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Originally posted by Rockpuck
reply to post by twilightzone
Building houses is NOT prosperity...
Please, don’t let the situation get you down, I am sure… I hope everything will be better soon!
Hhhmmm...South Carolina...seems to be a magnet for failures of all types...
UPDATE 1-U.S. supermarket chain BI-Lo files for bankruptcy
NEW YORK, March 23 (Reuters) - Supermarket chain BI-Lo LLC [LONESB.UL] filed for bankruptcy on Monday, just days before two loans mature that are secured by the company's 215 food stores.
The Greenville, South Carolina chain, which is owned by private equity group Lone Star Funds [LS.UL], said it and nine affiliates asked for court approval of a $100 million bankruptcy loan from General Electric Capital to allow it to continue paying staff and vendors while it restructures.
In a court filing, the company said it had assets and liabilities of between $500 million and $1 billion.
The company said that two loans for $360 million mature on March 26. Some of the lenders would not extend the maturity of one of the loans and the company said it would not be able to repay or refinance, forcing it to seek court protection.
Standard & Poor's cut the company's credit rating last year, citing tough competition in southeastern states where it operates.
BI-Lo employs about 15,500.
The case is In re BI-Lo LLC, US Bankruptcy Court, District of South Carolina, No. 09-02140.
Sorry, hadn't realized it was from 2007, missed that date.
I found some sites about the ACLU lawsuit, but nothing stating what happened with it.
Dang...all these big global thingys are howling now...
WTO's Lamy presses U.S. as world trade tumbles
WASHINGTON (Reuters) - World Trade Organization Director General Pascal Lamy pressed U.S. trade officials on Monday for a strong commitment to finishing the Doha round, while a U.S. business leader warned against accepting a "phony deal" just to wrap up the talks.
Lamy's trip to Washington came as the WTO forecast world trade would fall 9 percent in 2009 due to the shrinking global economy, the biggest fall since the Great Depression and much worse than the 2.8 percent drop the International Monetary Fund forecast in January.
The sharp drop in world trade has increased calls in Europe, Asia and Latin America for a quick conclusion to the Doha round on the basis of texts proposed in December.
But the Obama administration has said it cannot agree to proposals for cutting U.S. farm subsidies and politically sensitive manufacturing tariffs until advanced developing countries, including Brazil, India and China, make better offers to open their markets to U.S. goods and services.
A U.S. trade official, speaking on condition of anonymity, said U.S. Trade Representative Ron Kirk and Lamy "had a very productive meeting to get acquainted and establish a relationship for working together."
The official shared no further details of Monday's meeting, which was Kirk's first opportunity to talk in person with Lamy since winning Senate approval of his nomination last week.
The Doha round was launched in November 2001 with the goal of helping poor countries prosper. Since then, it has suffered one setback after another even as negotiators have narrowed many differences.
'ONE MORE BIG TRY'
Lamy has argued a quick conclusion to the nearly seven-year-old Doha round would boost economic growth and provide an "insurance policy" against future protectionism by ratcheting down the maximum tariff and subsidy levels now permissible under WTO rules.
But "that's not going to come from a phony Doha deal" along the lines of what WTO negotiating chairmen proposed in December, Robert Vastine, president of the Coalition of Service Industries, said in a panel discussion at the American Enterprise Institute think tank.
The United States should use the current economic crisis to galvanize countries to make "one more big try" to finish the round on terms that generate substantial new trade flows and ensure a standstill against new protectionism, Vastine said.
But it should also explore alternatives to the Doha talks, such as a series of sectoral agreements with interested countries to liberalize service trade, Vastine said.
President Barack Obama and other leaders from the Group of 20 developed and developing countries will meet in London on April 2 to discuss jump-starting world economic growth.
G20 leaders, at their last meeting in November, pledged not to impose any new measures to restrict trade or investment for the next 12 months. At least 17 of the 20 have violated that promise, according to a recent World Bank report.
Lamy supports strengthening the standstill commitment by requiring G20 members to file a report each quarter on any new barriers or subsidies they impose. He's also hoping for concrete action at the G20 summit on helping to unfreeze credit lines to finance imports and exports.
We must first identify the immediate cause which has detonated the present unprecedented turbulence. That cause is unquestionably the $1.5 quadrillion derivatives bubble. Derivatives have provoked the downfall of Bear Stearns, Countrywide, Northern Rock, Lehman Brothers, AIG, Merrill Lynch, and Wachovia, and most other institutions which have succumbed. Derivatives have made J.P. Morgan Chase, Bank of America, Citibank, Wells Fargo, Bank of New York Mellon, Deutsche Bank, Société Générale, Barclays, RBS, and money center banks of the world into Zombie Banks.
Derivatives are financial instruments based on other financial instruments paper based on paper. Derivatives are one giant step away from the world of production and consumption, plant and equipment, wages and employment in the production of tangible physical wealth or hard commodities. In the present hysteria of the globalized financial oligarchy, the very term of "derivative" has become taboo: commentators prefer to speak of toxic assets, complex securities, exotic instruments, and counterparty arrangements. At the time of the Bear Stearns bankruptcy, Bernanke warned against "chaotic unwinding." All of these code words are signals that derivatives are being talked about. Derivatives include such exchange traded speculative instruments as options and futures; beyond these are the over-the-counter derivatives, structured notes, and designer derivatives. Derivatives include the credit default swaps so prominent in the fall of AIG, collateralized debt obligations, structured investment vehicles, asset-backed securities, mortgage backed securities, auction rate securities, and a myriad of other toxic variations. These derivatives, in turn, are pyramided one on top of the other, thus creating a house of cards reaching into interplanetary space.
Originally posted by projectvxn
This is another false rally. Our dollar is going to lose alot of value here soon. Especially if the Fed is allowed to pull money from one pocket and put it in another.
I don't care what the market is telling me, I care only what the numbers are telling me. This rally is happening only because the government is going to shovel more cash their way.
I just heard some idiot on Cap Hill saying that government can't go broke because, and I'm not making this up, "We can always print more money".
More at link...
Reform the International Monetary System
Submit Date:2009-3-23 17:39:00
China calls for new reserve currency
China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.
In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”.