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The New York University professor who anticipated the financial crisis cautioned about the Greek situation and the Euro zone saying history indicates that no currency union has survived without a strong fiscal and political union.
United States President Obama's new budget proposal is set to leave the US with a record-breaking deficit of 1.56 trillion US dollars. The figure is almost 11% of the country’s GDP. Economists generally consider annual deficits of more than 3% to be unsustainable.
The world's largest economy is back in business after growing 5.7% at the end of last year, smashing all expectations. It was the quickest pace of economic expansion in the United States for six years.
GlobalFEST, an annual world music festival held every January in New York City is a smashing night of musical discovery where artists from all over the world springboard themselves into the world music scene in New York.
Ben Bernanke has been approved to serve a second four-year term as chairman of the US Federal Reserve, the country's powerful central bank. The US Senate voted 70-30 in favour of Mr Bernanke, handing him the narrowest victory margin in decades.
US president Barack Obama promised to make job creation his top priority as he made his first State of the Union address. Obama forecast the creation of 1.5 million jobs through the 'stimulus bill' in the nationally televised speech Wednesday evening to a joint session of Congress.
US space agency NASA will send surveillance flights over Haiti and the Dominican Republic to look for signs that more earthquakes may hit the area after a giant quake that killed as many as 200,000 people two weeks ago.
The Federal Reserve said on Wednesday that the U.S. economic activity has continued to “strengthen” and decided to keep a key interest rate unchanged at a record low of between zero to 0.25% to prop up the economy. However there was a dissenting vote.
Legendary investor George Soros has called for a radical break-up of banks that are too big to fail. He also backed US President Barack Obama's proposed reforms to limit the size of banks at the World Economic Forum in Davos.
The United States economic recession has taken a particularly heavy toll on young US citizens, with a record one out five black men aged 20 to 24 neither working nor in school, according to research released.