Never Been Created
- In Los Angeles, Officials Announce Attainment of a Cleaner-Energy Goal
- Gasoline’s Prepping For A Return To $4 A Gallon
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The Federal Open Market Committee last month voted to push ahead with its plan to stimulate the economy by purchasing $600 billion of bonds through June. Policy makers signaled they’ll probably continue their asset purchases until the recovery strengthens and many of the 15 million unemployed Americans find work, according to minutes of their Dec. 14 meeting.
Mr Van Rompuy nevertheless welcomed the latest purchases of bonds from the eurozone periphery as a valuable gesture of support. “They invested even in some weak countries, so they are very confident in the solvency of some countries,” he said. China has emerged as the transforming force in the eurozone debt crisis over recent days, pledging to use part of its €2.87 trillion (£1.82 trillion) reserves to safeguard global stability. The question is whether the Communist regime is hoping to extract strategic concessions in exchange.
Treasury yields, which move in the opposite direction as prices, were lower in late-morning New York trade and the cost of insuring US debt against the risk of default, already below that of Germany, the euro-zone benchmark, barely budged. “My traders are shrugging it off as stuff we’ve heard before,” said Tom Di Galoma, head of interest-rate trading at Guggenheim Partners in New York. Moody’s Investors Service said in a report that the US will need to reverse an upward trajectory in the debt ratios to support its triple-A rating.
Li Tests Yuan IPO Market (pinecarr)
Li Ka-shing, Hong Kong’s richest tycoon and a big investor in mainland China as the country has transformed itself into a market economy over three decades, has confirmed he will break new ground by launching the first yuan-denominated public offering in Hong Kong in the first half of this year. The 82-year-old chairman of developer Cheung Kong (Holdings) and Hutchison Whampoa last week acknowledged for the first time that he planned to sell Hong Kong units in a Chinese real-estate investment trust that will be denominated in the mainland currency.
The vast majority of Americans, including many of those who believe that they are “educated” about the Federal Reserve, do not really understand how the Federal Reserve really makes money for the international banking elite. Many of those opposed to the Federal Reserve will point to the record $80.9 billion in profits that the Federal Reserve made last year as evidence that they are robbing the American people blind. But then those defending the Federal Reserve will point out that the Fed returned $78.4 billion to the U.S. Treasury. As a result, the Fed only made a couple billion dollars last year. Pretty harmless, eh? Well, actually no. You see, the money that the Federal Reserve directly makes is not the issue. Rather, the “magic” of the Federal Reserve system is that it took the power of money creation away from the U.S. government and gave it to the bankers.
In 2005, Mr. Villaraigosa and the Department of Water and Power made a commitment to increase the utility’s use of renewable energy from 5 percent to 20 percent by the year 2010. The amount totals about 4,500 gigawatt-hours. “This is a historic and substantial accomplishment for the Department of Water and Power and the city of Los Angeles,” said Austin Beutner, the department’s general manager. “We need to continue to reduce the impact of DWP operations on the environment and do it in an economically sustainable manner.”
As of Wednesday, the national average for regular gas stood at $3.09. That’s up nearly 4% from a month ago and more than 12% above the year-ago average, data showed. Diesel fuel has seen similar gains, with diesel prices at $3.34 per gallon as of Wednesday, up nearly 15% from a year ago at levels not seen since October 2008. And prices for both fuels are likely to continue rising.
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