Economy

(MarketOracle) – SULTANS OF SWAP: BP Collapse Potentially More Devastating than Lehman!

As horrific as the gulf environmental catastrophe is, an even more intractable and cataclysmic disaster may be looming. The yet unknowable costs associated with clean-up, litigation and compensation damages due to arguably the world’s worst environmental tragedy, may be in the process of triggering a credit event by British Petroleum (BP) that will be equally devastating to global over-the-counter (OTC) derivatives. The potential contagion may eventually show that Lehman Bros. and Bear Stearns were simply early warning signals of the devastation lurking and continuing to grow unchecked in the $615T OTC Derivatives market. Read More Here

(DailyFinance) – Wall Street Apocalypse: The World of the Doomsday Investors – Read More Here

(Guardian) – Graduates warned of record 70 applicants for every job

Class of 2010 told to consider flipping burgers or shelf stacking to build skills as they also compete with last year’s graduates Read More Here

(DetroitNews) – Foreclosures plague Metro area towns – Read More Here

(DailyFinance) – Facing a $7 Billion Shortfall, the U.S. Postal Service Proposes to Raise Rates – Read More Here

(MaineBiz) – Maine foreclosures still rising – Read More Here

(Telegraph) – Europe’s ‘toothless’ bank tests making matters worse

RBS and other City institutions have warned that Europe’s stress tests for banks are almost useless and may further damage confidence if they fail to cover the risk of large losses on sovereign defaults by Greece and other Club Med states. Read More Here

(HuffingtonPost) – Reps. Paul & Frank: Why We Must Reduce Military Spending

By far the single most important of these is our current initiative to include substantial reductions in the projected level of American military spending as part of future deficit reduction efforts. For decades, the subject of military expenditures has been glaringly absent from public debate. Yet the Pentagon budget for 2010 is $693 billion — more than all other discretionary spending programs combined. Even subtracting the cost of the wars in Iraq and Afghanistan, military spending still amounts to over 42% of total spending. Read More Here

(NewAmericanEmpire) – Debt Deflation: A Long Economic Winter Ahead – Prof. Rodrigue Tremblay

The bond market is telling us that there could be hard economic times ahead and that deflation, for the time being, is more of a threat than inflation. Leading indicators are also pointing to possible economic weakness ahead. Read More Here

(MikeWhitney) – More Red Flags for the Economy

Bonds are signaling that the recovery is in trouble. The yield on the 10-year Treasury (2.97 percent) has fallen to levels not seen since the peak of the crisis while the yield on the two-year note has dropped to historic lows. This is a sign of extreme pessimism. Read More Here

(NECN) – Video: Mass. town will charge to keep street lights on – Video Link Here

(CharlieVLog) – Video: REALITY IS CLOSING IN

See Also: (CharlieVLog) – Video: Fast Track To The Bottom – Video Link Here

(PuppetGov.coM) – Video: America’s Controlled Economic Implosion – Video Link Here

(July 5) – Video: Alex Jones – It Feels like It’s 1932

(Bloomberg) – Sovereign Default Risk Rose 30% as European Debt Crisis Deepened, CMA Says – Read More Here

(NewsWeek) – Worse Than Wall Street – How shaky European banks could tip the world back into recession. – Read More Here

(TheEconomicCollapse) – No Jobs

Everyone knows that the United States is bleeding jobs. According to one new study, the private sector in the United States has lost 10.5 million jobs since 2007. The U.S. economy lost 125,000 more jobs during the month of June. Approximately a million frustrated American workers have simply dropped out of the employment market altogether over the past two months. But the question not enough people are asking is why so many jobs are being lost. Read More Here

(LVRJ) – WAYNE ALLYN ROOT: Barack Obama: The great jobs killer

As former President Ronald Reagan might have said, “Obama, there you go again.”

The current occupant of the White House claims to know how to create jobs. He claims jobs have been created. But so far the score is Great Obama Depression 2.2 million lost jobs, Obama 0 — a blowout. Read More Here

(TheStar) – A stock market forecast that says ‘take cover’

With the stock market lurching again, plenty of investors are nervous, and some are downright bearish. Then there’s Robert Prechter, the market forecaster and social theorist, who is in another league entirely.

Prechter is convinced we have entered a market decline of staggering proportions – perhaps the biggest of the last 300 years. Read More Here

(SeekingAlpha) – Cecchini: U.S. Consumers in ‘Dire’ Credit Situation

Peter Cecchini, chief strategist at BGC Financial, talks to Pimm Fox about the U.S. economy and consumer credit on Bloomberg Television’s “Taking Stock.” He says that the 122% percent household debt to GDP ratio is well above the pre-1980 average of 60-80%. Just to get back to a 100% to GDP ratio, we need an additional $2 trillion of deleveraging. In the absence of income growth, you just aren’t going to get these numbers down without deleveraging. Read More Here

(RevoltOfThePlebs) – Government Math… FOR KIDS!

Did you know that you and I can create millions, billions and even trillions of numbers just as easily as the Federal Reserve? All you have to do is use your imagination. Let’s try it! Read More Here

(Infowars) – California Implodes

California is the wealthiest and most populous State in America, and Los Angeles County is the largest county in America, so both the State and LA County wield unbelievable power in Washington D.C.  The corruption in California affects you directly.

•  How would you feel if you knew your federal tax dollars were being used to finance California’s corruption?

•  You may be surprised to learn that the California State Legislators and the LA County Supervisors went to Washington D.C. to obtain the maximum federal funding for their extensive welfare, medical and illegal alien imprisonment programs, in order to claim the federal tax payer money in an end run around the other states.

•  Imagine the end of the democratic process through judicial corruption, like that in LA County, replicated in your community.