With America’s financial crisis deepening and spreading globally, WND is today introducing MoneyNetDaily, a new daily news page focused exclusively on the economy – and how best to survive a changing, and increasingly challenging, financial reality.
The ominous events of recent days have left everyone from Wall Street to Main Street wondering what is happening to America, once the world’s most powerful, robust economy:
- The European Union has overtaken the U.S. as the world’s No. 1 economy due to the continued dramatic fall of the dollar.
- U.S. home foreclosure filings jumped 60 percent and bank seizures more than doubled in February as rates on adjustable mortgages rose and property owners were unable to sell or refinance amid falling prices.
- The ever-widening crisis in the home equity market is having a major impact on financial institutions worldwide. Last weekend, the Federal Reserve and the Treasury guaranteed J.P. Morgan Chase’s fire-sale purchase of Bear Stearns, the 85-year-old Wall Street investment bank that had survived the Depression and two world wars, but was endangered by the current crisis.
- Gold rose above $1,000 an ounce – the highest price in U.S. history – as mounting credit-market losses spurred demand for bullion as a haven from the sagging dollar and equities. Silver and platinum also advanced as the dollar dropped below 100 yen for the first time since 1995 and to a record low against the euro.
- Retail sales in the U.S. unexpectedly fell in February, indicating that declines in payrolls and home values and a surge in energy costs have pushed the economy into a recession.
- Crude oil prices have skyrocketed from $22/barrel when George W. Bush became president to a high of $110, enabling radically oil-rich Arab-Muslim investors to attempt to buy up prime – and sometimes strategic – U.S. property and assets.
To track this financial roller-coaster – and especially, to offer expert opinion on how to deal with it – WND is introducing MoneyNetDaily, a free, advertiser-supported supplement, in place of our BizNetDaily page.
“Every day, WND readers need to check in with MoneyNetDaily if they’re interested in holding onto their money and seeing clearly where this economy is headed,” said WND Managing Editor David Kupelian. “Our aim is to make MoneyNetDaily a valuable, one-stop resource for our readers.”
In addition to the very latest reporting on the economy, MoneyNetDaily will feature articles on how to cope with difficult economic conditions, invest and preserve their wealth, as well as focusing on personal financial planning issues like retirement and college education.
“To make decent financial decisions,” said Kupelian, “people need reliable information – the kind that’s sometimes hard to come by. That’s what we aim to provide every day in MoneyNetDaily.”
One current MoneyNetDaily highlight is Kupelian’s report titled “Bernanke: Federal Reserve caused Great Depression” in which the current Fed chief admits, “We did it. We’re very sorry. … we won’t do it again.”