Staggering Gulf States Economies , Due to Low Oil Prices , Pushes for Thousands of Layoffs


Staggering UAE economyJNN 27 May 2016 Dubai : Thousands of layoffs at state-linked companies in Abu Dhabi are a fresh sign the Gulf’s wealthy oil states are hunkering down for a long period of austerity as low crude prices pressure their economies. Continue reading

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Shia Houthi takes control of the Economical Hub of Yemen , despite Intense Air Strikes by Saudi led Coalition


File photo shows Shi'ite Houthi rebels riding a patrol truck in SanaaJNN 11 Apr 2015 Sanaa : Shia Houthi fighters and allies enter provincial capital of Shabwa province, the economical Hub of Yemen , Rich in Natural Resources especially Natural Gas ,  despite intense Saudi-led air strikes , which has already Killed 643 Innocent Yemeni People . Continue reading

Euro Falls to 9 year Low, amidst Greece uncertainty over exit from EU


Euro falls to its Lowest level in 6 YearsJNN 16 Jan 2015 Brussels : The euro fell to $1.1861, its weakest level since 2006 on the back of uncertainty over Greece’s position within the single currency. A strong dollar and expectations that the European Central Bank will beef up its stimulus program have also not helped. Continue reading

Drugs & Prostitution Boosting Britain’s descending Economy


Rising Prostitution and Drugs in BritianJNN 05 Sept 2014 London : Britons’ spending on prostitution and illegal drugs bolsters the UK economy by as much as £11 billion (US$17.8 billion) per year, according to newly published figures from the Office of National Statistics (ONS). Continue reading

US national debt climbs to $14 trillion


JNN 05 Jan 2011 : The US national debt has climbed to a record high of over $14 trillion amid concerns that the figure might surpass the debt ceiling set by the Congress.

The US Treasury reported on Tuesday that the national debt gained over $1 trillion since June, soaring to $14.02 trillion on December 31 from $13 trillion on June 1, as a fresh showdown between Democrats and Republicans looms large in deciding how the government should avert defaulting on its obligations, CBS News reported.

According to new statistics, the national debt stood at a whopping $14,025,215,218,708.52 – or $126,632 for every American taxpayer.

Meanwhile, concerns are running high that the increase could finally hit the statutory debt limit of $14.294 trillion set by the Congress and signed into law by US President Barak Obama in February last year.

Republicans, who have constantly campaigned on the platform of fiscal responsibility, have vowed to block an increase in the US debt ceiling, insisting that federal spending and unfunded government liabilities on entitlement programs should be slashed.

Last year, the US Congress voted to raise the debt ceiling to $14.3 trillion.

However, if the Congress does not vote to raise the debt limit this year, the likelihood of the governments’ default on its financial obligations would significantly increase.

The impact on the state of the US economy would be “catastrophic” if the federal government defaulted on its financial obligations, said White House economic adviser Austan Goolsbee.

“That would be the first default in history caused purely by insanity,” he emphasized.

The report comes as the worsening economic recession and vaulting debt crisis continue to wreak havoc in the US economy

 

US national debt climbs to $14 trillion


JNN 05 Jan 2011 : The US national debt has climbed to a record high of over $14 trillion amid concerns that the figure might surpass the debt ceiling set by the Congress.

The US Treasury reported on Tuesday that the national debt gained over $1 trillion since June, soaring to $14.02 trillion on December 31 from $13 trillion on June 1, as a fresh showdown between Democrats and Republicans looms large in deciding how the government should avert defaulting on its obligations, CBS News reported.

According to new statistics, the national debt stood at a whopping $14,025,215,218,708.52 – or $126,632 for every American taxpayer.

Meanwhile, concerns are running high that the increase could finally hit the statutory debt limit of $14.294 trillion set by the Congress and signed into law by US President Barak Obama in February last year.

Republicans, who have constantly campaigned on the platform of fiscal responsibility, have vowed to block an increase in the US debt ceiling, insisting that federal spending and unfunded government liabilities on entitlement programs should be slashed.

Last year, the US Congress voted to raise the debt ceiling to $14.3 trillion.

However, if the Congress does not vote to raise the debt limit this year, the likelihood of the governments’ default on its financial obligations would significantly increase.

The impact on the state of the US economy would be “catastrophic” if the federal government defaulted on its financial obligations, said White House economic adviser Austan Goolsbee.

“That would be the first default in history caused purely by insanity,” he emphasized.

The report comes as the worsening economic recession and vaulting debt crisis continue to wreak havoc in the US economy