Economy

(RussiaToday) – Video: The G8 “Solution” to the Crisis is the Cause of Economic Collapse – Michel Chossudovsky

(CGG) – Capital Gold Group Report: Where is gold headed from here? Quotes from Peter Schiff and David Rosenberg

Peter Schiff, President & Chief Global Strategist of Euro Pacific Capital, told Business Week recently that, “People are afraid of the debasement of all the currencies. What’s surprising is that gold is still as low as it is … Gold could reach $5,000 to $10,000 per ounce in the next 5 to 10 years.” Read More Here

(CGG) – Capital Gold Group Report: “Gold Is Increasingly Being Viewed As A Currency Of Its Own” – Read More Here

(Goldseek) – Why Many Analysts See Gold Going As High As $10,000 Read More Here

(WSWS) – US Supreme Court ruling favors convicted corporate swindlers

The US Supreme Court has significantly restricted the ability of federal prosecutors to bring criminal charges against corrupt politicians and corporate CEOs who plunder their own companies, setting strict limits on the use of a 1988 law making it a crime for such officials to deprive constituents or shareholders of their “intangible right of honest services.” Read More Here

(Guardian) – Greece Ready to Sell Rhodes, Mykonos to Investors – Read More Here

(WashingtonsBlog) – Congress Pimps Out the American People

We knew Congress was just pimping out the American people, and partying at our expense.

But it is still disgusting to see Congressman Barney Frank, Senator Chris Dodd and the rest selling out the American dream. Read More Here

(MSNBC) – Romanian court: Some budget cuts unconstitutional

A top Romanian court ruled Friday that some of the austerity measures proposed by the government were unconstitutional — a move that will likely delay a crucial multibillion loan from the International Monetary Fund. Read More Here

(Guardian) – Greece starts putting island land up for sale to save economy – Read More Here

(Reuters) – UPDATE 2-Italians strike over Berlusconi’s austerity budget

Tens of thousands of demonstrators marched through Italian cities on Friday during a general strike by Italy’s largest union to protest at cuts by Prime Minister Silvio Berlusconi’s conservative government. Read More Here

(Bloomberg) – States of Crisis for 46 Governments Facing Greek-Style Deficits

Californians don’t see much evidence that the worst economic contraction since the Great Depression is coming to an end. Read More Here

(ZeroHedge) – ECRI Leading Economic Index Plunges At -6.9% Rate, Back To December 2007 Levels When Recession Officially Started – Tyler Durden

It’s getting close: the fabled -10% annualized change (see David Rosenberg) which guarantees a recession is now just 3.1% away, which at this rate of collapse will be breached in two weeks. Read More Here

(RussiaToday) – Video: Tarpley: ‘Obama’s plans are hogwash’

As demonstrators get ready to descend upon the G-20 Summit to protest against the establishment, the heads of state might be getting ready to protest each other. At the forefront of the conference is the United States and China, clashing already over possible money manipulation. Webster Tarpley says that President Obama’s administration is sabotaging Blanche Lincoln’s bill in congress that bans derivatives. View Video Here

(RussiaToday) – Celente: The US is run by Wall Street

(June 25) – Video: Bob Chapman – Obama’s Asset Holder ‘Vanguard’ Sold BP Stock Weeks before Gulf Oil Disaster!

[[ Day 63: Obama To Earn Nearly $85 Million From Gulf Oil Disaster ]]
“Goldman Sachs wasn’t alone either in its astute “foreknowledge” of the collapse of BP’s stock value due to the Gulf disaster as BP’s own chief executive, Tony Hayward, sold about one-third of his shares weeks before this catastrophe began unfolding too.
But according to this FSB report the largest seller of BP stock in the weeks before this disaster occurred was the American investment company known as Vanguard who through two of their financial arms (Vanguard Windsor II Investor and Vanguard Windsor Investor) unloaded over 1.5 million shares of BP stock saving their investors hundreds of millions of dollars, chief among them President Obama. Continue reading

Economy

(MyBudget360) – Middle class shackled by banking debt chains. 113 million households each owe an average of $113,000 in banking debt for mortgages, student loans, credit cards, and auto loans. $45 trillion in household sector debt, government debt, and domestic financial sector debt Read More Here

(AP) – More borrowers in trouble despite federal help

Result could be a new wave of foreclosures as thousands exit program – Read More Here

(RawStory) – US economy still in ‘incredibly difficult period’: Geithner – Read More Here

(TIME) – Inside the Dire Financial State of the States – Read More Here

(Infowars) – The Difference Between Economic Policy and Monetary Policy Read More Here

(Cryptogon) – Video: Chinese Manufacturers Looking to Replace Workers with Machines – Video Link Here

(Infowars) – When will the SEC prosecute for market rigging? – Read More Here

(NYTimes) – Rats Jumping Ship: Orszag Leaving as Budget Director

Peter R. Orszag will leave his job as the White House budget director in July, according to someone familiar with his plans, making him perhaps the first official to leave the Obama Cabinet and removing a major player from President Obama’s economic team. Read More Here

(NewsBusters) – Hoyer Nixes Middle Class Tax Cut, Says Too Expensive – Read More Here

(LATimes) – Maywood to lay off all city employees, dismantle Police Department – Read More Here

(BusinessWeek) – Osborne Increases U.K. Value-Added Tax Rate to 20% (Update1) – Read More Here

(DanielAmerman) – Video: Deadly Danger Of Dow 50,000 – Video Link Here

(CorbettReport) – Video: The Meaning of “Austerity”

“Austerity” is one of those Orwellian terms that has been injected into our political discourse precisely because it is a nice-sounding word for a very painful reality. “Austerity” implies discipline, self-restraint, even nobility. “Austerity” is prudent. “Austerity” is modest. “Austerity” is a virtue. It is an end in itself.

If the IMF or the European Central Bank come to the people of a collapsing European nation and tell them to sacrifice their pensions and their savings and their very standard of living all for a debt that their government has fraudulently racked up in their name, no one would go for it, and rightly so.

But tell those same people that they need to implement “austerity measures” in order to “get back on their feet” economically, and many will be willing to live in the harshest of conditions, content to put up with the dismantling of their nation itself in the vain hope that by giving more power to the international financial institutions they can somehow avoid economic collapse. Continue reading

Austerity Fascism Is Coming And It Will Be Brutal

(PaulWatson) – Welcome to the age of rage – riots and revolutions will be the reaction to the next stage of the new world order Continue reading

Economy

REPOST – (Examiner) – CAFR: US agencies have billions, trillions in investments while crying budget deficits

Gerald Klatt and Walter Burien are unrecognized heroes. These individuals are national leaders who have communicated how government agencies conceal American taxpayers’ money in surplus accounts that collectively total trillions of our dollars. The data is found in government agencies’ Comprehensive Annual Financial Reports (CAFRs).

What CAFRs reveal is a communist-style policy whereby the US taxpayers surrender enormous assets to the state, who then “invest” these collective trillions that swell in these accounts. Concurrently, taxpayers are informed of budget deficits to either squeeze more taxes from them and/or cut public services. To add insult to injury, the state lies in omission by never reminding Americans of their hard-earned and withheld trillions as they eliminate jobs, reduce education, and attack the quality of our lives. Read More Here

(BusinessInsider) – Hugh Hendry’s Slams Economist Jeffrey Sachs: I Would Recommend You Stop Going Skiing And Panic

The European banking system is in crisis, says Hendry.
“I would recommend you panic.”
The hedge fund manager of Eclectica Management went on BBC Newsnight last night to play pessimist against Jeffrey Sachs, an economist from Columbia University. Read More Here

(Consumerist) – Your Household’s Share Of The September 2008 Economic Collapse: $104,350

A recent report from the Pew Charitable Trusts tallies up each US household’s share in the economic collapse. Your household’s share? $104,350. That includes lost income, government bailouts, and both reduced home values and reduced stock values. Read More Here

(MyBudget360) – Most over valued region in San Francisco gets a taste of the commercial real estate bust. $3 trillion in loans starting to implode at a faster rate. Why commercial real estate will plunge FDIC insured banks into closure. Bought for $415,000 per apartment unit – Read More Here

(RollCall) – House Democrats Lack Votes for Extender Package

The tax and unemployment benefits extension bill appeared on the brink of collapse Thursday afternoon, with House Democratic leaders short of the votes they need to pass it and fiscally conservative Blue Dog Democrats defecting. Read More Here

(CNBC) – Video: Gold at $36,000 Not as Ridiculous as It Sounds?

Gold has reached record highs in recent weeks, but it will continue to rise, Ben Davies, CEO of Hinde Capital told CNBC Wednesday. View More Here

(OpenCongress) – Stimulus II — Big Vote Today, Here’s What’s in It

The Democrats have prepared a second, smaller stimulus bill of about $127 billion in new short-term spending called the American Jobs and Closing Tax Loopholes Act of 2010, and they are planning to hold a vote on it in the House on today. Late on Wednesday night, the bill was revised. Here’s what’s in the final bill. Read More Here

(InterForecaster) – Bob Chapman: They Want A Collapse, Its Deliberate

Europe is rescuing its economy in the same way that the Federal Reserve has attempted to same America’s financial system and economy. They have used an unprecedented aid and stimulus package to offset massive fiscal deficits. In the US a deflationary depression was avoided at least temporarily and that is what is now being attempted in Europe with the guidance of the Federal Reserve. Read More Here

(QBit) – Toll privatization scheme in Michigan HB 4961 amounts to a tax paid directly to private corporations, without representation

Michigan House Bill 4961 [pdf] boils down to Taxation without Representation – turning the State’s right to levy taxes over to private international corporations, essentially ceding sovereignty over critial infrastructure. The corporations will be able to levy highway tolls without oversight or regulation on US citizens, should this bill pass. Read More Here

(LondonTelegraph) – Paper: Financial Crisis Worse Than 2008

This financial crisis is worse than the sub-prime crash of 2008 because the sums are so much bigger and it is governments that are in dire straits. Edmund Conway explains the dangers. Read More Here

(PaulWatson) – Ron Paul: Inside Sources Told Me Fed Is Panicking At Mass Awakening

Appearing on The Alex Jones Show yesterday, Congressman Ron Paul revealed that through his inside sources he had learned that the people who control the Federal Reserve are panicking about the fact that Americans are waking up to the fact that the U.S. is controlled by the central bank. Read More Here

(KurtNimmo) – Fiat Money Supply Contracting at Great Depression Level

The bankster operative who helped destroy Glass-Steagall is back.

Larry Summers, Obama’s top economic adviser, has told Congress to “grit its teeth” and approve a fresh fiscal boost of $200 billion to keep growth on track, reports the Daily Telegraph. “We are nearly 8m jobs short of normal employment. For millions of Americans the economic emergency grinds on,” he said. Read More Here

(May 26) – Video: Walter Burien Explains The Comprehensive Annual Financial Report on Alex Jones Tv – Part 1 HerePart 2Part 3Part 4Part 5Part 6

(EconomicPolicyJournal) – The Hire, Fire, Hire Census Game, Or Why the Unemployment Numbers Are Improving

You know the old saying: “Everyone loves a charade.” Well, it seems that the Census Bureau may be playing games.
Last week, one of the millions of workers hired by Census 2010 to parade around the country counting Americans blew the whistle on some statistical tricks. Read More Here

(EconomicCollapseBlog) – Are We About To Witness The Greatest Banking Consolidation In U.S. History?

As the number of bank failures in the United States continues to accelerate, many analysts are warning that we could soon see unprecedented changes in the U.S. banking industry. In fact, there are some economists that are warning that we could be about to witness the greatest banking consolidation in U.S. history. Read More Here

(WashingtonsBlog) – Top Bond Vigilante: Fiscal Austerity May Not Work

Gross says in his latest investment outlook that austerity may not work to lower sovereign debt: Read More Here

(TheMessThatGreenspanMade) – In a Word, the Problem is “Debt”

Recent developments in the euro zone that increasingly look like they will lead to the restructuring (if not the collapse) of one of the world’s major currencies and the potential for this “contagion” to move first north to the U.K. and then west to the U.S. have many people wondering what’s gone wrong with the global monetary system.

How could advanced Western economies have run into such trouble? Read More Here

(RussiaToday) – Video: Max Keiser – Big Banks Allocate Losing Trades to Clients, Keep Winning Trades for Themselves

Max Keiser – journalist, former Wall Street broker and options trader, and inventor of the software which is now being used for high frequency trading – claims that the big banks retroactively allocate losing trades to their clients, and keep the winning trades for their own proprietary trading desks: Continue reading

Economy

Video: Max Keiser – GLOBAL BREAKDOWN: Gerald Celente’s latest trends – Video Link Here

Video: Schiff & King Discuss Gold & Silver: Panic Gold buying in Germany – Video Link Here

(L.A.City) – Controller Greuel Releases Audit Showing City Can’t Find 45% of Items Purchased with Taxpayer Funds – Read More Here

(Telegraph) – Hedge funds bet big on the falling euro

Hedge funds that made millions from the implosion of America’s subprime market are betting on a similarly dramatic collapse of the euro. Read More Here

(Infowars) – The 750 Billion Euro Bluff

The Germans recently approved their portion of the €750bn European bailout fund, and I think that’s all the money we will see. It’s highly unlikely that the EU has the capital to pull off the entire thing, unless the ECB starts printing money à la full-blown quantative easing. They are just trying to bluff the speculator vultures, so that they won’t start circling Portugal, Ireland and other weak EMU economies. But I think eventually the vultures will smell blood. Read More Here

(ABC) – Video: Clarke and Dawes ask the million dollar questions

John Clarke and Bryan Dawe calculate the cost of the European debt crisis. – Video Link Here

(BusinessInsider) – Will Trichet Let A Deflationary Depression Happen So He Can’t Be Accused Of Bailing Out Greece? – Read More Here

(Telegraph) – City fears of ‘Great Depression Mark II’

Leading City experts have started raising the prospect of “Great Depression II” amid worries that the European economic crisis could trigger a deeper bout of chaos. Read More Here

(EconomicPolicyJournal) – 32 States Have Borrowed from the Federal Government to Make Unemployment Payments; California Has Borrowed $7 Billion

EconomicPolicyJournal.com has learned that 32 states have run out funds to make unemployment benefit payments and that the federal government has been supplying these states with funds so that they can make their payments to the unemployed. In some cases, states have borrowed billions. As of May 20, the total balance outstanding by 32 states (and the Virgin Islands) is $37.8 billion. Read More Here

(SFGate) – Courts quash cuts, add to state’s budget woes

Designated cuts to health and human services that were rejected by federal courts alone have resulted in $4.5 billion in lost savings over the past three years, according to Gov. Arnold Schwarzenegger’s administration. Read More Here

(TIME) – Florida Braces for Oil Spill, Impact on Tourism Industry

Like an environmental version of the hurricanes that ravaged the Gulf States in 2005, the epic spill from the Deepwater Horizon rig seems almost certain to foul every coastal corner it can. After paralyzing Louisiana’s commercial fishing industry, it is threatening Florida’s $60 billion tourism business. Read More Here

(WSJ) – AIG Executives Won’t Face Criminal Charges

The decision brings to a close a criminal investigation that, while mostly under wraps, was widely followed. The September 2008 bailout of AIG was one of the biggest and most shocking of the financial crisis, as trading by a noninsurance unit brought down one of the most iconic financial companies world-wide. Read More Here

FLASHBACK – (TIME) – Scandals The Looting of Greece

The plot was an audacious one. To create the pool of crooked money, PASOK leaders had for three years ordered state-managed corporations such as the Post Office, the Organization of Urban Transportation and the State Pharmaceutical Co. to transfer large bank deposits — the country’s money, in effect — out of the big national banks into the Bank of Crete, then the / smallest private bank in the country. There, Koskotas says, he arranged for the government deposits to draw an exceptionally low rate of interest, only 2% or 3%. Bank savings accounts in Greece routinely draw 15% interest. The excess interest earned on the government deposits was siphoned off and went straight to the politicians, he says. In addition, protected and encouraged by Papandreou, Koskotas secretly plowed Bank of Crete funds into his magazines and newspapers. Read More Here

(LewRockwell) – Sell in May and Run Away . . . Fast

Stock markets all over the world are falling. The first market to begin falling was China’s. It peaked in early August of 2009. It struggled back, though not to its August peak, but is now falling. The decline is accelerating. It is down by about 25% in 2010. Read More Here

(MoneyAndMarkets) – Massive Currency and Debt Devaluations Lie Ahead

The run-up in the stock market from March 2009 until last month was sharp and rewarding … for some. But there was one problem, it came with disproportional risk. You see, the stock market rose to an extent that it was pricing in perfection … a V-shaped recovery … a return to normal.

That overly optimistic view on the world can make for an ugly ending Read More Here

(WashingtonsBlog) – The Giant Banks, Federal Reserve and Treasury Have All Blackmailed America

As I wrote last October:

Congressmen Brad Sherman and Paul Kanjorski and Senator James Inhofe all say that the government warned of martial law if Tarp wasn’t passed. And Rahm Emanuel famously said:

Never let a serious crisis go to waste. What I mean by that is it’s an opportunity to do things you couldn’t do before.

Last year: Read More Here

(RTTNews) – Massive Demonstration In Romania Protesting Austerity Measures

The demonstration by some 20,000 people, who gathered in front of the government headquarters in capital Bucharest to protest planned government wage-cuts, was one of the largest mass protests that the Eastern European country witnessed since the fall of Communism in 1989. Read More Here

(Examiner) – CAFR: US agencies have billions, trillions in investments while crying budget deficits

Gerald Klatt and Walter Burien are unrecognized heroes. These individuals are national leaders who have communicated how government agencies conceal American taxpayers’ money in surplus accounts that collectively total trillions of our dollars. The data is found in government agencies’ Comprehensive Annual Financial Reports (CAFRs). Read More Here

(SofiaEcho) – Greece prepares for massive new strike

Massive general strikes by the Greek public sector will all but paralyse much of the country as Greek trade unions launch another 24-hour general protest against planned additional austerity measures. Read More Here

(GardenHarvest) – Severe Poverty Growing Rapidly

The percentage of Americans living in severe poverty – with incomes less than half of the federal poverty line – has reached a 32-year peak. A recent analysis of 2005 census data by McClatchy Newspapers found nearly 16 million Americans living in deep or severe poverty, defined as a family of four with income of $9,903 a year or less and an individual living on less than $5,080 a year. Read More Here

Video: Greece riots – 100,000 fight against harsh cuts in Athens financial crisis protests

See Also:

(CNN) – Video: Greece Descends Into CHAOS! – Video Link Here

(BusinessInsider) – Pictures Of The Most Violent Greek Riot Yet – Read More Here

(GlobalResearch) – Greece: Poverty and Social Implosion in the Wake of the Financial Bailout

“This is not our debt, but we are being made to pay for it,” said one angry Greek worker, explaining why he like thousands of other Greeks are taking to the streets in protest at their country’s bail-out plan. Read More Here

(KurtNimmo) – Deadly Greek Bank Fire Blamed on Opposition to IMF Austerity

How to discredit growing opposition to “austerity” measures? Kill a few people. It looks like this may be what happened in Greece today. Read More Here

(TimesOnline) – Greeks begin two-day strike as banking system is saved from meltdown

Greek public sector workers today began a 48-hour national strike that is a first test of the Government’s ability to enact new austerity measures agreed with the EU and IMF in return for billions of euros in aid. Read More Here

Top Ratings Agency Warns Austerity Riots Could Hit America

(PaulWatson) – Top ratings agency Moody’s has predicted that the U.S. and the UK could witness similar riots to those seen in Greece in response to emergency austerity measures imposed by governments in an effort to retain their AAA credit status. Continue reading

European bankers demand unprecedented austerity measures

(WSWS) – European bankers are demanding that countries on the brink of national bankruptcy impose brutal austerity measures on their populations. Continue reading