Video: Military funding could be slashed by $1 trillion – Paul Craig Roberts

(RussiaToday) – Congressmen Ron Paul and Barney Frank are sending a letter to US President Barack Obama with a proposal to cut the military budget by a trillion dollars. As the economy and the budget deficit continues to worsen, it seems that this is a very logical place to start cutting out funds. Paul Craig Roberts says that while passing this initiative would be great, he is skeptical that it will pass because Congress would lose too much campaign money.

Economy

(GoldScents) – GOLD BUBBLE? WHAT BUBBLE? – Read More Here

(IsraelFinancialExpert) – Special Report- The Secret Engine Behind China’s Housing Bubble- The Ponzi Shark Loan Finance

It is clear that artificially low interest rates and massive money printing by the government is fueling this bubble. But few know about the engine behind the monuments bubble- A giant shark loan ponzi scheme. Read More Here

(NYTimes) – That ’30s Feeling – Paul Krugman

Suddenly, creating jobs is out, inflicting pain is in. Condemning deficits and refusing to help a still-struggling economy has become the new fashion everywhere, including the United States, where 52 senators voted against extending aid to the unemployed despite the highest rate of long-term joblessness since the 1930s. Read More Here

(STLToday) – Fannie and Freddie tab is $146B and rising – Read More Here

(USAToday) – Bank failure is 83rd in ’10; pace more than double last year’s – Read More Here

(Boston) – May foreclosures in state double – Read More Here

(StarAdvertiser) – 4,171 on Oahu have no homes – Read More Here

(NEB) – Slide in shipping shows global recovery running out of steam – Read More Here

(VoiceOfSanDiego) – Foreclosures Still Piling Up – Read More Here

(ZanesvilleTimes) – Act would be disastrous in light of our country’s economic situation – Read More Here

REPOST – (RussiaToday) – Video: The Economic Crisis – “Major Currencies Can Simply Collapse”

Michel Chossudovsky says that the financial crisis is not over as President Barack Obama has hinted. Read More Here

REPOST – (WSWS) – Nearly One Million US Workers Cut Off Unemployment Benefits

With 12 Democrats joining a unanimous Republican bloc, the US Senate voted Wednesday to defeat a proposed extension of unemployment benefits for workers who have been jobless for nearly two years. The bill would have extended unemployment benefits for those out of work more than six months, until November 30. Read More Here

(GlobalResearch) – What do BP and the Banks Have In Common? The Era of Corporate Anarchy

On the occasion of the BP oil spill disaster, President Obama’s delivered an Oval Office speech last night—a masterpiece of milquetoast faux-outrage. The speech was all about “clean energy” and “ending our dependence on fossil fuels”. Faced with the BP oil spill—likely the most severe environmental disaster ever—this was President Obama’s response: Polite outrage, and vague plans to “get tough”, “set aside just compensation” and “do something”.

President Obama missed what the BP oil spill disaster is really about. Though unquestionably an environmental disaster, the BP oil spill is much much more. Read More Here

Layoffs

Amylin Pharmaceuticals – 60
Horizon Air – 120
AT&T Wisconsin – 125
Nexteer Michigan – Layoffs Likely

Huntsville Constellation Contractors – Hundreds of Layoffs Next Week
3 Catholic Schools in NJ – 38
Zanesville-Muskingum County Health Department – Layoffs / Furloughs
Northrop Grumman Corp Amherst Systems Division – 74
Wayne County Detroit – 700 Temporary layoffs this summer

Missouri  – 250
Update: Wayne-Westland school – 32
Jones Day Law Firm – 32
Merck ( France ) – About 800
Prudential Retirement – 60 : 30 in Hartford and 30 in Scranton PA
Morris Township NJ – up to 20
Richland County Ohio – 7
AOL – More Layoffs Possible?
American Municipal Power Inc – Job Cuts to start soon at Marietta Plant
Adams 12 Five Star Schools Colorado – 188
Fresno Unified School District – Job Cuts or Furloughs
City of Marengo IL – Considering 3 Layoffs
Dot Hill Systems – 10% of Global Workforce
Abbott Laboratories – 101
EastLink ( International ) – 33
McClelland & Stewart – Several Layoffs this week
Albert Einstein Healthcare Network PA – 48
City West Palm – 6
Detroit’s EMS – Warns of 36+ Layoffs Possible
US Cellular Tulsa Center – 160

Source: The Coming Depression

Economy

(EconomicPolicyJournal) – HOT: Curious Trading by Federal Reserve Advisor May Result in JPMorgan Chase $1.264 Billion Windfall – Read More Here

(NYTimes) – Home Owners Stop Paying Mortgages – Read More Here

(MiamiHerald) – Gulf shrimpers fear oil spill will put them out of business – Read More Here

(CNNMoney) – Three American cities on the brink of broke – Read More Here

(BizJournals) – Four more Ga. banks get consent orders – Read More Here

(NewsObserver) – Mental health group can pay only half wages – Read More Here

(Fox43) – Video: Thousands of job losses possible if federal funding expires – Read More Here

(HometownAnnapolis) – Cohen to unveil more budget cuts – Read More Here

(ZeroHedge) – Bank Of International Settlements Warns To Ignore Banker “Doomsday Scenario” Fearmongering And Racketeering – Tyler Durden

Over the past two years, the one strategy that has elicited the greatest amount of anger in the general population has been the traditional resolution to the “lowest common denominator” strategy of fearmongering or racketeering by the financial elite, any time it was faced with a status quo extinction event Read More Here

(TheEconomicCollapse) – Europe’s Coming Summer Of Discontent

The summer of 2010 promises to be the most tumultuous summer in the short history of the European Union. The sovereign debt crisis sweeping the continent threatens to cause economic and political instability on a scale not seen in Europe for decades. Read More Here

(Reuters) – China warns debt woes threaten global recovery

China warned on Monday that Europe’s struggle to contain ballooning debt posed a risk to global economic growth, raising the specter of a double-dip recession. Read More Here

(Reuters) – ECB warns of more bank loan losses

The European Central Bank warned on Monday that euro zone banks face up to 195 billion euros in a “second wave” of potential loan losses over the next 18 months due to the financial crisis, and disclosed it had increased purchases of euro zone government bonds. Read More Here

(PressTV) – Eurozone jobless rate hits record high

Unemployment rate in the Eurozone counties has jumped to a historic 10.1 percent — its highest since the introduction of Euro.

According to statistics released by the European Union, almost 16 million people living in the Eurozone countries are currently out of jobs. Read More Here

(ABCNews) – Hewlett-Packard to Cut 9K Jobs; See $1B in Charges

Hewlett-Packard Co. said Tuesday it will cut about 9,000 jobs and take $1 billion in charges over three years as it creates fully automated commercial data centers. Read More Here

(AP) – Video: Deep Cuts Looming for Nation’s Public School Kid

Budget crises across the nation are forcing thousands of teacher pink-slips, shuttering classrooms and cutting school programs. This is the first story in a 3-part AP investigation series.

Economy

(Money&Markets) – China’s Currency Manipulation: About to Cause a Global Explosion? – Read More Here

(Guardian) – UK’s first ‘conservation credit’ scheme launched – Read More Here

(Fox) – Video: Freedom Watch – Who Owns the Gold in Ft. Knox?

Ludvig von Mises Institute Chair Lew Rockwell on auditing the Federal Reserve

(CNBC) – Video: Steve Wynn Takes On Washington

Steve Wynn, a casino resort/real-estate developer who has been credited with spearheading the dramatic resurgence and expansion of the Las Vegas Strip, talks about the Fall of America. Video Link Here

(GlobalResearch) – The European and U.S. Economies: Falling Dominoes – Shamus Cooke

Attempting to fix an unfixable problem can create new problems. Why is the global economy unfixable in the current context? For one, the cause of the depression is never mentioned in the mainstream media or politicians. And when a disease is misdiagnosed, a prescribed medication creates new afflictions.

Massive, bad debt is often cited as the cause of the global depression, but whythis debt existed in the first place is never discussed. Quite simply, the debt was needed to buy the products of corporations that wages once consumed. Over time, corporations drove down wages to out-compete each other while driving up profits, creating the global “demand” for credit, which the banks are now demanding be paid back. Read More Here

(BitsOfNews) – Pol/Econ: Deregulation and the Triumph of Wall Street

One year removed from a catastrophic, global, economic meltdown, and 26 months removed from the start of the credit crisis, our political establishment is either unwilling or unable to reform the system and punish the perpetrators of this debacle. The situation is so far beyond the pale that it makes one wonder if another catastrophe is even avoidable. Read More Here

(ZeroHedge) – Europe: A Continent Of Lies And Broken Promises; How The EU Elite Got It Wrong On The Euro – Tyler Durden

Openeurope.org.uk has put together a paper of the most blatant half-truths, propaganda, and outright lies, abused by Europe not only over the past month, but also over the past 10 years, for the entire duration of the now rapidly collapsing eurozone experiment. Read More Here

(Bloomberg) – Dow Ends Worst May Since 1940 On Spain Debt Downgrade, Korea Tensions

U.S. stocks slid, capping the worst May for the Dow Jones Industrial Average since 1940, while the euro slumped and Treasuries rose as a downgrade of Spain’s debt rating and escalating tensions on the Korean peninsula triggered a flight from riskier assets. Read More Here

(Rasmussen) – 80% Favor Auditing the Federal Reserve

Eighty percent (80%) of Americans now agree with Congress that auditing the Federal Reserve Board is a good idea, according to a new Rasmussen Reports national telephone survey.

Just nine percent (9%) oppose an audit of the Fed, and 12% more are not sure. Read More Here

(CSPAN) – Video: Moonbat Bachmann complains about $2 billion for raises for Americans – says we can’t afford it

Wait a minute – don’t we pay FAR more every year to a foreign terrorist country that has attacked us?

She doesn’t hesitate repeating the neocon lie about government workers making more than those in the private sector. She does not compare those with the SAME position as she claims – she uses “averages.” Well, government does not hire burger flippers. It is the new attack on the Middle Class – government workers are that, by and large. Video Link Here

(Examiner) – Ellen Brown: US economic reform creates full-employment, renewed infrastructure, zero national debt

Attorney and author of the brilliant Web of Debt, Ellen Brown, is among the leading US advocates of monetary reform and state-owned banks. Among Ellen’s articles is one worth highlighting for how quickly a national economy can turn from ruin to astounding productivity: Nazi Germany’s direct creation of money to pay for public goods and services. Read More Here

(PostGazetta) – Port Authority warned of layoffs, route cuts without more state aid – Read More Here

(RedactedNews) – Insider Trading Is Perfectly Legal – But Only For Members Of The U.S. Congress – Read More Here

REPOST – (CNBC) – Dollar Primed for Collapse by End June: Charts

The dollar’s recent strength has been explained by most market analysts as a result of the euro weakness rather than any fundamental support for the greenback. In fact, a closer look at the dollar’s chart – particularly the dollar index – suggests the currency may be primed for a collapse. Read More Here

(Money&Markets) – Credit Crisis Indicators Going Bonkers Again! Batten Down the Hatches!

Heads up people. Something very big is happening in the global credit markets — something you darn well better pay attention to. Read More Here

(EconomicPolicyJournal) – It’s the Bailout of the Banksters Before Greece Is Taken Down

WSJ has a remarkably to the point story explainning why Greece will end up restructuring, but that there will be a delay until the banksters are protected: Read More Here

(Boston) – Romania to cut wages despite strike threat

Romania will go ahead with sweeping wage, pension and benefits cuts despite unions’ threats to stage a general strike, Prime Minister Emil Boc said Wednesday. Read More Here

(DSNews) – Federal Reserve’s MBS Purchases Could Lead to Record Earnings of $70B – Read More Here

(TheEconomicCollapse) – The Depression Of 2011? 23 Economic Warning Signs From Financial Authorities All Over The Globe

Could the world economy be headed for a depression in 2011?  As inconceivable as that may seem to a lot of people, the truth is that top economists and governmental authorities all over the globe say that the economic warning signs are there and that we need to start paying attention to them.  The two primary ingredients for a depression are debt and fear, and the reality is that we have both of them in abundance in the financial world today.  In response to the global financial meltdown of 2007 and 2008, governments around the world spent unprecedented amounts of money and got into a ton of debt.

Economy

(BusinessInsider) – 70% Of The Elderly Aren’t Retiring Because They Can’t Afford To Anymore

A new survey from Career Builder exposes what will be an increasingly common trend as America ages demographically — older workers are being forced to keep working and postpone retirement for financial reasons. Read More Here

(BusinessInsider) – Greece Just Passed Another $6.6 Billion Cut, Now Let’s See How Its People React

Greece is almost over the bailout finish line! Read More Here

(Prospect) – The Plight of American Manufacturing

Since 2001, the U.S. has lost 42,400 factories — and its technical edge. Read More Here

(JSMineSet) – The Skinny On Greece And What It Means To Gold

Greece will fail and be rescued is all that is discussed in the financial world. Here is the real skinny: Read More Here

(MarketOracle) – Nine Shocking Forecasts for Stocks, Gold, Economy and Financial Markets for 2010-2012

We have just ended an online video conference to brief investors on major events that could forever change your future.

We made nine new predictions to pinpoint, as accurately as possible, how and when that future is likely to unfold. Read More Here

(ABCNews) – Economists: Another Financial Crisis on the Way

Even as many Americans still struggle to recover from the country’s worst economic downturn since the Great Depression, another crisis – one that will be even worse than the current one – is looming, according to a new report from a group of leading economists, financiers, and former federal regulators. Read More Here

(RussiaToday) – Video: Tent City In NY – View Video Here

(USAToday) – New ghost towns: Industrial communities teeter on the edge

When Henry Kaiser arrived 55 years ago, this place was no place — “a rural problem area,” the government called it, so poor and isolated that the population had dropped 15% since 1940. Read More Here

(SafeHaven) – Dont Bet on a Recovery – Peter Schiff

It is astounding how many economists, government officials, and Wall Street strategists construe the current economic conditions as evidence of a bona fide recovery. It is a testament to the power of the rose colored glasses handed out by our nation’s leading universities that such a feeling could be widely held despite the clear and present danger that compounds daily. The myopia leads us to enact policies that actually exacerbate our problems. The “remedies” are postponing, perhaps indefinitely, a true recovery. Read More Here

(DotEarth) – Fuel Taxes Must Rise, Harvard Researchers Say

To meet the Obama administration’s targets for cutting greenhouse gas emissions, some researchers say, Americans may have to experience a sobering reality: gas at $7 a gallon. Read More Here

(CanadaFreePress) – Citibank needs seven days?

Late last week, a slight furor arose when it became public knowledge that Citibank sent the following notice to customers:
“Effective April 1, 2010, we reserve the right to require seven (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change.” Read More Here

(GlobalResearch) – Looming Crisis: America’s Credit Card Debt Bubble-Burst

If you are one of the millions of Americans locked into long term debt service, your road to debt serfdom was likely paved by a mortgage, home equity loan, credit cards, or a combination of all three. Read More Here

Reports: JAL to cut more than 15,000 jobs

(PressTV) – Japan Airlines Corp. (JAL) is expected to slash more than 15,000 jobs, a third of its work force, in three years to save the troubled company from total collapse.

Where Is The Gold? Columbus, the Indians, and Human Progress

Trying to put together an army of resistance, the Arawaks faced Spaniards who had armor, muskets, swords, horses. When the Spaniards took prisoners they hanged them or burned them to death. Among the Arawaks, mass suicides began, with cassava poison. Infants were killed to save them from the Spaniards. In two years, through murder, mutilation, or suicide, half of the 250,000 Indians on Haiti were dead.

Millions Will Starve as Rich Nations Cut Food Aid Funding, Warns UN

Tens of millions of the world’s poor will have their food rations cut or cancelled in the next few weeks because rich countries have slashed aid funding.

MSM: Tax motorists more to help save the planet, Government is urged

(Times) – Motorists should pay higher taxes in the form of a national road-pricing system to cut carbon dioxide emissions, according to the Government’s climate change advisory body.

Searching for the Depression and Finding It

(DannySchechter) – Economic Stress Is Hidden, But It’s There in a Recovery That Isn’t.

MSM: U.S. private sector axes 742,000 jobs in March

(Reuters) – Job losses in the U.S. private sector accelerated in March, more than economists’ expectations, according to a report by ADP Employer Services on Wednesday.

MSM: UK population must fall to 30m, says Porritt

Jonathon Porritt, one of Gordon Brown’s leading green advisers, is to warn that Britain must drastically reduce its population if it is to build a sustainable society.

AIG’s Long-Term Debt Ratings Cut by S&P

American International Group Inc.’s long-term counterparty rating was cut three levels to A- from AA- by Standard & Poor’s, and its senior unsecured debt rating was downgraded by Moody’s Investors Service to A2 from Aa3.

S&P said it cut the rating of the largest U.S. insurer by assets because of a “combination of reduced flexibility in meeting additional collateral needs and concerns over increasing residential mortgage-related losses.”