Obama wants record $708 billion for military next year

US President Barack Obama will ask Congress for an additional $33 billion to fight unpopular wars in Afghanistan and Iraq on top of a record $708 billion for the Defense Department next year, The Associated Press has learned.


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More bank frauds?

The bailing out of the largest US financial institutions was a violation of moral hazard of the greatest magnitude. With that violation well in place, America is now facing violations of other moral hazards.


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Ukraine is facing bankruptcy and Russia may bail it out

Ukraine is facing imminent national bankruptcy—casting Russia in the role of "Abu Dhabi" to Ukraine's "Dubai" in the sense of easing the financial distress of a closely related neighbour.

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