FLASHBACK – Feb 2009 – While America lectures Russia on the 1932-33 famine in Ukraine, Russian historian Boris Borisov asks what became of over seven million American citizens who disappeared from US population records in the 1930s. Read More Here
Many Americans have a hard time wrapping their mind around a declining currency or the hidden tax that is inflation. The U.S. Treasury and Federal Reserve understands this and for decades has exploited this issue to slowly siphon off the buying power of the U.S. dollar. Continue reading →
History may not repeat itself, but it does rhyme. I have been in the camp that this is a bear market rally. That is what I thought we would be getting in March. I’m also in the camp that because of the need to deleverage debt in most of the developed world, we will likely be heading into a global economic depression and perhaps at worse case, a collapse in the banking system. Continue reading →
Tent cities springing up all over America are filling with the homeless unemployed from the worst economy since the 1930s. While Americans live in tents, the Obama government has embarked on a $1 billion crash program to build a mega-embassy in Islamabad, Pakistan, to rival the one the Bush government built in Baghdad, Iraq. Continue reading →
(MarketWatch) – Less than 90 days ago, the financial markets were melting down, with the world’s economies mired in a deflationary death spiral that threatened to usher in another 1930’s-like extended downturn. Continue reading →
(Bloomberg) – The current global crisis is “vastly worse” than the 1930s because financial systems and economies worldwide have become more interdependent, “Black Swan” author Nassim Nicholas Taleb said. Continue reading →
Moscow – Russia has issued the first of three volumes of documents on the Soviet Union’s catastrophic famine of the early 1930s. Russian officials claim the widespread starvation was the result misguided Kremlin policies, but in Ukraine the famine is considered an act of genocide. Continue reading →
Some bleak predictions from Morgan Stanley this morning including the forecast that UK profits could fall by 60% in the current downturn – a worse performance than the great depression of the 1930s. Continue reading →
The mainstream media and Wall Street have reached the consensus that the current credit crisis is the worst since the post-war period. George Soros’ statement that ”the world faces the worst finance crisis since WWII” epitomizes the collective wisdom. The crisis is currently the ultimate scapegoat for all the economic evils that currently plague the global financial system and the global economy – from collapsing stock markets of the world to food shortages in third world counties. We are repeatedly assured that the ultimate fault lies with the Credit Crisis itself; if there were no Credit Crisis, all of these terrible things would never have happened in the economy and the financial markets.
Major industrialised economies will suffer the worst slump since the 1930s, according to new research from Deutsche Bank.
The warning underlines the fact that policymakers have failed to prevent the financial crisis from turning into a full-blown economic slump. It comes as world leaders agreed to hold a summit in New York billed as the “Bretton Woods meeting for the 21st century”. Continue reading →