Economy

(BeforeItsNews) – Market Crash … Depression … Revolution … Blood on the Streets – This is the sixth time since the South Sea Bubble burst in 1720 that huge amounts of wealth have been transferred from those who create it to the already wealthy – Read More Here

(MailOnline) – Millions of motorists face £300 bill to install digital radios as ministers press ahead with FM switch-off – Read More Here

(HuffingtonPost) – Bernanke, Fed Made Used Taxpayer Money To Buy Junk Bonds Without Congress Knowing – Read More Here

(TotalMortgage) – More Than 12 Percent of Mortgages Nationwide Delinquent or in Foreclosure – Read More Here

(Consumerist) – Formerly Beloved Technical Analyst For Wall Street Warns Massive Market Crash Coming

Buy-and-hold stock investors will be devastated in a crash much worse than the declines of 2008 and early 2009 or the worst years of the Great Depression or the Panic of 1873, he predicted. Read More Here

(PittsburghLive) – Americans may be slammed by shocking tax hike – Read More Here

(USAWatchDog) – “Myths” Paul Krugman Does Not Want To Talk About

In a nutshell, Mr. Krugman thinks America will do no harm in the short term if the U.S. government prints money to prop up the economy until it can stand on its own. He thinks it is a myth to believe in “invisible bond vigilantes” who financially attack countries with sky high debt. Read More Here

(EyeBlast) – Video: Obama’s New Health Care Czar: “We Must Redistribute Wealth”

Today, President Obama officially made Donald Berwick his recess appointment to be the administrator of the Centers for Medicare and Medicaid Services.

In a 2008 while speaking on the British health care system in the UK, Berwick said wealthy individuals must redistribute their wealth to those less fortunate for health care funding. Also during this speech, he told those in attendance that he opposes free markets.

“Any health care funding plan that is just equitable civilized and humane must, must redistribute wealth from the richer among us to the poorer and the less fortunate. Excellent health care is by definition redistributional.” Video Link Here

(HenryMakow) – The G-20 Agreed to Strangle Us With Debt

According to most media reports, the recent Toronto G20 summit was a “failure.”

However, if one understands that the real goal is not to repair the economy but indeed crippling it in order to impose a dreadful, new formula of “global governance” on mankind, then the G20 summit was a resounding success, albeit a sinister one. Read More Here

(KurtNimmo) – Video: Documentary Featured on Fox Blames Baby Boomers for Depression

Fox News has run the documentary “Generation Zero” since February. The film, produced by Citizens United Productions, has a central premise — the economic depression now unfolding is the fault of the Baby Boomers. View Video Here

(LATimes) – Auto sales put on the brakes

Wall Street is starting to talk about a worse year for car sales than analysts had anticipated, but automakers and suppliers may be better prepared to handle falling expectations than they were last year. Read More Here

(Bloomberg) – Jim Rogers: Silver is one of the few safe refuges left

Investors should sell bonds and buy commodities like silver and rice as a “refuge” as the world economy may continue having problems, Jim Rogers, chairman of Rogers Holdings said Read More Here

(Telegraph) – Road pricing could become yet another tax

The last time road pricing was suggested, Downing Street’s website crashed as 1.8 million motorists visited it to register their opposition. But the idea has not gone away. Read More Here

(OpinionMaker) – The US: A Long Economic Winter Ahead

Let us keep in mind that in May of 1930, President Herbert Hoover was also proclaiming that “the danger … is safely behind us.” This was ten years too early for such a declaration. Just as in the 1930s, the U.S. economy and many part of the world economy suffer from a debt overhang that usually takes at least ten years to correct. When overall debt is four times larger than the economy, as it is the case today and as it was close to being the case in the 1930s, a debt deflation becomes unavoidable. Read More Here

(CounterPunch) – Warning Signs From the Bond Market – Red Flags for the Economy – Mike Whitney

Bonds are signaling that the recovery is in trouble. The yield on the 10-year Treasury (2.97 percent) has fallen to levels not seen since the peak of the crisis while the yield on the two-year note has dropped to historic lows. This is a sign of extreme pessimism. Investors are scared and moving into liquid assets. Their confidence has begun to wane. Economist John Maynard Keynes examined the issue of confidence in his masterpiece “The General Theory of Employment, Interest and Money”. He says: Read More Here

(USAToday) – Expect lots of government layoffs at state, local level…400,000

Here’s another headwind for a sputtering job market: State and local governments plan many more layoffs to close wide budget gaps.
Up to 400,000 workers could lose jobs in the next year as states, counties and cities grapple with lower revenue and less federal funding, says Mark Zandi, chief economist for Moody’s Economy.com. Read More Here

(BusinessInsider) – Central Banks Dumping Gold At A Torrid Pace

This might explain, in part, the lack of a floor underneath gold prices right now.

Central banks, which had been building up their positions, are now dumping it. Read More Here

(BLN) – Shipping Our Economy, Our Jobs And Our Prosperity To China

As the U.S. economy continues to implode, large American corporations are investing billions upon billions of dollars in China. But all of this investment comes at a price. Over the past several decades, hundreds of factories and manufacturing facilities that would have been constructed in the United States, along with millions of decent paying jobs, have ended up going to China instead where labor is so much cheaper. Read More Here

(FinancialTimes) – Investors Fear Rising Risk of U.S. Regional Defaults

Investors are worried that the risk of default for US local governments is growing, amid signs that some regions are facing the same type of difficulty in curbing pension and budget deficits as some eurozone countries. Read More Here

(AP) – Calif. state workers brace for minimum wage

Some California state workers are preparing to tap into their savings while others already are cutting expenses as Gov. Arnold Schwarzenegger’s minimum wage order moved one step closer to reality. Read More Here

(WashingtonsBlog) – China Becoming Target of Credit Default Swaps

As I noted on May 5th, France is in more trouble than most realize.

And as I (and many others) have pointed out, China isn’t necessarily the unstoppable powerhouse that people assume.

But yesterday, Tyler Durden reported on a startling development: Read More Here

(Bloomberg) – U.S. Shopping Center Vacancies Approach Record High, Reis Says

Vacancies at U.S. neighborhood and community shopping centers moved closer to the highest on record in the second quarter amid signs the economic recovery is losing steam and consumer confidence remains subdued, Reis Inc. said. Read More Here

(Bloomberg) – Sovereign Default Risk Rose 30% as European Debt Crisis Deepened, CMA Says

The cost of insuring sovereign debt against default climbed 30 percent on average last quarter amid Europe’s escalating fiscal crisis, according to CMA DataVision. Read More Here

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