(TimesOfIndia) – Get ready for the next ‘Great Crash’

The next Great Crash is coming. Guaranteed. Maybe not today and maybe not tomorrow. But, in all likelihood, sooner than we think. Read More Here

(McClatchy) – Cash-strapped states cut everything, except the grass

The Illinois Department of Transportation told cities that it will only be able to afford to mow the grass along interstates and state highways twice this summer, according to O’Fallon Finance Director Dean Rich. Read More Here

(MailOnline) – The £84 per year green tax hidden on energy bills that most consumers do not know they are paying

Families are paying £84 a year in ‘hidden’ green taxes to subsidise a shift to wind power and other environmental measures, a study has revealed. Read More Here

(Globe&Mail) – Sticking the Public with the Bill for the Bankers’ Crisis – Naomi Klein

My city feels like a crime scene and the criminals are all melting into the night, fleeing the scene. No, I’m not talking about the kids in black who smashed windows and burned cop cars on Saturday.

I’m talking about the heads of state who, on Sunday night, smashed social safety nets and burned good jobs in the middle of a recession. Faced with the effects of a crisis created by the world’s wealthiest and most privileged strata, they decided to stick the poorest and most vulnerable people in their countries with the bill. Read More Here

(CNBC) – Fannie-Freddie Bailout Could Cost Taxpayers $1 Trillion

For American taxpayers, now on the hook for some $145 billion in housing losses connected to Fannie Mae and Freddie Mac loans, that amount could be just the tip of the iceberg. Read More Here

(WSJ) – IMF Report Shows Deeper Cuts Would Boost Growth

The International Monetary Fund estimates that global growth in five years would expand 2.5% faster if the U.S. and other wealthy countries slash budget deficits more deeply than they are planning, and if China and other large emerging countries do more to boost domestic consumption. Read More Here

(HuffingtonPost) – Who Will Pay: Wall Street or Main Street , The Tobin Tax or the VAT? – Ellen Brown

Wall Street banks have been saved from bankruptcy by governments that are now going bankrupt themselves; but the banks are not returning the favor. Instead, they are engaged in a class war, insisting that the squeezed middle class be even further squeezed to balance over-stressed government budgets. All the perks are going to Wall Street, while Main Street slips into debt slavery. Wall Street needs to be made to pay its fair share, but how? Read More Here

(AlJazeera) – Workers’ strike hits Greece

Thousands of Greek workers have staged a 24-hour strike, in protest against the government’s austerity measures, bringing much of the country to a standstill. Read More Here

(BusinessInsider) – 14 Scary Facts About The The US Real Estate Nightmare – Read More Here

(OrangeCountyRegister) – Unemployed dumping car leases

“Unemployment benefits have been keeping millions of Americans afloat since the recession began,” said Sergio Stiberman, chief executive of “When the clock runs out on benefits, people still jobless look to find ways of further cutting their bills. The ability to transfer a car lease contract can save a person more than $500 each month while keeping their credit intact.” Read More Here

Video: Warning Signs

(Guardian) – Gold may reach new high amid fears of double-dip recession – Read More Here

(Telegraph) – Europe’s banks are still on ‘life support’, BIS warns – Read More Here

(Telegraph) – Roubini says Greece needs orderly debt restructuring to avoid ‘inevitable default’ – Read More Here

(Independent) – Britain ‘might not cope with another bank emergency’

Britain’s mountain of debt could leave the country powerless to launch another rescue bid in the wake of a fresh financial crisis, the world’s central bankers warned yesterday. Their “club” – the Bank of International Settlements – presented in its annual report a frightening picture of the impact of a second banking emergency on heavily indebted nations such as Britain. Read More Here

(Reuters) – Scrap dollar as sole reserve currency: U.N. report

A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value. Read More Here

(Telegraph) – Warning signals of a double-dip recession flash brightly across the world

Global bond markets are flashing warning signals of a sharp slowdown in growth across the world and a possible slide toward a double-dip recession and outright deflation. Read More Here


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