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Global economic crisis shifting into ‘new phase,’ IMF ominously warns

The economic crisis could be entering a “new phase” with rising public debt threatening to undermine the stability of the global financial system, the International Monetary Fund warned Tuesday. In a biannual report on economic stability, the IMF said the latest challenge to the world’s rocky financial system came as…

Germany mulls sending spies to Wall Street

Many in Europe see currency speculation as ‘economic terrorism’ Germany’s finance minister says his government is considering sending spies to London and New York to monitor the activities of currency speculators. Finance Minister Wolfgang Schaeuble told the German Parliament on Tuesday that he may have to send spies to the…

House Majority Leader: Greek debt crisis ‘can happen here’

The United States must embrace a blend of tax increases and spending cuts to rein in its deficit or face a potentially crippling debt crisis like the one in Greece, a top US lawmaker warned Monday. “It is enough to look across the Atlantic at Greece’s extreme economic crisis and…

China’s holdings of US treasury bonds tumble

China’s holding of US Treasury bonds has tumbled, according to US Treasury data released Tuesday, after Beijing expressed concern over the swelling US deficit and amid new US-China tensions. 1111 The drop in China’s bond holdings by 34.2 billion dollars or 4.3 percent to 755.4 billion dollars in December also…

Rep. Obey: Pentagon, foreign aid not exempt from spending freeze

US foreign aid and military programs will be on the chopping block as the US Congress looks at ways to rein in the country’s soaring debt, a top lawmaker allied with President Barack Obama warned Monday. Obama, who presented his budget for the 2011 fiscal year that opens October 1,…

McGovern: War in Afghanistan ‘another Vietnam’

A liberal patriarch of the US Democratic Party on Sunday blasted President Barack Obama’s decision to send more US troops to Afghanistan, saying he was “astounded” by the escalation of the war. “Today, I am astounded at the Obama administration’s decision to escalate the equally mistaken war in Afghanistan,” George…

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