(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.