The “News” over the past eighteen months, is that the people who said that they knew how to do a rating on a CDO (Collateralized Debt Obligation), now say they don’t know how to do that. And the people who said they knew how to value a CDO, or a RMBS (Residential Mortgaged Backed Security), now say they can’t do that either.

There are two major issues facing global currencies in the months ahead. And both have escalated in the past week.

In the rating of global financial centers created by Z/Yen Group Ltd., Moscow dropped from 67th to 68th place out of 75 available. There were some changes on the top of the list as well. London, despite being a leader, has to share the top place with New York as both cities received 775 points out of 1,000 available.

The growth of the GDP of the Russian Federation will reach the level of 4-4.5 percent in 2010 and may further increase to 6 percent. Putin said in December of 2009 that the nation’s GDP would grow by approximately three percent in 2010. The bailout measures taken by the Russian government produced a positive effect, the prime minister added.

Oil and water aren’t supposed to mix, but these two resources could brew up plenty of trouble in the near future. In recent issues, I’ve told you how I think oil prices are going to be squeezed higher. As for water, both the CIA and the World Bank have identified water as one of the key flashpoints of the 21st Century. And it turns out you can’t get oil without water. There are s...

Alan Greenspan is back. Maestro is scheduled to appear at the Brookings Institute today to deliver a 48 page explanation of why his low interest rates and regulatory neglect did not cause the financial meltdown. The contents of the ex-Fed chief's apologia have already been released to the press. It's just more finger-pointing and buck-passing; 48 pages of the-dog-ate-my-homework excuses ...

LONDON (AFP) - The Conservatives pledged Saturday to impose a US-style tax on banks to claw back money spent bailing them out, just weeks before a general election they are tipped to win.

BERLIN (AFP) - Germany will agree to European countries providing bilateral assistance to debt-stricken Greece, Finance Minister Wolfgang Schaeuble said Saturday.

MADRID (AFP) - Spain's prime minister Saturday announced a plan to save some three billion euros (four billion dollars) a year on the state's energy bill in a further move to tackle the country's economic crisis.

QUITO (AFP) - Ecuador will not forget the "mistreatment" by China in failed talks to finance a hydroelectric station, President Rafael Correa said Saturday, threatening to seek financing from Taiwan.