(HuffingtonPost) – The Iraq and Afghanistan Wars Mutilated Our Economy
$1,000,000,000,000.00 – As of today, that’s how much we’ve spent just in direct costs so far on the stupid wars in Iraq and Afghanistan. Read More Here
(Bloomberg) – Video: Pento Sees `Double-Dip Recession’ in U.S
Michael Pento, chief economist at Delta Global Advisors, talks with Bloomberg’s Margaret Brennan about the outlook for the U.S. economy and investment strategy. Pento says the Federal Reserve is keeping interest rates artificially low and that he sees a “double-dip recession.” Video Link Here
(ComingDepression) – Venezuelan inflation rate hits 30 percent; South American currency planned
“That’s an incredible surge,” Adrian Aguirre, an economist at Caracas-based Bancaribe SA, said in a telephone interview. “The fact that food prices rose by more than 11 percent is something we’ve never seen in the last decade.” Read More Here
(ComingDepression) – The PIIGS are dying: Spain following Greece
“Europe’s top job-creator only two years ago, Spain now has the region’s highest unemployment rate, at just over 20 percent, and is the slowest of the major economies to emerge from the global recession. Meanwhile, the ratings agency dealt a blow to state efforts to shore up confidence in its finances by cutting the country’s rating one notch from AAA to AA plus” Read More Here
(TheComingDepression.net) – New Jersey, Florida, California, Illinois canaries in coalmine
“We [Miami] are not the only city, municipality to be going through this. It looks like Los Angeles sometime next week or the week after will be going bankrupt. It looks like there will be 30 more cities following suit.” New Jersey Governor Chris Christie said the state is “careening our way toward becoming Greece” and can’t afford the cost of benefits and pensions for current workers. Read More Here
(RollingStone) – Wall Street’s War – Matt Taibi
Congress looked serious about finance reform – until America’s biggest banks unleashed an army of 2,000 paid lobbyists Read More Here
(RawStory) – US House votes quadrupling of per-barrel oil tax
The US House of Representatives on Friday voted to more than quadruple a per-barrel oil tax that fills a special trust fund to pay for damages from major spills like the Gulf of Mexico disaster. Read More Here
(NeithercorpPress) – Warning Signs Of Full Spectrum Collapse Are Everywhere
The sovereign debt crisis in Greece and many other European nations has, at least for the moment, open a gap in the wash of financial disinformation that has prevailed in the mainstream media for the past year. Read More Here
(Reuters) – Geithner offers China vow of greater fiscal discipline – Read More Here
(DailyBell) – EU Spins Out of Control
Euro under new pressure after Spain’s debt rating is downgraded … Markets set to fall after ratings agency Fitch strips Spain of AAA score … French debt rating also threatened, says budget minister Francois Baroin Read More Here
(SafeHaven) – The Looming Financial Holocaust – Is Closer Than We Thought ..
We had expected the broad stockmarket and the resource sector to stabilize and start to recover last week and they did, and while we are likely to see further recovery in the days and perhaps weeks ahead, there have been some ominous developments in the recent past that we would be most unwise to ignore. Read More Here
(MarketOracle) – Gold and Silver Bull Market Progress Report – Read More Here
(MineSet) – The Same Big Fat Greek Problems are Coming to America
We would all like to think the U.S. will not suffer the same problems as Greece. I am talking about drastic spending cuts to just about everything. Read More Here
(Bloomberg) – U.S. Inflation to Approach Zimbabwe Level, Faber Says (Update2)
The U.S. economy will enter “hyperinflation” approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said.
Prices may increase at rates “close to” Zimbabwe’s gains, Faber said in an interview with Bloomberg Television in Hong Kong. Zimbabwe’s inflation rate reached 231 million percent in July, the last annual rate published by the statistics office Read More Here
(ExpressCoUK) – RBS REJECTS PROTESTS OVER £1BN BONUS PAYOUT
ROYAL Bank of Scotland will ignore protests and award up to £1 billion in bonuses to its staff next month. The bank will pay out a combined total of between £950 million and £1 billion. Read More Here
(BusinessInsider) – Top German Bankers See Plot To Funnel Bailout Money To French Banks
From the beginning, it’s been clear that the bailout of Greece would be a bailout in large part of French banks, owing in part to the fact that French banks had the biggest exposure.
Yet apparently some top German bankers are alarmed at how things are playing out. Read More Here
(EconomicCollapseBlog) – The U.S. Economic Collapse Top 20 Countdown
So just how bad is the U.S. economy? Well, the truth is that sometimes it is hard to put into words. We have squandered the great wealth left to us by our forefathers, we have almost totally dismantled the world’s greatest manufacturing base, we have shipped millions of good jobs overseas and we have piled up the biggest mountain of debt in the history of mankind. We have taken the greatest free enterprise economy that was ever created and have turned it into a gigantic house of cards delicately balanced on a never-ending spiral of paper money and debt. For decades, all of this paper money and debt has enabled us to enjoy the greatest party in the history of the world, but now the bills are coming due and the party is nearly over.
In fact, things are already so bad that you can pick almost every number and find a corresponding statistic that shows just how bad the economy is getting.
You doubt it?
Well, check this out…. Continue reading
(CampaignForLiberty) – If you’re an American taxpayer, you should expect to receive a thank-you note from dole recipients in Greece fairly soon. The reason is that Barack Obama, working with his cohorts at the Federal Reserve, is using your money to bail out the Greek welfare state, thereby enabling dole recipients in Greece to continue receiving their dole.
The problem is that for decades the Greek government has been doing what the U.S. government and many other regimes have been doing: borrowing to the hilt to fund dole payments to welfare recipients. In the hope that Euro officials would not discover how bad things were in Greece, Greek officials were falsifying their financial reports. Unlike the U.S. government which has a Federal Reserve central bank, the Greek government couldn’t simply print up the money to pay off its debts. That’s because it’s part of the Euro zone, where German officials have traditionally opposed such a policy. Continue reading
BREAKING – (NYTimes) – In Tea Party Victory, Rand Paul Takes Ky. Senate Primary
Rand Paul, one of the early leaders of the Tea Party movement, won the Republican nomination for Senate from Kentucky Tuesday night, delivering a powerful blow to the party’s establishment and offering the clearest evidence yet of the strength of the anti-government sentiment simmering at the grass-roots level. Read More Here
See Also: (KurtNimmo) – Will Neo-Cons Steal Senate Primary From Rand Paul? – Read More Here
Also: (KurtNimmo) – Despite Poll Numbers, Rand Paul’s Opponent Confident He Will Win in Kentucky – Read More Here
(MSNBC) – May 17, 2010 – “We Pay The Taliban During The Daytime & At Night They Plant IEDs” Continue reading
This time Max Keiser and co-host Stacy Herbert look at the scandals of perfect trading days; PIIGS flying only to fall to earth five minutes later when markets realize the Euro-Tarp financiers are themselves bankrupt debt pigs; and Max Keiser explains high frequency terrorism in the Manchurian candidate markets. In the second half of the show, Max interviews post-neoclassical economic philosopher Damon Vrabel about the European bailout, the financial empire and the IMF, and how the right kind of republic can provide some solutions.
(FoxBusiness) – May 10 – The Gloom, Boom and Doom Report Publisher Marc Faber weigh in on the future of the global and U.S. markets. Continue reading
(Boston) – Double dip in housing values continues, despite tax credit/spring bump – Read More Here
(ClarionLedge) – Revenue: April numbers are sobering
Gov. Haley Barbour said last week that April revenue was 8.5 percent below estimates – a $45.1 million shortfall. Read More Here
(SacramentoBizJournal) – State’s revenue below projections for April
California’s controller, John Chiang, said the state’s April cash receipts fell below budget estimates by $3.6 billion, or 26.4 percent. Read More Here
(MinnPost) – 41 percent of metro area single-family homes believed ‘underwater’ – Read More Here
(MaverickBlog) – What Business is Wall Street In ?
My last two posts were designed to stimulate discussion. But lets talk the real problem that regulators, public companies, investor/shareholders and traders face. The problem is that Wall Street doesn’t know what business it is in. Regulators don’t know what the business of Wall Street is. Investor/shareholders don’t know what business Wall Street is in. Read More Here
(WashingtonsBlog) – Challenger Investigation Got $175 Million. Columbia $152 Million. Lewinsky $30 Million. 9/11 $15 Million. Financial Crisis Gets Only $8 Million – Read More Here
(Bloomberg) – Video: Jim Rogers on Greece Bailout, Yuan, Stocks – View Video Here
(NewsMax) – Video: Jim Rogers – Next Recession Will Be Much Worse! – View Video Here
(KurtNimmo) – Video: Obama’s Supreme Pick Kagan Is A Bankster Operative
Democrats are going gaa-gaa over Obama’s Supreme pick Elena Kagan. “Democrats praised Kagan as ‘razor sharp’ and impeccably qualified for the lifetime appointment on the nine-member bench, but Republicans promised to vigorously vet a ’surprising’ choice, noting she had never been a judge,” reports Agence France-Presse. “I have selected a nominee who I believe embodies… excellence, independence, integrity and passion for the law, and who can ultimately provide that same kind of leadership on the court,” Obama said at the White House. View Video Here
(AmpedStatus) – High Frequency Terrorism: How the Big Banks and Federal Reserve Maintained Their Death Grip Over the United States – David DeGraw & Max Keiser – Read More Here
Dean Foods – 350 to 400
RBS – 2,600
Update: Fort Wayne IN – 300 Teachers to Learn Layoffs Numbers today
City of Costa Mesa – 51 Possible
Town of Mesilla NM – 4
Newark Valley Central School District – 11