Krugman: This Crazy European Austerity Move Is Going To Kill Us, Too

Krugman thinks austerity will not only make near-term unemployment worse--it will also fail to reduce the debt everyone is so freaked out about.

Just as bad, Krugman says, we live in a connected world, so Europe's move to austerity will quickly clobber the US, too

Alert !!!!!!

Please monitor the point before key in market order.

Can Them survive this time ?

Europe’s fiscal crisis could threaten banks in Portugal, Spain, Italy, Ireland and the U.K. as the risk of contagion grows, Moody’s Investors Service said in a report published today. “Overall, Moody’s notes that each of these countries’ banking systems faces different challenges of different magnitudes, but warns that contagion risk could dilute these differences and impose very real, common threats on all of them,” Moody’s said in the report.

Shanghai Index break down the STRONG trend line

Thanks to Greenspan and Bernanke, The Next Crisis Could Be "Even Scarier"

Alan Greenspan is on Capitol Hill today testifying in front of the Financial Crisis Inquiry Commission. The former Federal Reserve Chairman Alan Greenspan has come under increased scrutiny for his failure to anticipate the housing bubble. Roger Lowenstein, author of The End of Wall Street, says the criticism is deserved.

In Lowenstein’s view Greenspan made several key mistakes.

-- Too Low for Too Long: "He never said 'gee maybe we shouldn’t have left rates at 1% three years into a recovery' when housing is rising at double digit rates."

-- Missed the Bubble: "This idea that you should prick a bubble before it gets too big just totally ran against his grain."

-- The Market is Always Right: The root of the problem is that Greenspan "believed deeply in the philosophy that if markets do it, it's right," Lowenstein says. Current Federal Reserve Chair Ben Bernanke deserves some blame for continuing Greenspan’s policies, he says. "Ben Bernanke is absolutely Greenspan light."

What's even more troubling is that the solution to the crisis, engineered by Washington, may be even more catastrophic, Lowenstein says. "What the government may have done is not solve the Wall Street crisis but may have just assumed Wall Street's debt."

Which brings up the real possibility "the next [crisis] could be centered right in Washington [and] could be even scarier," Lowenstein warns.

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Delta Petroleum moves to sell Vega asset stake

Delta Petroleum Corp., an oil and gas exploration and development company, on Thursday said it has tentatively agreed to sell a stake of its Vega Area assets in western Colorado's Piceance Basin for $400 million.
Delta said it plans to use $225 million to develop the Vega Area over the next three years. The remainder of funds will go toward bolstering the balance sheet and fulfilling general working capital purposes.

2010: The Best of Times or the Worst?

1. The real estate market will crash again.

2. Will China crash? America’s crash has hit China in the gut. The Chinese are laying off millions of workers. Only massive government bailout is keeping the economy afloat. The Chinese boom will eventually go bust…but will it bust in 2010? Only time will tell.

3. When America stopped importing from China, China stopped importing from the rest of the world. This affects Asian countries as well as Australia, Brazil, and other suppliers of raw materials.

4. Fed Chairman Ben Bernanke is replacing toxic debt with new debt. By protecting his friends in the mega-banks, he is turning the U.S. into a zombie nation. The recession is over, but America is entering an era we will be calling The New Depression, a period when the rich become extremely rich but everyone else becomes poorer. Taxes will kill anyone working for a paycheck.

5. The U.S. dollar will grow weaker. If the dollar strengthens, we will have more unemployment because our goods become too expensive and we will export less.

6. The deficit will increase. The bailouts for the rich are killing the economy.

7. Israel may attack Iran. Israel will not tolerate Iran developing nuclear power, even if Iran claims it is for peaceful purposes. If there is an attack, oil prices will go through the roof.

8. Dead cat bounce. The current stock market rally will probably turn into a dead cat bounce. If the Dow drops below 6500, 5,000 may be the next stop.

9. Gold, silver, and oil will continue to be safe investments in 2010.

by Robert Kiyosaki

Terrorist group planning Malacca Oil-tanker attacks

The Singapore Navy has “received indication” that a terrorist group is planning attacks on oil tankers in the Malacca Strait, the Singapore Shipping Association said in an advisory today.

“The terrorists’ intent is probably to achieve widespread publicity and showcase that it remains a viable group,” the advisory said, without naming any groups. “This information does not preclude possible attacks on other large vessels with dangerous cargo.”

FCPO May Sell 2633 (Take Profit 2624)

Proton Emas