Economy

(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

(C4L) – PIIGS Win. Bankers Win. Voters Lose – 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.

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