President Obama made sure that Iowa farmers knew that he was “there for them” during a campaign stop in Council Bluffs, Iowa, on August 13, by announcing another package of “aid” during the drought. The aid will involve the purchase of $100 million of pork, $50 million of chicken, and $10 million each of lamb and catfish. This comes on top of $30 million of aid announced last week.
The latest numbers from China on its gross domestic product, factory output and electricity usage all show a bubble bursting. Kevin Yao, writing from Beijing for Reuters, expressed surprise when the latest numbers about China’s factory output came in at its lowest level in three years: “China’s factory output growth slowed unexpectedly in July…[due to] stiff global headwinds…”
Foreclosures of homes are increasing, July economic reports reveal. Homes are the most important asset that ordinary Americans possess, and the value of that asset was long presumed by middle class Americans to be one which would steadily increase over time, punctuated occasionally and in some regions with soft markets and in other regions with quicker growth. Over the last four years, however, the value of the American home has been stagnant, even as the cost of living has increased.
The International Monetary Fund (IMF) is attracting renewed scrutiny after an outraged senior official resigned last month, saying he was “ashamed” to even be associated with the Fund while publicly blasting it for “incompetence,” illegitimate selection of “tainted” leadership, and suppressing critical information.
After serving at the global organization for some two decades, IMF economist Peter Doyle — a former division chief at the European Department and a respected advisor when he jumped ship — also said many of the problems were actually “becoming more deeply entrenched.”
“After twenty years of service, I am ashamed to have had any association with the Fund at all,” Doyle wrote.