Economy

(ZeroHedge) – Video: ECU Group’s Philip Manduca “We Are At A Tipping Point” And The Only Thing That May Save The Euro Is A Collapse Of The US

For once, some actually good insight from a CNBC guest. Philip Manduca, Head of Investment of the ECU Group, discusses Greece and the very severe implications of what the final outcome will look like. “Trichet said the Greeks are crooks, and they’ve been lying about the numbers. There is a deeply embedded corruption within the Eurozone. Combined with the endemic European socialism and there is just no way you are going to get spending cuts and tax raises and maintain a GDP that makes any sense of the percentage aspect of debt to GDP. So the whole show is wrong. This is an intractable situation, this is going to continue on and on. The onle hope for the Eurozone, and the Euro as a currency, is that sameone takes the spotlight soon, and that may be the United States.” Watch the rest as Philip’s perspective is spot on…Not to mention that he sees gold as the only alternative to the fiat bonfire soon to engulf the western world. – Video Link Here

(MarketWatch) – Goldman Sachs’ Hu may join China central bank

Fred Hu, an investment banker with Goldman Sachs Group Inc.  is likely to take up a senior post at China’s central bank after formally stepping down from the Wall Street firm in April, the state-run China Daily said Friday, citing people familiar with the matter. Read More Here

(SeattleTimes) – Columbia Center misses mortgage payment

The owner of the Northwest’s tallest building, the 76-story Columbia Center, missed a mortgage payment this month, providing fresh evidence of the troubles facing downtown Seattle office landlords. Read More Here

(WTNH) – Marlin Firearms closing, 265 laid off

Employees at Marlin Firearms in North Haven just got word late Thursday afternoon that they will be losing their jobs in the next 18 months. Read More Here

(MailOnline) – Economic power grab by EU: Plan to control Britain’s economy as Europe bails out Greece

European leaders have launched an audacious bid to create an ‘economic government of the EU’ – even as they were forced to go cap in hand to the International Monetary Fund for a £20 billion bailout of debt-stricken Greece. Read More Here

(SunSentinel) – Florida unemployment hit record 12.2 percent in February

Florida’s unemployment hit 12.2 percent in February, the highest rate on record, soaring past even the rates recorded in the 1973-1975 recession, the state work force agency said Friday Read More Here

(SJ-R) – State Police plan massive layoffs, HQ closures

The Illinois State Police will lay off more than 460 troopers and close five regional headquarters by this fall, acting State Police director Jonathon Monken said Tuesday. Read More Here

California Joblessness Reaches 70-Year High: Highest Since 1940

The New York Times notes:

California’s unemployment rate in August hit its highest point in nearly 70 years…The state’s new unemployment rate [is] 12.2 percent, according to the Bureau of Labor StatisticsContinue reading