Ha’aretz—Israel: Introducing the world’s strongest currency: The shekel
Since the beginning of 2008 the shekel has made some serious gains against nearly all the major world currencies. The shekel has gained 15% against the dollar, slightly more against the British pound and the Canadian dollar, as well as 8% versus the Swedish kroner and 24% against the South African rand.
MILWAUKEE SENTINAL JOURNAL EXPOSING SUBPRIME LOANS
Pedro Medellin, a young bank teller who lives with his mother, knows he isn’t a typical homebuyer. “With what I make,” he asks, “how would I get approved for a mortgage?” Yet somehow he did. While earning $9.25 an hour, Medellin struggles to pay a $103,500 high-interest loan for an often-vandalized house on Milwaukee’s north side. The city assessed the property at almost $40,000 less.
To cover the loan, Medellin sends a check each month to a local lender for $1,079 — more than his monthly take-home pay. He must dip into his small savings account or hit up his mother for cash to make up the difference. The story of how a 24-year-old man with a negative net worth received a six-figure loan from a reputable lender shows how eager the financial community was to dole out subprime loans before the nation’s mortgage meltdown.
OPEC president says oil prices not tied to market
The weak U.S. dollar, market speculation and the subprime crisis are the causes for the spiraling price of oil, OPEC’s current president said Saturday.Algerian Energy Minister Chakib Khelil told reporters the cartel will make no new decision on production levels until its Sept. 9 meeting in Vienna.He notes that OPEC controls only 40 percent of world oil production, and says the high prices do not reflect market conditions but rather other factors linked to the weakening dollar, market speculation and the U.S. subprime mortgage market turmoil.
NOTE: This puts the blame squarely on Wall Street and the US treasury,
More