Scary Financial Views: Fed has given up on the dollar

Jim Rogers is not happy that the Fed is apparently now in the business of buying Mazeratis for Wall Street traders.

Fed makes emergency move

The Federal Reserve, in emergency decisions aimed at containing a crisis of confidence in the U.S. financial system, cut the rate on direct loans to commercial banks and opened up borrowing at the rate to securities firms.

The moves, coming in an announcement timed for the start of trading on the Tokyo Stock Exchange, included commitments to encourage JPMorgan Chase & Co. to buy Bear Stearns Cos. after a run on the firm threatened the stability of global markets. The Fed also extended the maximum term of loans to commercial banks to 90 days from 30 days.

Liverpool FC News

An FYI to visitors to this blog (Hi Mom). Today Liverpool became the fourth English side to reach the Champions League quarter-finals with victory against Inter Milan at the San Siro.

I was only able to see the second half, but it seemed that Inter decided not to come out and play today. Excellent goal from Torres.

The win gives England a powerful presence in the closing stages of the competition, with Manchester United, Chelsea and Arsenal joining Liverpool in the last eight - the first time any country has dominated the Champions League in such a fashion.

Oil - A New High!

Today oil hit an all-time high of $107 a barrel.

The oil price is being supported by last week's decision by producers' cartel Opec not to raise supply, despite rising demand in China.

Many analysts believe that traders are also buying oil, priced in dollars, to protect the value of their money against the sliding currency.

Kenya - Army moves on Militia

OK, not the story that I was expecting when I read the headline...

Army offensive on Kenya militia - Kenya's army has launched a huge military operation targeting a militia which has killed some 500 people in a land dispute over the past 18 months.

On another Kenya-related note, here's an interesting article about Kisumu given to me by a colleague. Incidentally, we had an excellent lunch and safari on Lake Naivasha.

State-sponsored violence in Kenya?

The BBC has learned of allegations of state-sanctioned violence in Kenya during the turmoil that followed last December's disputed presidential poll.

Sources allege that meetings were hosted at the official residence of the president between the banned Mungiki militia and senior government figures.

The aim was to hire them as a defence force in the Rift Valley to protect the president's Kikuyu community.