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Read More: Problems in Spain: Revenues Collapse, State Spends Nearly Twice as Much as Revenues Collected in First Half
Fearing action by creditors, San Bernardino, California, Files Chapter 9 Bankruptcy Petition San Bernardino, California, after disclosing a $46 million shortfall in the city’s budget, filed for municipal bankruptcy.
Here are a few snips from the Dallas Fed Manufacturing Survey . Texas factory activity continued to increase in July, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, fell from 15.5 to 12, suggesting slightly slower output growth.
Reuters reports Global factories struggle as growth fears rise U.S. and euro zone factory activity slumped again in July while Chinese manufacturing hit an eight-month low, surveys showed on Wednesday, as economies worldwide showed signs of slowing
Reuters reports Global factories struggle as growth fears rise U.S. and euro zone factory activity slumped again in July while Chinese manufacturing hit an eight-month low, surveys showed on Wednesday, as economies worldwide showed signs of slowing
Mass Upsurge around Qatif, Saudi Arabia Will the Arab Spring Turn into the Saudi Fall? Webster G
StopImperialism.com August 1, 2012 As the destabilization of Syria has evolved over the course of the last year and a half, what has become apparent to political observers is the seeming incongruity of Turkey’s role in the region. While Ankara has attempted in recent years to establish itself as a force for political and economic change and progress, it has also assumed the role of a NATO attack dog, becoming a crucial weapon in the arsenal of the Western imperialists. While Turkey’s actions in Syria, in particular the sponsorship and coordination of terrorists , must be vigorously condemned, it is also important to note the geopolitical and economic issues at stake for Turkey. In doing so, those of us around the world who reject imperialist meddling and destabilization, who stand in opposition to Western hegemony and proxy states, must help push Turkey back onto the path of peace and progress. Turkey’s Role in Syria Anyone who has followed the evolution of the imperialist aggression against Syria has undoubtedly noted the insidious role that Turkey has played. From a diplomatic perspective, Ankara has led the charge in demonizing the Assad regime , saying that it “stands against the will of the Syrian people†and is “killing its own people.â€Â However, the reality is that Turkey, along with its collaborators in Saudi Arabia, Qatar, Lebanon and elsewhere, have done more to fan the flames of violence and instability than the Assad regime ever could
Output and new orders down at accelerated rates New export business decreases at sharpest rate in 15 months Average costs fall to greatest extent since November 2009 July data from Markit/JMMA showed manufacturing output falling at the sharpest rate in 15 months, as both new orders and new export business decreased at accelerated rates. After adjusting for seasonal factors, the headline Markit/JMMA Purchasing Managers’ Index™ (PMI™) posted 47.9 in July, down from 49.9 in June, a level indicative of a moderate deterioration in operating conditions. Moreover, the latest index reading was the lowest in 15 months
It won’t. Bloomberg reports Merkel Allies Harden Opposition to Granting ESM Bank License German Chancellor Angela Merkel’s coalition rejected granting the permanent euro rescue fund access to European Central Bank liquidity via a banking license, as the Finance Ministry said it saw no need for any such move. The rules of the European Stability Mechanism don’t provide for refinancing through the ECB, the ministry in Berlin said today in an e-mailed response to questions.