In times of crisis people seek strong leaders and simple solutions. But what if their solutions are identical to the mistakes that caused the very crisis? This is the story of the greatest economic crisis of our age, the one that awaits us. Read the rest of this entry »
(PeoplesVoice) – August 29, 2005, a day of infamy remembered less for the storm, catastrophic floods and destruction, and more as a metaphor for disaster capitalism, exploiting security threats, “terror” attacks, economic meltdowns, and “natural” disasters like Katrina. 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 »
(MarketOracle) – Economy Heading for a Systemic Collapse into Hyperinflationary Great Depression – Interview with John Williams – Read More Here
(BusinessInsider) – Dollar Plunges As Everyone Now Figures Return Of Quantitative Easing Is A Done Deal – Read More Here
(MyBudget360) – The trillion dollar bailout you didn’t hear about – Commercial real estate values plummet again yet banks hide losses. A $3.5 trillion financial disaster in the making. We are now proud owners of an AMC theater and Chick-fil-A – Read More Here
(DailyFinance) – 10 Big Retailers Closing Stores
Your next shopping trip may not be as convenient as it used to be. The second quarter earnings season brought news from several major retailers that they will be shutting down stores. Read More Here
(BusinessInsider) – David Rosenberg: Prepare For Another 4-5 Million Job Cuts – Read More Here
(GonzalaLira) – How Hyperinflation Will Happen
Right now, we are in the middle of deflation. The Global Depression we are experiencing has squeezed both aggregate demand levels and aggregate asset prices as never before. Since the credit crunch of September 2008, the U.S. and world economies have been slowly circling the deflationary drain.
To counter this, the U.S. government has been running massive deficits, as it seeks to prop up aggregate demand levels by way of fiscal “stimulus” spending—the classic Keynesian move, the same old prescription since donkey’s ears. Read More Here
(CNBC) – Video: Analyst: Dow To 5,000, Lost Decade For Stocks – Video Link Here
(Bloomberg) – Stocks Plunge, Double Dip Recession Fears Grow After Home Sales Report
U.S. stocks extended losses, sending the Dow Jones Industrial Average below 10,000, and the 10-year Treasury yield fell below 2.5 percent for the first time since 2009 as a bigger-than-estimated slump in existing home sales fueled concern the economy may relapse into recession.
The Standard & Poor’s 500 Index slumped 1.9 percent to 1,047.49 at 10:01 a.m. in New York. The Dow Jones Industrial Average plunged 174.98 points, or 1.7 percent, to 9,999.43. Read More Here
(EUTimesOnline) – US Said Preparing New Laws To Seize Americans Retirement Accounts – Read More Here
(OilPrice) – Don’t Buy Anything That Can Be Created With a Printing Press – Read More Here
(LATimes) – Is Hollywood settling into a prolonged recession of its own? – Read More Here
(YahooFinance) – Video: “Enron Accounting” Has Bankrupted America: U.S. Deficit Really $202 Trillion, Kotlikoff Says – View Video Here
(Rense) – Three Devastating Tax Waves Will Destroy Many
In just six months, on January 1, 2011, the largest tax hikes in the history of America will take effect.
They will hit families and small businesses in three great waves. Read More Here
(OilPrice) – After Two Years of Financial Turmoil Nothing Has Changed – Read More Here
(OilPrice) – Return of the Great Bond Conspiracy
The old saying goes that just because you’re paranoid doesn’t mean everyone else isn’t in on it. It’s starting to feel that may be true in the bond market. Read More Here
(RussiaToday) – Keiser Report: Global Death Spiral
(RawStory) – US existing home sales plunge 27 percent – Read More Here
(FloridaOilSpillLaw) – SPIKE: “Homeless shelters are filling up with men thrown out of work by the spill” — Sleeping on mats in Florida; Large food charities “have run out of money” – Read More Here
(ActivistPost) – NY Gov Candidate: Turn Prisons into Welfare Dorms
Republican candidate for governor Carl Paladino said he would transform some New York prisons into dormitories for welfare recipients, where they could work in state-sponsored jobs, get employment training and take lessons in “personal hygiene.” Read More Here
(TheHill) – Report: Director James Cameron calls climate change skeptics ‘swine’ – Read More Here
(RussiaToday) – Keiser Report: Global Death Spiral
In the 71st episode, Max Keiser and co-host, Stacy Herbert, look at death spirals and vanity trades in the global financial markets. In the second half of the show, Max talks to Richard Buchanan about his attempts to form a Facebook union. Read the rest of this entry »
Alex discusses the latest in economic news including schools requiring students to bring their own toilet paper. Hal Turner, a radio host with ties to the FBI has been convicted of threatening several judges. Alex also covers the latest news and takes your calls. Read the rest of this entry »
(C4L) – There is overwhelming agreement among economists that the Second World War was responsible for decisively ending the Great Depression. When asked why the wars in Iran and Afghanistan are failing to make the same impact today, they often claim that the current conflicts are simply too small to be economically significant.
There is, of course, much irony here. No one argues that World War II, with its genocide, tens of millions of combatant casualties, and wholesale destruction of cities and regions, was good for humanity. But the improved American economy of the late 1940s seems to illustrate the benefits of large-scale government stimulus. This conundrum may be causing some to wonder how we could capture the good without the bad.
If one believes that government spending can create economic growth, then the answer should be simple: let’s have a huge pretend war that rivals the Second World War in size. However, this time, let’s not kill anyone. Read the rest of this entry »
(LATimes) – U.S. home foreclosures reach record high in second quarter
Bank repossessions increased 38% in the second quarter from the same period a year earlier for a record total of 269,952, according to data to be released Thursday by RealtyTrac. Read More Here
(CounterPunch) – How Bank of America Got Away With a Huge Swindle – Read More Here
(TechTicker) – The U.S. Middle Class Is Being Wiped Out: Here’s the Stats to Prove It
The 22 statistics detailed here prove beyond a shadow of a doubt that the middle class is being systematically wiped out of existence in America. Read More Here
(TheComingDepression) – World At Risk Of Folding In On Itself
The global economy is at risk of folding in on itself unless policy makers face up to the threat of inflation and exchange rate inflexibility, according to Arun Motianey, director of fixed income strategy at Roubini Global Economics. Read More Here
(EconomicCollapse) – The U.S. Economy Is A Dead Horse And The American People Are Starting To Get Really Pissed Off And Frustrated – Read More Here
(AP) – Dollar slides after Greek debt auction bolsters confidence in Europe, while US data weak
The dollar has drifted lower after Greece successfully sold debt to investors while U.S. economic data remained weak. Read More Here
(MoneyNews) – Obama Panel Warns Governors: Debt Will Destroy US Like a Cancer – Read More Here
(InfoClearingHouse) – The Fed is Steering the Economy into Deflation – Mike Whitney – Read More Here
(12160Org) – Fear Index rises to 16-year high
The Fear Index has risen to a 16-year high. As of June 30th, the Fear Index is 2.35%, based on M3 data made available by shadowstats.com. Here is the formula and calculation for June 30th: Read More Here
Video: Alex Jones Tv: The Private Planetary Banking Cartel Designed This Depression!
Alex starts off the show with a strong message and a reminder of who is causing all of these global depressions and what they stand to gain if they succeed. Read the rest of this entry »
(AlexJones&AaronDykes) – Move towards global currency as U.S. loses status, faces depression and sees dangerous cuts to services as economic instability sets in
The United States as we know it has ended, Alex Jones warns, as the nation has lost its credit rating with China, its Dollar reserve status and faces saddling debt and cuts in programs and services. Read the rest of this entry »
(AmericanThinker) – The October Surprise. We all know it’s coming. In what shape, idea, form — who’s to say? Evil always surprises. Its goals are constant, the ultimate objective never changes, but inevitably it manifests itself as the savior of the day, the savior of man. The 2008 Democrat October Surprise that ushered in the first hardcore radical post-American president in American history was the “economic collapse.” Oh yes, that was a beaut.
The time before that, the moochers and the looters tried to fake Bush documents — except that the conservative blogosphere caught them red-handed, so they missed their mark. Read the rest of this entry »
By now, you probably think your opinion of Goldman Sachs and its swarm of Wall Street allies has rock-bottomed at raw loathing. You’re wrong. There’s more. It turns out that the most destructive of all their recent acts has barely been discussed at all. Read More Here
(Telegraph) – Britain facing £5.5 billion EU sanction
Britain could face sanctions costing the taxpayer £5.5 billion if it fails to meet spending targets set by a new EU “economic government”, under European Commission proposals. Read More Here
(PressTV) – ‘Corporates may cause rise in hunger’
Economic moves by major investment firms like Goldman Sachs, Merrill Lynch, and Deutsche Bank may cause a rise in hunger, according to a leading economist.
Professor Jayati Ghosh of the Centre for Economic Studies in New Delhi made the remarks on the sidelines of the G20 summit in Toronto last week, The Independent reported on Friday. Read More Here
(NYTimes) – Robert Prechters Market Forecast Says “Take Cover”
A proponent of the Elliott Wave theory for market forecasting sees trouble ahead: a slide worse than the Great Depression or the Panic of 1873. Read More Here
(Telegraph) – The latest threat to the global recovery: state capitalism
Stated in one bald paragraph it sounds a little apocalyptic. But Ian Bremmer, the highly respected author who is president of the Eurasia Group in the United States, makes a compelling case. The financial crisis has left Western capitalism nervous and risk averse, constantly under attack from a body politic keen to take advantage of public anger over the events of 2007 and 2008. Issues like the control of the banking system, remuneration and the failure of so much of the financial sector, whether Northern Rock, Lehman Brothers, AIG or Royal Bank of Scotland, has created a fundamental crisis in confidence. Read More Here
(StopCartel) – Economic, Crisis, Greek Theater, Our Drama – Read More Here
(FinanceMyMoney) – California budget nightmare – in 1970 California took in 28 percent of state revenues from personal income taxes. Today, the state pulls in 52 percent from personal income taxes. Massive shift to service oriented state – Read More Here
(PressTV) – UK mulling food vouchers distribution
The unemployed whose benefits have been cut off by government will receive food vouchers by charities supported by the government to make up for the cuts in welfare spending. Read More Here
A senior Iranian lawmaker, Alaeddin Boroujerdi, has warned the US of imminent collapse, saying its approaches bring to mind soviet policies before disintegration.
“America’s conduct toward the world bears great resemblance to that of the Soviet Union before its disintegration,” Fars News Agency quoted the head of the Parliament’s National Security and Foreign Policy Commission as saying on Friday. Read More Here
(NYTimes) – In Ireland, a Picture of the High Cost of Austerity
As Europe’s major economies focus on belt-tightening, they are following the path of Ireland. But the once thriving nation is struggling, with no sign of a rapid turnaround in sight. Read More Here
(WSWS) – Sri Lankan budget imposes IMF austerity demands – Read More Here
(InternationalForecaster) – The U.S. Economy is Falling. Towards another Credit Collapse?
The housing market is in serious freefall with builders scheduled to increase units by 535,000 this year. As sales fall so will big bank balance sheets. That means we are facing another credit collapse. Read More Here
Video: Enough is Enough
(YahooFinance) – Video: U.S. Economy “Is a Complete Disaster”
The U.S. economy is in shambles and Americans will continue to see high unemployment and lower living standards in the years to come, Howard Davidowitz tells Henry and Aaron in the accompanying clip. – Read the rest of this entry »
(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 »
(IsraelFinancialExpert) – Special Report- The Secret Engine Behind China’s Housing Bubble- The Ponzi Shark Loan Finance
It is clear that artificially low interest rates and massive money printing by the government is fueling this bubble. But few know about the engine behind the monuments bubble- A giant shark loan ponzi scheme. Read More Here
(NYTimes) – That ’30s Feeling – Paul Krugman
Suddenly, creating jobs is out, inflicting pain is in. Condemning deficits and refusing to help a still-struggling economy has become the new fashion everywhere, including the United States, where 52 senators voted against extending aid to the unemployed despite the highest rate of long-term joblessness since the 1930s. Read More Here
(STLToday) – Fannie and Freddie tab is $146B and rising – Read More Here
(USAToday) – Bank failure is 83rd in ’10; pace more than double last year’s – Read More Here
(ZanesvilleTimes) – Act would be disastrous in light of our country’s economic situation – Read More Here
REPOST - (RussiaToday) – Video: The Economic Crisis – “Major Currencies Can Simply Collapse”
Michel Chossudovsky says that the financial crisis is not over as President Barack Obama has hinted. Read More Here
REPOST – (WSWS) – Nearly One Million US Workers Cut Off Unemployment Benefits
With 12 Democrats joining a unanimous Republican bloc, the US Senate voted Wednesday to defeat a proposed extension of unemployment benefits for workers who have been jobless for nearly two years. The bill would have extended unemployment benefits for those out of work more than six months, until November 30. Read More Here
(GlobalResearch) – What do BP and the Banks Have In Common? The Era of Corporate Anarchy
On the occasion of the BP oil spill disaster, President Obama’s delivered an Oval Office speech last night—a masterpiece of milquetoast faux-outrage. The speech was all about “clean energy” and “ending our dependence on fossil fuels”. Faced with the BP oil spill—likely the most severe environmental disaster ever—this was President Obama’s response: Polite outrage, and vague plans to “get tough”, “set aside just compensation” and “do something”.
President Obama missed what the BP oil spill disaster is really about. Though unquestionably an environmental disaster, the BP oil spill is much much more. Read More Here
(Bloomberg) – Russia will help lead efforts to recast the global economic hierarchy as the world emerges from the financial crisis, President Dmitry Medvedev said.
“We really live at a unique time, and we should use it to build a modern, prosperous and strong Russia, a Russia that will be a co-founder of the new world economic order,” Medvedev said at the annual St. Petersburg International Economic Forum today.
Russia will use tax incentives and other free-market economic policies to turn the country into a destination for innovators from around the world, Medvedev told an audience including Citigroup Inc. Chief Executive Officer Vikram Pandit and French Economy Minister Christine Lagarde.
Medvedev, in the third year of his presidency, is promoting modernization to transform Russia from an oil-and-gas economy into a magnet for high technology. Russia’s reliance on natural resources exacerbated the steepest contraction among emerging markets last year, when the economy shrank a record 7.9 percent. Full article here
(GlobalResearch) – Defending America covertly has become an ongoing theme for one more TV series. Salute the flag and praise NBC (GE) for its latest effort to persuade the population to accept the kind of secret operations that now drive the war in Afghanistan. Their latest show is called “Covert Affairs” and airs on the patriotically named USA Network.
This fiction is based on faction, glamorizing the work of our unaccountable CIA at home and at war with Piper Perabo who has been promoted from dancing barmaid in Coyote Ugly into a CIA trainee “who is suddenly thrust into the inner sanctum of the agency after being promoted to field operative.”
The dumbed down formula is tried and true , showcasing what TV pros call “the three S’s:” Sex, Spies, and Sensationalism. Read the rest of this entry »
See Also: (CNN) – Obama to use Gulf oil spill for energy agenda push – Read More Here
Also: (CNN) – Video: Filmmaker Spike Lee States the Obvious: BP in Cahoots with Government – View Video Here
(EconomicCollapseBlog) – It is incredibly hard to put into words the absolute horror that is happening in the Gulf of Mexico right now. The millions of gallons of oil that have gushed into the Gulf of Mexico and BP’s efforts to fight the massive leak are turning the Gulf into a lifeless toxic stew of oil and chemicals. The damage caused to wildlife in the Gulf by this spill will be incalculable. Entire species are at risk of being wiped out. Scientists are telling us that the primary dispersant being used by BP ruptures red blood cells and causes fish to bleed. Read the rest of this entry »
(Uruknet) – “Perfectly Safe: It Just Kills Plants … ” – Agent Orange and the Third Generation
It is not news that American troops fighting for the U.S. military in Vietnam were told by their commanders that the defoliants and herbicides sprayed by the U.S. Air Force were “perfectly safe…[they] just kill plants.” Read More Here
(AP) – NATO general in Afghanistan: Taliban train in Iran
The commander of NATO and U.S. forces in Afghanistan said Sunday there is “clear evidence” that some Taliban fighters have trained in Iran. Read More Here
(Haaretz) – Report: Gaza aid flotilla changes course to avoid confrontation with Israeli warships
Israel Navy ships reportedly made contact earlier with the six-ship flotilla, which is carrying 10,000 tons of supplies. Read More Here
(WPost) – Analysts question Korea torpedo incident
How is it that a submarine of a fifth-rate power was able to penetrate a U.S.-South Korean naval exercise and sink a ship that was designed for anti-submarine warfare?
Such questions are being fueled by suggestions in the South Korean and Japanese media that the naval exercise was intended to provoke the North to attack. The resulting public outcry in the South, according to this analysis, would bolster support for a conservative government in Seoul that is opposed to reconciliation efforts. Read More Here
(CounterPunch) – Vietnam MIAs: Ghosts Return to Haunt McCain and the US Press
The ghosts that haunt Senator John McCain are about 600 in number and right now they are mustering for an onslaught. Read More Here
(LewRockwell) – Is the U.S. Government Planning War to Quell the Tide of Economic Unrest?
In my opinion and in a word: Yes!
* “READY FOR WAR,” “U.S. Military told to get ready in Korea Standoff, Obama orders commanders to prepare ‘to deter future aggression.’” By Drudge and MSNBC
* “U.S. Begins Massive Military Build Up Around Iran, Sending Up To 4 New Carrier Groups In Region” by Tyler Durden
* “Clinton: Korea Must Face ‘Consequences’ For Sunken Warship”
* Homeland Security, Northeast Intelligence Network: “The Syrian Missile Crisis: Threat of War Very Real”
* “The Expanding U.S. War in Pakistan” by Jeremy Scahill
* “Yemen, Latest War Front?” by CBS News Read More Here
(IrishTimes) – Predators, Warriors and Ravens: the CIA Drones Wage War
With 5,456 US servicemen killed in Iraq and Afghanistan, and the Afghan war going badly, the US military celebrates what it can. Unmanned Aircraft Systems, also known as Unmanned Aircraft Vehicles but referred to as drones, are the military’s most important technological asset. Last year the CIA’s director, Leon Panetta, called the Predator drone programme “the only game in town”. Read More Here
(C4L) – Too Many Wars Waged
The “War on Drugs,” like the “War on Terror,” ends up being an undertaking with no definable victory in sight. No matter how vigorously the federal government prosecutes its “war” on drugs, people will still use drugs. No matter how vigorously the federal government pursues the “war” on terror there will still be those who want to commit terrorist acts to get their points across.
Thus, we have two “wars” with infinite reach that use the threats engendered by their very own existence to justify their actions. Read More Here
(RussiaToday) – Video: “Attack against South Korean ship looks like false flag operation” – Wayne Madsen
While international investigators have accused North Korea of sinking a South Korean patrol corvette in March, China has taken a more cautious position.
Investigative journalist and RT contributor Wayne Madsen says it is because Beijing suspects there was greater deception at work.
“The Cheonan [navy corvette] was sunk by this torpedo that was later to be discovered to have been of German manufacture. Germany said it sells no military weapons to North Korea. This thing is starting to look like a classic false flag operation,” Wayne Madsen says.
“Kim Jong-Il who very rarely travels – and when he does, he only travels by train – went to Beijing. My sources in Beijing say that he went to Beijing, that Chinese authorities said that North Korea did this, he denied it. They were satisfied with his response,” Madsen adds. “Now the Chinese are very suspicious of the US’ intentions in richening things up in the Korean peninsula.”
(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 »
(PaulWatson) – Now that the agenda for global government and a centralized world economic system is public and out in the open, the importance of the Bilderberg Group’s annual conference rests on grooming political candidates. The lion’s share of Bilderberg’s 2010 agenda has already been announced by its members weeks before – it will revolve around a potential military strike on Iran as well as the future collapse of the euro.
Trilateral Commission members, who routinely also attend Bilderberg’s annual confab, have let slip that a war on Iran is being seriously debated, while the elite continue to exploit the fallout from the economic crisis to push for centralized financial regulation. Read the rest of this entry »
While skeptics mockingly point out that the “end of the world” has been prophesized over and over again for centuries with nothing happening—the latest being Y2K, they say, and another likely bust coming up when the calendar hits 2012—it’s obvious that mankind faces an increasingly unsustainable future.
The world’s economic, technological, agricultural, and political systems are breaking down. While the causes are debated, it’s certain that the human assault on the natural world has wiped out vast numbers of species and polluted the land, the air, and the oceans. After the past 100 years of history, with two world wars and low-grade but vicious warfare going on almost continuously somewhere in the world since World War II ended, it seems impossible for human beings to live together in a state of harmony either among ourselves or with the planet we call home.
In the world’s richest country, the trend is shocking, disturbing and appalling. In its 2009 report on “Hunger and Homelessness in US Cities,” the US Conference of Mayors stated:
“Hunger and homelessness (are) at record levels in US cities,” citing an overall 26% demand increase over the past year and 19% more homelessness. Yet worsening conditions leave millions on their own and out of luck because Washington has other priorities excluding them.
“At a time of historic economic crisis, the issues of hunger and homelessness in America are more prevalent than ever.” Cities are hard-pressed to handle them, and planned budget cuts and revenue shortfalls will strap them well into the future.Read the rest of this entry »
(GlobalResearch) – Latin America’s New Middle Class Rulers: Stabilization, Growth and Inequality – Prof James Petras – Read More Here
(WebOfDebt) – Taking Back the Money Power: How Hidden Pools of Government Money Could Help Save the Economy – Ellen Brown
For over a decade, accountant Walter Burien has been trying to rouse the public over what he contends is a massive conspiracy and cover-up, involving trillions of dollars squirreled away in funds maintained at every level of government. His numbers may be disputed, but these funds definitely exist, as evidenced by the Comprehensive Annual Financial Reports (CAFRs) required of every government agency. If they don’t represent a concerted government conspiracy, what are they for? And how can they be harnessed more efficiently to help allay the financial crises of state and local governments? Read More Here
(Fox5Vegas) – Las Vegas Unemployment Rate At 14.2 Percent – 193,000 Out Of Work Statewide – Read More Here
(DailyKos) – A perfect storm for unemployment in June
While there is plenty of talk about the economic recovery, there is barely a whisper about what is just a few weeks ahead. It’s not any one thing. It’s a combination of three (and possibly four) different events that will deliver devastating body-blows to the economy. Read More Here
(InfoClearingHouse) – Great Depression 2.0. Bet on it – Mike Whitney
(Telegraph) – Whatever Germany does, the euro as we know it is dead
“Money can’t buy you friends, but it does get you a better class of enemy” – Spike Milligan
For Angela Merkel, leader of the eurozone’s richest country, a queue is forming of high-quality adversaries. As she tips German Geld und Gut into the furnace of a rescue package for the euro, while going it alone in a misguided ban on market “manipulators”, the brass-neck Chancellor has infuriated domestic voters, angered her EU partners (in particular the French) and invited the so-called wolf pack of global traders to do its worst. Read More Here
(TheFluCase) – Germany’s Parliament Votes to Give 66% of Country’s Annual Income Tax Revenue to Banks
Germany’s parliament today passed a bill that will mean that about 66 per cent of the country’s income tax revenue each year will go to banks in the form of interest payments on souvereign dent bonds held by Greece, Portugal and other eurozone nations. Read More Here
Whether you believe the U.S. economy ever exited recession or not, a further decline is already baked in by numerous macro factors. Read More Here
(May 21) – Video: Bob Chapman’s Friday 5/21/2010 Economic Report on Alex JonesTv
Bob Chapman, publisher of the International Forecaster, a compendium of information on business, finance, economics and social and political issues worldwide. – Part 1 – Part 2 – Part 3 – Part 4 – Part 5
(May 20) – Video: Author Ellen Brown Details How to Have A State Own Bank Like N. Dakota on Alex Jones Tv
Alex also welcomes to the show attorney and author Ellen Brown. Her latest book, Web of Debt, documents the Federal Reserve and “the money trust” and shows how this private cartel has usurped power to create money from the people themselves and how we the people can get it back. Brown is the author of several other books, including Forbidden Medicine, Nature’s Pharmacy for Children: Drug Free Alternatives for More Than 160 Childhood Ailments. Read the rest of this entry »
(Telegraph) – US faces one of biggest budget crunches in world – IMF – Read More Here
(NaturalNews) – Why U.S. lawmakers oppose renewable energy grants
With the economy in shambles throughout the past year or two, lawmakers have been scrambling to find ways to spur growth and increase American jobs. However many are opposing stimulus efforts that create jobs overseas, including renewable energy grants that end up creating manufacturing jobs in China rather than in the U.S. Read More Here
(KurtNimmo) – Obama Administration: Goldman Sachs from Top to Bottom
Two articles on the FDL website detail the intimate and incestuous relationship between the Barry Obama administration and Goldman Sachs. FDL names names and provides expansive detail on the Goldie administration. Read More Here
(BusinessInsider) – Surprise! Cost Of Healthcare Bill Already Spiraling Beyond Estimates, And Democrats Are Ignoring The Reasons Why
There’s been a spate of bad news recently about the health care bill.
Henry Waxman canceled his War on Accounting, not because there was a sudden breakout of common sense on Capitol Hill, but because his committee’s investigation revealed that companies had begun exploring whether they should drop their health insurance plans entirely–a move that would cost over $100 billion dollars thanks to the huge new subsidies the government would have to dole out. Read More Here
(RawStory) – Schwarzenegger’s solution to California’s budget woes: End welfare
Governor Arnold Schwarzenegger on Friday unveiled plans to plug California’s budget deficit by slashing billions of dollars worth of funding for services designed to help the state’s poor. Read More Here
(OilPrice) – 4 Economic Predictions: What Remains when you Scrape Away the Hype – Read More Here
The Mainstream Financial Media (MFM) is famously (or infamously) deficient in any context other than the day’s swirl of data, rumor and response.
(Campaign4Liberty) – Will the New Bailout Save Europe?
Keep in mind that the European Central Bank (ECB) is buying bonds with printed money, which means inflation. Like the United States, Europe is broke, and will be even more so once this “bailout” goes through. Read More Here
(Bloomberg) – Fed Board May Soon Add Three More Millionaires to Its Ranks – Read More Here
(AP) – Trichet: economy in deepest crisis since WWII
The President of the European Central Bank was quoted Saturday as saying that he still sees Europe’s economy in its deepest crisis since World War II, or even World War I. Read More Here
(EconomicPolicyJournal) – The Fed Currency Swaps Begin – Read More Here
(Guardian) – Bankers’ earnings surge towards pre-crash levels
Pay and bonuses totalled £20.5bn in four months to April, compared with £24bn at height of boom in 2007 Read More Here
(TheStreet) – Bank Failures Exceed 2009′s Pace
State regulators closed four community banks Friday, bringing the total number of failed banks for 2010 to 72. Read More Here
(Telegraph) – President Nicolas Sarkozy ‘threatened to pull France out of euro’
President Nicolas Sarkozy slammed his fist on the table and threatened to pull France out of the euro at a meeting of European leaders deciding Greece’s aid package last Friday, according to Spain’s El Pais newspaper. Read More Here
(BusinessWeek) – Euro Breakup Talk Increases as Germany Loses Proxy (Update1) – Read More Here
(Reuters) – US bankruptcies resume upward path in 1st quarter
U.S. bankruptcy filings resumed their upward climb in the first quarter, nearly equaling their highest level since 2005, as high unemployment and a still-strained housing market squeezed consumers. Read More Here
(VoiceOfRussia) – Global crisis not over yet – Putin
Russia’s Prime Minister Vladimir Putin has warned that the global economic crisis is not over yet. Addressing top finance and economic development ministry officials on Friday, he said that the crisis had forced eurozone countries to take tough financial stabilization measures and that ordinary citizens were now paying for macro-economic blunders. Read More Here
(EconomicCollapseBlog) – Will The U.K. Be The Next European Nation To Experience A Massive Debt Crisis? – Read More Here
(Fox) – Obama’s Ex-Auto Czar Says GM May Have Stretched Truth About Loan Repayment
President Obama’s former auto czar has nothing but praise for General Motors’ new chief executive, Ed Whitacre, but he acknowledged this week that the auto giant may have “slightly elasticized the reality of things” by airing an ad claiming it had repaid its government loans “in full.” Read More Here
(CalculatedRisk) – Schwarzenegger: Eliminate Welfare and most Child Care, reduce Health Care
From the SacBee: Schwarzenegger budget would eliminate welfare
Gov. Arnold Schwarzenegger asked lawmakers Friday to eliminate the state’s welfare program starting in October and dramatically scale back in-home care for elderly and disabled as part of his May budget revision to close a $19.1 billion deficit. Read More Here
(Telegraph) – VAT should be imposed on food and children’s clothes, says IMF
David Cameron should use this summer’s emergency Budget to raise VAT on a host of excluded products, including food and children’s clothes, the International Monetary Fund signalled yesterday. Read More Here
Video: Bob Chapman’s Friday, May 14th Economic Report on Alex Jones Tv
Friday guest Bob Chapman, a former stockbroker who has written numerous article on business, finance, economics, politics, and publishes The International Forecaster. Read the rest of this entry »
(SteveWatson) – The European Commission, the executive body of the European Union, has revealed a set of proposals to fully integrate the economies of the EU member states and centralize power under a federalized union.
(InfoClearingHouse) – Finance 101: Blame the Poor (While Taking Their Money) – Read More Here
Video: Daniel Cohn-Bendit (english subtitles) about Greece’s financial woes
Euro deputy Daniel Cohn-Bendit (Greens/EFA) challenges the European Commission and Parliament about their stance on financial support for Greece. Read More Here
(BusinessInsider) – Why The UK Is The Next European Country To Experience A Massive Debt Crisis – Read More Here
(Bloomberg) – Video: Jim Rogers – Gold has HUGE potential! – Video Link Here
(DrHousingBubble) – Housing never really improved – 10 charts showing the United States housing market is entering the second wave of problems. 1 out of 4 people with no mortgage payment in the last year are still not in the foreclosure process – Read More Here
(FinancialTimes) – Portugal to unveil ‘crisis tax’ to cut deficit
José Sócrates, Portugal’s prime minister, will announce tough new austerity measures on Thursday, including a “crisis tax” on companies and wages, to accelerate cuts in the country’s gaping budget deficit. Read More Here
(PaulWatson) – CEO Predicts Market Armageddon: Dow To 5,000
Cornerstone Wealth Management CEO David Hefty agrees with a growing number of other financial experts that a real estate collapse in China before the end of the year will send shockwaves through the global economy, leading to a stock market collapse which will send the Dow into free fall below the 5,000 level. Read More Here
(RussiaToday) – Video: Gerald Celente – “we are going to see more and more violence” Greek Crisis
Amid a financial bailout in Europe, it is the banks that are doing the robbing, says trend forecaster Gerald Celente. He believes the ensuing protests are well-deserved and will not stop. Video Link Here
(PeterSantilli) – You Are Being Lied To By The Entire Financial System
Almost every US Corporation will do and say anything to keep us spending money, regardless of what they know about the fragility of our entire financial system. Bankster’s are now using world governments as patsies to commit the largest heist in world history. Stealing a trillion dollars from US citizens proved to be too difficult, as they had to receive congressional approval to bail themselves out. They’re recent scam involves using central banks to bypass democracy & funnel money to offshore entities without oversight. Read More Here
(BusinessInsider) – Video: Raw Footage Of Violent Bailout Protests In Ireland
It’s not just Greece. Via The Daily Bail, here’s what the Irish street looks like, as protesters attempt to storm parliament in protest of bank bailouts. Video Link Here
(InternationalForecaster) – Europe and America Morally and Financially Bankrupt – Bob Chapman
Greece has its immediate financing. Now the question is can they follow the prescription? In all likelihood the answer is no. the bond markets are reflecting that via a lack of confidence. In fact, some bond markets are falling apart and there is no end in sight. We have bond rating firms lowering ratings, as the rating services themselves are under serious fire and we do not believe they will be around long. The big question is why did it take two years and 10 months to react? Read More Here
(ZeroHedge) – First Gold, Now Europe Running Out Of Silver – Tyler Durden
Earlier we noted that the Austrian mint was on its way to depleting its gold reserves following “panicked buying” from Europeans, who now openly fear the demise of their currency. Now, courtesy of Slim Beleggen, we understand that the situation in the silver market is just as bad and has also spilled over to Germany: the contagion is no longer one of sovereign debt, but of precious metal physical inventory. Read More Here
(PaulWatson) – Gold Could Explode To $3,000 As Confidence In Currencies Collapses
Financial analyst David Rosenberg says gold could explode to $3,000 an ounce as European investors dump the ailing euro in exchange for the precious metal while JP Morgan states that bullion could face unlimited demand as panic buying ensues on the back of crumbling confidence in fiat currencies. Read More Here
(WashingtonsBlog) – California Is More Likely to Default than Iceland or Iraq
The Federal Reserve isn’t the only one who owns credit default swaps betting that California will default.
As Ed Harrison points out, credit default traders have now ranked California in the list of top 10 governments most likely to default, with a 20% default probability: Read More Here
(WSJ) – Gulf Oil Spill Is Spoiling Tourism
A survey conducted by the Knowland Group May 3 and 4 of 50 hotel properties along the Gulf Coast found that 35% of respondents say the oil spill has prompted potential guests to cancel their reservations. Read More Here
(BusinessInsider) – The U.S. Government Is About To Get Hit With ‘The Perfect Storm’ Of Debt – Read More Here
(Examiner) – Economist Tim Madden: The PIIGS Brief: understanding how oligarchs rig, loot our economies. 3 of 4
Tim Madden is an economist with expertise on credit and banking. Tim and I are colleagues in lobbying government for public banking, with concentration in the US for state-owned banks (and here). The good news is that structural solutions to our economic controlled demolition are obvious and simple; and explained beautifully by many of America’s brightest historical minds. The bad news is that we’re still mired in oligarchic looting of our economies. Read More Here
(IceNews) – Yet another day of Iceland banking arrests
Ingolfur Helgason, the former Director of Kaupthing Iceland, and Steingrimur Karason, former CEO of the bank’s risk management department, were both arrested today upon arriving back in Iceland. They went straight to interrogation with the Special Prosecutor and are being held in police cells. Read More Here
Why are Americans paying to bailout Greece? Do you allow the Government to tread on you? Is Arizona finally listening to the people? Are 10th Amendment sovereignty resolutions to “Restoring the Republic?” Who is this weeks Enemy of the State? Find out all this and more on this weeks edition of the Reality Report. Read the rest of this entry »
(C-Span) – Video: Ron Paul I Am Very Concerned About What’s Going To Happen!
(Reuters) – U.S. Senate rejects broader Fed audit amendment: May 11
The U.S. Senate rejected an amendment on Tuesday that would have exposed the Federal Reserve to broader scrutiny by Congress, which critics said would extend to monetary policy decisions. Read More Here
(DailyCrux) – Porter Stansberry: The U.S. dollar is about to implode – Read More Here
(DailyMail) – Unions warn of Greek-style riots in Britain against public sector cuts after court victory over capping of redundancies
Militant unions today sent a chilling warning of Greek-style strikes and protests after winning a major legal victory for civil servants made redundant.
The warning raises fears of months of chaos triggered by a furious public sector who refuse to accept painful changes to tackle Britain’s financial crisis. Read More Here
(Reuters) – FOREX-Euro falls as market doubts rescue package
The euro fell on Tuesday as the relief rally unleashed by an emergency aid package to prevent the spread of a euro zone debt crisis dissipated and the focus switched back to structural problems plaguing the bloc. Read More Here
(WashingtonsBlog) – The Second Leg of the Great Depression Was Caused by European Defaults
Many Americans know that the Great Depression was started by the bursting of the giant Wall Street bubble of the 1920′s (fueled by the use of bank deposits on speculative gambling, which is why Glass-Steagall was passed) , which in turn caused a run on American banks. Read More Here
“The People of Greece Are Fighting for the Whole of Europe”
The European Union and the International Monetary Fund have approved a nearly $1 trillion package to stop Greece’s debt crisis from spilling beyond its borders into the rest of the eurozone. Stocks surged in Europe, Asia and the United States Monday after EU leaders agreed to a $960 billion package to contain Greece’s financial troubles. Meanwhile, the austerity measures demanded by the IMF and the European Union as a condition of their loan are continuing to exact their toll. Greece’s two main unions have continued to hold protests against the reforms. In a statement, one of the unions said, “The crisis should be paid by…all those who looted public finances.” Last week nearly 100,000 people participated in a mass demonstration and a twenty-four-hour general strike against the austerity measures. Video Link Here
(RussiaToday) – April 28, 2010 – With Greece’s debt mounting by the day and the United States starting to recover from the worst financial crisis since the Great Depression, will there be a ripple effect from Greece’s troubles? While U.S. cities and towns wrestle with financial problems, investors are finding a new way to profit on their misery: by buying derivatives that essentially bet municipalities will default. Read the rest of this entry »
(Rense) – FIRA – The 800 LB Gorilla In The Financial ‘Reform’ Bill – Joel Skousen
The lackluster Republican opposition to Senator Dodd’s Financial Reform bill is focused on whether or not the Democratic proposal allows for or prohibits additional bailouts. A secondary hot topic is the supposed derivative limitations. Frankly, these are both red herrings. They serve to mask an even larger danger that no one is talking about: a huge new government agency that will control all financial institutions in the US–and not just the “too big to fail” ones. Read More Here
(BBC) – UK unemployment increases to 2.5 million
The number of people unemployed in the UK rose by 43,000 to 2.5 million during the three months to February, official figures have shown. Read More Here
(WSJ) – 2nd UPDATE: US Regulators Close Seven Illinois Banks – Read More Here
(EPJ) – Understanding Just How Dangerous a Value-Added Tax Is – Read More Here
(EconomicPolicyJournal) – Here’s the Serious Situation that Could Blow Goldman Sachs Out of the Water – Read More Here
(WSWS) – Collapse of the Standard of Living in the USA
Studies Reveal Declining Living Standards and Increasing Anger Read More Here
(NPR) – Goldman Sachs Boasted As The Meltdown Unfolded
E-mails released Saturday morning show top executives at Goldman Sachs Group Inc. boasting about the money the firm was making as the national housing market collapsed in 2007. Read More Here
(MyBudget360) – The Futile Act of Saving in America Today – No Money Down Car Purchases, Low Down Payment for a big Mortgage, and High Interest Credit Cards for Everyday Spending – Read More Here
(BigGovernment) – IndyMac Attack: Did Schumer, Paulson, Soros, and the CRL Kill the Bank and Profit From Its Collapse? – Read More Here
(WSWS) – Obama Reassures Wall Street on Bank Regulation Bill
President Barack Obama went to lower Manhattan Thursday to deliver a message to Wall Street: Your profits and bonuses will not be disturbed by the regulatory overhaul making its way through Congress. Read More Here
(ZeroHedge) – Greece Welcomes Its New IMF Overlords With Day Of Rioting And National Strikes – Read More Here
(WashingtonPost) – For nations living the good life, the party’s over, IMF says
In the lingo of the International Monetary Fund, the future of the world hinges on “rebalancing and consolidation,” antiseptic words that would not seem to raise a fuss.
(GlobalResearch) – Mortgage Madness: Financial Fraud in the Housing Market – Mike Whitney – Read More Here
(TruthDig) – The Story of the Financial Debacle: Goldman Plays, We Pay
The story of the financial debacle will end the way it began, with the super-hustlers from Goldman Sachs at the center of the action and profiting wildly. Never in U.S. history has one company wielded such destructive power over our political economy, irrespective of whether a Republican or a Democrat happened to be president. Read More Here
(WashingtonPost) – The best financial reform? Let the bankers fail
The trouble with Wall Street isn’t that too many bankers get rich in the booms. The trouble, rather, is that too few get poor — really, suitably poor — in the busts. Read More Here
(BoomBustBlog) – What We’re Looking For To Go Splat!
We have started picking new companies for forensic analysis, along with the ongoing study of the Pan-European Debt Crisis. Below you will find a sneak peak of what we have unearthed but first, the obligatory romp through recent news… Read More Here
(GoldScents) – On The Bring of an Asset Explosion II
Let me start off by saying the market should be correcting. Sentiment has reached ridiculous bullish extremes, the kind of extremes that led to the January /February correction. Read More Here
(Infowars) – Regulatory Reform Bill: Another Round of Bailouts
It only takes a passing knowledge of current events to prompt the question of how many times the American people can be conned before they begin to wake up. Indeed, one might even ask how many times they can be conned with the same lines for the same result. Yet unfortunately, it appears that the most realistic answer is that there is in fact no limit to the gullibility of the general public. Despite the growing tea party movement as well as protests against higher taxes and bailouts, the U.S. government is gearing up yet again for another round of bailouts and the populace is geared up to accept them. Read More Here
(McClatchy) – Goldman’s White House connections raise eyebrows
While Goldman Sachs’ lawyers negotiated with the Securities and Exchange Commission over potentially explosive civil fraud charges, Goldman’s chief executive visited the White House at least four times. Read More Here
(WashingtonsBlog) – Break Up the Giant Banks to Curb Their Control over the Political Process – Krugman Read More Here
(TorontoStar) – Financial Fraud: Culture of Greed Under Attack
Barack Obama may not get it but the SEC finally is taking action – Read More Here
(InfoClearingHouse) – Borrowing While Poor
Congress is in the midst of investigating why Alan Greenspan and the Federal Reserve did not prevent the subprime fiasco, and now the SEC is suing Goldman Sachs for fraud. But neither the investigation nor the suit addresses the most repugnant aspect of subprime lending, which is the fact that poor people are charged higher interest rates than rich people when they purchase homes, and that this is perfectly legal. Read More Here
(InfoClearingHouse) – “Lehman’s failure is a story in large part of fraud” – Black’s Knockout Testimony – Mike Whitney Read More Here
(OftWoMinds) – How We Get Ahead Now: Gaming the System
Gaming the system is not just encouraged–it has become the foundation of the U.S. economy. Without it, the status quo will implode. Goldman Sachs gamed the system to package guaranteed-to-default mortgages and present them to buyers as AAA-rated “safe” investments yielding a high return, while selling a hedge fund derivatives which were a bet against the mortgages. 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: Read More Here
(PaulWatson) – Bankers Prepare To Assault Americans With VAT, Transaction Taxes
Obama: Value-added tax still on the table despite White House assurances otherwise, campaign promise not to raise taxes for families earning under $250,000 a year Read More Here
(PennyForYourThoughts) – Gore backed by group linked to oil industry – Read More Here
(CNBC) – Testimony Could Undercut SEC Charge Against Goldman
The testimony of a former Paulson & Co official could undercut the Securities and Exchange Commission’s fraud case against Goldman Sachs, CNBC has learned. Read More Here
(TheNewStar) – State $319M short
Gov. Bobby Jindal said he and the Legislature will “do everything we can to mitigate cuts” to higher education and health care, but the plan for cutting or using other funds to fill a $319 million budget hole won’t be complete until Friday. Read More Here
(WKBW) – DiNapoli Warns State Could Run Short on Cash
The state only ended the fiscal year in the black because the Governor delayed $2.9 billion in payments, and DiNapoli warns that by pushing these payments into the new fiscal year, the state could run out of money in June. Read More Here
(DailyDunklin) – Declining state revenue leads to hard budget decisions for leaders
Much like a family that has to make hard spending decisions when times are tough, leaders in Missouri have had to make hard budget decisions this year in light of declining state revenues. Read More Here
(EconomicPolicyJournal) – Fed Official: We Can Just Print Money, Damn It! – Read More Here
(Fox) – Republicans Warn Bank Bill Could Backfire as Dems Push for a Deal – Read More Here
A new report released yesterday (.pdf) by Neil Barofsky, special inspector general for the Troubled Asset Relief Program (TARP) warns that Obama administration efforts to bailout homeowners through the Home Affordable Modification Program (HAMP) are ineffective and will not stem the sweeping tide of foreclosures. Read More Here
(Examiner) – Massive government corruption hidden by focus on Goldman-Sachs
As the country’s attention is directed to the Goldman-Sachs scandal, a much greater story lurks beneath the surface involving massive government corruption that makes Wall Street firms pale in comparison. Read More Here
(BusinessInsider) – 12 Reasons Americans Are Incredibly Angry About The State Of The U.S. Economy – Read More Here
Goldman Sachs Group Inc., being sued by the U.S. Securities and Exchange Commission over claims that it deceived investors about one of its financial products, tried to fend off regulators last fall by arguing it had a duty to keep the information confidential. Read More Here
(Telegraph) – SEC begins formal inquiry into Lehman ‘tricks’
The 2,200-page report which uncovered the murky world of Repo 105 and off-balance sheet accounting at Lehman Brothers has led to a formal investigation by the Securities and Exchange Commission (SEC) into the investment bank’s collapse. Read More Here
(MSNBC) – Districts warn of deeper teacher cuts
School districts around the country, forced to resort to drastic money-saving measures, are warning hundreds of thousands of teachers that their jobs may be eliminated in June. Read More Here
(FoxBusiness) – Video: President Obamas War on Capitalism – Video Link Here
(RussiaToday) – Video: Big Fat Greek Debt: The Bailout – William Engdahl
The financially stricken Greek government is beginning talks with the EU and the International Monetary Fund about a possible bailout. Greece has found borrowing from banks too costly recently and is struggling to refinance old debts. Let’s get some analysis with economist and author William Engdahl. Read the rest of this entry »
(AP) – Obama suggests value-added tax may be an option
President Barack Obama suggested Wednesday that a new value-added tax on Americans is still on the table, seeming to show more openness to the idea than his aides have expressed in recent days. Read More Here
(AP) – Millions face tax increases under Dems budget plan
President Barack Obama’s Democratic allies in the Senate promise to cut the deficit by almost two-thirds over the next five years, but their budget plan could threaten about 30 million people with tax increases averaging $3,700 in 2012 and after because of the alternative minimum tax. Read More Here
(GlobeAndMail) – Canada rejects IMF bank tax plan
‘Canada will not go down the path of excessive, arbitrary or punitive regulation of the financial sector,’ Finance Minister Flaherty says – Read More Here
(DailyMail) – Cameron in benefits threat to the workshy as he declares: ‘The free ride is over’
The message was carried on the first of a new series of posters, featuring the slogan: ‘Let’s cut benefits for those who refuse work.’ Read More Here
One of the key signs that we are in the early stages of an economic collapse and that we are heading towards another Great Depression is America’s crumbling infrastructure. The truth is that our infrastructure is literally falling apart all around us. Read More Here
(BusinessInsider) – Forget 10% Unemployment, The Real Job Loss Pain Number Is 54%
A March survey from Pew shows just how broad the unemployment pain has been felt. When you hear of 10% unemployment, you might imagine 1/10th of Americans experiencing extreme financial stress from the recent recession.
Yet given the unemployment rate’s odd methodology whereby it drops people who stop looking for work out of the data, and the fact that American households usually have more than one person, the real ‘pain’ number is 54% — over half of American households felt the direct impact of job losses: Read More Here
“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 »