Federal Reserve Chair Ben Bernanke gave one hell of a speech at the G-20 implying emerging economies are to blame their own inflation and currency manipulation could lead to another global financial crisis.
Firstly, Bernanke's speech, Global Imbalances: Links to Economic and Financial Stability, is reprinted below, in it's entirety. The reason to reprint the speech in total is too many in the press are interpreting his speech, many incorrectly, so I suggest reading what he said directly first.
Cheese head land, Wisconsin, is exploding in protest. Why? The Republican governor, Scott Walker, is trying to union bust, all in an effort to dump their $3 billion dollar budget shortfall on the laps of workers.
Rolling Stone investigative Journalist Matt Taibbi has done it again, writing a knock down, drag out piece asking Why Isn't Wall Street in Jail? It becomes evident if you are rich, acting behind the cover of a corporation, you can get away with pretty much anything. Regular poor people, stealing a bike or a purse, you're going to jail with a felony conviction and a fine larger than your income.
“On Feb. 8, the U.S. Department of Agriculture reported prices of $22.95-24.95 for two-layer cartons of 4x4, 5x5 and 5x6 vine-ripe field-grown tomatoes from Mexico, up from $6.95-9.95 the week before and $5.95-7.95 the year before.”
Amazing this story isn't front page news. From a local news station in Oregon:
Get ready to pay double or even triple the price for fresh produce in the coming weeks after the worst freeze in 60 years damaged and wiped out entire crops in northern Mexico and the southwestern U.S.
The problem started less than a week ago, when our nation was focusing on the Superbowl and sheets of ice falling from Texas Stadium.
Farmers throughout northern Mexico and the Southwest experienced unprecedented crop losses. Now devastation that seemed so far away, is hitting us in the pocketbooks.
Federal Reserve Chair Ben Bernanke testified before Congress yesterday. During questioning, Bernanke implied QE2 created 600,000 jobs and simulations show 3 million jobs will be created from the Federal Reserve's actions. Below is Bernanke's prepared testimony.
President Obama gave a speech today to the U.S. Chamber of Commerce, a conciliatory message, why he even offered up a symbolic fruit cake. But the gifts Obama is bearing ain't no house warmers, they are more offshore outsourcing, bad trade deals, corporate tax reduction wish lists and key multinational corporate players in the White House.
Would the U.S. Chamber of Commerce suddenly wake up and consider being interested in the nation that bears their name? Not from history. Remember when the U.S. Chamber of Commerce demanded Stimulus funds not be used to hire Americans or buy American? Or how foreign companies and nations are trying to buy our elections through them? Their list of egregious horrors against the American workforce is as long as their forked tongues.
Imagine this was 1904 and Teddy Roosevelt was in Office. There is no doubt instead of promising more bad trade deals and to rewrite the corporate tax code per lobbyists' demands, we would see some sort of requirement these companies hire Americans and contribute to America. Unfortunately, this is not 1904 it's 2011 and Obama sir, is no Teddy Roosevelt.
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop. While you're watching the game, or avoiding the game, below are some choice selections for your catch on the receiving end.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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