(TheEconomicCollapse) – 11 Reasons Why The Federal Reserve Is Bad – Read More Here
(SteveWatson) – Bailouts Went To Foreign Banks: Congressional Report Confirms What We Already Knew – Is the offshore banking takeover still a conspiracy theory? – Read More Here
(WashingtonsBlog) – The Fed’s New Round of Quantitative Easing Is Like Trying to Patch Leaking Pipes by Pumping in More Water
Bernanke announced additional quantitative easing yesterday, primarily in the form of buying treasuries to monetize the U.S. debt.
Jeff Harding points out that those worried about deflation within the Fed won out over the scared-of-inflation camp: Read More Here
(CNBC) – Youth Unemployment Hits Record High – Read More Here
(NYTimes) – Debts Rise, and Go Unpaid, as Bust Erodes Home Equity – Read More Here
(BusinessJournal) – Survey: 40 percent of U.S. professionals want to quit – Read More Here
(Gallup) – Spending Slumps Even With Back-to-School Underway – Read More Here
(TruthDig) – The Rubin Con Goes On
The corruptions of journalism were on full display when CNN’s Fareed Zakaria turned to Robert Rubin this past Sunday for advice on how to fix the financial crisis that he, as much as anyone, caused. I was trapped on a treadmill in front of an overhead television and unable to turn the thing off in time to avoid this assault on my mental and physical health. Read More Here
(TheTruth) – No Recovery in Sight: 40 Statistics which Confirm the Collapse of the U.S. Economy – Read More Here
(GlobalResearch) – “Unregulated Greed has Destroyed the Capitalist System”: The Big Things That Matter And The Little Things That Annoy – Paul Craig Roberts – Read More Here
(TheEconomicCollapse) – 15 Economic Statistics That Just Keep Getting Worse Read More Here
REPOST – (InterForecaster) – Economy Teeters On The Brink and Market Manipulation Continues – Bob Chapman – Read More Here
(AP) – Video: Foreclosures Continue to Rise – Video Link Here
(MikeKarnj) – College, Inc.
I believe we will witness something just as globally shattering with the looming crash of higher education loans. The rising cost of higher education coupled with the diminishing value of college degrees can only lead to a downhill spiral. Read More Here
(PMQ) – Wheat Prices Soar. Are Bread Prices Next?
“The price of wheat has surged more than 80% from its seven-month low in June, rallying to its highest level since August 2008 this week, as Russia said it would ban grain exports until Dec. 1 due to a drought that has destroyed more than 20% of its wheat crop. Prices retreated Friday but still remain up 10% for the week. Read More Here
(Neithercorp) – U.S. Dollar Now Ripe For Catastrophic Devaluation – Read More Here
(CBSNews) – Foreclosures Surge 9% from June to July
Increasing Repossessions a Sign that Lenders Moving Fast to Reclaim Homes from People Behind on Payments Read More Here
(Bloomberg) – Wells Fargo Must Pay Consumers $203 Million in Overdraft Case
A judge ordered Wells Fargo & Co. to stop manipulating debit-card transactions without consumers’ knowledge to increase revenue from overdraft fees while ruling the bank should pay about $203 million to customers because of the practice. Read More Here
(IrishCentral) – Zombie bank to cost Irish taxpayers billions more – Anglo Irish debts tip of the iceberg? – Read More Here
(Fortune) – Why the Social Security trust fund is useless
It’s one of the world’s biggest piles of funny money, but when the deficits get out of hand, no one will be laughing. Read More Here
(PaulWatson) – Fed Leads America “To The Brink Of Collapse”
When even the New York Times and CNN are admitting that the United States faces not only a double-dip recession but potentially a new great depression, any alarm bells that have not been rung should now be sounding loudly.
Following in the footsteps of the New York Times’ David Krugman, who in June wrote that the United States had entered a third depression similar to the Long Depression of the 19th century, CNN Money carried an article yesterday brazenly entitled, Is this finally the economic collapse?.
The piece, written by Keith R. McCullough, points out that the Fed’s announcement that it will start buying Treasury debt, is a “crossing the Rubicon” moment and “could lead the country to the brink of collapse”.
Paul Joseph Watson
Thursday, August 12, 2010
“Crossing the 90% debt/GDP threshold is the equivalent of crossing the proverbial Rubicon of economic growth. It’s a point from which it’s almost impossible to return,” states the article, adding that the market has not responded to quantitative easing so to engage in more of the same would be completely futile.
“With 40.8 million Americans on food stamps (record high) and 45% of the unemployed having been seeking employment for 27 weeks or more (record high), what’s left if (or when) QE2 doesn’t kick start GDP growth? Should we start begging for QE3? Should we cancel the bomb of the National Association of Realtors’ existing home sales report, scheduled for public release on August 24th? Or should we bite the bullet and accept that current economic policy dictates 0% returns-on-savings, even as Washington continues to lever-up our future to the point of economic collapse?” writes McCullough.
The Dow Jones slipped by 265 points yesterday as both the Bank of England and the Federal Reserve indicated that, as we predicted all along, the happy clappers who blithely talked of “robust recovery” were in fact completely wrong and now that the futile and transitory life-support machine of quantitative easing has been turned off, the picture looks almost as bad as when the crisis began in 2008.
Predictions on GDP growth seem to be shrinking by the day as Ben Bernanke greases the skids for QE2 – a fresh round of printing money out of thin air, destroying the long term value of the dollar which has already had 9 consecutive down weeks since June but ensuring the central bankers that run the United States continue to reap lucrative interest payments on the spiraling national debt. The U.S. government, via the taxpayer, paid out nearly $20 billion in interest on debt last month alone, as the Federal Reserve enjoys record profits, only 20 per cent of which is returned to the Treasury.
With Barack Obama’s political dynasty crashing and burning just as fast as hopes of an economic recovery combust, while rhetoric and tension with Iran reaches a crescendo, from different directions these three developments race towards an identical and ominous consequence – war.
Just as the Great Depression was only really neutralized by the involvement of American forces in World War II in 1941, conflict on a similar scale could be the only tool with which to reverse the decline.
The elitists who run the planet would seemingly prefer to opt for a slow, suffocating, anemic decline that gradually lowers living standards and stealthily deflates the American dream without the victims being able to sufficiently rouse themselves from their fluoride-induced slumber to do anything about it. But with the pace of events seemingly now getting out of hand even for the custodians of the new world order, more drastic action may be called for.
With the agenda for world government frustratingly behind schedule, the more daring move would be to launch another catastrophic global war in a desperate effort to kill innumerable birds with one huge stone. The consequences would of course be horrific for mankind, but from the ashes of world war three, the globalists would be able to re-build the globe in their image.
The stakes have not been this high for some 70 years, and as Marc Faber advised recently, the best things to do to prepare for whatever is coming are to buy gold, move away from urban areas and purchase farmland, and be prepared to defend that land with force should civil unrest and food riots occur, as many are now forecasting.