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Iraq is helping its neighbor Iran skirt international sanctions by smuggling oil and letting Tehran secretly move large amounts of cash through bank auctions, The New York Times reported Sunday.
Last month, US President Barack Obama singled out the Elaf Islamic Bank in Iraq, saying it had arranged transactions worth tens of millions of dollars with Iranian banks already underhttp://search.yahoo.com/r/_ylt=A0oG7hWe8TBQu0sAXBtXNyoA;_ylu=X3oDMTBzdmhlYmtrBHNlYwNzYwRjb2xvA2FjMgR2dGlkA0RGRDVfODY-/SIG=12qeuabih/EXP=1345413662/**http%3a//news.yahoo.com/iraq-helping-iran-skirt-sanctions-014629722.html
Policy makers in Washington and other capitals around the world are debating whether to implement another round of stimulus spending to combat high unemployment and sputtering growth rates. But before they leap, they should take a good hard look at how that worked the first time around.
It worked miserably, as indicated by the table nearby, which shows increases in government spending from 2007 to 2009 and subsequent changes in GDP growth rates. Of the 34 Organization for Economic Cooperation and Development nations, those with the largest spending spurts from 2007 to 2009 saw the least growth in GDP rates before and after the stimulus.
The four nations—Estonia, Ireland, the Slovak Republic and Finland—with the biggest stimulus programs had the steepest declines in growth. The United States was no different, with greater spending (up 7.3%) followed by far lower growth rates (down 8.4%).
TRADING GOLD THIS WEEK
After a strong finish last week, most of the major markets begin the week looking a bit sluggish. The lack of follow through buying should have been expected as we enter a week choked full of very important reports and economic policy decisions. http://www.ino.com/blogclick/14A7A6/chart-of-the-week-gold-8.html
Top Ten Foriegn Creditors
The United States currently owes a debt to 28 countries. There are 10 nations that hold the largest share of the debt owed by the United States to foreign countries. These countries are: People’s Republic of China, Japan, Brazil, United Kingdom,Russia, Luxembourg, Taiwan, Hong Kong, Switzerland and Germany.http://search.yahoo.com/r/_ylt=A0oG7mRzSw1QZHUAgFlXNyoA;_ylu=X3oDMTE1Zm5hbmw2BHNlYwNzcgRwb3MDNgRjb2xvA2FjMgR2dGlkA01TWTAwMV8xMTg-/SIG=127gedo8t/EXP=1343077363/**http%3a//www.ehow.com/about_5127823_borrow-money.html
A fake Libor rate, the scandal involving global benchmark interest rates that has raised the level of distrust in major banks and markets, is nothing compared to the damage that could be done if China’s true economic growth figures were revealed, according to Larry McDonald’s http://finance.yahoo.com/news/lying-libor-nothing-compared-chinas-061447499.html;_ylt=AqWE7sQ75tWaMJ5ZMwIKpHuCuodG;_ylu=X3oDMTQ4czQxODNjBG1pdANjbmJjIHRvcCBzdG9yaWVzBHBrZwNiZTA4NTg3ZS05OGQ3LTM3YmMtYTM0My0zZTliZWE2MWFjNWEEcG9zAzQEc2VjA01lZGlhQkxpc3RNaXhlZExQQ0FUZW1wBHZlcgM2OTNhMmI5Yi1kNDhlLTExZTEtYmZkZi00NmIwYjkxOGY0ZDI-;_ylg=X3oDMTJuM2hybmE1BGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDYmUwODU4N2UtOThkNy0zN2JjLWEzNDMtM2U5YmVhNjFhYzVhBHBzdGNhdANuZXdzBHB0A3N0b3J5cGFnZQ–;_ylv=3
Russia’s vodka market-share leader Central European Distribution (Nasdaq: CEDC ) sells its clear elixir to some of the thirstiest humans on the planet. Even though Russia represents the world’s largest vodka market, this fact hasn’t been enough of a tonic for this company. But with Central European taking steps to tidy up its opaque financials, is it too little too late? http://us.rd.yahoo.com/finance/external/mfool/SIG=139b4ng27/*http://www.fool.com/investing/general/2012/07/20/what-to-expect-from-central-european-distribution.aspx?aid=4386&ticker=DEO&source=eptyholnk303100&logvisit=y&npu=y
If you’re a Crocs, Inc. (NASDAQ: CROX) investor, this might sound mean and I apologize up front for that. Your brand, might be the most made fun of on the Internet today. While some would say this is not a big deal, and fashion trends change on a regular basis, let me assure you the future of this company is dependent on changing public perception. In a recent article on The Motley Fool by Alyce Lomax, she gave “3 Reasons To Buy Crocs.” Unfortunately, there is one good reason to avoid the company and that is one of their primary markets absolutely http://us.rd.yahoo.com/finance/external/mfool/SIG=11mtd93ev/*http://beta.fool.com/mhenage/2012/07/21/s-croc/7463/?ticker=NKE&source=eogyholnk0000001
The US may be in for a period of slow growth, but it probably will not be allowed to outright “stall” by the policy makers; they will patch and patch. I would posit a most likely case of 2-3 percent real growth going forward in the US. The S&P500 companies are world beaters; the US private sector has added about 4.5 million jobs since the downturn and will probably continue to add 1 to 3 million jobs a year. The private sector base gets stronger and stronger.
A robust and self-sustaining U.S. recovery is not on the cards, and we should now expect below trend growth for many years to come, according to Nouriel Roubini, the economist famed for his bearish views.
Roubini, best-known for calling the 2008 economic crisis, outlined five reasons the bulls have been wrong and argued that an American economic cold will lead the rest of the world to catch pneumonia in a post on the Project Syndicate website.