15-Oct-2010

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US

+ A Chinese economist stated that the US is deliberately devaluing the dollar, creating a bad precedent for the rest of the world.

+ Ben Bernanke said today that high unemployment and low inflation point to a need for further easing of US monetary policy but did not provide guidance on the Fed’s next step.

+ US CPI unexpectedly slowed in September despite an increase of 0.6% in retail sales, keeping pressure on the Fed to act soon to lessen the risk of deflation.

+ Republicans appear to be gaining momentum from the Tea Party’s economic gloom and its effect on independents.

+ Obama administration is permitting an increase in corn-based ethanol to 15% from 10% as an additive in gasoline.

World’s 3 Richest Businesswomen are Chinese

+ Of the 20 richest self-made woman billionaires, 11 are Chinese with wealth averaging $2.6 billion compared with Oprah Winfrey’s $2.3 billion.

+ 95% of the people on this year’s rich list made their fortunes from China’s growing domestic demand.