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World wealth has reached a record $263 trillion but is concentrated in fewer hands. The richest 1 percent have accumulated more wealth, and own almost 50 percent of it, which could trigger recession, according to a new report by Credit Suisse. The Credit Suisse Global Wealth Report, released Tuesday warns that the “abnormally high wealth income ratios” may spark a...
The top Republican in the House of Representatives warned President Barack Obama over the weekend that he’s ready to let the United States default — and that the White House is to blame. House Speaker John Boehner (R-Ohio) told ABC’s “This Week” on Sunday that Republicans in his chamber would not immediately honor the White House’s request to raise the...
The California Senate approved raising the state’s minimum wage on Thursday to $10 an hour by 2016, one of the highest rates in the nation. The state Senate passed AB10 by a party-line vote, 26-11, approving a gradual minimum wage jump from $8 to $10 over two years. The bill now goes to the state Assembly for what will be an...
The United States Federal Reserve has set a new record, but it’s not one exactly worth celebrating. For the first time ever, the Fed owns more than $2 trillion in US debt. According to the Fed’s latest weekly account, the central bank currently is holding roughly $2,001,093,000,000 in US Treasury securities. That statistic, first reported by CNS News, was published by...
The US Treasury has already exceeded the federal legal borrowing limit of $16.7 trillion in May. That signals the main structural problems remain unresolved putting at risk the fragile recovery. The country’s  outstanding public debt is already $38.82 million above the statuary debt ceiling and now at $16,738,220,000,000.00, according to Treasury data. Christopher Weafer from the Economist Macro Advisory Consultancy says the...
For the next two weeks Bitcoin users in the US will be unable to withdraw the virtual currency in dollars. Major exchange Mt. Gox cited an unusually high demand as the reason for the suspension, while customers worried the company has run out of cash. Mt. Gox, based in Tokyo, Japan, handles approximately 80 per cent of Bitcoin transactions in...