(SchiffReport) – President Obama promotes the myth that everyone must go to college. That if you don’t go, your life will be ruined — that you will end up waiting tables, or trapped in some other mundane occupation. The truth is, even with a college degree, you may still end up waiting tables, you’ll just begin your “career” four or five years later, tens of thousands of dollars in debt. Read the rest of this entry »
(RussiaToday) – In this episode, Max Keiser and Stacy Herbert discuss that after five years of depressing depressed savers, the government and Central Bank reaps the rewards while Americans have given up hope and now concede to being ‘lower class.’ In the second half of the show, Max Keiser talks to Chris Cook about the price of chickens in Tehran and petrol in the United Kingdom and the role of ETFs in destroying markets. Read the rest of this entry »
(SHTFPlan) – Whether the system is going to collapse is not the question.
Most informed individuals understand that out of control spending fueled by trillions of dollars in debt, unprecedented monetary expansion and ever increasing dependence on a government social safety net overburdened by millions of people in need of essential services can not be sustained forever. Read the rest of this entry »
(WebofDebt) – When Jamie Dimon, CEO of JPMorgan Chase Bank, appeared before the Senate Banking Committee on June 13, he was wearing cufflinks bearing the presidential seal. “Was Dimon trying to send any particular message by wearing the presidential cufflinks?” asked CNBC editor John Carney. “Was he . . . subtly hinting that he’s really the guy in charge?”
(RussiaToday) – In this episode, Max Keiser and co-host, Stacy Herbert, discuss the Devil’s Breath of too much debt and JP Morgan’s black and blue dementia. In the second half of the show Max talks to Mike Maloney about gold, silver and Hollywood accounting. Read the rest of this entry »
(CNSNews) – In the 39 months since Barack Obama took the oath of office as president of the United States, the federal government’s debt has increased by $5,027,761,476,484.56.
Although he has served less than a term, Obama is now the first American president to see the federal government’s debt increase by more than $5 trillion during his time in office. Read the rest of this entry »
(OpEdNews) – More than ten years ago, Pedro Rodriguez, a talented keyboard musician, came from his colonial homeland of Puerto Rico to go to Temple University. From a low-income family, he depended heavily on student loans to finance his four-year undergraduate study. Graduating summa cum laude with a bachelor’s of music, he went on to earn a master’s degree in music from Temple and then was hired for three years to teach there as an adjunct. By the end of college, he was $62,000 in debt but was making payments regularly until Temple laid him off, allegedly because of budget cuts. That’s when his problems began. Read the rest of this entry »
(RussiaToday) – College tuition prices are skyrocketing following the Congress\’ decision to raise interest rates on student loans, but the situation with unemployment isn’t improving either. That means Americans owe more money for their school loans then they do on their credit cards. Stefanie Gray of the Change.org knows about the issue first hand. The unemployed 23-year-old who is struggling to survive has a masters degree and $130k in debt. Stefanie Gray shares her sad experience with RT’s Lucy Kafanov Read the rest of this entry »
(NaturalNews) – Ah, election season is upon us again, and the nation — ever in dire need of some new disorder to treat with drugs — is suffering from electile dysfunction. Nobody seems to know which political party or congressional candidates might lead us out of the national mess we’re in today, with debt spiraling out of control and health care reform only leading (so far) to huge rate increases in health insurance premiums. Job losses in America over the last year have been staggering, and there’s no indication that things are going to get better anytime soon. Read the rest of this entry »
(InternationalForecaster) – On Friday, September 10, 2010, Horizon Bank, Bradenton, FL was closed by the Florida Office of Financial Regulation and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. Read the rest of this entry »
All the money in your bank account was created by private companies. Through a loophole in the law and some clever accounting, these companies (commonly known as banks) create new money whenever they make a loan. This means that every pound in your bank account was created when someone went into debt. For every £1 in your account, someone else has to be £1 in debt. If you want to get out of debt, someone else must sink further into debt. Read the rest of this entry »
(Infowars) – Almost two years ago the US Treasury was selling large amounts of short-term Treasury bills to fund bailouts and stimulus. That caused a major increase in debt. Most of that paper was 2-year bills and it is coming due for rollover shortly. While that transpires, October will report the annual fiscal deficit of 9/30/10 of about $1.5 trillion, a figure thought impossible just 1-1/2 to 2 years ago. Read the rest of this entry »
(DrMercola) – India is in the midst of a flood of suicides among farmers. A new feature film written and directed by Anusha Rizwi and produced by Bollywood megastar Aamir Khan, called Peepli Live, takes a look at this grim topic.
The vast majority of people in India still farm for a living, but are caught between deep debt and the erratic nature of seasonal change.
Indian farmers are pressured into mortgaging their farms to purchase genetically modified seeds, pesticides, and fertilizer from American companies like Monsanto. Read the rest of this entry »
Obama’s “end of Iraq war” speech must have shattered any remaining belief in him. Forced to appease both his supporters and the warmonger right-wing, who denounce him as a Muslim and a Marxist, Obama resorted to Orwellian DoubleSpeak. He could only announce an end to the war by praising the president who started it and the troops who fought it. Yet, as most earthlings, if not Americans, surely know by now, the war was based on a lie and on intentional deception. The American troops died for a lie. Read the rest of this entry »
(PrisonPlanet) – Have economists made themselves irrelevant? If you have any doubts, have a look at the current issue of themagazine, International Economy, a slick endorsed by former Federal Reserve chairmen Paul Volcker and Alan Greenspan, by Jean-Claude Trichet, president of the European Central Bank, by former Secretary of State George Shultz, and by the New York Times and Washington Post, both of which declare the magazine to be “ahead of the curve.”Read the rest of this entry »
(WashingtonsBlog) – In February 2009, the head of U.S. intelligence – Dennis Blair – said that the global financial crisis was the largest threat to America’s national security. All of America’s intelligence agencies apparently agreed.
The same month, the chairman of the Joint Chiefs of Staff – Admiral Mullen – also agreed.
Now, Mullen is focusing on a specific economic threat. Specifically, Mullen is focusing on the debt:
The national debt is the single biggest threat to national security, according to Adm. Mike Mullen, chairman of the Joint Chiefs of Staff. Tax payers will be paying around $600 billion in interest on the national debt by 2012, the chairman told students and local leaders in Detroit.
“That’s one year’s worth of defense budget,” he said, adding that the Pentagon needs to cut back on spending.
But at least war is good for the economy, right? At least spending on defense will help the economy recover and climb out of this pit of debt. no? Read the rest of this entry »
(GlobalResearch) – Because of torrential rains lasting several days Pakistan is facing one of the worst predicaments in human and material terms for the last 80 years. The damage inflicted is stunning. About 22 million people are affected by the floods. Many infrastructures have been unable to withstand the onslaught of rain. Roads and harbours can no longer be used. Millions of people have had to leave their houses, and the UN estimates that there are 5 million left homeless. Makeshift refugee camps have been set up, and some 1 million people already live there in disgraceful sanitary conditions. The south of the country, and more particularly the province of Snidh, has been badly shaken by this catastrophe. Economic losses amount to billions with the farming industry severely hit, large tracts of farmland having been destroyed. Read the rest of this entry »
(ActivistPost) – Economic Hitmen Come for Their ‘Pound of Flesh’ in New Jersey
It was reported today that New Jersey’s Governor Christie is proposing privatization of many public services. This is the precise playbook of “Economic Hitmen” aka Banks. First, they loan ridiculous amounts of money to the public sector, knowing full well these loans can never be repaid and when state bankruptcy looms, the public infrastructure is auctioned to pirates of industry for pennies on the dollar. Read More Here
(SeekingAlpha) – Look Out Below: The Baltic Dry Index Is in Freefall – Read More Here
(RTTNews) – Regulators Shut Down Four Banks
On Friday, regulators closed four banks in the U.S. bringing the total number of bank failures to 90 so far this year. The failed banks are Bay National Bank, Baltimore, Maryland, Ideal Federal Savings Bank, Baltimore, Maryland, USA Bank, Port Chester, New York and Home National Bank, Blackwell, Oklahoma. Read More Here
(AboveTopSecret) – 46,000 Dairy Farms Closed Down in Last 10 Years
Times are especially bad for dairy farmers across the United States. About 40% of all dairy farms
(or 46,000) went out of business over the last 10 years, due to falling milk prices and rising costs. Farmers went from getting $21.70 per hundred pounds of milk to $11.30 from 2007 to 2009, while animal feed costs increased 35% and fuel prices rose 30%. Read More Here
(CharlieVLog) – The Collapse Is Upon Us
(AspenDaily) – Historian warns of sudden collapse of American ‘empire’
Harvard professor and prolific author Niall Ferguson opened the 2010 Aspen Ideas Festival Monday with a stark warning about the increasing prospect of the American “empire” suddenly collapsing due to the country’s rising debt level.
“I think this is a problem that is going to go live really soon,” Ferguson said. “In that sense, I mean within the next two years. Because the whole thing, fiscally and other ways, is very near the edge of chaos. And we’ve seen already in Greece what happens when the bond market loses faith in your fiscal policy.” Read the rest of this entry »
(SmirkingChimp) – Is the Depression Coming? Or Is It Here?
The FBI arrests 1,200 Americans for mortgage fraud in the largest crackdown of its kind in history. There is no media focus on the companies that securitized and insured their toxic loans. This white-collar crime sweep is, at best, a one-day story with most of the reports carried by local outlets. Read More Here
(MyBudget360) – Commercial real estate transactions collapse 90 percent from 2007 to 2009. The next taxpayer bailout in the $3.5 trillion CRE market. From $522 billion in sales to $52 billion. CRE market over 4 times the size of the entire credit card market
The massive commercial real estate market is already plaguing the weak balance sheets of banks. It is the case that each Friday, we are likely to see one U.S. bank fail because due to high levels of commercial real estate (CRE) debt on their books. This market is likely to cause the failure of hundreds of banks and put the economy down into another real estate funk. Read More Here
(July 2) – Video: Bill Still – The Secret of OZ / Solutions For a Broken Economy – Alex Jones Tv
Alex talks with Bill Still, the man behind the monetary reform documentary The Secret of Oz(available at the Infowars Store). Still’s previous films include the popular The Money Masters and Capital Crimes. The Secret of Oz won best documentary of 2010 at the Beloit International Film Festival, the Silver Sierra Award for Excellence in Filmmaking at the Yosemite Film Festival, and other prestigious awards. Part 1 Here
(PeopleManagement) – Graduate unemployment rate ‘set to hit 25 per cent’
The UK’s graduate unemployment rate could soar to nearly 25 per cent due to public-sector budget cuts, with newly qualified jobseekers outside of London the worst hit, new forecasts have predicted. Read More Here
(SacBee) – Schwarzenegger orders minimum wage for state workers
The Schwarzenegger administration today ordered State Controller John Chiang to reduce state worker pay for July to the federal minimum allowed by law — $7.25 an hour for most state workers. Read More Here
(LATimes) – Unemployment rate dips as more workers leave labor force
Employment-seekers decline by 652,000 June, which may reflect people giving up on job-hunting and a reluctance to hire. Overall, the jobless rate falls to 9.5% from 9.7%, the Labor Department reports. Read More Here
(DocumentingReality) – Starting in 2011—next year—the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided – Read More Here
(ElliotWave) – Banks Continued Failure To Realise Commercial Real Estate Losses…
The massive commercial real estate market is already plaguing the weak balance sheets of banks. It is the case that each Friday, we are likely to see one U.S. bank fail because due to high levels of commercial real estate (CRE) debt on their books. This market is likely to cause the failure of hundreds of banks and put the economy down into another real estate funk. Read More Here
(AsiaTimes) – Smell of economic death
I know, alas, that there is nothing that can be done to prevent unimaginable suffering and the collapse of the economy, now that the US Federal Reserve has created so much excess money and credit, and, to make matters infinitely worse, are still doing it, more than ever! Read More Here
(Prairie2) – The Depression with no name
If Europe is serious about austerity this would be bad news for the US in several ways. Read More Here
(Money&Markets) – Double-Dip Recession Warning Signs Everywhere! Batten Down the Hatches!
The bright red warning signs of a double-dip recession are flashing everywhere. And I do mean EVERYWHERE. Read More Here
(BuzzFlash) – Wall Street is a Crime Scene, Not a Financial “Cyclical Aberration”
It’s shocking that more than 20 years after the movies “Wall Street” revealed the underlying corruption of America’s financial center, it is still difficult to get the corporate mainstream media to understand that the economic “collapse” of the last two years was a swindle and not a cyclic aberration. Read More Here
(BeforeItsNews) – House Refuses to Look At the Books – What’s Wrong With You and I Looking At The Fed and how it uses our money?
Since 1913 the actual buying power of the dollar has gone down by 95.6% – You can’t buy a gallon of gas for 8c any more. Read More Here
(NYTimes) – Climate Scientist Cleared of Altering Data – Read More Here
(ForeignPolicy) – Whatever It Takes – Why I won’t back down on climate change – John Kerry – Read More Here
(EconomicCollapseBlog) – 50 Random Facts That Make You Wonder What In The World Has Happened To America
Our world is changing at a pace that is so staggering these days that it can be really hard to fully grasp the significance of what we are witnessing. Hopefully the collection of random facts below will help you to “connect the dots” just a little bit. On one level, the facts below may not seem related. However, what they all do have in common is that they show just how much the United States has fundamentally changed. Do you ever just sit back and wonder what in the world has happened to America? The truth is that the America that so many of us once loved so much has been shattered into a thousand pieces. The “land of the free and the home of the brave” has been transformed into a socialized Big Brother nanny state that is oozing with corruption and has accumulated the biggest mountain of debt in the history of the world. The greatest economic machine that the world has ever seen is falling apart before our very eyes, and even when our politicians actually try to do something right (which is quite rare) the end result is still a bunch of garbage. For those who still love this land (and there are a lot of us) it is heartbreaking to watch America slowly die.
(MyBudget360) – Middle class shackled by banking debt chains. 113 million households each owe an average of $113,000 in banking debt for mortgages, student loans, credit cards, and auto loans. $45 trillion in household sector debt, government debt, and domestic financial sector debt Read More Here
(AP) – More borrowers in trouble despite federal help
Result could be a new wave of foreclosures as thousands exit program – Read More Here
(RawStory) – US economy still in ‘incredibly difficult period’: Geithner – Read More Here
(TIME) – Inside the Dire Financial State of the States – Read More Here
(Infowars) – The Difference Between Economic Policy and Monetary Policy Read More Here
(Cryptogon) – Video: Chinese Manufacturers Looking to Replace Workers with Machines – Video Link Here
(Infowars) – When will the SEC prosecute for market rigging? – Read More Here
(NYTimes) – Rats Jumping Ship: Orszag Leaving as Budget Director
Peter R. Orszag will leave his job as the White House budget director in July, according to someone familiar with his plans, making him perhaps the first official to leave the Obama Cabinet and removing a major player from President Obama’s economic team. Read More Here
(NewsBusters) – Hoyer Nixes Middle Class Tax Cut, Says Too Expensive – Read More Here
(LATimes) – Maywood to lay off all city employees, dismantle Police Department – Read More Here
(BusinessWeek) – Osborne Increases U.K. Value-Added Tax Rate to 20% (Update1) – Read More Here
(CorbettReport) – Video: The Meaning of “Austerity”
“Austerity” is one of those Orwellian terms that has been injected into our political discourse precisely because it is a nice-sounding word for a very painful reality. “Austerity” implies discipline, self-restraint, even nobility. “Austerity” is prudent. “Austerity” is modest. “Austerity” is a virtue. It is an end in itself.
If the IMF or the European Central Bank come to the people of a collapsing European nation and tell them to sacrifice their pensions and their savings and their very standard of living all for a debt that their government has fraudulently racked up in their name, no one would go for it, and rightly so.
But tell those same people that they need to implement “austerity measures” in order to “get back on their feet” economically, and many will be willing to live in the harshest of conditions, content to put up with the dismantling of their nation itself in the vain hope that by giving more power to the international financial institutions they can somehow avoid economic collapse. Read the rest of this entry »
(ActivistPost) – Debtors’ prisons have a sordid history that was thought to be best left behind in Medieval Europe and in Charles Dickens’ fictionalized accounts of the 19th-century hellholes of Victorian England. America was not to be outdone, debtors’ prisons were widespread in the United States as well, and stories of the conditions in New York’s debtors’ prisons could make one question if repayment of debts was really the purpose; violent criminals were much better clothed and fed. In fact, history shows that terror and slavery have always had a close relationship with debt, and it follows a path from the Romans right through to 17th century England, and into America from English common law. However, America chose to abolish her debtors’ prisons a full 36 years before England; first in New York in 1831, and by 1833 the rest of the America had followed. Read the rest of this entry »
(Bloomberg) – Greenspan Says U.S. May Soon Reach Borrowing Limit
Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing. Read More Here
(Fool) – The Coming Financial Meltdown
The problem is getting worse. Notional amounts of derivatives held by federally insured banks have risen to more than $200 trillion. Read More Here
(MyNews4) – Video: Nevada’s unemployment rate to reach No. 1 in U.S. – View Video Here
(PaulWatson) – Obama Plans To Sneak Through Carbon Tax By Stealth
Job killing, economy wrecking, middle class destroying consumption tax to be added in lame duck session after November elections Read More Here
(WebOfDebt) – Hyperinflation or Deflation? Dramatic Fiscal Austerity Measures: “Deficit Terrorists” Strike in the UK — The USA is Next – Ellen Brown
Last week, England’s new government said it would abandon the previous government’s stimulus program and introduce the austerity measures required to pay down its estimated $1 trillion in debts. That means cutting public spending, laying off workers, reducing consumption, and increasing unemployment and bankruptcies. It also means shrinking the money supply, since virtually all “money” today originates as loans or debt. Reducing the outstanding debt will reduce the amount of money available to pay workers and buy goods, precipitating depression and further economic pain. Read More Here
(Reuters) – Philly Fed Factory Activity Index Plummets in June
Factory activity growth plummeted in the Mid-Atlantic region in June, a survey showed on Thursday, adding to worries that the short and tepid U.S. economic recovery is now fizzling. Read More Here
(StarTribune) – Video: In jail for being in debt
You committed no crime, but an officer is knocking on your door. More Minnesotans are surprised to find themselves being locked up over debts. Read More Here
(EconomicPolicyJournal) – Swiss Legislators Sell American Tax Evaders Down the River to Bailout Big Bank
The legislators have approved a law that clears the way for the government to hand over the names of thousands of alleged U.S. tax evaders to the Internal Revenue Service, dodging the risk that the U.S. would reopen a bruising tax case against Swiss bank UBS AG, according to WSJ. Read More Here
(RawStory) – US jobless claims in surprise rise
New claims for jobless insurance benefits in the United States rose unexpectedly for the second straight week, the government said Thursday on concerns unemployment may derail the economic recovery. Read More Here
(NBCSandiego) – New Wave of Cuts at Union-Tribune: Sources
The San Diego Union Tribune told employees Thursday the company is cutting close to 40 newsroom positions, according to sources. Read More Here
(Bloomberg) – Illinois Debt-Default Insurance Climbs to Record High (Update1)
“If the spread is the widest, it says the problem is bigger than it’s ever been before,” said Peter Hayes, who oversees $106 billion of municipal bonds for New York-based BlackRock Inc. “It’s a reaction to the inability to pass a budget. We’ve seen a greater unwillingness from Illinois and the market is reacting to that.” Read More Here
BREAKING – (SCMLA) – Video: Banks In Oaxaca, Mexico No Longer Accept American Dollars
SoCal Martial Law Alerts (SCMLA) interviewed Lee, an American who discovered while on a recent (Christian) mission trip to Oaxaca, Mexico, that Mexican banks will no longer exchange American dollars for Mexican pesos.
Lee said that, when he first arrived in Oaxaca two weeks ago, the banks would still exchange American dollars for Mexican pesos, but then when he accompanied a friend to a Mexican bank approximately one week ago, that’s when he discovered the policy change regarding dollar-to-peso currency exchanges. Read the rest of this entry »
(SteveWatson) – Gold Prices Heading For Record Highs
Gold futures surged toward record highs Thursday as the stock market and the U.S. economy continued to flounder, leaving investors seeking a safe haven in hard assets. Read More Here
(BusinessInsider) – CHART OF THE DAY: Food Prices Are About To Explode – Read More Here
(Leap2020) – Global systemic crisis / Second half of 2010: The global system’s four single points of failure
Each day the news confirm the extent to which the global systemic crisis has now entered into the phase of global geopolitical dislocation, even if the media only timidly begin to interpret the historic upheavals which unfold before our own eyes. For LEAP/E2020, the second half of 2010 will thus correspond to a new step in the global geopolitical dislocation, characterized by an acceleration in the process of strategic, financial, economic and social convulsions centered on four single points of failure Read More Here
(MSNBC) – Home builders won’t lift the economy this time
Homebuilders are sending a message: They won’t be able to contribute much to the economic recovery now that government home-buying incentives have vanished. Read More Here
(InterForecaster) – Federal Reserve Purchases U.S. Sovereign Debt – Bob Chapman
We believe an inflationary depression began in February of 2009, and little has changed. Since then factory output has increased, as have inventories and other outward signs, such as retail sales. We believe that one-year spurt is ending, unless a new stimulus program is put in place. Read More Here
(ZeroHedge) – 100 Italian Economists Say Austerity Will Destroy Europe
The Telegraph’s Ambrose Evans-Pritchard points to a letter signed by 100 Italian economists (technically Keynesianites, but in the great Ponzi, the two have become synonymous) in which they note that “the austerity strategy imposed by Brussels/Frankfurt risks tipping Europe into a self-feeding downward spiral. Read More Here
(TheStreet) – Gold Prices Reach for $1,254
Gold prices were gunning to break their record high Thursday as an uncertain stock market fueled demand for gold as a safe haven asset. Read More Here
(CNNMoney) – Out-of-work job applicants told unemployed need not apply
The last thing someone who is unemployed needs to be told is that they shouldn’t even apply for the limited number of job openings that are available. But some companies and recruiters are doing just that. Read More Here
(June 16) – Video: Alex Newman Reveals Fed Manipulations & ‘Bernanke’s Trillions’ on Alex Jones Tv
New American journalist Alex Newman talks with Alex about his latest article, Fed Manipulations in the Crosshairs. “It turns out that under the guise of “stabilizing” the economy, the Federal Reserve banking cartel had set in motion a series of actions that would eventually transfer trillions to the bankers at taxpayers’ expense, all while decimating the investments of countless average Americans,” writes Newman. Alex also covers the news and takes your calls. 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.
(Reuters) – Moody’s Cuts Greece Government Ratings to Junk
Moody’s on Monday downgraded Greece government bond ratings into junk territory, citing the risks in the euro zone/IMF rescue package for the debt-laden country. Read More Here
(InfoClearingHouse) – Bulging Inventory Signals Next Leg Down in Housing – Mike Whitney
Did the Federal Reserve collude with the big banks to hold millions of houses off the market until the Fed finished adding $1.25 trillion to the banks reserves? Did the Fed do this to make it appear that its bond purchasing plan (quantitative easing) was stabilizing prices when, in fact, it was the reduction in supply that stopped prices from plunging? It sure looks that way. This is from Bloomberg News: Read More Here
(HuffingtonPost) – “Dr. Death Says The U.S. Is Really, Really Sick.”
According to Roubini, for the US, the second half of 2010 will be worse than the first. US industrial capacity has fallen from 70 to 65%. Restocking depleted inventories is complete.
The United States, 25% of the global economy, can’t rein in its spending or cut debt. President George Bush inherited a surplus and went on to create the biggest deficit in US history (excepting WWII). Now, President Barack Obama is making matters worse by piling on more unsustainable debt. Read More Here
(DailyBell) – Doug Casey Revisits the Greater Depression and Explains the Realities of Investing in the 21st Century – Read More Here
(MoneyNews) – Volcker Warns: We Are Running Out Of Time
America is running out of time to fix its huge economic and fiscal problems, warns former Fed chair Paul Volcker, who now heads a financial advisory board to President Obama.
“Restoring our fiscal position . . . sorting out a reasonable approach toward limiting carbon omissions, and producing domestic energy without unacceptable environmental risks all take time,” Volcker writes in The New York Review of Books. Read More Here
(MarketWatch) – Bearish Schultz says hyperinflation may happen suddenly
Commentary: Crash-predicting letter says recovery might not come until 2028 Read More Here
(WPost) – Obama pleads for $50 billion in state, local aid
President Obama urged reluctant lawmakers Saturday to quickly approve nearly $50 billion in emergency aid to state and local governments, saying the money is needed to avoid “massive layoffs of teachers, police and firefighters” and to support the still-fragile economic recovery. Read More Here
(Bloomberg) – Economy in U.S. Slows as States Lose Federal Stimulus Funds – Read More Here
(PaulWatson) – Central Bank Hid Housing Market Crash Forecast
New revelations concerning how the Irish Central Bank hid data in a 2006 report indicating that a housing market crash was imminent underscores once again how financial elites covered-up signs of the coming economic turmoil in order to exploit the crisis at the expense of the people.
Months before the Irish housing market started to crumble in early 2007, which was followed by a wider collapse in the UK property market, the Irish Central Bank buried data from a crucial report which suggested that a 15 per cent fall in house prices was around the corner. Read the rest of this entry »
Love or hate his politics, there is no doubt George Soros is one of the brightest investment minds of the past few generations.
Hence, when you have Soros on one side saying we have only begun the second stage of the financial crisis, and on the other hand you have “Unicorns and Butterflies” Bernanke telling us all is well (kumbaya!) [coming off one of the worst economic forecasting records the past half decade], you can guess which side one might be better off listening to.
“The collapse of the financial system as we know it is real, and the crisis is far from over,” Mr. Soros said at a conference in Vienna. “Indeed, we have just entered Act II of the drama.”Read More Here
Weimar Germany hyperinflation prices of gold and silver in Marks from 1919 – 1923 by month. Charts are also presented to visually depict the speed and magnitude of the change. Remember these are months not years. Consider the human story behind the numbers. How did people survive? Read More Here
(MarketOracle) – PONZI Finance Recipe for Economic Catastrophe, Gold Not a Bubble
The “When hope turns to Fear” moment (See 2010 Outlook “When hope turns to Fear” in Tedbits archives) is unfolding as we speak, as the tides of insolvency sweep over the social welfare states and financial systems of the developed world. It is the next leg down in the global financial crisis and what will come to be known as the greatest depression ever is commencing — we are fascinated and astonished at what the main stream media is reporting and failing to report. Read More Here
(NakedCapitalism) – PR Push Against Strategic Defaulters Underway (Is There a Debtors Prison in Your Future?) Read More Here
(DailyMail) – Child benefit to be cut off at 13 as Government’s ‘poverty tsar’ plans to wean parents off handouts
Families could see their child benefit taxed or cut off once a youngster hits 13 under radical plans proposed by Frank Field, the government appointed ‘poverty tsar’. Read More Here
(KurtNimmo) – Wither Government. Chaos! Anarchy! Lost Revenue!
New York Gov. David Paterson is warning that if he is forced to shut down government next week chaos and anarchy will rule in the state.
“No one knows the full ramifications of a government shutdown,” said Paterson. “It would create unimaginable chaos around the state and the greater metropolitan areas,” reports WCBS TV.
The legislature in the Empire State has failed to pass a budget and this will result in doomsday, according to Paterson. Read the rest of this entry »
(Alternet) – Poverty: It’s Not Just for Black Urbanites Anymore! – And of course it never was. – Read More Here
(NYDailyNews) -Japanese PM Naoto Kan warns of Greece-level ‘collapse’ under debt pile – Read More Here
(Money&Markets) – Debt Facade Cracking in U.K. as Sovereign Contagion Spreads – Read More Here
REPOST – (MarketOracle) – Debt Can Never Be Repaid, By Bankster Design
You really have to hand it to the banksters. As was painstakingly detailed in the book Creature from Jekyll Island, the banking elite devised a brilliant plan in November of 1910 on Jekyll Island in which to take over control of the United States, steal the wealth from the taxpayers and the resources from the country. Read More Here
(EconomicPolicyJournal) – Analyst to Money Managers: Take Your Cell Phones with You on Vacation; Greece Could Default in August
Greece will eventually default on its debt because the country is highly indebted, Carl Weinberg, chief economist at High Frequency Economics, said on CNBC this morning. Read More Here
(MailOnline) – Doomed Labour’s £1.3 TRILLION last spending spree revealed: As the economy nosedived, your millions were wasted on grandiose schemes – Read More Here
(InfoClearingHouse) – One Bank Ruled Them All; Trichet’s Powergrab – Mike Whitney – Read More Here
(BusinessInsider) – The Stunning Crash And Burn Of Las Vegas
There are quite a few U.S. cities that are complete and utter economic disaster zones in 2010 (Detroit for example), but there is something about the demise of Las Vegas that is absolutely stunning. Read More Here
(MineWeb) – U.S. asset managers worried Obama could confiscate gold
Speaking at the FT Silver conference in London yesterday, lead-off speaker John Levin, HSBC Bank’s Managing Director, Global Metals and Trading (HSBC is one of the world’s top precious metals traders and its vaults in the U.S. and Europe hold huge holdings of gold and silver bullion) recounted conversations with some of the U.S.’s top asset managers controlling massive amounts of capital asking if HSBC had the capacity in its vaults to store major gold purchases. On being told that the bank’s U.S. vaults had sufficient space available he was told that they did not want their gold stored in the U.S.A. but preferably in Europe because they feared that at some stage the U.S. Administration might follow the path set by Franklin D. Roosevelt in 1933 and confiscate all U.S. gold holdings as part of the country’s strategy in dealing with the nation’s economic problems. Read More Here
(NYDaily) – Gov. Paterson: Shutdown over budget would cause ‘unimaginable chaos,’ crime in New York
Gov. Paterson went into full doomsday mode Thursday, warning of chaos and anarchy in the streets if the government shuts down.
“It would create unimaginable chaos around the state and the greater metropolitan area,” Paterson said on WCBS Radio 880 this morning. Read More Here
(AP) – Retail sales drop 1.2 percent in May
Retail sales plunged 1.2 percent last month, the Commerce Department said Friday. It was the largest decline in eight months. Read More Here
(BusinessInsider) – Social Security Payouts Are Already Crippling The Government This Year
There is enough published information from the Social Security Trust Fund to make some observations for the first six months of 2010. The data on FICA/SECA tax receipts and benefit payments: (all amounts in $billions) Read More Here
(PakAlert) – Warning Signs Of Full Spectrum Collapse Are Everywhere
The sovereign debt crisis in Greece and many other European nations has, at least for the moment, opened a gap in the wash of financial disinformation that has prevailed in the mainstream media for the past year. The average American is now more aware of the terrible costs of living in an artificially driven and widely manipulated “global economy”, and has also been exposed (at least for the moment) to the very real frailties in our own markets, which have been hidden or downplayed by the government as well as disingenuous establishment economists. Events in the EU, however, are only a glimpse of the greater and more imminent threats we face in the near future. In this article we will look at some of the latest and most disturbing moves by governments and financial institutions, as well as tell-tale signs in our own local cities, which signal that a full-spectrum collapse of world markets and possibly our own currency is not only in progress, but nearing completion. Read the rest of this entry »
(CNBC) – Debt Spreading ‘Like a Cancer’: Black Swan Author
The economic situation today is drastically worse than a couple years ago, and the euro is doomed as a concept, Nassim Taleb, professor and author of the bestselling book “The Black Swan,” told CNBC on Thursday.
“We had less debt cumulatively (two years ago), and more people employed. Today, we have more risk in the system, and a smaller tax base,” Taleb said. Read More Here
(USAToday) – Only a fraction of those in need file for bankruptcy – Read More Here
(Bloomberg) – Soros Says ‘We Have Just Entered Act II’ of Crisis
Billionaire investor George Soros said “we have just entered Act II” of the crisis as Europe’s fiscal woes worsen and governments are pressured to curb budget deficits that may push the global economy back into recession.
“The collapse of the financial system as we know it is real, and the crisis is far from over,” Soros said today at a conference in Vienna. “Indeed, we have just entered Act II of the drama.” Read More Here
(CNSNews) – Bernanke: ‘Things Will Come Apart’ If Entitlements Are Not Reformed and Spending Controlled
Federal Reserve Chairman Ben Bernanke delivered a frank assessment to Congress on the fate of the economy if entitlement programs are not restructured. On Wednesday, Bernanke warned that “things will come apart” if Congress allows the federal entitlement programs and the deficit spending they cause to continue on their unsustainable path. Read More Here
(MailOnline) – U.S. facing debt ‘super cycle’: $13trillion black hole to overtake country’s GDP ‘within two years’
Forecasters predict the U.S. debt will grow to surpass gross domestic product in 2012, based on data from the International Monetary Fund. Read More Here
(EconomicCollapse) – 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. The overall economic numbers are really bad, but when you examine the impact that this economy is having on children things get really horrifying. Read More Here
(CNBC) – Gold’s ‘Real Move’ to $7,000 Coming: Asset Manager
The “real move” in gold is to come, predicted Egon von Gruyerz, founder of precious metals investment and storage company GoldSwitzerland.com, on Monday. Read More Here
(PressTV) – UK’s welfare system targeted for cuts
UK Chancellor George Osborne discloses that the government has targeted welfare benefits, tax credits and public sector pensions for spending cuts. Read More Here
(Chron) – Radiohead frontman: Music industry on verge of collapse
Radiohead frontman Thom Yorke is warning the music industry is on the brink of collapse, insisting young musicians should resist signing record deals because the major labels will “completely fold” within months. Read More Here
(Telegraph) – CGT: investors rush into gold coins to beat tax rise
Britain’s bullion dealers are struggling to source enough gold sovereign and Britannia coins to keep up with surging demand ahead of an expected rise in capital gains tax (CGT) in the emergency budget. Read More Here
(June 10) – Video: Gerald Celente Breaks Down The Troubled Financial World Markets on Alex Jones TV
Alex talks with Gerald Celente, renowned trend forecaster, publisher of the Trends Journal, business consultant and author who makes predictions about the global financial markets and other events of historical importance.
(SteveWatson) – Gold Surges As Euro Continues To Collapse
Highest gain for four weeks on fears of disintegration of Euro zone Read More Here
(Maclver) – Wisconsin Borrows $1.4 Billion from Feds for Unemployment Funds
Wisconsin’s loans place the state as one of the largest Unemployment Reserve debtors in the country. Read More Here
(Money&Markets) – The Biggest Shock of All
Why did the specter of collapse in far-away Hungary help sink the Dow by 323 points on Friday?
And why did similar scenarios in Greece, Spain, and Portugal trigger the Dow’s 1,000-point Flash Crash one month earlier? Read More Here
(ITN) – Impact of cuts will be enormous, warns PM
In a major speech on the economy, the Prime Minister will say the proposed cuts programme will affect “our whole way of life” and could be felt for decades, such is the scale of the debt problem. Read More Here
(Globe&Mail) – Canada wins key fight against bank tax
Proponents of such a tax including the United States and Europe are free to go it alone, but the new plan allows the rest of the G20 to avoid the controversial idea and find other ways to reduce banking risks. Read More Here
(DailyReckoning) – Government Desperate. Gold Tax Imminent?
The thrust is that, as Mr. Steer says, “Adrian floats the disturbing possibility that governments, looking around for easy sources of revenue, may decide to tax the private ownership of gold.” Read More Here
(Economicrant) – By Christmas 50,000,000 Americans will be eating at the government trough
Other presidents get the picture on paper currency. Obama should have his picture on food stamps. There are now 40 million Americans who choose to have the government feed them rather than feed themselves. This is almost 1 in 7 people who depend on government food. Now do you see how totally and completely hopeless things are? Read More Here
(BusinessWeek) – Fed Denies Bernanke Attended Bilderberg – Read More Here
(CNSNews) – U.S. Will be Like Greece in ‘Seven to 10 Years,’ Say Congressmen, Experts
Sen. Judd Gregg (R-N.H.), along with other members of Congress and leading financial experts, is warning that the United States is in danger of being in the same dire situation as Greece – national bankruptcy — in seven to 10 years if the nation doesn’t slash its debt and control spending, unless the federal government radically curtails spending. Read More Here
(ZeroHedge) – On The Imminent US Debt To GDP Parity – Tyler Durden
One of the most recurring and troubling topics on Zero Hedge is the imminent US Debt to GDP parity: even as the US economy is starting to roll over from a temporary sugar high into a double dip, the hangover effect of $2.1 trillion in debt incurred since March 2009 will linger for a long, long time. Read More Here
(BusinessInsider) – In 5 Years, UK Will Be Spending More On Interest Than Schools, Climate, And Transport Combined
Based on the calculations of the last government, in five years’ time the interest we are paying on our debt is predicted to be around £70bn. That is a simply staggering amount. No wonder the previous government refused to publish the information. Read More Here
(EconomicCollapse) – College Students This Is Your Future: High Unemployment And Student Loan Hell
Hundreds of thousands of college students all over the United States have just graduated and are getting ready for their first taste of the real world. Unfortunately for them, the real world is not always easy and it is not always fair. Read More Here
(Bloomberg) – U.S.’s $13 Trillion Debt Poised to Overtake GDP Chart of Day
President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.” The CHART OF THE DAY tracks U.S. gross domestic product and the government’s total debt, which rose past $13 trillion for the first time this month. Read More Here
It’s sad to say but I’m afraid 90/95% of all retail traders/investors are not going to successfully ride the gold bull. The reason of course is that they are deathly afraid of draw downs. It’s glaringly apparent every time gold pulls back or suffers the slightest correction. Immediately a slew of traders come on the blog and warn of impending doom. “Gold is going to $600″ (think Elliot wave). Some are even brave (maybe I should say ‘foolish’) enough to short. Here is one we hear alot lately, “miners are going to get crushed if the stock market enters a new leg down in the secular bear market”.
Let me show you what happened to gold and miners during the 2000-2003 bear market. Read More Here
(Alternet) – Why Banks Try to Make Borrowers Feel Like Sinners When They Can’t Pay off Their Mortgages
Crazy views about homeownership are helping the very bankers who screwed us in the first place. Read More Here
(TheComingDepression) – World economies on verge of currency revaluations to deal with debt
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” — Henry Ford
Basically what the world central banks are doing is increasing their money by devaluing it (printing more than it’s worth) and giving it to banks so that they can lend it. Then, when things pick up, simply take the money back and destroy it. Read More Here
(Telegraph) – Euro ‘will be dead in five years’
The euro will have broken up before the end of this Parliamentary term, according to the bulk of economists taking part in a wide-ranging economic survey for The Sunday Telegraph. Read More Here
(ZeroHedge) – The WSJ’s Hit Piece On Gold – Tyler Durden – Read More Here
(GoldScents) – ENDING PHASE?
I have to wonder, are we entering the ending phase of this cyclical bull?
For sometime now I’ve noticed the similarities between the `02-`07 cyclical bull and what we’ve experienced since March of last year. The one difference is that this time we’ve truncated the middle phase of the bull. I suspect that was a direct result of the massive liquidity Bernanke … and all central banks have pumped into the system. Read More Here
(InterForecaster) – Deflationary Depression and Purging To Come – Bob Chapman
We believe an inflationary depression began in February of 2009, and little has changed. Since then factory output has increased, as have inventories and other outward signs, such as retail sales. We believe that one-year spurt is ending, unless a new stimulus program is put in place. This past week we saw a $78 billion addition to unemployment benefits and Larry Summers has said they need an additional $200 billion. In order to keep the economy going sideways a total of another $800 billion will be needed. Read More Here
(KUT) – State Business Tax Receipts Down
RJ DeSilva with the State Comptroller’s Office says new figures show a ten percent decline from last year. Read More Here
(TimesOnline) – UK Welfare State = Family Breakdown, Emasculated Men – Read More Here
(Money&Markets) – RED ALERT: Get out of vulnerable stocks IMMEDIATELY!
You don’t have much time.
A Dow meltdown is imminent, and if you want to protect yourself from losses, it’s time to get out of the vulnerable stocks in your portfolio — immediately. In this special edition, I will explain why.Read More Here
(RussiaToday) – May 27 – This time Max Keiser and co-host Stacy Herbert look at the scandals of guillotines and conspiracy theories, Fed rackets and capital flows. In the second half of the show, Max interviews Dr. Joern Berninger about the European “debt crisis”, when France was “technically bankrupt” on May 7, and about the China bubble debate. Read the rest of this entry »
(Money&Markets) – China’s Currency Manipulation: About to Cause a Global Explosion? – Read More Here
(Guardian) – UK’s first ‘conservation credit’ scheme launched – Read More Here
(Fox) – Video: Freedom Watch – Who Owns the Gold in Ft. Knox?
Ludvig von Mises Institute Chair Lew Rockwell on auditing the Federal Reserve
(CNBC) – Video: Steve Wynn Takes On Washington
Steve Wynn, a casino resort/real-estate developer who has been credited with spearheading the dramatic resurgence and expansion of the Las Vegas Strip, talks about the Fall of America. Video Link Here
(GlobalResearch) – The European and U.S. Economies: Falling Dominoes – Shamus Cooke
Attempting to fix an unfixable problem can create new problems. Why is the global economy unfixable in the current context? For one, the cause of the depression is never mentioned in the mainstream media or politicians. And when a disease is misdiagnosed, a prescribed medication creates new afflictions.
Massive, bad debt is often cited as the cause of the global depression, but whythis debt existed in the first place is never discussed. Quite simply, the debt was needed to buy the products of corporations that wages once consumed. Over time, corporations drove down wages to out-compete each other while driving up profits, creating the global “demand” for credit, which the banks are now demanding be paid back. Read More Here
(BitsOfNews) – Pol/Econ: Deregulation and the Triumph of Wall Street
One year removed from a catastrophic, global, economic meltdown, and 26 months removed from the start of the credit crisis, our political establishment is either unwilling or unable to reform the system and punish the perpetrators of this debacle. The situation is so far beyond the pale that it makes one wonder if another catastrophe is even avoidable. Read More Here
(ZeroHedge) – Europe: A Continent Of Lies And Broken Promises; How The EU Elite Got It Wrong On The Euro – Tyler Durden
Openeurope.org.uk has put together a paper of the most blatant half-truths, propaganda, and outright lies, abused by Europe not only over the past month, but also over the past 10 years, for the entire duration of the now rapidly collapsing eurozone experiment. Read More Here
(Bloomberg) – Dow Ends Worst May Since 1940 On Spain Debt Downgrade, Korea Tensions
U.S. stocks slid, capping the worst May for the Dow Jones Industrial Average since 1940, while the euro slumped and Treasuries rose as a downgrade of Spain’s debt rating and escalating tensions on the Korean peninsula triggered a flight from riskier assets. Read More Here
(Rasmussen) – 80% Favor Auditing the Federal Reserve
Eighty percent (80%) of Americans now agree with Congress that auditing the Federal Reserve Board is a good idea, according to a new Rasmussen Reports national telephone survey.
Just nine percent (9%) oppose an audit of the Fed, and 12% more are not sure. Read More Here
(CSPAN) – Video: Moonbat Bachmann complains about $2 billion for raises for Americans – says we can’t afford it
Wait a minute – don’t we pay FAR more every year to a foreign terrorist country that has attacked us?
She doesn’t hesitate repeating the neocon lie about government workers making more than those in the private sector. She does not compare those with the SAME position as she claims – she uses “averages.” Well, government does not hire burger flippers. It is the new attack on the Middle Class – government workers are that, by and large. Video Link Here
(Examiner) – Ellen Brown: US economic reform creates full-employment, renewed infrastructure, zero national debt
Attorney and author of the brilliant Web of Debt, Ellen Brown, is among the leading US advocates of monetary reform and state-owned banks. Among Ellen’s articles is one worth highlighting for how quickly a national economy can turn from ruin to astounding productivity: Nazi Germany’s direct creation of money to pay for public goods and services. Read More Here
(PostGazetta) – Port Authority warned of layoffs, route cuts without more state aid – Read More Here
(RedactedNews) – Insider Trading Is Perfectly Legal – But Only For Members Of The U.S. Congress – Read More Here
REPOST – (CNBC) – Dollar Primed for Collapse by End June: Charts
The dollar’s recent strength has been explained by most market analysts as a result of the euro weakness rather than any fundamental support for the greenback. In fact, a closer look at the dollar’s chart – particularly the dollar index – suggests the currency may be primed for a collapse. Read More Here
(Money&Markets) – Credit Crisis Indicators Going Bonkers Again! Batten Down the Hatches!
Heads up people. Something very big is happening in the global credit markets — something you darn well better pay attention to. Read More Here
(EconomicPolicyJournal) – It’s the Bailout of the Banksters Before Greece Is Taken Down
WSJ has a remarkably to the point story explainning why Greece will end up restructuring, but that there will be a delay until the banksters are protected: Read More Here
(Boston) – Romania to cut wages despite strike threat
Romania will go ahead with sweeping wage, pension and benefits cuts despite unions’ threats to stage a general strike, Prime Minister Emil Boc said Wednesday. Read More Here
(DSNews) – Federal Reserve’s MBS Purchases Could Lead to Record Earnings of $70B – Read More Here
(TheEconomicCollapse) – The Depression Of 2011? 23 Economic Warning Signs From Financial Authorities All Over The Globe
Could the world economy be headed for a depression in 2011? As inconceivable as that may seem to a lot of people, the truth is that top economists and governmental authorities all over the globe say that the economic warning signs are there and that we need to start paying attention to them. The two primary ingredients for a depression are debt and fear, and the reality is that we have both of them in abundance in the financial world today. In response to the global financial meltdown of 2007 and 2008, governments around the world spent unprecedented amounts of money and got into a ton of debt. Read the rest of this entry »
(HuffingtonPost) – Tier 5: The Despair Of The 99ers
Hundreds of thousands of long-term unemployed people across the country are watching in despair as Congress limps toward a reauthorization of jobless aid programs that won’t even help them.
They are the 99ers, people who have exhausted the maximum 99 weeks of unemployment benefits available in some states. Read More Here
(MotherJones) – Soldier in Iraq Loses Home Over $800 Debt
Michael Clauer is a captain in the Army Reserve who commanded over 100 soldiers in Iraq. But while he was fighting for his country, a different kind of battle was brewing on the home front. Last September, Michael returned to Frisco, Texas, to find that his homeowners’ association had foreclosed on his $300,000 house—and sold it for $3,500. This is story illustrates the type of legal quagmire that can get out of hand while soldiers are serving abroad and their families are dealing with the stress of their deployment. And fixing the mess isn’t easy. Read More Here
(ZeroHedge) – Dollar to be Replaced with IMF’s SDR as Reserve Currency?
Jim O’Neill, who did not make any friends within the bear community earlier today, has written an interesting paper on the IMF’s Special Drawing Rights, and whether this hypernational currency can ever become a reserve currency as is, and/or with the CNY as a constituent member. Read More Here
(Globe&Mail) – Greece could set off bigger debt bomb
Let’s play a little game called Disaster. Imagine an event that could trigger a genuine, knock ’em down, worldwide catastrophe. Think of Pearl Harbor, multiplied by 10, or even 100. Read More Here
(BizJournals) – N.C. loses 1,800 more construction jobs
North Carolina lost 1,800 jobs in the construction industry in April, according to a report released Friday. But the study also shows the industry’s nationwide slowdown is beginning to wane.Read More Here
(Bloomberg) – Berlusconi Says $30 Billion of Budget Cuts Needed to Save Euro – Read More Here
(AmericanThinker) – Folly Central: Obama Considers Another Stimulus
Another stimulus. That’s right. You read correctly. The U.K.’s Telegraph reports that dour President Obama and his cadre of thick-headed left-wing ideologues are weighing additional borrowing. This time to the tune of $200 billion. Paltry when stacked against the trillions in debt the nation is already massing? Can you say the “tyranny of compounding interest?” Read More Here
(BusinessInsider) – The Worst Money Supply Plunge Since The Depression Means A Double Dip Is Now A ‘Virtual Certainty’
The negative take is that this crashing money supply will lead to both deflation and a double dip recession: Read More Here
(EconomicPolicyJournal) – Subprime Goes to College: $300 Billion in Defaults Coming
Mike O’Rourke (Via ZeroHedge) has a nice summary of yesterday’s Ira Sohn Research Conference.
Of note was Frontpoint’s Steve Eisman, who has spotted another private sector industry that is in bed with government big time ,that is taking advantage of the poor, and will collapse. Here’s O’Rourke’s report on Eisman’s speech: Read More Here
(TaxProf) – Gird Your Loins: IRS ‘Wealth Squads’ Are on the Way
Newly created exam teams will scrub wealthy taxpayers’ hedge funds, trusts and foreign accounts. Read More Here
(DailyFinance) – BankWatch: TARP Investments Lead to Huge Losses for U.S. Treasury
As struggling banks get acquired or fail, the U.S. Treasury is shouldering a growing burden: Its investments in TARP are turning out to be a bust, leading to huge losses. And there are signs of more trouble ahead. Read More Here
(WashingtonPost) – 100,000 teachers nationwide face layoffs
Senior congressional Democrats and the Obama administration scrambled Wednesday to line up support for $23 billion in federal aid to avert an estimated 100,000 or more school layoffs in a brutal year for education budgets coast to coast. Read More Here
(InfoClearingHouse) – Credit Storm in Europe; Politics on Capital Hill – Mike Whitney
Credit market turmoil in the Eurozone has ignited frenzied trading on global markets. On Tuesday, shares tumbled nearly 300 points on the Dow Jones before launching an unconvincing 257-point late-day comeback. Wednesday the mayhem continued; all the major indexes seesawed wildly as positive news on durable goods was nixed by reports on wobbly EU banks. Read More Here
(HuffingtonPost) – The Cult of Subprime Central Bankers
The world is suffering from the worst downturn since the Great Depression. The crisis has left tens of millions unemployed in the U.S., Europe, and elsewhere. The huge baby boomer generation in the United States, now on the edge of retirement, has seen much of its wealth destroyed with the collapse of the housing bubble. Read More Here
(WSJ) – Banks Trim Debt, Obscuring Risks
Three big banks—Bank of America Corp., Deutsche Bank AG and Citigroup Inc.—are among the most active at temporarily shedding debt just before reporting their finances to the public, a Wall Street Journal analysis shows. Read More Here
(Fox) – Video: Freedom Watch – Reigning in National Debt
REPOST – (Examiner) – CAFR: US agencies have billions, trillions in investments while crying budget deficits
Gerald Klatt and Walter Burien are unrecognized heroes. These individuals are national leaders who have communicated how government agencies conceal American taxpayers’ money in surplus accounts that collectively total trillions of our dollars. The data is found in government agencies’ Comprehensive Annual Financial Reports (CAFRs).
What CAFRs reveal is a communist-style policy whereby the US taxpayers surrender enormous assets to the state, who then “invest” these collective trillions that swell in these accounts. Concurrently, taxpayers are informed of budget deficits to either squeeze more taxes from them and/or cut public services. To add insult to injury, the state lies in omission by never reminding Americans of their hard-earned and withheld trillions as they eliminate jobs, reduce education, and attack the quality of our lives. Read More Here
(BusinessInsider) – Hugh Hendry’s Slams Economist Jeffrey Sachs: I Would Recommend You Stop Going Skiing And Panic
The European banking system is in crisis, says Hendry. “I would recommend you panic.”
The hedge fund manager of Eclectica Management went on BBC Newsnight last night to play pessimist against Jeffrey Sachs, an economist from Columbia University. Read More Here
(Consumerist) – Your Household’s Share Of The September 2008 Economic Collapse: $104,350
A recent report from the Pew Charitable Trusts tallies up each US household’s share in the economic collapse. Your household’s share? $104,350. That includes lost income, government bailouts, and both reduced home values and reduced stock values. Read More Here
(MyBudget360) – Most over valued region in San Francisco gets a taste of the commercial real estate bust. $3 trillion in loans starting to implode at a faster rate. Why commercial real estate will plunge FDIC insured banks into closure. Bought for $415,000 per apartment unit – Read More Here
(RollCall) – House Democrats Lack Votes for Extender Package
The tax and unemployment benefits extension bill appeared on the brink of collapse Thursday afternoon, with House Democratic leaders short of the votes they need to pass it and fiscally conservative Blue Dog Democrats defecting. Read More Here
(CNBC) – Video: Gold at $36,000 Not as Ridiculous as It Sounds?
Gold has reached record highs in recent weeks, but it will continue to rise, Ben Davies, CEO of Hinde Capital told CNBC Wednesday. View More Here
(OpenCongress) – Stimulus II — Big Vote Today, Here’s What’s in It
The Democrats have prepared a second, smaller stimulus bill of about $127 billion in new short-term spending called the American Jobs and Closing Tax Loopholes Act of 2010, and they are planning to hold a vote on it in the House on today. Late on Wednesday night, the bill was revised. Here’s what’s in the final bill. Read More Here
(InterForecaster) – Bob Chapman: They Want A Collapse, Its Deliberate
Europe is rescuing its economy in the same way that the Federal Reserve has attempted to same America’s financial system and economy. They have used an unprecedented aid and stimulus package to offset massive fiscal deficits. In the US a deflationary depression was avoided at least temporarily and that is what is now being attempted in Europe with the guidance of the Federal Reserve. Read More Here
(QBit) – Toll privatization scheme in Michigan HB 4961 amounts to a tax paid directly to private corporations, without representation
Michigan House Bill 4961 [pdf] boils down to Taxation without Representation – turning the State’s right to levy taxes over to private international corporations, essentially ceding sovereignty over critial infrastructure. The corporations will be able to levy highway tolls without oversight or regulation on US citizens, should this bill pass. Read More Here
(LondonTelegraph) – Paper: Financial Crisis Worse Than 2008
This financial crisis is worse than the sub-prime crash of 2008 because the sums are so much bigger and it is governments that are in dire straits. Edmund Conway explains the dangers. Read More Here
(PaulWatson) – Ron Paul: Inside Sources Told Me Fed Is Panicking At Mass Awakening
Appearing on The Alex Jones Show yesterday, Congressman Ron Paul revealed that through his inside sources he had learned that the people who control the Federal Reserve are panicking about the fact that Americans are waking up to the fact that the U.S. is controlled by the central bank. Read More Here
(KurtNimmo) – Fiat Money Supply Contracting at Great Depression Level
The bankster operative who helped destroy Glass-Steagall is back.
Larry Summers, Obama’s top economic adviser, has told Congress to “grit its teeth” and approve a fresh fiscal boost of $200 billion to keep growth on track, reports the Daily Telegraph. “We are nearly 8m jobs short of normal employment. For millions of Americans the economic emergency grinds on,” he said. Read More Here
(EconomicPolicyJournal) – The Hire, Fire, Hire Census Game, Or Why the Unemployment Numbers Are Improving
You know the old saying: “Everyone loves a charade.” Well, it seems that the Census Bureau may be playing games.
Last week, one of the millions of workers hired by Census 2010 to parade around the country counting Americans blew the whistle on some statistical tricks. Read More Here
(EconomicCollapseBlog) – Are We About To Witness The Greatest Banking Consolidation In U.S. History?
As the number of bank failures in the United States continues to accelerate, many analysts are warning that we could soon see unprecedented changes in the U.S. banking industry. In fact, there are some economists that are warning that we could be about to witness the greatest banking consolidation in U.S. history. Read More Here
(WashingtonsBlog) – Top Bond Vigilante: Fiscal Austerity May Not Work
Gross says in his latest investment outlook that austerity may not work to lower sovereign debt: Read More Here
(TheMessThatGreenspanMade) – In a Word, the Problem is “Debt”
Recent developments in the euro zone that increasingly look like they will lead to the restructuring (if not the collapse) of one of the world’s major currencies and the potential for this “contagion” to move first north to the U.K. and then west to the U.S. have many people wondering what’s gone wrong with the global monetary system.
How could advanced Western economies have run into such trouble? Read More Here
(RussiaToday) – Video: Max Keiser – Big Banks Allocate Losing Trades to Clients, Keep Winning Trades for Themselves
Max Keiser – journalist, former Wall Street broker and options trader, and inventor of the software which is now being used for high frequency trading – claims that the big banks retroactively allocate losing trades to their clients, and keep the winning trades for their own proprietary trading desks: Read the rest of this entry »