The diagnosis of a New York Ebola case pushed Europe stocks lower, spurring worries that Wall Street may give up recent gains.» Read More
The yen had its biggest one-day gain versus the dollar in almost nine years Thursday, as investors unwound risky trades financed with borrowed yen, on fears of a global funding crisis. The yen soared against all major currencies and hit its strongest level since November against the euro.
The dollar rose against the euro, and the yen rallied on Wednesday after investors cut exposure to carry trades as losses in the U.S. subprime mortgage market widened.
Joseph Stiglitz, Professor at Columbia University and 2001 Nobel Prize Winner explains how the central bank's stimulus program will improve the debt to GDP ratio if it successfully ends deflation.