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The UK government has frozen $1.6 billion of Iran’s assets. British officials made the announcement on Thursday and claim that the money was frozen under international sanctions imposed over Tehran’s nuclear program. You know, the nuclear program which Iran has every legal right to pursue under the Nuclear Non-Proliferation Treaty.
UK’s economic secretary to the Treasury [...]

The US government issued approval for 10 of the nations largest banks to pay back the TARP money.  The banks are:

California Governor Arnold Schwarzenegger told lawmakers at the Capitol that “California’s day of reckoning is here.”  Without any action, the state will run out of money in 14 days. Three months after the state budget was approved, California faces a $24 billion deficit (er that’s on a 90+ billion budget).

Video by David Icke on the illusion of money.

In an effort to curb the growing loan deficiencies and defaults, American Express is offering its cardholders a $300 gift card to close their account and pay off the balance by May 1st.
The scheme comes as ratings agencies have warned that rising credit-card delinquencies could push the charge-off rate into the double digits by [...]

The American Recovery and Reinvestment Act (Bailout bill du jour) calls for the launching of a new website, Recovery.gov. The site is now live.
According to the website:
Recovery.gov is a website that lets you, the taxpayer, figure out where the money from the American Recovery and Reinvestment Act is going.
We’ve spoken about the launch of Obama’s [...]

General Motors has announced that it will cut 10,000 jobs, or 12% of it’s global work force.
The majority of the U.S. job cuts is set to take place before May 1. The remaining GM workers are likely to see a 3% to 7% reduction in pay for the rest of the year.
GM has received [...]

The American Recovery and Reinvestment Act of 2009 (The bailout bill of the week) calls for the launch of a new Recovery.gov website. The website is to be managed by a newly created Recovery Act Accountability and Transparency Board. Its purpose is to provide transparency to the public as to where and how their tax [...]

2009 will be a year of complete destruction for the US economy. 5 Million will lose their jobs. The Dow Jones Industrial average will break below 6,000. Municipalities will fail. Insurers will fail. The unemployed and foreclosed American population will take to the streets and begin rioting. The Greatest Depression is upon us.
Sound far fetched? [...]

“This is a problem with which Keynes was familiar: giving money away, he pointed out, tends to be met with fewer objections than plans for public investment “which, because they are not wholly wasteful, tend to be judged on strict ‘business’ principles.” What gets lost in such discussions is the key argument for economic stimulus [...]