Economy

(CSPAN) – Video: Ron Paul – Bailing out foreign governments – View Video Here

(Sky) – Video: Chinese dumping worthless DOLLARS AND EUROS for Gold

(BusinessWeek) – Video: What Good Are Economists Anyway?

Why they failed to predict the global economic crisis—and why their help is still crucial to a recovery Read More Here

(ZeroHedge) – The correction is coming and it will be a bloodbath

The correction, soon to be crash, is here: the market had a bigger relative open to close move today than it did on May 6. We closed at the day’s lows on massive volume, despite definitive central bank intervention, regardless whether it was the SNB, the ECB, or the Fed. The central planners have lost control of the market, and all thanks to the inevitable collapse of hyper capitalist Keynesianism coming out of the formerly most communist country in the world. Read More Here

(LeMonde) – The Greek People are the Victims of a Carefully Engineered Financial Extortion Racket

What is happening in Greece concerns all of us. The people are paying for a crisis and a debt that are not their own. Today it is the Greeks, tomorrow it will be others, for the same causes will produce the same effects if we allow it. Read More Here

(TimesOnline) – Euro in danger: Germans trigger panic over future of single currency – Read More Here

(ZeroHedge) – Pan-European Bank Run Is Now On: Capital Flight From UK To Switzerland, As GBPCHF Intervention Strikes Next – Read More Here

(Reuters) – Wall Street slumps on euro-zone fears

Stocks dropped on Thursday, with all major indexes sliding more than 3 percent on growing fears that the euro zone’s handling of its sovereign debt crisis could jeopardize the global economic recovery. Read More Here

(RussiaToday) – Video: Euro Collapse Looms? Engdahl on Naked Short Selling Ban

Germany’s Chancellor Angela Merkel says the Euro currency is at risk and that Europe faces its greatest challenge since the EU was formed. It comes as stock markets in Europe and Asia tumbled on the surprise news that Berlin was banning types of ’short selling’ where investors profit by betting that shares will drop in value.

Economic Headline Doom News With Links

Financial Reforms ‘Cosmetic’ , Wont Stop More Crisis : Roubini
Report: Increase in Payroll Taxes Needed for Social Security
Home Building Gains Likely to Fade with Tax Credit
Texas Doctors Opting Out of Medicare at Alarming Rate
Oklahoma : $200 Million in Delinquent Taxes Uncollectible
Hawaii Foreclosures Filing Soar 115% in April
Gov. Paterson NY Threatens Cutting 10,000 Jobs
More Store Closing Hit Grand Avenue Downtown Milwaukee Shopping Center
Small Businesses not hiring
Video: The Growing Gap Between Rich and Poor
Oyster Industry Takes Hit From Oil Spill
Why Greece Should Consider Default
Mayor Bell: Announces City of Birmingham 10% Cut in Workers Pay
Yonkers School District NY, Trying to Close $43 Million Deficit
Investors Should Avoid Banks at all Cost: Meredith Whitney

(HousingWire) – FBI Mortgage Fraud Investigations Jump 400% in Five Years

FBI investigations of mortgage fraud increased 400% in 2009, compared with five years earlier, according to an Office of Thrift Supervision (OTS) report on fraud and insider abuse (download here). Read More Here

(Bloomberg) – Jobless Claims in U.S. Unexpectedly Increase as Dismissals Remain Elevated

More Americans unexpectedly filed applications for unemployment benefits last week, showing firings remain elevated even as employment climbs. Read More Here

(Reuters) – Greek strikers march on parliament against austerity

Thousands of striking Greeks marched peacefully to parliament on Thursday in a protest against government austerity measures that was much smaller than a huge rally that led to rioting on May 5. Read More Here

(WebsterTarpley) – Tentative First Steps in Europe’s Self-Defense Against Zombie Bankers and Hedge Fund Hyenas

Germany and Europe have now made some promising initial steps in the direction of their necessary self-defense against the depredations of those zombie banks and hedge fund hyenas who have been organizing a massive speculative attack on Greece, Spain, Portugal, and Italy with a view to destabilizing the euro and perpetuating the world hegemony of the troubled US dollar. Read More Here

(ZeroHedge) – Video: Live Feed From Athens As 100,000 Greeks Go On Strike, Consider Storming Parliament Again

The last time Greeks were shown to be storming their parliament on live TV, we got a 1,000 point drop on the Dow Jones. Today, another 100,000 protesters of austerity are expected to hit the streets as the entire country is essentially shut down. View Live Here

(BusinessInsider) – MARKETS CRUSHED: FLASH CRASH THURSDAY 2.0? – Read More Here

Video: Celente – 2010 Year of the Bubble

Trends forecaster predicts the complete collapse of the dollar. – Video Link Here

(GoldScents) – FOCUS ON WHAT MATTERS

I know this is hard to do, especially when one is weathering draw downs. And of course a liberal dose of gloating from the bears during these times doesn’t help either. But let’s not get sidetracked by the little things and let’s face it, the haters are going to show up every time gold corrects. We really should be used to that by now. They’ve been doing it for 10 years. Read More Here

(TheLoomingDoom) – Superhyperinflation Just Around The Corner

The Looming Doom has learned leading experts are advising the Obama Administration that the U.S. is poised to experience the most painful economic cycle of all: the Super-Hyper-Inflation Trauma (SHIT). While there is yet slight division amongst the experts as to whether the U.S. is already in SHIT or not, once the U.S. is fully in deep SHIT, there is no quick fix. Furthermore, if the SHIT is too deep, the economy may never recover.

A Looming Doom Economic Collapse Brief

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In a case of Superhyperinflation, the currency devalues by half each millisecond and, while never completely reaching a zero worth, is discernable as greater than zero only to a supercomputer capable of comprehending the initially hundreds, then thousands, millions, trillions and so on of decimal places required to properly peg the currency. “It makes grocery shopping pretty dynamic”, said economist Chuck Brownlee following a speaking engagement at the recent Economics Superhyperinflation Union Conference – Kalispel Site (Econ SUCKS) held at the Montana resort last week.

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“Prices are doubling hundreds of times in the moment it takes you to blink your eyes. So let’s say you had enough currency for one hamburger patty when the cashier reached for the item to ring it. By the time the item has been entered, you no longer can even afford the strip of register tape, let alone the patty. The Standards Board already has decided to name the new denomination the “bajillion’ and for once the number will not be an objectively fixed numeral but merely an indicator of something being unaffordable to anyone or any country.”

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In one sense the timing of the SHIT is fortuitous. Merely 5 years ago the technology to process such dynamic pricing did not exist. However with the development and expansion of High Frequency Trading algorithms on the nation’s stock exchanges, the U.S. leads the world in creating the technology that enables Superhyperinflation. “The President promised the American people that he would double our exports. He’s delivering on that promise as, according to the experts, in dollar terms the value of our exports should soon be doubling millions of times per day” said an Administration spokesperson.

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Of course not everyone is convinced of the inevitability of SHIT. At the opposite end of the spectrum are the ‘deflationists’, chief among them being economist and former International Moolah Forum (IMF) chief, Joseph Bjork. “The idea that Government spending is sufficient to not only offset the credit collapse but will also lead to any sort of comprehensive SHIT is ridiculous” he said. “We’re forecasting Super Entropic Deflation (SED). At this point we’re unsure whether it will be Hyper Extreme (HE) or Super Hyper Extreme (SHE). Regardless of whether it’s HE SED or SHE SED, in either case, we can’t see SHIT.”

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When pressed, Bjork concedes a process could unfold whereby all of these dire conditions are experienced in sequence. “Well, it could be a case of HE SED, then SHE SED, and before you know it we’re in deep SHIT. That’s too awful to ponder.”

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But ponder is what we do here at The Looming Doom, and a dire sequence such as Bjork describes was foretold by our resident Doom Prophet Northstradomus. In his famous ‘Black Olive’ Quatrain, Northstradomus wrote:

The black pit is void
Until it turns to vacuum
Sucking-in all in proximity
Bring more bleu cheese stat!

Here Northstradomus predicts that a deflationary collapse will result in hyperinflation. Either that or he needs more stuffed olives for his martinis.

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Northstradomus followed his ‘Black Olives’ Quatrain with the ‘Final Collapse’ Quatrain:

Joan – face stretched beyond recognition
Pop, pop, pop – there go the stitches
Oh my god – the collapse is horrific
Joan – why the long face?

Here Northstradomus predicts Sovereign overextension as hyperinflation takes hold, accelerating national insolvency and ultimately the collapse of the industrialized nations. Or else he’s watching Joan Rivers trying to smile. In either case, it’s not pretty.

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So take heed dear reader and prepare!

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The Looming Doom – We bite our nails so you don’t have to!

Source: The Looming Doom

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