(RussiaToday) – Millions of Americans remain unemployed, US bankruptcies have reached a five year high, China slashed US bond holdings by the largest amount to date and US home sales have plummeted to the lowest level on record.
What does this mean for America? Roger Hanwehr, the managing director of ArcXeon Investments argued that the US is in the midst of a double digit recession.
“We have a jobless, growthless, synthetic recovery characterized by uncertainty of the markets and no improvement in the underlying macroeconomic weaknesses that lead to the crisis of 2008,” said Hanwehr. Read the rest of this entry »
(WPost) – 8 House members investigated over fundraisers held near financial reform vote
The Office of Congressional Ethics is investigating eight lawmakers who held fundraisers within 48 hours of a major House vote on a Wall Street reform bill or received substantial donations from business people with a financial stake in the bill, according to congressional sources and letters. Read More Here
(Money&Markets) – Two Consequences of the Stimulus Programs Washington Wants You to Ignore! – Read More Here
(BullionBullsCanada) – Fannie Mae Proposes Bulldozing U.S. Homes – Read More Here
(EconomicPolicyJournal) – Bank Run in Spain and Its Destabilizing Ramifications for the Entire EU
According to FT, Spanish banks borrowed €85.6bn ($105.7bn) from the ECB last month. This was double the amount lent to them before the collapse of Lehman Brothers in September 2008 and 16.5 per cent of net eurozone loans offered by the central bank. Read More Here
(InternationalForecaster) – The Fed’s Purchase of US Sovereign Debt: “The US Treasury is under the Control of the Fed’s Owners”. – Bob Chapman
US, UK and European financial systems are on the way to collapse Read More Here
(MarketWatch) – U.S. home building craters after tax break expires
Housing starts fell 10% to a seasonally adjusted annual rate of 593,000 in May, the lowest level since December. The details were even worse, as starts of single-family homes plunged 17% to a seasonally adjusted rate of 468,000, the lowest in a year. Read More Here
(LewRockwell) – Amnesty for the Banksters, Debtor’s Prison for the Serfs – Read More Here
(SoColPatriotsClub) – House Democrats Drop Ron Paul’s Audit of Federal Reserve
Yes, you read that right. Ron Paul’s push to audit the Federal Reserve Bank and see who received how much money in the last few years has been drastically reduced. Read More Here
Video: The Greecing of America, Simplified
The repercussions from Greece’s fiscal crisis are starting to ripple around the world. But are lessons being learned? – View Video Here
REPOST – (RussiaToday) – Video: Greece was used as trojan horse by Washington and Goldman Sachs, to damage Eurozone
“The whole attack on Greece and the attack on the euro originated from a concerted strategy of Wall Street and US Institutions to permanently cripple or try to cripple the only alternative reserve currency anywhere in the world that can challenge the dollar,” Engdahl told RT. Video Link Here
Video: Instead of budgeting, Congress is….
With all of the attention on the BP oil spill, the European debt crisis and even financial regulatory reform, the fact that Congress hasn’t passed (and will likely not pass) a federal budget for fiscal year 2011 is flying under the radar. View video Here
(WPost) – More college-educated jump tracks to become skilled manual laborers – Read More Here
(LewRockwellShow) – Podcast: We Ain’t Seen Nothin’ Yet – Lew with Gerald Celente
What does the state-bank-military complex plan next? As the second stage of the financial crisis hits, says Gerald Celente, we can expect them to start another war to divert people’s attention from the wholesale robbery of the productive. Listen to Podcast Here
(LewRockwell) – Bailing Out Politicians Now? – Patrick J. Buchanan – Read More Here
(WRMEA) – U.S. Financial Aid To Israel: Figures, Facts, and Impact – Read More Here
(MarketWatch) – Fannie, Freddie to scrap NYSE stock listings – Read More Here
(EconomicPolicyJournal) – Bloomberg Considering Former-Goldman Man for Deputy Mayor – Read More Here
REPOST – (Snard) – More Than 1 In 5 American Children Are Now Living Below The Poverty Line
Perhaps the greatest victims of the economic nightmare that is unfolding right in front of our eyes are our children. Read More Here
(AlterNet) – “Lure People Into That Calm and Then Just Totally F–k ‘Em”: How All of Us Pay for the Derivatives Market
Derivatives are a hotbed of abuses and bailouts. So why are taxpayers footing the bill? Read More Here
(Infowars) – Why You Should Buy Gold and Silver – Mark Dice – Read More Here
(FinancialSense) – Gold Going to Parabolic Top of $10,000 by 2012 – For Good Reasons
No wishful thinking here! As I see it gold is going to a parabolic top of $10,000 by 2012 for very good reasons – sovereign debt defaults, bankruptcies of “too big to fail” banks and other financial entities, currency inflation and devaluations – which will all contribute to rampant price inflation.
(Rense) – Illinois – A State In Crisis – Stephen Lendman
This writer’s earlier articles addressed greater social misery in America than since the Great Depression, because of unemployment, homelessness, hunger, bankruptcies, despair, and rising poverty levels.
According to the National Academy of Science, 47.4 million Americans were impoverished in 2008, 15% of the population, but the true number is much higher since the government’s income threshold is $22,000 for a family of four, way short of what’s needed throughout urban America where even half again as much is too little. Read More Here
(Bloomberg) – Banks Seized by Regulators in Nebraska, Mississippi, Illinois
Three banks with total deposits of almost $2.3 billion were seized by regulators amid losses stemming from soured real-estate loans, raising to 81 the number of U.S. lenders that have collapsed this year. Read More Here
(EuroPacificCapital) – Key Indicators of a New Depression
With the mainstream media focusing on the country’s leveling unemployment rate, improving retail sales, and nascent housing recovery, one might think that the US government has successfully navigated the economy through recession and growth has returned. But I will argue that a look under the proverbial hood reveals a very different picture. Read More Here
(Telegraph) – Solution to Unemployment? Wal-Mart to Create 500,000 New Jobs
Mike Duke, chief executive, told the retailer’s annual meeting that the company will add the 500,000 positions as it seeks to continue to grow globally and maintain its leading position in the US. Read More Here
(EconomicNoise) – Worse than a Depression – Read More Here
(SicSemper) – Video: Obama’s Teleprompter of Propaganda: “Our Economy is Getting Stronger by the Day.”
As the Bureau of Labor Statistics report is published for the month of May showing unemployment at 9.7% due to 322,000 workers leaving out of employment positions, President Obama read from his teleprompter more Orwellian Double-speak, stating “our recovery is still in its early stages, and there’s going to be ups and downs in the months ahead…… this report is a sign that our economy is getting stronger by the day.” View More Here
(GlobalResearch) – Europe is Headed For a Mini-depression – Mike Whitney – Read More Here
(WashingtonTimes) – FTC floats Drudge tax
The Federal Trade Commission (FTC) is seeking ways to “reinvent” journalism, and that’s a cause for concern. According to a May 24 draft proposal, the agency thinks government should be at the center of a media overhaul. The bureaucracy sees it as a problem that the Internet has introduced a wealth of information options to consumers, forcing media companies to adapt and experiment to meet changing market needs. FTC’s policy staff fears this new reality. Read More Here
(TPG) – Countdown to Crashdown
Heed This Warning, and You Could Gain 868%. Ignore It, and You Stand to LOSE HALF of Your Wealth. The Choice Is Yours… Read More Here
(PRWeb) – Investors Shun Market Volatility as Fear and Uncertainty Reign, Opting Instead For Precious Metals IRAs as Gold Nears All Time Highs – Read More Here
(FinancialPost) – World currency unit intended to rival U.S. dollar for supremacy
A new currency is intended to challenge the U.S. dollar as the world’s foremost reserve currency. The WOCU, short for world currency unit, was actually launched by London-based WDX Organization in September 2009, but only seems to be gaining recognition now. Read More Here – See Also: Flex Group
The WDX Organisation has developed a currency-basket instrument called the Wocu; available for commercial use from 1st January 2010, the same day WDX launched its commercial reference data products. Read More Here
(YahooFinance) – Video: $6 to $8 Gas? Prices Will “Skyrocket” If U.S. Stops Drilling, Says Former Shell Exec – View Video Here
(WDX) – WDX Institute: Forum for WOCU Related Research Read More Here
(BusinessInsider) – MARKETS RIPPED APART: Here’s What You Need To Know
Following two straight up days, it looked like the panic might be out of this market. Nope, not even close. Fresh Euro panics combined with signs of economic weakness in the US to savage markets.
(RealClearPolitics) – Census Worker Claims Job Numbers Are Being Inflated
“What they do is hire you, they train you like a few weeks — 35, 40 hours of training and give you six hours of productive work and lay you off.” a former Census named “Maria” tells FOX News. “Maria” further explains they rehire you so it counts as a new job.
(RussiaToday) – Video: Euro the focus of secret Bilderberg meeting: Charlie Skelton
“I hear from some people, Daniel Estulin has got sources inside, and he says the euro is on the top of the agenda. If the euro fails and the eurozone collapses, it’s been a lot of wasted talk. There’s talk, I have been speaking to some Spaniards here and they saying there’s whispers of returning to the peseta and that is not in the Bilderberg’s best interest,” said Skelton. Read the rest of this entry »
(HuffingtonPost) – Dodd Bill Would Allow Fed To Hide Its Spending – Read More Here
(JakartaGlobe) – Goldman probe a smokescreen to divert attention from financial crisis
A top Asian fund manager said on Wednesday the civil fraud allegations against massive Wall Street bank Goldman Sachs was a smokescreen to divert attention from the financial crisis in the United States. Read More Here
(USAWatchdog) – Failure Is the Only Reform We Need – Read More Here
(PubliusForum) – $338.3 Billion Paid to Service America’s Illegal Aliens
My friend Gary Karlin over at the Evanston Conservative blog has spent the last year or so collecting a series of stories detailing the costs of illegal aliens to the United States. Read More Here
(CNN) – Report: SEC staffers watched porn as economy crashed – Read More Here
(HoweStreet) – Hyperinflation Looms – The Dollar Arrives at Its ‘Havenstein Moment’
There is an interesting article in Canada’s Globe & Mail about the lack of growth in the US money supply. Ignoring for the moment that the quantity of dollars in circulation is significantly underreported, it observes:
“The money supply in the United States is doing something that almost never happens: it’s shrinking, after taking into account inflation. Similar episodes in the past have usually been scary times for investors. Declines in the amount of money in circulation have coincided with recessions, and some analysts looking at the current trend say it is a harbinger of trouble. Despite signs that the U.S. is in recovery, they worry that the money supply numbers indicate the economy remains vulnerable to the feared double-dip downturn, or is close to experiencing deflation.” Read More Here
(CNBC) – Governments Will ‘Bankrupt Us’: Marc Faber
Current economic policies are not sustainable and the world faces doom because “the governments are taking over”, said Marc Faber, editor & publisher of The Gloom, Boom & Doom Report. Read More Here
(FauxCapitalist) – The CIA overstates Canada’s government spending by more than 200% – Read More Here
(GoldenTruth) – Russia and China Are Selling Treasuries and Buying Gold…
Fred Hickey of the High Tech Strategist newsletter fame gave a brutally honest interview with The Wall Street Cheat Sheet about the financial/economic condition of the United States and how China and Russia, two of the largest financiers of our Government, are protecting themselves from the reckless policies of Obama and Bernanke. Here’s is a quote: Read More Here
(HuffingtonPost) – LA Court System In Financial Crisis, Closing Court Rooms
An unprecedented financial crisis afflicting the nation’s largest court system is in the hands of the policy making California Judicial Council, with Los Angeles court officials awaiting its decision on their plea for an infusion of cash. Read More Here
(ZeroHedge) – Alan Grayson Discloses That Dodd Bill Covertly Eliminates Already Passed Legislation Requiring Full Fed Audit
Once again we get confirmation that Chris Dodd is nothing but a paid manservant for his Federal Reserve masters, in addition to being a lame duck, whose last days in office are meant to do everything to allow the old-school Wall Street ways of endless secrecy and Fed bailouts to continue in perpetuity. Read More Here
(ZeroHedge) – Insights Into America’s Disneyland And Our “Neo-Feudalistic, Gulag Casino Economy” From Mike Krieger – Read More Here
(LewRockwell) – Video: How an Economy Grows and Why It Crashes – Lew Rockwell Show with Peter Schiff – View Video Here
(MoneyNews) – Video: Jim Rogers: Next Recession Will Be Much Worse – Video Link Here
(ZeroHedge) – Richard Koo Says If Banks Marked Commercial Real Estate To Market,It Would “Trigger A Chain Of Bankruptcies”
Richard Koo’s latest observations on the US economy are as always, a must read. The critical observation from the Nomura economist explains why the realists and the naive idealists are at greater odds than ever before: the government continues to perpetuate, endorse and legalize accounting fraud in the hope that covering everything up under the rug will rekindle animal spirits. Read More Here
(Fortune) – ‘The SEC is a farce’ – expert Read More Here
(WashingtonsBlog) – Are Interest Rate Derivatives a Ticking Time Bomb?
Derivatives are the world’s largest market, dwarfing the size of the bond market and world’s real economy. Read More Here
(CommonDreams) – Democrats Haunted by Corporate Ties
President Barack Obama and congressional Democrats are promising a climactic clash with Wall Street, but there’s a complication in their battle plan: The Democratic Party is closer to corporate America – and to Wall Street in particular – than many Democrats would care to admit. Read More Here
(CNN) – Video: Federal Reserve – Destroying the American economy since 1913 – View Video Here
(Courant) -2,000 Connecticut Teachers Face Layoffs Before Next School Year More Here..
(Reuters) – Sallie Mae To Cut 2500 Jobs More Here..
(BuffaloNews) – Buffalo: City School Budget would Lay off 700 More Here..
(NBR) – Fletcher Layoffs Hit 120 People More Here..
(ClevelandBlog) – Hundreds of Cleveland teachers, Principals to Lose Jobs More Here..
(Freep) – Detroit Public Schools sends layoff notices to 2000 Teachers More Here..
(SeattleTimes) – Boeing issues layoff notices to 130 in state, 300 companywide More Here..
(CityRoom) – More than 1,000 staff members were laid off on Monday at the bankrupt St. Vincent’s Hospital Manhattan. More Here..
(AlexJones) – Video: Bill Murphy Reveals JPMorgan Chase’s Gold & Silver Manipulation on Alex Jones
Alex talks with Bill Murphy, a financial commentator and chairman of GATA, the Gold Anti-Trust Action Committee. GATA was organized in January 1999 to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities. GATA exposes and actively opposes collusion against a free market in gold, other precious metals, currencies, and related securities. Read the rest of this entry »
“The American oligarchy spares no pains in promoting the belief that it does not exist, but the success of its disappearing act depends on equally strenuous efforts on the part of an American public anxious to believe in egalitarian fictions and unwilling to see what is hidden in plain sight.”– Michael Lind, To Have and to Have Not
Yes, of course, we all have very strong differences of opinion on many issues. However, like our Founding Fathers before us, we must put aside our differences and unite to fight a common enemy. Read the rest of this entry »
Home loan delinquency rates in the United States have now surpassed 10 percent, Lender Processing Services (LPS) reported this week. Read More Here
(CBOnline) – Fitch: Delinquencies for commercial mortgage backed securities rise in January
Delinquencies for commercial mortgage-backed securities rose in January, fueled by increases in five main property types for the fifth straight month, Fitch Ratings said Friday. Read More Here
Video: Financial Collapse 2010 – Repetition of the 29 Depression – Video Link Here
(HeraldSun) – World bankers meet in Sydney as recovery fears intensify
THE world’s top central bankers began arriving in Australia for high-level talks as renewed fears about the strength of the global economic recovery gripped world share markets. Read More Here
The U.S. economy is at the beginning of a protracted period of adjustment. The sharp decline in business activity, which began in the summer of 2007, has moderated slightly, but there are few indications that growth will return to pre-crisis levels. Read the rest of this entry »
A recent poll shows that most economists now believe that the recession, which began in December 2007, will end in the third quarter of 2009. There’s been an uptick in manufacturing and consumer confidence, and the decline in housing prices appears to be flattening out. Unfortunately, the return to positive GDP will likely be short-lived. Read the rest of this entry »
Percentage change since 2002 in average premiums paid to large US health-insurance companies: +87%
Percentage change in the profits of the top ten insurance companies: +428%
Chances that an American bankrupted by medical bills has health insurance: 7 in 10 Read the rest of this entry »
(DailyMail) – One cannot imagine headlines more certain to rouse public rage than those this week: ‘Massive bonuses for bankers’; ‘record payouts at Goldman Sachs ‘; ‘greed is back’. Amid the worst recession for a generation, the financial communities in Britain and the U.S. will this year award themselves prizes on a scale to gasp at. Read the rest of this entry »
(RawStory) – Weeds have not had time to overtake factories shuttered in the wake of recent bankruptcies at General Motors, Chrysler and a host of suppliers, but the signs of shattered lives are spreading as the economically devastated region, dubbed “the rust belt” after its steel industry, fails to absorb the collapse of the auto industry. Read the rest of this entry »
(NaturalNews) – Unemployment is high and retirement accounts have virtually disappeared for many folks in the wake of the current recession. Housing prices have plummeted, too. So it comes as no surprise that data just released by the Administrative Office of the U.S. Courts shows the total number of U.S. bankruptcies filed during the first three months of 2009 increased 34.5 percent over the same period in 2008. Read the rest of this entry »
Due to the fact that Goldman Sachs is currently the favorite of Washington they are raking in massive profits during a time when most banks and brokerage firms are struggling for survival. Read the rest of this entry »
The bankruptcy of General Motors, and the organization of a “new” auto company in its place, is being carried out at the expense of tens of thousands of active and retired auto workers, along with dealerships, other small businesses, and entire communities. Read the rest of this entry »
As anticipated by LEAP/E2020 as early as October 2008, on the eve of summer 2009, the question of the US and UK capacity to finance their unbridled public deficits has become the central question of international debates, thus paving the way for these two countries to default on their debt by the end of this summer. Read the rest of this entry »
You would think that causing the worst financial crisis since the Great Depression might have repercussions. You would think being a major factor in the destruction of around 40 percent of the world’s wealth might get you in trouble. You would think being the cause of the worst housing crisis in history — with millions of people losing their homes because of you — might force a restructuring of how Wall Street does things. Read the rest of this entry »
(CNN) – This year, an estimated 1.5 million Americans will declare bankruptcy. Many people may chalk up that misfortune to overspending or a lavish lifestyle, but a new study suggests that more than 60 percent of people who go bankrupt are actually capsized by medical bills. Read the rest of this entry »
For the past eight months, we have been a nation focused on bailouts and bankruptcies. For the past ten years, we have been a nation ignoring massive wealth transfer and wealth concentration through a rigged Wall Street. Read the rest of this entry »
The financial events that have taken place in the U.S. and around the world over the last few months are, in many ways, no surprise. In a September, 2008 financial seminar (http://www.truthpublishing.com/Heal…), I publicly predicted the majority of the big trends you’re seeing unfold right now: The wave of commercial bankruptcies, the second round of bailout money, the dangerous creation of new money by the Fed and a continued weakening of both the housing market and the stock market. Read the rest of this entry »
There’s no question the American consumer is hurting in the face of a burst housing bubble, financial market meltdown and rising unemployment.
But “the worst is yet to come,” according to Howard Davidowitz, chairman of Davidowitz & Associates, who believes American’s standard of living is undergoing a “permanent change” – and not for the better Read the rest of this entry »
There’s no question the American consumer is hurting in the face of a burst housing bubble, financial market meltdown and rising unemployment.
But “the worst is yet to come,” according to Howard Davidowitz, chairman of Davidowitz & Associates, who believes American’s standard of living is undergoing a “permanent change” – and not for the better Read the rest of this entry »
In America’s earliest days, there were barn-raising parties in which neighbors helped each other build up their farms. Today, in some churches, there are debt liquidation revivals in which parishioners chip in to free each other from growing credit card debts that are driving American families to bankruptcy and desperation. IN DEBT WE TRUST is the latest film from Danny Schechter, “The News Dissector,” director of the internationally distributed and award-winning WMD (Weapons of Mass Deception), an expose of the media’s role in the Iraq War. The Emmy-winning former ABC News and CNN producer’s new hard-hitting documentary investigates why so many Americans are being strangled by debt.
In 2009 were going to see the worst economic collapse ever, the Greatest Depression, says Gerald Celente, U.S. trend forecaster. He believes its going to be very violent in the U.S., including there being a tax revolt. Read the rest of this entry »
In 2009 were going to see the worst economic collapse ever, the Greatest Depression, says Gerald Celente, U.S. trend forecaster. He believes its going to be very violent in the U.S., including there being a tax revolt. Read the rest of this entry »
MSNBC: California ‘s fiscal future lurched yet another step toward oblivion on Friday as state Controller John Chiang announced he could no longer make payments for services to disabled and blind people who need the money to pay for rent and food .Chiang said payments would most likely have to be stopped by Feb. 1. Read the rest of this entry »
For those of you who don’t know, consumer spending makes up roughly 70 pct of the US economy, yet many consumers have been pulling back due to job insecurities, declining credit lines, falling wealth effect (caused by falling home values/cratering retirement plans) and overall general unease about the future. The end result of this pull back: Significantly declining retail sales – leading to numerous store bankruptcies and closings. Read the rest of this entry »
The median sales price in the region drops to $300,000 in October, dragged down by the large number of foreclosed homes on the market.
With the median price of Southern California homes down more than 40% from its peak, the housing market has now slid further than most economists expected. Read the rest of this entry »
The October 2008 financial meltdown is not the result of a cyclical economic phenomenon. It is the deliberate result of US government policy instrumented through the Treasury and the US Federal Reserve Board. Read the rest of this entry »
LOS ANGELES (AP) ― Home foreclosures in California soared 228 percent in the past three months from a year ago, a real estate tracking firm said Thursday.
A total of 79,511 homes were lost in the quarter ending Sept. 30, compared to 24,209 in the same period last year, MDA DataQuick said. Read the rest of this entry »
U.S. banking industry profits plunged by 86 percent in the second quarter and the number of troubled banks jumped to the highest level in about five years, as slumps in the housing and credit markets continued. Read the rest of this entry »
While bankers do control the issuance of credit, they cannot control themselves. Bankers are the fatal flaw in their deviously opaque system that has substituted credit for money and debt for savings. The bankers have spread their credit-based system across the world by catering to basic human needs and ambition and greed; and while human needs can be satisfied, ambition and greed cannot—and the bankers’ least of all. Read the rest of this entry »
Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US” Read the rest of this entry »
Bankruptcies soared 46 percent in May from a year ago and many more are expected as the slowing economy chokes consumers and businesses, according to a bankruptcy management firm. Read the rest of this entry »
