(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 »

(SicSemperTyrannis) – There has been lots of talk about a coming food crisis due to the massive looting of the nations under the cover of an “economic crisis”. Recently, a report published by The Trumpet has shown food prices spinning out of control.

In the article it shows some of the most startling year-over-year price increases in the U.S. markets: Read the rest of this entry »

(PaulWatson) -  As Europe is bailed out to the tune of nearly $1 trillion dollars, Congressman Ron Paul warns that the constant monetization of debt, allied with taxpayer-funded bailouts, will inevitably lead to runaway inflation and the collapse of paper currencies.

Under the terms of the Federal Reserve’s credit swap deal with the EU – in addition to an additional IMF bailout of which U.S. taxpayers will be picking up 20 per cent ($57 billion dollars) of the tab, Paul pointed out that not just taxpayers but “anybody that buys anything” will be funding the European bailout because of the attendant inflationary consequences. Read the rest of this entry »

What a surprise: The free-market-that-is-not-free leaps from one scandal to the next. In a real free market where salesmen sell something real, and buyers buy something they want, people can’t get away with cheating, or not for long. Read the rest of this entry »

(Reuters) – Senate rejects $250 checks for elderly

A measure to give some 57 million elderly people, veterans and persons with disabilities a $250 check was rejected by the Senate on Wednesday, a setback for the powerful seniors’ lobby. Read More Here

(Skywatch) – Does Q4 GDP increase mean economic recovery ? Not on your life

Most non-delusional people who understand a little bit about basic macroeconomics know that the reason for the present intentional economic crisis is that banks in late 2008 started cutting off credit which then effected everyone and everything in all sectors of the world economy. Read More Here

(PrisonPlanet) – Gold To Soar Against Depreciating Currencies

Precious metal hits record against Sterling and Euro as continuing financial crisis eviscerates value of paper money Read More Here

(ComingDepression) – Too few jobs; too much debt; the future of the West

“At least once a week, you hear some Wall Streeter exulting that manufacturing is showing signs of recovery. What he doesn’t tell you is that manufacturing is less than 10 percent of the economy. He won’t mention that sickly consumer-related activity is 75 percent.” Read More Here

(Reuters) – Japan PM Hatoyama: nation’s fiscal state quite severe

Japanese Prime Minister Yukio Hatoyama said on Thursday there is no doubt that the nation’s fiscal state is quite severe. Read More Here

(AFP) – Japan passes record $1 trillion budget

Japan’s lower house on Tuesday passed a record trillion-dollar budget that will add to an already bulging public debt mountain as Tokyo tries to stimulate a recovery in the world’s second biggest economy. Read More Here

(AFP) – Greek protestors occupy finance ministry

Hundreds of communists from Greece’s All-Workers Militant Front on Thursday staged a sit-in at the finance ministry to protest against austerity measures announced by the government. Read More Here

(AmpedStatus) – The Financial Coup d’Etat: Consolidation of America’s Economic Elite

Although most of the Economic Elite live and operate inside the US, they are not concerned for our future. To them, the entire world is theirs and they work intimately with other elites throughout the world against the interests of the US public. Read More Here

(TongoxieMirror) – State revenues again don’t live up to expectations – Read More Here

(MarketWatch) – Massive debt burden threatens to impoverish generations to come – Read More Here

(YahooFinance) – Video: “Real” Unemployment Could Surge to 25%, Portfolio Manager Says – Read More Here

(Aletho) – The Pentagon’s Runaway Budget

With his decision to boost defense spending, President Obama is continuing the process of re-inflating the Pentagon that began in late 1998 — fully three years before the 9/11 attacks on America. Read More Here

(PeterSchiff) – Video: Vlog 03/02/2010 – Spending, sovereign debt, “debates” – Video Link Here

(WashingtonPost) – Obama administration plans to close International Labor Comparisons office

Like a scorekeeper for the world, a tiny unit within the Bureau of Labor Statistics tracks globalization’s winners and losers, and the results are not always pretty for the United States. Read More Here

(AbelDanger) – Have you stopped to consider why the idea of man-made global warming is being forced on individuals, businesses and nations and why those in the know are positioning themselves to take advantage of a carbon trading system, a system—by the way—created with funds provided to Richard Sandor by the Joyce Foundation when the current President Obama was a director on its board in 2000? Read the rest of this entry »

(C4L) – Much has been made recently about the supposed economic recovery. A few blips in a few statistics and many believe our troubles are all over. Of course, they have to redefine recovery as “jobless” to account for the lack of improvement on Main Street. But the banks have money, Wall Street is chugging along, and the administration would like to get on with other agenda. Read the rest of this entry »

(Reuters) – Gold hit a fresh record high near $1,150 an ounce on Wednesday, boosting precious metals across the board, as a dip in the dollar index added to momentum buying as prices broke through key technical resistance levels. Read the rest of this entry »

(RIANov) – Turkey is switching to national currencies in trade with Iran and China, ending dependence on the U.S. dollar and the euro for about 20% of its commodity turnover, local media reported on Wednesday. Read the rest of this entry »

(Bloomberg) – Marc Faber, publisher of the Gloom, Boom & Doom Report, appeared on Bloomberg today, expanding his view on the inflation/deflation, strong and weak US dollar debate. According to him, the losers will be cash and treasury bond and the winners will be foreign currency and commodities. Equities have some power to hedge inflation. Read the rest of this entry »

(BobChapman) – The G-20 finance ministers meet in Scotland on November 6th and 7th, and they will all be bleating about the fall in the dollar. France started this week, and the others will follow. Their currencies are rising in value and they do not like it. Read the rest of this entry »

Last week, I showed you the most shocking numbers I’ve seen in my lifetime: Read the rest of this entry »

Last week the Dow added 1.3%, the S&P 1.5%, the Russell 2000, 0.2% and the Nasdaq 100, 0.7%. Cyclicals rose 2.6%; transports 3.8%; consumers 1.7%; utilities 1.3%, as banks fell 0.3% and broker/dealers fell 0.6%. High tech fell 0.2% semis 1.1%; bitoechs 1.9% and Internets rose 0.2%. Gold bullion rose $3.00 and the HUI was unchanged, but up 47.5% on the year. The USDX, the dollar index fell 1.1% to 75.62. Read the rest of this entry »

(C4L) – Readers of George Orwell’s 1984 might recall Big Brother’s claims that “war is peace” or “freedom is slavery.” Orwell was writing a novel, but some of the commentary these days makes me think that elite economists have taken residence in Oceania’s “Ministry of Truth.” Read the rest of this entry »

(PressTV) – Iran’s Trade Promotion Organization has announced a near future plan to completely exclude the US dollar from the country’s foreign revenues and reserves. Read the rest of this entry »

(RIANovosti) – Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said on Wednesday. Read the rest of this entry »

It is looking more and more like the current Administration has set on a course of deliberate destruction of the US Dollar and with it, the economic might that the US has enjoyed since post World War II. Read the rest of this entry »

(JPost) – Iran’s central bank governor says the country gained “big profits” by shifting its foreign currency reserve basket from the US dollar to the euro. Read the rest of this entry »

(JPost) – Iran’s central bank governor says the country gained “big profits” by shifting its foreign currency reserve basket from the US dollar to the euro. Read the rest of this entry »

(RussiaToday) – In the following interview Robert Fisk explains a report he wrote about China and other G-20 nations talking about replacing the dollar as the world’s reserve currency for a basket of alternative currencies. Read the rest of this entry »

On October 6th, The Independent newspaper of London set off shock-waves around the world with a report that secret meetings were held between the OPEC states, China, Russia, and others, in which the participants charted a course toward a new world reserve currency. Not surprisingly, the U.S. dollar nosedived on the news. The rout was only stemmed by Saudi and Chinese officials publicly denying the story. Read the rest of this entry »

Arguments for a Long-Term Devaluation of the Dollar
Unless you’ve been living in a cave, you know that the dollar is losing its status as world reserve currency. Read the rest of this entry »

(AlJazeera)- Gulf states have held secret talks with Russia, China, Japan and France to replace the US dollar with abasket of currencies in the trade of oil, the UK’s Independent newspaper says. Read the rest of this entry »

(AlJazeera)- Gulf states have held secret talks with Russia, China, Japan and France to replace the US dollar with abasket of currencies in the trade of oil, the UK’s Independent newspaper says. Read the rest of this entry »

(BobChapman) – In 2009, China opened up various exchanges for investment in both gold and silver to the Chinese public, which previously was not allowed to invest in gold and silver. The opening of silver exchanges to the Chinese public is the most recent development and was accompanied by a ban on silver exports. The Chinese government is actively touting both gold and silver as an investment to the Chinese public, and with good reason. Read the rest of this entry »

(Bloomberg) – The dollar’s role in international trade should be reduced by establishing a new currency to protect emerging markets from the “confidence game” of financial speculation, the United Nations said. Read the rest of this entry »

Tent cities springing up all over America are filling with the homeless unemployed from the worst economy since the 1930s. While Americans live in tents, the Obama government has embarked on a $1 billion crash program to build a mega-embassy in Islamabad, Pakistan, to rival the one the Bush government build in Baghdad, Iraq. Read the rest of this entry »

Back in the Great Depression of 1929 through the 1930’s, we saw a similar Zig-zag pattern. There was a crash in 1929, followed by a nice rally, but then the most devastating part of the market collapse followed into the 1930’s. Read the rest of this entry »

A top investment advisor, Harry Schultz – who was MarketWatch’s Peter Brimelow pick for financial newsletter of the Year in 2008 – is now claiming:

Some U.S. embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of U.S. cash to purchase currencies from those governments, quietly. Read the rest of this entry »

With a view to restoring financial stability, World leaders have called upon the Group of 20 countries (G-20) to instigate a new global currency based on the IMF’s  Special Drawing Rights (SDRs). Read the rest of this entry »

Bob Chapman’s influential International Forecaster is reporting on the possibility of a so-called “bank holiday” planned for late August or early September. According to Chapman’s sources, U.S. embassies around the world are selling dollars and stockpiling money from respective countries where they operate. Read the rest of this entry »

Russia is proposing the inclusion of the ruble, yuan and gold as a part of a revised basket of currencies to form the valuation of the IMF’s special drawing rights seen as the coming new alternative global reserve currency, reported AP. Read the rest of this entry »

The big question is how long can the dollar last as the world’s reserve currency? Needless to say, that is not an easy question to answer. Read the rest of this entry »

(Reuters) – Russia and China should consider switching to domestic currencies in bilateral trade without going to the dollar, Russia’s president Dmitry Medvedev said in an interview with Kommersant daily published on Friday. Read the rest of this entry »

(Paul Craig Roberts) – Economic news remains focused on banks and housing, while the threat mounts to the US dollar from massive federal budget deficits in fiscal years 2009 and 2010. Read the rest of this entry »

(FT) – Brazil and China will work towards using their own currencies in trade transactions rather than the US dollar, according to Brazil’s central bank and aides to Luiz Inácio Lula da Silva, Brazil’s president. Read the rest of this entry »

Amid an “inflationary depression” in the U.S., Peter Schiff, president and chief global strategist of Euro Pacific Capital, sees opportunities in the maelstrom. Facing a massive redistribution of wealth, he advises investors to act quickly and “divest U.S. dollar assets into physical precious metals, other currencies and equities outside the United States.” Read the rest of this entry »

Amid an “inflationary depression” in the U.S., Peter Schiff, president and chief global strategist of Euro Pacific Capital, sees opportunities in the maelstrom. Facing a massive redistribution of wealth, he advises investors to act quickly and “divest U.S. dollar assets into physical precious metals, other currencies and equities outside the United States.” Read the rest of this entry »

“There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” Read the rest of this entry »

A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar. Read the rest of this entry »

MOSCOW, October 28 – Russian Prime Minister Vladimir Putin proposed on Tuesday that Russia and China gradually switch over to national currency payments in bilateral trade, expected to total $50 billion in 2008.

“We should consider improving the payment system for bilateral trade, including by gradually adopting a broader use of national currencies,” Putin told a bilateral economic forum.

He admitted the task would be tough, but said it was necessary amid the current problems with the dollar-based global economy. Read the rest of this entry »

BEIJING (Reuters) – The United States has plundered global wealth by exploiting the dollar’s dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday. Read the rest of this entry »

Brazil and Argentina have launched a new payment system in their bilateral trade, doing away with the US dollar as a medium of exchange.

The two Latin American nations started the Payment System on Local Currency (SML) on Monday following a last month agreement inked by their presidents to use local currencies in a bid to end transaction in dollars. Read the rest of this entry »