Economy

(ZeroHedge) – The WSJ’s Hit Piece On Gold – Tyler Durden – Read More Here

(GoldScents) – ENDING PHASE?

I have to wonder, are we entering the ending phase of this cyclical bull?

For sometime now I’ve noticed the similarities between the `02-`07 cyclical bull and what we’ve experienced since March of last year. The one difference is that this time we’ve truncated the middle phase of the bull. I suspect that was a direct result of the massive liquidity Bernanke … and all central banks have pumped into the system. Read More Here

(InterForecaster) – Deflationary Depression and Purging To Come – Bob Chapman

We believe an inflationary depression began in February of 2009, and little has changed. Since then factory output has increased, as have inventories and other outward signs, such as retail sales. We believe that one-year spurt is ending, unless a new stimulus program is put in place. This past week we saw a $78 billion addition to unemployment benefits and Larry Summers has said they need an additional $200 billion. In order to keep the economy going sideways a total of another $800 billion will be needed. Read More Here

(KUT) – State Business Tax Receipts Down

RJ DeSilva with the State Comptroller’s Office says new figures show a ten percent decline from last year. Read More Here

(TimesOnline) – UK Welfare State = Family Breakdown, Emasculated Men – Read More Here

(WSWS) – Europe’s media warn of global social unrest – Read More Here

(ClickOrlando) – Want Ad: Unemployed Need Not Apply

Job hunters are facing a new trend: businesses asking recruitment companies to keep unemployed people out of their job pools. Read More Here

REPOST – (RawStory) – Goldman Sachs sold $250 million of BP stock before spill

Firm’s stock sale nearly twice as large as any other institution; Represented 44 percent of total BP investment Read More Here

(CityWire) – Why Rothschilds is piling into gold – Read More Here

(Money&Markets) – RED ALERT: Get out of vulnerable stocks IMMEDIATELY!

You don’t have much time.

A Dow meltdown is imminent, and if you want to protect yourself from losses, it’s time to get out of the vulnerable stocks in your portfolio — immediately. In this special edition, I will explain why. Read More Here

(BizJournals) – Hawaii bankruptcy filings up 34.4% – Read More Here

(Telegraph) – EU plans green taxes to cut debt – Read More Here

Economy

(Bloomberg) – US Households Lost $100,000 From Crisis, Study Says

The financial crisis and recession cost US households an average of about $100,000 in lost wealth and income, according to a study by former Treasury Department economist Phillip Swagel. Read More Here

(InternationalForecaster) – Global Financial Conflagration: The World of Fiat Money is Buckling under the Pressure of Unpayable Debts – Bob Chapman

America and the world face a financial conflagration of immense proportions. The world of fiat money and massive credit is buckling under the pressure of unpayable debt. Each day the safe haven of gold and silver related assets become more attractive. We ask where else do you go for safety? A conflagration is a fire out of control and that is exactly the conditions the world faces today. The inflationary depression has smoldered for 14 months and it will soon accelerate. Read More Here

(IPSNews) – U.S. States Consider Starting Their Own Banks

At least eight U.S. states are considering proposals to start state-run banks in the wake of an economic crisis where many private banks ceased or greatly decreased their lending, literally shrinking the money pool available in state economies. Read More Here

(WashingtonsBlog) – Should a Stock Market Decline Stop the Goldman Prosecutions?

As of 2007, the bottom 50% of the U.S. population owned only one-half of one percent of all stocks, bonds and mutual funds in the U.S. On the other hand, the top 1% owned owned 50.9%.

From the San Francisco Chronicle: Read More Here

(TimesOnline) – Merkel misled Germans

She was initially hailed as the “Iron Chancellor” for holding out against a bailout for the Greeks. But this weekend Angela Merkel was accused of having misled voters after it emerged that Germany would contribute more than €25 billion (£21.7 billion) towards a rescue package. Read More Here

(Uruknet) – Confessions Of A Wall St. Nihilist: Forget About Goldman Sachs, Our Entire Economy Is Built On Fraud – Read More Here

(Telegraph) – Pakistan facing bankruptcy

Pakistan’s foreign exchange reserves are so low that the country can only afford one month of imports and faces possible bankruptcy. Read More Here

(BitsOfNews) – Pol/Econ: The 401k Scam

“The 401(k) will turn out to be the greatest systemic financial hoax ever perpetrated on an unsuspecting public.” – William Wollman, The Great 401(k) Hoax
Like most people I was told to plow as much money into my 401k pension plan as possible. So like millions of other workers out there, I did as I was told. By 2003 I had accumulated a nice little nest egg…that I couldn’t touch. Then one day I was in a bookstore and I happened across a book called The Coming Generational Storm. What I read about 401k’s that day made me immediately stop all contributions. Read More Here

(Bloomberg) – Carnivores’ Dilemma Widens as Pork Signals Record Meat Prices

U.S. meat prices may rise to records this summer after farmers reduced hog and cattle herds to the smallest sizes in decades, the result of surging feed costs linked to demands for more ethanol. Read More Here

(CatoInstitute) – Video: Advice to Tea Partiers

The Tea Party movement may endure, but its endurance will be a testament to its ability to understand that cutting government means having a long-term focus. John Samples, author of The Struggle to Limit Government and Director of the Cato Institute’s Center for Representative Government, offers an assessment of what Tea Partiers should do if they want to sustain an effort to cut government. Continue reading

Economy

(CSpan) – Video: Ron Paul On Foregoing Congressional Pay Raise

Congressman Paul speaks on the House floor in support of a bill that stops the automatic payraise for Members of Congress. View Video Here

(SteveWatson) – Goldman “Sideshow” Hyped To Push Through Obama Banking Reform

Financial experts are in agreement that the Goldman Sachs fraud revelations are being artificially hyped in Washington in order to force through president Obama’s financial regulatory reform measures, proposals that will not punish bigger banks like Goldman and will not protect the American people from the banking cartels at the centre of the economic meltdown. Read More Here

(Bloomberg) – Pennsylvania Capital Told to Consider Bankruptcy Protection

Harrisburg, Pennsylvania, which has missed $6 million in debt payments since Jan. 1, should consider Chapter 9 bankruptcy protection, City Controller Dan Miller told a three-hour special committee hearing today. Read More Here

(BusinessInsider) – Why Today’s Gold Spike Is Important And Could Mark The Start Of Something Big

Gold has been rallying for awhile — nearing all time highs in the dollar, even while breaking all-time highs in the euro — but the metal’s action hasn’t been all that noteworthy. Read More Here

(MSNBC) – Goldman to Congress: We didn’t mislead clients

Top Goldman Sachs officials defended their conduct in the financial crisis on Tuesday, flatly disputing the government’s fraud allegations against the giant financial house. “I did not mislead” investors, insisted a trading executive at the heart of the government’s case. Video Link Here

(SteveWatson) – Goldman “Sideshow” Hyped To Push Through Obama Banking Reform

Financial experts are in agreement that the Goldman Sachs fraud revelations are being artificially hyped in Washington in order to force through president Obama’s financial regulatory reform measures, proposals that will not punish bigger banks like Goldman and will not protect the American people from the banking cartels at the centre of the economic meltdown. Read More Here

(NewsWeek) – Video: Levin to Goldman Sachs – ‘You Knew It Was a S–tty Deal!’

After two years of hemming and hawing in Washington about the real culprits on Wall Street, Sen. Carl Levin’s Permanent Subcommittee on Investigations finally got to the heart of the matter this morning. Drawing on a voluminous collection of internal Goldman e-mails and other exhibits, Levin and the ranking acting co-chair, Sen. Susan Collins of Maine, tore into an array of current and former Goldman mortgage traders, including the recently indicted Fabrice “Fabulous Fab” Tourre, over the one fundamental question hanging over the whole financial catastrophe. Was Goldman honest with its clients about what was happening in the markets? Continue reading

Video: Ron Paul – Healthcare will drive US to bankruptcy

(RussiaToday) – President Obama has won the healthcare argument in Congress but the nationwide debate still rages. RT talks now to one of the opponents, Congressman Ron Paul. He say the plans provide a right that should not be offered by government. Continue reading

Economy

(SnardFarker) – Viva Iceland! Viva La Revolution!

Icelanders have resoundingly rejected a plan to repay £2.3 billion in savings to the UK, prompting Chancellor Alistair Darling to state that the British Government could be “flexible” over repayment terms. Read More Here

(YahooFinance) – Congratulations, Bankers — You’re Rich Again – Ben Stein

Just in case your blood pressure is not high enough today, here are a few news bulletins on how the world works. Generally, these bulletins all come under the heading of, “The Golden Rule: He Who Has the Gold, Makes the Rules.” Read More Here

(TCPalm) – More than half of mortgaged homes in St. Lucie, Martin are ‘under water’

More than half of mortgaged residential properties in St. Lucie and Martin counties are “under water,” a recent report by a company that tracks home sales, price trends and foreclosures shows. Read More Here

(Jacksonville) – Jacksonville mortgage delinquencies rise above 10%

The number of Jacksonville homeowners who have fallen behind on mortgage payments rose steadily over the past three years and today stands at more than 10 percent, according to a national credit monitoring company. Read More Here

(CentralValleyBusunessTimes) – Foreclosure starts up nearly 20 percent in California

After reaching the lowest level in a year in January, Notice of Defaults, the start of the foreclosure process, increased by 19.7 percent in February, according to a report Monday from ForeclosureRadar Inc., a Discovery Bay-based foreclosure information company that says it tracks every California foreclosure. Read More Here

(WashingtonExaminer) – Md. foreclosure filings skyrocket in February

Prince George’s County saw nearly 1,800 foreclosure filings last month — about one-third of Maryland’s total — as state and federal officials scramble to find a solution to the unrelenting mortgage crisis. Read More Here

(TheChicago77) – Foreclosures are still on the Rise in Illinois

Foreclosures in Illinois increased 22% in February, 2010. The high foreclosure rate can be attributed to the high unemployment rate and declining home prices. Read More Here

(AJC) – Metro Atlanta foreclosures set new monthly record

The number of foreclosure notices this month — 12,568 — set a new record for metro Atlanta, according to data just released by Equity Depot. Read More Here

(CBN) – Social Security Marks First Deficit in Decades

Social Security is going to start paying out more in benefits this year than it’s collecting in taxes — close to $29 billion more. Read More Here

(PBS) – Video: Bill Black on How They Got Away With It – Video Video Here

(CNBC) – Moodys Downgrade: Should We Care? – Video Link Here

(USAToday) – Toyota, UAW agree to close Calif. plant with 4,600 workers

The United Auto Workers and Toyota have agreed on terms to shut down the Nummi plant that employs 4,600 workers.
It is California’s sole remaining auto plant. Read More Here

(SilverBearCafe) – Opportunities to Profitably Escape Paper “Wealth” in 2010 – Read More Here

Video: They Cooked The Books – The Video That Will Put Geithner Behind Bars – Mike Whitney

(InfoClearingHouse) – You gotta see this! If this doesn’t convince you that the Timothy Geithner knew about the securities shenanigans that were going on at Lehman, than I don’t know what will.

Keep in mind, that Geithner ran Lehman through 3 “stress tests” prior to bankruptcy; all of which Lehman failed, and yet, nothing was done. Anton R. Valukas–the examiner who wrote the 2,200 page investigative-report which was released on Thursday– has provided plenty of information detailing Lehman’s “materially misleading” accounting and “actionable balance sheet manipulation.”

In other words, they cooked the books. Continue reading

Video: Real list of countries on verge of bankruptcy

(TheComingDepression) – Let’s talk a bit about these supposedly broke governments that have been reaching insolvency, and in cases like Iceland in 2006 and Argentina in 2001, have declared bankruptcy. It seems to most, as it would to anyone not ideologically retarded, that for all the public “brokeness” going on, there is always enough money for a bailout for some big bosses. Indeed, there’s never a shortage of money (or credit; whatever you want to call it) when it comes to buying up some big boss’ bad debt, or fleecing the public purse to provide him (them) with a fat tax cut so they can “create jobs” (see: off shore, low wage). Continue reading

Video: Greece On Brink of Bankrupcy – the E.U. Bailout

(BBC) – Greece is 300 billion in debt, and the biggest E.U. country leaders have met in Brussels and agreed to bailout the Greek economy. Continue reading

The Bankruptcy of the United States is Now Certain – Porter Stansberry

It’s one of those numbers that’s so unbelievable you have to actually think about it for a while… Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt. And that’s not counting any additional deficit spending, which is estimated to be around $1.5 trillion. Put the two numbers together. Then ask yourself, how in the world can the Treasury borrow $3.5 trillion in only one year? That’s an amount equal to nearly 30% of our entire GDP. And we’re the world’s biggest economy. Where will the money come from? Continue reading

MSM: Pennsylvania State Capital Mulls Bankruptcy as a Budget Option

(Bloomberg) – Harrisburg, the capital of Pennsylvania, will consider Chapter 9 bankruptcy protection along with tax increases and asset sales as options to address $68 million in debt service payments due this year, the chairwoman of a City Council committee said last night. Continue reading

The Bankruptcy of the United States is Now Certain

It’s one of those numbers that’s so unbelievable you have to actually think about it for a while… Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt. And that’s not counting any additional deficit spending, which is estimated to be around $1.5 trillion. Put the two numbers together. Then ask yourself, how in the world can the Treasury borrow $3.5 trillion in only one year? That’s an amount equal to nearly 30% of our entire GDP. And we’re the world’s biggest economy. Where will the money come from? Continue reading

Economy

(BusinessWeek) – Central banks end US dollar emergency swap lines

The Bank of England said Wednesday that it and other major central banks are ending emergency lending arrangements put in place with the U.S. Federal Reserve in the wake of the global credit crisis, citing improvements in financial markets. Read More Here

(Bloomberg) – Home Depot to Cut 1,000 U.S. Jobs, Close Test Stores (Update2)

Home Depot Inc., the world’s largest home-improvement retailer, will cut 1,000 U.S. jobs as it shrinks its pool of human-resources and construction workers and closes three test stores. Read More Here

(Bloomberg) – Pennsylvania Capital Should Weigh Bankruptcy, Controller Says

Harrisburg, Pennsylvania, the capital of the sixth-largest U.S. state by population, should skip a $2.2 million debt service payment due Feb. 1 and consider bankruptcy, City Controller Dan Miller said. Read More Here

(MyBudget360) – Game Over for the American Middle Class – Inflation Adjusted Wages up 20 Percent in Last 20 Years While Housing Costs are up 56 Percent and Healthcare Costs are up 155 Percent

The struggle for average Americans to keep up is largely becoming an act of will power and force in this current grand recession. Now you wouldn’t think that there is a definite war raging against the middle class if you simply follow the mainstream media but the facts speak to a more distilled and corporatized method of debt slavery. Read More Here

(LewRockwell) – The Coming Obama Retirement Trap Has Started!

Mandatory IRAs just proposed by Obama Administration on 1/25/10 is the 1st step in stealth nationalization & forced investment of our retirement benefits to support the treasury debt market! Read the veiled report in Business Week. Read More Here

Los Angeles Heading for Bankruptcy, Mayor Tries to Prevent Bond Market Panic

(MarketOracle) – When a politician says something is “not an option” that generally means it is (or soon will be). Sometimes it means it is all but certain. With that in mind, please consider Mayor Villaraigosa says no bankruptcy for the city. – 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

11 Clear Signs That The U.S. Economy Is Headed Into The Toilet

The vast majority of the talking heads on television are still speaking of the current economic collapse as if it is a temporary “recession” that will soon be over. So far, the vast majority of the American people seem to believe this as well, although for many Americans there is a very deep gnawing in the pit of their stomachs that is telling them that there is something very, very wrong this time around. The truth is that the foundations of the U.S. economy have been destroyed by an orgy of government, corporate and individual debt that has gone on for decades. It was the greatest party in the history of the world, but now the party is over. The following are 11 signs from just this past month that show that the U.S. economy is headed into the toilet and will not be recovering…. Continue reading

Bankruptcy and Fiscal Collapse: The Global Economic Crisis will experience a Tipping Point in Spring 2010

LEAP/E2020 believes that the global systemic crisis will experience a new tipping point from Spring 2010. Indeed, at that time, the public finances of the major Western countries are going to become unmanageable, as it will simultaneously become clear that new support measures for the economy are needed because of the failure of the various stimuli in 2009 (1), and that the size of budget deficits preclude any significant new expenditures. Continue reading

Video: John Perkins – Was Iceland a Target for Economic Hit Men?

(Nov 19) – John Perkins, author of Hoodwinked and Confessions of an Economic Hit Man, blames Iceland’s economic collapse on the tactics of economic hit men from multi-national corporations. Continue reading

The bankruptcy of the United States is now certain

It’s one of those numbers that’s so unbelievable you have to actually think about it for a while… Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt. And that’s not counting any additional deficit spending, which is estimated to be around $1.5 trillion. Put the two numbers together. Then ask yourself, how in the world can the Treasury borrow $3.5 trillion in only one year? That’s an amount equal to nearly 30% of our entire GDP. And we’re the world’s biggest economy. Where will the money come from? Continue reading

The Constitutional Bankruptcy of our Republic

Uncle Sam was created as a symbol of the United States representing the ideals of freedom, equality, and justice. Although this symbol has been a patriotic representation for over 150 years, Uncle Sam cannot stand as a fair symbol of our nation any longer. With recent attacks to the Constitution and Bill of Rights, citizens’ rights have been eroded. If this long time representative of our nation could speak to us today perhaps he would remind us that our constitution gives us unalienable rights from the creator to the individual and can not under any circumstance be surrendered or taken. Continue reading

After the holidays, filing bankruptcy may be only option for many retailers

SHTFplan contributors opined about the 2009 holiday retail season in The Recession in Pictures, with many coming to a similar conclusion to Alan Cohen, Chairman of Abacus Advisors. Continue reading

Video: Geithner “Burned Billions,” Shafted Taxpayers on CIT Loan, Prof. Bill Black Says

(Yahoo) – Another one of the nation’s largest lenders has filed for bankruptcy. On the brink for months, CIT filed for Chapter 11 protection on Sunday. Continue reading

Video: The great banking scam – Michel Chossudovsky

Who do the banks owe money to? Are those hedge funds affiliated with the very banks that were bailed out? Prof. Chossudovsky explains. He emphasizes the bailouts will not help the crisis, but will exacerbate it. Continue reading

2009 US economy: largest transfer of wealth to financial/political elite in global history

Political “leadership” of the two oligarchy parties spin their economic policy as being for the public benefit. Professional economists increasingly cast economic policy in unprecedented harsh criticism, even calling for public demonstrations against what they claim as gross violations of financial law. Let’s consider current facts of high importance: Continue reading

GM to cut 10,500 more jobs by year’s end

General Motors (GM) announced Wednesday that it will lay off 10,500 more workers by January 1 in order to meet the terms of its “restructuring” plan, which was forced on the largest US automaker by the Obama administration’s Auto Task Force in the summer. Continue reading

A Media Failure Compounds The Financial Failure:

The Press Is Still Missing The Story Of Fraud and Economic Decline Ahead Continue reading

Ten Big Companies That Are Veering Toward Bankruptcy

From The Business Insider, Sept. 18, 2009:

Despite a few green shoots in the economy and a rocketing stock market, many large companies are still struggling to avoid bankruptcy. Continue reading

The Economic Fallacy Of ‘Too Big Too Fail’

The onset of the financial implosion two years ago brought with it an ongoing dialogue about the ‘Too Big To Fail’ (TBTF) doctrine of government intervention into the financial sector. According to TBTF, some financial institutions, such as major insurers like AIG or large money-center banks like Citi and BofA, are deemed to be too large and too centrally interconnected in the US and world financial systems and economies to be allowed to be recognized as insolvent and taken through bankruptcy resolution. Continue reading

The Widening Gap In America’s Two Tiered Society

Americans, particularly ones from the middle class, need to realize that there are no core entitlements imparted by their government representatives, nor any other sources. They have none and should adjust their expectations accordingly. Continue reading

‘Inflation and the Fall of the Roman Empire’: Why David M. Walker compared the collapse of the United States to the Fall of Rome

As many are aware, in March 2008, David M. Walker, the Comptroller General of the United States and head of the Government Accountability Office, resigned his commission 5 years before the end of his 15-year term expired. His reasons for resigning were that he was limited to what he could do and that the United States was in danger of collapsing in much the same manner as the Roman Empire Continue reading

MSM: Bailed-Out Financial Firms Forked Over $6 Million To Members Of Congress Since November

(HuffingtonPost) – Lobbyists representing seven of Wall Street’s top ten bailout beneficiaries and their trade associations made more than $6 million in campaign contributions to members of Congress — and hosted no fewer than 70 fundraising parties between Election Day and June, according to a new analysis by Public Citizen. Continue reading

Americans: Serfs Ruled by Oligarchs – Paul Craig Roberts

“In a little time [there will be] no middling sort. We shall have a few, and but a very few Lords, and all the rest beggars.” R.L. Bushman
“Rapidly you are dividing into two classes–extreme rich and extreme poor.” “Brutus”

Americans think that they have “freedom and democracy” and that politicians are held accountable by elections. The fact of the matter is that the US is ruled by powerful interest groups who control politicians with campaign contributions. Our real rulers are an oligarchy of financial and military/security interests and AIPAC, which influences US foreign policy for the benefit of Israel. Continue reading