The U.S. central bank chief says the government’s huge annual budget deficits are “unsustainable” and pose “serious economic consequences” for the country. Federal Reserve Chairman Ben Bernanke told a congressional committee Thursday that lawmakers need to make it a “top priority” to make certain the U.S. debt, now more than $15 trillion and growing daily, […]
US Central Bank Chief Says Deficits ‘Unsustainable’
Posted February 2nd, 2012 at 11:55 am (UTC-5)
Leave a comment
China Says It Could Help Rescue Europe
Posted February 2nd, 2012 at 11:15 am (UTC-5)
China says it is considering increasing its investment in Europe’s rescue funds for debt-ridden countries, and possibly providing aid through the International Monetary Fund. After meeting Thursday with German Chancellor Angela Merkel in Beijing, Premier Wen Jiabao said China could invest in Europe’s temporary bailout fund or the new $656 billion permanent fund set to […]
US Consumer Confidence Drops
Posted January 31st, 2012 at 12:25 pm (UTC-5)
U.S. consumer confidence dropped in January. A private research group, the Conference Board, says its monthly survey of consumer sentiment showed people increasingly think jobs are more difficult to find. The group’s closely watched index fell from 65 in December to 61 in the first month of the new year, well below the 90 level […]
Europe Again Turns Its Focus on Greece’s Debt Woes
Posted January 31st, 2012 at 10:10 am (UTC-5)
After adopting a continent-wide plan to control government spending, European leaders are again focusing on the perilous financial state of Greece. Greece, despite several weeks of negotiations, has yet to reach an agreement with its private creditors to cut its debt by $130 billion, half the amount the country owes them. European heads of state […]
Japanese Industrial Output Rises by 4 Percent in December
Posted January 31st, 2012 at 12:25 am (UTC-5)
Japanese industrial production made a bigger than expected rebound in December, as manufacturers compensated for major floods in Thailand by boosting production in Japan. Government figures released Tuesday showed that factory output rose by 4 percent from November, when production took a hit after supply chains were disrupted by Thailand’s worst flooding in seven decades. […]
EU Leaders Adopt Bigger Bailout Fund
Posted January 30th, 2012 at 5:55 pm (UTC-5)
European Union leaders have approved a new, permanent $661 billion bailout fund and agreed to strict spending limits to avoid future debt crises. EU heads of state held their first summit of the year Monday in Brussels, where they immediately saw a reminder of the continent’s financial woes — Belgian workers on strike for the […]
EU Leaders Adopt Bigger Bailout Fund
Posted January 30th, 2012 at 3:50 pm (UTC-5)
European leaders have approved a new, permanent $661 billion bailout fund to help rescue the continent’s debt-ridden countries, but are still faced with resolving other difficult economic issues at their first 2012 summit. The heads of state met in Brussels Monday and witnessed an immediate reminder of the continent’s financial woes. Belgian workers staged their […]
US Economy: Consumer Spending Stalls, but Savings Up
Posted January 30th, 2012 at 1:35 pm (UTC-5)
The U.S. government says incomes for American workers increased in December, allowing them to put more money in their savings accounts even as their consumer spending stalled. In the U.S., consumer spending accounts for 70 percent of the national economy. But the government said Monday that it was little changed in December, even during the […]
EU Leaders Trying to Control Spending, Cope with Greek Debt
Posted January 30th, 2012 at 11:55 am (UTC-5)
European leaders have started their first 2012 summit in Brussels, aiming to set new spending controls over individual governments, but also facing reminders of the continent’s economic difficulties. In a driving snowstorm, Belgian workers Monday staged the country’s first general strike since 2005 to protest the austerity measures imposed in their country. Some flights were […]
EU Leaders Trying to Control Spending, Cope with Greek Debt
Posted January 30th, 2012 at 10:30 am (UTC-5)
European leaders have started their first 2012 summit in Brussels, aiming to set new spending controls over individual governments, but also facing reminders of the continent’s economic difficulties. In a driving snowstorm, Belgian workers Monday staged the country’s first general strike since 2005 to protest the austerity measures imposed in their country. Some flights were […]
