- BIS, The Central Bank of all Central Bankers: The Central Bank WAS Warned in 2003 (Repost)
- What Should a Central Bank Do When (Chart)
- Happiness Isn’t …
- Holders of Treasuries (Chart)
- Philly Fed Index Dissapoints (Chart)
- Whalen on Banking (Video)
- U.S. bank “earnings”: revenues falling, losses rising
- California closes state offices to save cash
- The Usual Suspects (Humor)
- State Tax (Chart on page)
I respectfully suggest reading the entire piece.
“Happiness isn’t having what you want, but wanting what you have.” This is our family motto.
While the decrease in the US current account deficit means that the U.S. may be less reliant on foreign finance in 2009, the U.S. has become even more reliant on China as a share of its foreign finance. China has been the largest reported holder of U.S. treasuries for some months now. But as of May China now accounts for 20% of total outstanding foreign holdings and almost equals the combined holdings of Russia and Japan.
Since last fall, China dramatically scaled up its purchases of the shortest term, most liquid U.S. assets. It has purchased $196 billion in treasuries of less than 1 year maturity [emphasis mine] from July 2008 to May 2009. In part this might reflect a shift last fall within China’s US dollar portfolio. It also vastly decreased its holdings of US agency bonds, while slightly adding long-term treasuries.
In the case of Citigroup and Bank of America, the two most-obviously insolvent fraud-factories, the “experts” were “surprised” by bottom-line profits – which were directly attributable to multi-billion dollar proceeds from asset-sales. How exactly does an “expert” get “surprised” by that? Presumably, if the “experts” don’t follow the news, or can’t operate a calculator then they aren’t really “experts”, after all.
California’s fiscal crisis has left the US state without courts and some administration offices were ordered to close on Friday.
A predicted 24 billion dollar budget deficit over the next two years has forced Governor Arnold Schwarzenegger to order massive cost-cutting measures.
"We will be closed this Friday, as the last and the oncoming Friday, due to the ordering of three furlough days each month by the governor," an official from the Hollywood Department of Motor Vehicles (DMV) office, which issues driver’s licenses, told AFP.
The DMV is one of many state offices to close on Friday, one of three unpaid leave days a month ordered for state workers to help the government reduce its expenses.