GGN- Economic News :: August 17, 2010

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(Daily Finance) Wal-Mart Stores (WMT), which for years has touted its prowess at lowering prices, has been doing the opposite as it tries to bolster its bottom line amid stagnating sales.

A JPMorgan Chase (JPM) study of a Walmart Supercenter in Virginia found that the world's largest retailer has raised prices by nearly 6% on average over the past six weeks, according to the New York Post. Reuters says it was the biggest sequential increase since JPMorgan started the study in January 2009.

Some Prices Hiked Over 60%

Some of the price hikes were considerably larger. For instance, the price of a 32-ounce bottle of Windex household cleaner jumped 50%, a 12-ounce box of Quaker Oats instant grits climbed 65% and a 50-ounce container of Tide detergent rose by more than 50%. A spokesperson for the Bentonville, Ark., company could not immediately be reached for comment.
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(NY Times) SHANGHAI — After three decades of spectacular growth, China passed Japan in the second quarter to become the world's second-largest economy behind the United States, according to government figures released early Monday.

The milestone, though anticipated for some time, is the most striking evidence yet that China's ascendance is for real and that the rest of the world will have to reckon with a new economic superpower.

The recognition came early Monday, when Tokyo said that Japan's economy was valued at about $1.28 trillion in the second quarter, slightly below China's $1.33 trillion. Japan's economy grew 0.4 percent in the quarter, Tokyo said, substantially less than forecast. That weakness suggests that China's economy will race past Japan's for the full year.
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(Bloomberg) China, whose $2.45 trillion in foreign-exchange reserves are the world's largest, is turning bullish on Europe and Japan at the expense of the U.S.

The nation has been buying "quite a lot" of European bonds, said Yu Yongding, a former adviser to the People's Bank of China who was part of a foreign-policy advisory committee that visited France, Spain and Germany from June 20 to July 2. Japan's Ministry of Finance said Aug. 9 that China bought 1.73 trillion yen ($20.1 billion) more Japanese debt than it sold in the first half of 2010, the fastest pace of purchases in at least five years.

HEADLINES

China Passes Japan as Second-Largest Economy
http://finance.yahoo.com/news/China-Passes-Japan-as-nytimes-2766831302.html?x...

China Slashes U.S. Government Bond Holdings By The Largest Amount Ever
http://www.businessinsider.com/china-slashes-us-treasury-holdings-2010-8#ixzz...

China Favors Euro Over Dollar as Bernanke Alters Path
http://www.bloomberg.com/news/2010-08-15/china-favors-euros-over-dollars-as-b...

Wal-Mart Quietly Raises Prices
http://srph.it/92EyHj

Obama Administration Spending $63 Billion on 'Woman-Centered' Global Health Care Program
http://www.cnsnews.com/news/article/71210

Bank of England Governor warns that Britons face higher inflation for longer
http://www.telegraph.co.uk/finance/economics/7949919/Bank-of-England-Governor...

"Surprisingly" Bad Economic News
http://www.personalliberty.com/asset-and-wealth-protection/preserving-wealth/...

10 Signs The U.S. is Becoming a Third World Country
http://www.activistpost.com/2010/08/10-signs-us-is-becoming-third-world.html


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[NatureChasing]

@asymthought Haha, yeaah, but no matter which way you look at it, the future isn't going to be easy : \

[asymthought]

@NatureChasing I'd call that prepared and ready forlift off lol

[NatureChasing]

@asymthought Not as prepared as I'd like to be, I've got about a years worth of food, tons of fruit / vegetable seeds, water purifiers, weapons... I'm more prepared than most, lets say that.

[asymthought]

@NatureChasing Are you prepared for a collapse ?

[asymthought]

Let's go back to mom and pop stores, and American made products.

[NatureChasing]

China also dumped the American green back... GG America, the real collapse begins now!