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Thursday, February 28, 2008

News You Can Use for Thursday

The $3 Trillion War
n 2005, a Nobel prize-winning economist began the painstaking process of calculating the true cost of the Iraq war. In his new book, he reveals how short-sighted budget decisions, cover-ups and a war fought in bad faith will affect us all for decades to come.

Is Greenspan now trying to sink the dollar?
"Bubbles" Greenspan, the man who did more than anyone on the planet to ensure that there would be inflation on a global scale by bringing interest rates down to insanely low levels and flooding the markets with cheap credit is now trying to con Americans one last time by engineering a de facto default by the US on its foreign obligations, via devaluation.

U.S. Economy Grew 0.6% in Fourth Quarter, Less Than Economists Estimated
Payrolls and consumer confidence have dropped and the housing slump has intensified so far in 2008, raising the odds that the world's biggest economy will tip into a recession.

XX As my friend and expert currency trader Boris Schlossberg wrote early this morning: "Today’s US GDP numbers could provide some fireworks in today’s North American session. The market expects an upward revision to 0.8% - still a paltry rate of growth - but slightly better than the initial 0.6% read. If the data surprises to the upside, it may quell some of the doom and gloom forecasts of an imminent recession that dogged the greenback. If, however, the news is even worse than the bears believe, the greenback could come under fresh selling pressure stoking fears that the recession is already here."

Australian Business Investment Rebounds on Demand From China for Iron Ore Australian business investment rebounded in the fourth quarter, after falling the most in eight years, as mining companies such as Rio Tinto Group expanded to meet Chinese demand for iron ore.

Crude Oil Advances on Reports of Production Disruptions in Nigeria, Iraq Crude oil rose to $100 a barrel on reports of a further production loss in Nigeria and that a technical fault is blocking shipments from northern Iraq.

Rogers Says Agricultural Commodities to `Explode,' Led by Sugar, Cotton Jim Rogers, who predicted the start of the commodities rally in 1999, comments on the outlook for sugar, cotton and other commodities.

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