Economy

(StarTribune) – In jail for being in debt – Read More Here

REPOST – (AP) – Long-Term Unemployed Now 46 Percent Of Unemployed, Highest Percentage On Record – Read More Here

(GlobalResearch) – The Economic Crisis: Class Struggles Heat Up in Greece

Workers in Greece today stand in the forefront of the converging European class struggles against big capital’s attempt to make working people pay the costs of its crisis. Read More Here

(FoxBusiness) – Video: Peter Schiff on Fox Business News

Is it Time to Dump Your Stocks? – Video Link Here

(USAWatchdog) – Gold’s Flashing Warning Sign

Gold hit another all-time high yesterday! According to gold website Kitco.com – Read More Here

(Telegraph) – Risks to global economy have ‘risen significantly’, top IMF official warns

The risks to a robust global recovery have ‘risen significantly’ as many governments struggle with debt, a leading official from the International Monetary Fund has warned. Read More Here

(CNSNews) – Billboard Puts Obama on $100,000,000,000,000 Bill, Asks: ‘But Who Will Pay the Piper?’ – Read More Here

(EuropaPress) – Spanish Police Protest “Unjustified Waste Of Public Money” In Protecting Bilderberg

The SME-CCOO union of the Catalan police today showed their disagreement with the “unjustified waste” of public money aimed at preserving the security of the Bilderberg Club, which celebrates these days its annual meeting in Sitges. Read More Here

(EuroPacificCapital) – The Phantom Recovery – Peter Schiff

In recent months, GDP numbers have rebounded – primarily as a result of record low interest rates reliquifying the credit market and government stimulus jolting consumer spending. Although the “positive growth” has delighted Obama’s economic brain trust, it has done little to boost the fortunes of Main Street. As I have said many times, GDP largely measures spending, and spending is not growth.

Peter Schiff
Euro Pacific Capital
June 9, 2010

cameron.jpg
Newly elected UK Prime Minister David Cameron prepared his constituents for austerity.

Last Friday we received the latest indication that the real economy is not recovering in the slightest. The Labor Department reported that non-farm payrolls increased by 431,000 jobs in May. In a press statement, the President himself crowed at the news, noting that the official employment rate fell to 9.7% from 9.9%. However, just inches below the headline, red flags were everywhere. Only 41,000 of those jobs were generated in the private sector – far below the median forecast of 180,000. Even more troubling was the fact that the Census Bureau alone accounted for 411,000 new jobs, which were almost exclusively temporary positions.

Rather than a recovery, the jobs data seems to indicate that we are still mired in the first economic depression since the 1930s. Back in 1931, two full years after the Crash of 1929, there were still very few people who thought that the recession then underway would one day be called the Great Depression. (See my commentary from March 1st “Don’t Bet on a Recovery)

Increased spending, financed by unprecedented borrowing, will prove to be just as temporary as a US census job (unless, in the name of stimulus, Obama decides to make “people counting” a permanent function of the US government.). When the bills come due, the next leg down will be even more severe than the last.

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