(CNNMoney) – Hello Chinese exports, good-bye U.S. jobs – Read More Here
(BusinessWeek) – Banks With State Debt Ignore Not-If-But-When Default (Update1)
European banking shares indicate a Greek debt default may be just a matter of time. Read More Here
(AP) – Japan PM warns of Greece-like debt crisis
Japan could face a financial mess like the one that has crippled Greece if it does not deal urgently with its swelling national debt, the new prime minister warned Friday. Read More Here
(SeekingAlpha) – Soros: Financial Crisis, ‘Act II’
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
(BullionMark) – Weimar Gold & Silver Prices 1919-1923
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.
June 12, 2010
|The ultimate result of an economic situation created by the state.|
“Such chaos includes closing all state parks, motor vehicles offices, courts, and even the lottery. Public assistance payments would not be made and unemployment payments might also be held up,” reports Marcia Kramer for WCBS.
No state registration (and fees) of motor vehicles! No courts to convict people for violating myriad laws imposed by the state and throwing the victims into the prison-industrial complex! No state lottery to fleece the plebs! No bureaucrats collecting fees at state parks and ticketing people for littering or double parking! Chaos, indeed — for the parasite state. A time out for just about all other New Yorkers.
Except the dependent class of welfare “recipients” receiving “public assistance” (receiving stolen goods) and millions reduced to going on the dole thanks to the bankster manipulated economy that creates and destroys jobs.
Naturally if cut off from the “insurance” teat many of these folks will go into the street and break and burn things. Can you blame them? Slaves often rebel.
Paterson has called New York politicos who will not go along with his budget plan thugs. Republicans want more cuts than those offered by the gov. Paterson’s piecemeal cuts include delaying “welfare grant” (stolen goods) increases, denying welfare to folks who do not meet employment requirements (as if there are any jobs to be had in New York or anywhere else), and reducing what bureaucrats call a “personal needs allowance” for drug addicts (the CIA ships in the drugs and the tax payers are forced at gunpoint to fund expensive programs to get them off the drugs — an endless cycle).
New Yorkers need not worry though — for now. It looks like Paterson and the lawmakers will come up with a deal by Monday and the budget problems of the state will limp along until something finally breaks and the whole house of cards comes tumbling down.
Only martial law will stop the anarchy and chaos after that happens.