Even as the dollar is crashing and inflation in the United States is rampant, Federal Reserve officials have announced plans to flow dollars into banks in the European Union. The European Central Bank, which is to receive the largest amount, will in turn will extend the money to other major banks in EU member states, which are finding it increasingly difficult to raise funds from investors deeply concerned by the massive regional government's unstable economic climate.
To the list of mega-corporations bailed out by the U.S. government, we now must add — Europe. In an announcement that rocked financial markets worldwide, the European Central Bank revealed yesterday a concerted effort in combination with four other major central banks — the Bank of England, the Bank of Japan, the Bank of Switzerland, and yes, the U.S. Federal Reserve — to use dollars rather than euros in an attempt to paper over the European Union’s economic woes.
By erasing burdensome regulations, the oil industry could create one million jobs by 2018 and more than 1.4 million by 2030, according to an analysis released by the American Petroleum Institute (API). The report, prepared by Wood Mackenzie Research and Consulting and funded by API, also projects that oil production could grow by 10.4 million barrels a day and increase government revenue by $803 billion by 2030.
Burdened with economic uncertainty, high unemployment, and a volatile investors’ market, young Americans are desperately seeking job security — while anxiously chasing the "American Dream." The economy simply isn’t what it was when they first entered the job market, or when they were finishing high school or working for their college degrees. The entire economic, financial, and social class system has changed. Indeed, the entire country has changed.
Is President Barack Obama working on a proposal to keep Uncle Sam deeply involved in the mortgage business and taxpayers on the hook for billions of dollars in home loans? The White House says no, the President is merely examining his options. Meanwhile, the Washington Post, based on leaks from anonymous officials, reports that he is indeed looking to maintain the federal government’s outsized role in guaranteeing mortgages.
At a time when each day seems to bring more dire news regarding the economy, Americans have one silver lining: the price at the pump is going down. According to energy experts, gas prices should fall anywhere from 30 to 50 cents per gallon over the next several weeks.
Residents of the Windy City may have to do without their favorite ice cream for a while, and possibly for good; and they have government to thank for it. According to the Chicago Tribune, Kris Swanberg, a laid-off Chicago public school teacher who chased the American Dream by starting her own business making artisanal ice cream, was recently told by the Illinois Department of Public Health that she will have to stop selling her product, Nice Cream, until she obtains a dairy license.
The Obama administration has unveiled a new round of fuel economy standards for cars and trucks, which are expected to require mileage gains of nearly double the current figure. The new CAFE (Corporate Average Fuel Economy) standards will last through the year 2025.
When public debt abounds, politicians look to slippery ways to keep buying votes with tax dollars while reassuring skittish markets that everything is okay. America, of course, faces a deficit showdown driven, largely, by the explosion in federal expenditures during the reign of Obama. The glut of mandated money (currency backed by the “full faith and credit of the United States” — and nothing else) has produced predictable economic behavior.
According to internationally acclaimed author and highly regarded expert Lester Brown (pictured), writing in the January 10 issue of Foreign Policy magazine:
Tonight there will be 219,000 additional mouths to feed at the dinner table, and many of them will be greeted with empty plates.
Another 219,000 will join us tomorrow night.