Bernanke, boom or bust and identity fraud
Boom or bust?
More controls are required to prevent a repeat of the burst property bubble in Dubai in 2008, experts have said. While the market is strengthening, and consumer confidence is growing, the regional director of the IMF, Masood Ahmed, warned that measures need to be put in place to moderate the growth of certain industries, or a similar boom and bust will take place again. Dubai residential sales rose by 18% in the first quarter of 2013, sparking concerns that a new bubble might be forming. Read more here.
Identity theft has reached unprecedented levels, according to figures released by the CIFAS (the UK’s Fraud Prevention Service). Stolen details such as DOB’s, internet passwords and information taken from social networking sites such as Facebook, are all contributing to the increase in crime. New strategies when planning passwords, less personal information in the public domain and greater caution when using credit and debit cards online have been advised. Find out more.
At his regular testimony to the US Senate, Federal Reserve Chairman Ben Bernanke hailed the impact of the monetary policy known as quantitative easing and pledged to continue the policy, stating that it was too soon to pull back the financial stimulus until stability was evident for some months. He stated: "monetary policy is providing significant benefits. Low real interest rates have helped support spending on durable goods, such as automobiles, and also contributed significantly to the recovery in housing sales, construction, and prices. Higher prices of houses and other assets, in turn, have increased household wealth and consumer confidence, spurring consumer spending and contributing to gains in production and employment." Stocks rallied on the news and the US Dollar continued to strengthen in international markets. Chairman Bernanke's testimony can be read here