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Audio - DANGER: New World Order Imploding!
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atm



Joined: 16 Apr 2006
Posts: 3861

PostPosted: Mon Dec 01, 2008 7:12 am    Post subject: Reply with quote

Fintan

your knowledge of these markets is almost too good.

How so? I envy your learning curve

atm
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atm



Joined: 16 Apr 2006
Posts: 3861

PostPosted: Thu Dec 04, 2008 6:46 am    Post subject: Reply with quote

It's goodnight from Him and Goodnight from Her:

Quote:



Bank of England set to cut rates to 300-year low


http://www.telegraph.co.uk/finance/economics/interestrates/3547176/Bank-of-England-set-to-cut-rates-to-300-year-low.html

The Bank of England is expected to cut interest rates to two per cent - equal to their lowest level in more than 300 years.

By Jon Swaine
Last Updated: 10:38AM GMT 04 Dec 2008

The last time the rate hit such a low was 1951, and it has never been any lower since the Bank's foundation in 1694.

Some economists have forecast that the Bank could even lower the rate from three to 1.5 per cent.

The aggressive move, which comes amid rapidly worsening economic conditions, is aimed at preventing Britain from falling into a prolonged recession.

It comes as retailers slash prices in a desperate attempt to attract customers, as consumer confidence continues to fall and unemployment grows.

A dramatic reduction in the Bank's rate from 4.5 to three per cent last month, which left it at its lowest since 1954, has failed to revitalise lending to businesses or homeowners, prompting fears the downturn could be worse than forecast.

The pound hit a 13-year low against the dollar on Wednesday evening, before making back some ground overnight.

Mervyn King, the Governor of the Bank, told MPs last week: "We may need to cut Bank Rate more than we would otherwise have done. We will take whatever action we feel is necessary on interest rates to steer the economy back into calmer waters."

Willem Buiter of the London School of Economics, a former member of the Bank's Monetary Policy Committee, predicted the Bank rate would eventually be reduced to zero, and called for this to be implemented immediately.

Mr Buiter told BBC Radio 4: "Real economic data from all over the world keeps surprising on the down-side.

"Since we know we're going to get to zero, there's very little point in keeping the powder dry by delaying it."

He forecast that the Bank would cut the rate to 1.5 per cent on Thursday.

Martin Weale, the director of the National Institute of Economic and Social Research, agreed that a one per cent cut would do little to quell the economic crisis.

He said: "A one per cent cut is likely to have more impact than sacrificing a goat - but it is difficult to have any real conviction that it will do much good.

"It is widely recognised that the underlying problem is a lack of credit and it is quite probable that appreciably more money will need to be put into the banks before this problem is resolved," he told The Times.

George Buckley, the chief UK economist at Deutsche Bank, said: "They need to do something aggressive again, because of where the data's been taking us."

New data from the US and Europe showed that the service sectors in both areas shrank in November by the largest margin since records began.

Economists have forecast that the European Central Bank will also cut its interest rate on Thursday, with markets signalling the expectation of a 0.75 per centage point reduction to 2.5 per cent – the largest cut in its 10-year history.

Angela Knight of the British Banking Association told BBC Breakfast that it was important to think of the impact of interest rates on savers as well as borrowers.

She said: "The banks have got to balance the requirements of both savers and borrowers. Some of the rates will be passed down."

But she said there would still be "choices" in the market for savers. "Everything is related to that base rate but it is not necessarily all at the base."

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Hombre



Joined: 07 Jan 2008
Posts: 967

PostPosted: Thu Dec 04, 2008 7:52 am    Post subject: Reply with quote

Gold @ $2,000.00 per 0z in my personal opinion is a stunt akin to the wild speculation in a much more valuable and at present necessary commodity known as OIL, or black gold Laughing

It's ass covering that's masking the ploy, they ran Oil and made a ton going up and probably double coming down, expect the same attempt with gold, except there's only so much bullion to go around. Watch for all the other fancy instruments that may be tied to gold. These fools will bet on anything just as long as someone shows them the way and then leads them to the trough.

I'm buying the looting of Bear and Lehman, just not the culprit everyone wants you to believe. JPM was the cause of Lehman it was reported that JPM being LEH's bank froze Lehman accounts when investors started to demand their money which forced LEH to raise capital. How can that happen when your accounts are frozen?

Comments section of certain boards are great sources of information, it's hard telling who you may run into on those boards from time to time Shocked

I had two phone calls yesterday in regard to current world events, stock market, banking, credit ETC. Why they hell they called me should be a clear indication of how desperate some people have become Laughing Laughing

Just kidding.

Here's where the MARKETWATCH poster got the term " BLACK SWAN "

http://www.fooledbyrandomness.com/

What do the think this guy would tell you about 9-11 and it's ties to this staged financial crisis????

I read yesterday where the Government has decide to relieve AIG of some 45 billion in debt, just wipe it away yet they balk at the big thee who say they need 43 billion combined. Wink Wink Yes in my opinion when the dust settles who'll find Hank Paulson, AIG, China, by way of Europe, all chained together in some form or fashion, and probably not in a legal sense. IMHO Paulson on his knees in Congress was a bit too much obvious drama.

Here is real unmitigated hard core ASS COVERING:
Quote:
http:Paulson has said that banks would be under shareholder pressure to lend the funds to prevent a slide in the institutions' return on capital; banking analysts have questioned the reasoning, saying shareholders are currently more concerned about a bank's solvency than their returns.

In response to another question, Paulson said it wasn't a big surprise that the National Bureau of Economic Research had declared the economy in recession since December 2007. He said he and others figured the economy had slowed seriously, and "I think the American people have known that for some time."


I can only laugh in the face of such bullshit, I hope others are wise enough to see the same thing I see.

http://www.businessweek.com/election/2008/blog/archives/2008/12/paulson_stay_th.html

Hombre'
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Fintan
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Joined: 18 Jan 2006
Posts: 8216

PostPosted: Sun Dec 07, 2008 4:22 pm    Post subject: Reply with quote

Show us the money!
Ok - here it is:


Quote:


Better still, wealth(or negative wealth) broken
down by population to show average
wealth per person:


Quote:

http://www.gold-eagle.com/editorials_08/hewitt120508.html


While you are pondering the implications of those graphs
above, here's a selection of some of the shrewedest
takes on what is going on financially right now:


Quote:
MEDIA HYPE

Howard S. Katz - December 1, 2008

The media's hype about the coming "recession" has caused many indicators to give a superficial appearance of such an event.
Essentially people did what the media told them to do. But over a longer
period of time, economic reality wins out, and the indicators reverse.
The events of Friday, Nov. 28 indicate that we are now at that period,
and markets will soon start to move the other way.
http://www.gold-eagle.com/editorials_08/katz120108.html


Quote:
The Crack Up Boom & The Great Reflation
3 December 2008 - Ty Andros
Managed Futures & Alternative Investment Specialist

The Crack Up Boom, Part XIII
The Great Reflation


As the G7 economies plunge over a cliff, the governments and central
banks are taking turns at fire fighting in their respective economies.


With each new initiative the Crack-Up Boom creeps closer and closer on
the horizon as G7 public servants and central banks attempt to RESCUE
foolish lenders and borrowers from their approaching demise and
insolvency. The attempts will fail and insolvency will be brought to the
entire G7 financial systems. Never before in history has more been
borrowed and printed to rescue global banking and corporate elites from
their hubris and stupidity. Mal investments are crumbling to their REAL
value, not their inflated NOMINAL value, and as they do, the banks,
financial systems and real economies shudder under the repricing. As
reality supplants the fairy tales the greatest opportunities are presented
to you!

After decades of theft of the purchasing power of your money through fiat
currency and credit creation, the rubber band has snapped. This
wonderful turn of events allows you to REGAIN much of the purchasing
power
that was lost, but this is only a temporary turn of events. You must
wait like a cat and pounce on the prize of excellent values before your
cash begins to crumble again under the latest assault by fiat currency and
credit creation; but this opportunity for value is much farther in the
future. To be successful now, you must learn to make money in rising and
falling markets. BUY and HOLD is DEAD for the time being.
http://www.gold-eagle.com/editorials_08/andros120308.html


Quote:
RED ALERT:
GOLD BACKWARDATION!!!


Antal E. Fekete
Gold Standard University

December 2, 2008, was a landmark in the saga of the collapsing
international monetary system, yet it did not deserve to be reported in
the press: gold went to backwardation for the first time ever in history.


The facts are as follows: on December 2nd, at the Comex in New York, December gold futures (last delivery: December 31) were quoted at 1.98% discount to spot, while February gold futures (last delivery: February 27, 2009) were quoted at 0.14% discount to spot. (All percentages annualized.) The condition got worse on December 3rd, when the corresponding figures were 2% and 0.29%. This means that the gold basis has turned negative, and the condition of backwardation persisted for at least 48 hours. I am writing this in the wee hours of December 4th, when trading of gold futures has not yet started in New York.

According to the December 3rd Comex delivery report, there are 11,759 notices to take delivery. This represents 1.1759 million ounces of gold, while the Comex-approved warehouses hold 2.9 million ounces. Thus 40% of the total amount will have to be delivered by December 31st. Since not all the gold in the warehouses is available for delivery, Comex supply of gold falls far short of the demand at present rates. Futures markets in gold are breaking down. Paper gold is progressively being discredited.
http://www.gold-eagle.com/gold_digest_08/fekete120508.html


And here's how the payola
has been working out so far:


Quote:

http://www.sfgate.com/cgi-bin/object/article?f=/c/a/2008/11/26/MNVN14C8QR.DTL

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atm



Joined: 16 Apr 2006
Posts: 3861

PostPosted: Mon Dec 22, 2008 10:04 am    Post subject: Reply with quote

Quote:



Crunch ‘to hasten rise of China to No 1 spot’


From The Times
December 22, 2008

Robert Lindsay

http://business.timesonline.co.uk/tol/business/economics/article5380443.ece

The credit crunch will ensure that China becomes the world’s largest economy within a decade, up to 11 years earlier than previously expected, it is forecast today.

As the developed world grinds close to a halt, China will become the biggest economy, excluding currency fluctuations, by 2019, according to the Ernst & Young ITEM Club. Previous forecasts had predicted that China would not reach this point till 2025-2030.

Brazil, Russia, India and China, the “Bric” nations, will account for 40 per cent of global economic growth between next year and 2020, according to ITEM. Of this, China will account for a quarter.

Although economic activity in Britain, Europe and the United States is forecast to slow, or shrink in some cases, China’s growth is not tipped to go below 6 per cent a year, implying quicker catching up with the US.

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Fintan
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PostPosted: Tue Feb 10, 2009 1:21 pm    Post subject: Reply with quote

Quote:
Over $7.2 trillion has been committed so far. This can be expected to
double again from here. The $7.2 trillion does not include Obama’s $700
billion stimulus package or this week’s $800 billion commitment from the
Fed. So the amount will soon be $8.6 trillion.


Let's put that 8.6 Trillion in context:

Quote:
Jim Bianco of Bianco Research crunched the inflation adjusted numbers.
The bailout has cost more than all of these big budget government
expenditures – combined:

• Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
• Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
• Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
• S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
• Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
• The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
• Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
• Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
• NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion

TOTAL: $3.92 trillion (data courtesy of Bianco Research)

That is $686 billion less than the cost of the credit crisis thus far.
The only single American event in history that even comes close to
matching the cost of the credit crisis is World War II:

Original Cost: $288 billion, Inflation Adjusted Cost: $3.6 trillion

https://www.thefuturestrader.us/archiveTA/tedbits-Dec01-08.pdf


So the Bailout total is MORE than the combined cost of:
World War II, and the Marshall Plan, and the Moon race;
and the S&L Crisis; and the Korean War; and The New
Deal; and the Iraq War; and the Vietnam War. --all
added together!

Now here's the State of the Union.

FuXed:


Quote:
The Crack Up Boom, Part XIII The Great Reflation
http://www.gold-eagle.com/editorials_08/andros120308.html

2009 Outlook, Part 1: Nightmare on Main Street
http://www.gold-eagle.com/editorials_08/andros012109.html

2009 Outlook, Part 2: Bonds - Living a Lie!
http://www.gold-eagle.com/editorials_08/andros013109.html

KEYNES, UPSIDE DOWN
http://www.gold-eagle.com/editorials_08/benson020609.html

Big Deficits and a Weaker Dollar
http://www.lewrockwell.com/rozeff/rozeff267.html

The End of the U.S. As We Know It: Tracking the Dollar Downward

http://seekingalpha.com/article/117801


Some say there may be a rally on the way to a new deeper fall:

Quote:
One of Two Scenarios is Developing
http://www.greenfaucet.com/energy/one-of-two-scenarios-is-developing/89995

From Bailouts to Boondoggles, Betting on a 'B-Wave' Rally
http://www.greenfaucet.com/economy/from-bailouts-to-boondoggles-betting-on-a-b-wave-rally/37708


There may be good solutions, largely ignored:

Quote:

http://www.fairtax.org

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RedMahna



Joined: 07 Sep 2006
Posts: 1512
Location: USA

PostPosted: Tue Feb 10, 2009 10:25 pm    Post subject: Reply with quote

Quote:
There should be general strikes - people who simply refuse to
go to work, en-masse, across the nation.


Woops, missed that gem way up there in november 08.

Nah, too much work. People are very busy complaining, blaming, and analyzing right now.
I doubt they'll come up for air to give the old strike routine a go.

Besides, it's way unpatriotic and so very socialism-y.
Oh, heck... we ain't buying shit anyway. No one would miss us. Them rich folk can clean their own bathrooms for a while, right?

red

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Fintan
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PostPosted: Sun Mar 01, 2009 12:57 pm    Post subject: Reply with quote

Quote:
Moody's predicts default rate will
exceed peaks hit in Great Depression


By Edmund Conway, Economic Editor
Last Updated: 7:42PM GMT 26 Feb 2009

A bigger proportion of non-investment grade companies will go
bust in the US and overseas in the coming years than during the
Great Depression, according to Moody's, one of the world's
foremost experts on credit.


In what will be seen by many as die-cast confirmation that the world
economy is plummeting towards an economic and corporate implosion of
unprecedented proportions, Moody's said it anticipated a tidal wave of
defaults was approaching.

It said that in the coming months more than 15pc of speculative-grade
bonds and loans - all but the most highly-rated - would default on their
debts.

This peak is even higher than the peak reached in 1933, when
bank after bank throughout America was collapsing, taking hoards of
other companies with them. Back then, the default rate peaked at 15.4pc;
moreover these companies were former investment grade issuers
regarded as more reliable credit prospects than their contemporary
counterparts.

Kenneth Emery, senior vice president at Moody's said: "The three main
drivers of the forecasting model are forecasts for the high-yield bond
spread and the unemployment rate, along with the current level of issuer
ratings. In the fourth quarter, the high yield bond spread reached
unprecedented levels; and we've got an unemployment forecast
approaching 9pc this year and issuer ratings at record low levels.

"We certainly think that this credit cycle will be worse than the last two in
the early 1990s and 2000s. In fact, in 2009 we expect to see the largest
number of defaults since the advent of high yield bond market in the
early 1980s. And the default rate for non-investment grade bonds may
reach levels even higher than those registered during the Great
Depression.

"There are risks here because we are in unchartered territory, but the
model forecast is that roughly 15pc of our speculative-grade issuers
globally will default in 2009. In Europe the forecast default rate is even
higher at close to 19pc."

The report traced the health of the bond market all the way back to the
1920s, and finds that the threat of companies defaulting is more stark
now than at any point in that stretch of time. It predicted that company
defaults will triple this year to about 300, after 101 defaulted last year on
more than $280bn of debt.

If the economy deteriorates by even more than expected, the default rate
could conceivably mount to around 20pc, Moody's added - meaning
around one in five of all non-investment grade issuers default, something
which has never happened before. The companies most at risk of default
are consumer transport groups, which largely constitute airlines, media
companies and car manufacturers.

In Europe, the sectors most at risk of defaulting include those providing durable and non-durable consumer goods and business services.

http://www.telegraph.co.uk/finance/economics/4840805/Moodys-predicts-default-rate-will-exceed-peaks-hit-in-Great-Depression.html

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Fintan
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PostPosted: Mon Mar 02, 2009 1:54 pm    Post subject: Reply with quote

Quote:


Quote:
Dow Falls Below 7000 for
First Time Since 1997


By Ylan Q. Mui Washington Post - Monday, March 2, 2009; 12:17 PM

Stock markets continued to dive this morning after opening at
their lowest levels in 12 years over mounting concerns that the
government's plan to fix the financial system isn't working.


Insurance giant AIG announced this morning it lost $60.7 billion during
the fourth quarter -- the biggest loss in U.S. corporate history -- and
would tap another $30 billion in federal bailout money. AIG stock was up
nearly 17 percent, or 7 cents, to 48 cents this morning but off 99 percent
from its price a year ago.

"There's little confidence that we're going to get out of this any time
soon," said Axel Merk, portfolio manager at Merk Hard Currency Fund.
"We're still lacking very clear guidance. All we know is it's going to be
very, very expensive."

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/02/AR2009030200881.html


Quote:
Pension bombs going off

By: Paul Merrion March 02, 2009

Exploding pension fund shortfalls are blowing billion-dollar holes in the
balance sheets of some of the Chicago area's biggest companies, forcing
them to make huge contributions to retirement plans at a time when cash
flow and credit are already under stress.

Boeing Co.'s shareholder equity is now $1.2 billion in the hole thanks to
an $8.4-billion gap between its pension assets and the projected cost of
its obligations for 2008. At the end of 2007, Boeing had a $4.7-billion
pension surplus. If its investments don't turn around, the Chicago-based
aerospace giant will have to quadruple annual contributions to its plan to
about $2 billion by 2011.

Stock market losses also pounded pension funds at Abbott Laboratories
Inc., Caterpillar Inc. and Exelon Corp., with others sure to emerge as
companies file their annual financial reports with the Securities and
Exchange Commission in coming weeks.......

http://www.chicagobusiness.com/cgi-bin/article.pl?articleId=31402



Quote:
Liberty Reserve is down for maintenance:
users are in panic, what's going on?

http://ecommerce-journal.com/articles/13629_libertyreserve_is_down_for_maintenance_users_are_in_panic_whats_going_on

Some interesting comments out there
on the financial blogs today:


Quote:
invisible-hand:

Slightly Silly conspiracy thoughts:

OK OK, so I'm fairly sure I figured it out: Currently, the smalltime
globalists are saving/eating themselves, further helping the bigtime
globalist agenda of burning the current banking system into the ground
based on the inherent corruption (tricky eh?), taking out the smalltime
globalists with it.

From the ashes, a new more easily managed (manipulated) world
banking system is instituted worldwide that only the "qualified"
big timers can benefit from.


Does it really change anything? The bigtimers already exert huge
influence on many things, this will just make it more direct. However,
their (very likely) ability to abuse power and influence will be a dangerous
game for all, and is corrupt even in principal. Therefore, the only natural
conclusion is to decentralize the massive power and influence.

I'm concerned we haven't seen anything from the globalist playbook to
even start distracting us from that fact yet.


Quote:
Zenvestor

If I can use the sinking island analogy, then the U.S. is hanging on to a
coconut tree that is just a bit higher than Europe's. The only reason the
U.S. is looking better is that their currency is the international reserve
currency which gives them the freedom to issue new debt and monetize
their debt without any repercussions - for now. Of course there is no
market for CEE debt and if the CEE tried to print as much money as the
U.S. does, their currencies would devalue to Zimbabwe levels and they
would instantly vaporize.

Having said that, the water is creeping up on the U.S. coconut tree. The
appetite for U.S. debt is wavering. That means their last option will be to
strictly monetize their debt and their printing presses will be burning
smoke in the process. That will end too. It has to. The U.S. dollar will go
on one last screaming rally here as the world panics and sinks more
money into the doomed U.S. currency. Then when there is no where left
to go, they will dump the U.S. dollar and debt too.

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rustyh



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Posts: 489
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PostPosted: Mon Mar 02, 2009 6:18 pm    Post subject: Reply with quote

Quote:




Fresh AIG bailout triggers 'Bloody Monday'
3/03/2009 7:16:01 AM

By Stuart Fagg, ninemsn Money with AAP

US stocks crashed to their lowest level in 12 years after troubled insurer AIG posted the largest corporate loss in US history, leading pundits to label the day 'Bloody Monday'.

In Europe, UK stocks fell more than 5 percent, with banking giant HSBC losing nearly 20 percent, while bourses in Switzerland, France and Italy also lost more than 5 percent. Australian stocks closed at 5-year lows yesterday.

However, the main focus was Wall Street, where the Dow Jones closed at its lowest level since 1997 amid news of another massive bailout for troubled insurer AIG.

The US government unveiled a fresh rescue plan worth $47 billion for AIG after the ailing insurance company chalked up a fourth-quarter loss of $97 billion - the biggest in US corporate history. The company lost $156 billion in 2008.

Australian stocks are expected to fall at the open today.

Dealers said the news on AIG seemed to be the final straw for many investors, especially given the British-based bank's reputation for financial probity and caution, highlighted by its refusal to take government funding.

"It's another bloodbath with equity markets across the globe in a state of panic," said Jimmy Yates, head of equities at spread-betting firm CMC Markets.

HSBC said it needs to raise almost $28.3 billion by offering new shares after 2008 net profit plunged 70 per cent.
Its total loss for 2008 came to $US99.3 billion ($A156 billion).

But it was the AIG news that dominated trading.

"The market doesn't like (the AIG bailout) because it shows how immersed the government has become in managing a controlled burn of this zombie organisation that is considered too systemically important to die of natural causes," said Patrick O'Hare at Briefing.com.

Dealers said investors have no confidence that the AIG bailout or the HSBC cash call will really work so it was no surprise to see the markets falling.

"Just as with AIG, the (HSBC share) offering provides investors with no clarity and no confidence that financial institutions are done raising capital," said Chris Lafakis at Economy.com.

In Asia yesterday, Tokyo lost 3.81 per cent, Hong Kong shed 3.9 per cent and Sydney fell 2.8 per cent, with all the banks under pressure.

A plunge in Japanese new vehicle sales and a record contraction in factory output in South Korea added to worries about the region's economic downturn as consumer demand slumps in recession-hit Western markets.

"There's just no good news," Macquarie Private Wealth associate director David Halliday told Dow Jones Newswires. "The US economy is in the worst shape it's been for probably 50 or 60 years, so it's hard for equities to rally."
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Fintan
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PostPosted: Mon Mar 02, 2009 6:48 pm    Post subject: Reply with quote

Vulture Capitalism Alert.

Any rebound in the world's financial and economic status
requires a staged phase of feeding by financial vultures.

Asset prices have much further to fall.
Feeding won't begin quite yet.

After the bones of the global economy are cleansed,
a timley 'recovery' would maximize the return on the
vulture's newly acquired assets.

But by then a lot of people are gonnna
have bought out of the official 'Economy'.

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rustyh



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PostPosted: Tue Mar 03, 2009 1:33 am    Post subject: Reply with quote

Quote:

Shock jock leads anti-stimulus charge

* Anne Davies
* March 2, 2009

RUSH Limbaugh, America's equivalent to radio talkback host Alan Jones, has said he wants to see President Barack Obama fail, warning that the core free enterprise values of the nation are "under assault" and its very survival is at stake.

Limbaugh, who in the absence of a clear leader of the Republican Party is being championed by some as its intellectual voice, delivered an hour-long diatribe against the President and his policies at the Conservative Political Action Committee forum in Washington.
Limbaugh: US is 'under assault'

US radio talk-show host Rush Limbaugh criticises onerous taxes, regulations and too much government.

"Do you know that President Obama, in six weeks of his Administration, has proposed more spending than from the founding of the country to his inauguration?" he said.

"Now, this is not prosperity. It's not going to create prosperity and it's also not going to advance or promote freedom. It's going to be just the opposite.

"There are going to be more controls over what you can and can't do, how you can and can't do it, what you can and can't drive, what you can and can't say, where you can and can't say it."

Limbaugh's take is helping galvanise the Republicans into opposing key elements of the Obama budget, which includes tax hikes for the wealthiest 5 per cent of Americans and a cap and trade scheme which will raise the cost of electricity, in order to pay for Mr Obama's promised health-care reforms and green energy projects.

Eric Cantor, one of the leading figures among congressional Republicans, said the budget "obviously has raised a lot of concerns and a lot of different areas".

He also foreshadowed opposition to a second top-up $US410 billion ($A642 billion) spending bill now working its way through Congress.

"What we see in this budget, frankly, is an attempt, again, to try and stimulate the economy through government expenditure," he said. "And, you know, at best, what that can do is redistribute wealth. It can't create jobs; it can't create wealth. We've got to get back to focusing on job creation and creating prosperity."

The head of the White House Budget Office, Peter Orzag, hinted yesterday that the Administration might be prepared to use procedural tactics to ram through its health and energy proposals, by treating them as budget bills which require only a 50 per cent vote to pass instead of the 60 per cent required to end a filibuster in the Senate.

Meanwhile, the Obama Administration is gearing up for another week of difficult financial news, beginning with the likelihood that American International Group, the world's biggest insurer, will seek a further $US30 billion in new government capital when it reports a record quarterly loss of $US60 billion later this week. The company has already received $US150 billion in taxpayer funds but is deemed too big to fail.

Federal Reserve chairman Ben Bernanke is due to give evidence on the budget outlook and the Federal Reserve will release its latest assessment of the economic outlook.

The latest US unemployment, consumer credit and spending statistics are also due to be released this week.

Meanwhile, British Prime Minister Gordon Brown will call for "a global new deal" to tackle the global financial crisis when he meets Mr Obama in Washington this week.
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