Wednesday, June 1, 2011

The postal service is at serious risk of collapse

Things You Should Know About The U.S. Postal Service Before It Goes Bankrupt

June 1, 2011

By Grace Wyler

The cover story of this week's issue of Bloomberg Businessweek examines the United States Postal Service as it hurtles toward insolvency at an alarming rate.

Facing a projected $6.4 billion loss this year, the Postal Service is expected to hit its own debt ceiling by the end of this fiscal year on Sept. 30.

The federal government will then have to choose between letting the agency default on its massive pension obligations or bailing it out to the tune of more than $50 billion.

The Businessweek article, written by Devin Leonard, looks at the drivers behind the agency's financial woes, including its cushy relationship with postal workers unions and its flailing efforts to stem its customers' migration to the Internet.  Read More

World On The Verge Of Great, Great Depression And The Fed Knows It

Gold spikes on grinding economic halt, coming Fed QE3

June 1, 2011
By Steve Watson

A notable market strategist has told CNBC that the world is on the verge of the largest financial meltdown in history, warning that Wall Street is at a loss as to what to do regarding the ailing economy.

“Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything,” said Peter Yastrow, of Yastrow Origer.

“We’re on the verge of a great, great depression. The [Federal Reserve] knows it.” the futures trader added. Read More