Economy

(ActivistPost) – Economic Hitmen Come for Their ‘Pound of Flesh’ in New Jersey

It was reported today that New Jersey’s Governor Christie is proposing privatization of many public services. This is the precise playbook of “Economic Hitmen” aka Banks. First, they loan ridiculous amounts of money to the public sector, knowing full well these loans can never be repaid and when state bankruptcy looms, the public infrastructure is auctioned to pirates of industry for pennies on the dollar. Read More Here

(SeekingAlpha) – Look Out Below: The Baltic Dry Index Is in Freefall – Read More Here

(RTTNews) – Regulators Shut Down Four Banks

On Friday, regulators closed four banks in the U.S. bringing the total number of bank failures to 90 so far this year. The failed banks are Bay National Bank, Baltimore, Maryland, Ideal Federal Savings Bank, Baltimore, Maryland, USA Bank, Port Chester, New York and Home National Bank, Blackwell, Oklahoma. Read More Here

(AboveTopSecret) – 46,000 Dairy Farms Closed Down in Last 10 Years

Times are especially bad for dairy farmers across the United States. About 40% of all dairy farms
(or 46,000) went out of business over the last 10 years, due to falling milk prices and rising costs. Farmers went from getting $21.70 per hundred pounds of milk to $11.30 from 2007 to 2009, while animal feed costs increased 35% and fuel prices rose 30%. Read More Here

(CharlieVLog) – The Collapse Is Upon Us

(AspenDaily) – Historian warns of sudden collapse of American ‘empire’

Harvard professor and prolific author Niall Ferguson opened the 2010 Aspen Ideas Festival Monday with a stark warning about the increasing prospect of the American “empire” suddenly collapsing due to the country’s rising debt level.

“I think this is a problem that is going to go live really soon,” Ferguson said. “In that sense, I mean within the next two years. Because the whole thing, fiscally and other ways, is very near the edge of chaos. And we’ve seen already in Greece what happens when the bond market loses faith in your fiscal policy.” Continue reading

Economy

(SmirkingChimp) – Is the Depression Coming? Or Is It Here?

The FBI arrests 1,200 Americans for mortgage fraud in the largest crackdown of its kind in history. There is no media focus on the companies that securitized and insured their toxic loans. This white-collar crime sweep is, at best, a one-day story with most of the reports carried by local outlets. Read More Here

(MyBudget360) – Commercial real estate transactions collapse 90 percent from 2007 to 2009. The next taxpayer bailout in the $3.5 trillion CRE market. From $522 billion in sales to $52 billion. CRE market over 4 times the size of the entire credit card market

The massive commercial real estate market is already plaguing the weak balance sheets of banks. It is the case that each Friday, we are likely to see one U.S. bank fail because due to high levels of commercial real estate (CRE) debt on their books. This market is likely to cause the failure of hundreds of banks and put the economy down into another real estate funk. Read More Here

(July 2) – Video: Bill Still – The Secret of OZ / Solutions For a Broken Economy – Alex Jones Tv

Alex talks with Bill Still, the man behind the monetary reform documentary The Secret of Oz(available at the Infowars Store). Still’s previous films include the popular The Money Masters and Capital Crimes. The Secret of Oz won best documentary of 2010 at the Beloit International Film Festival, the Silver Sierra Award for Excellence in Filmmaking at the Yosemite Film Festival, and other prestigious awards. Part 1 Here

(PeopleManagement) – Graduate unemployment rate ‘set to hit 25 per cent’

The UK’s graduate unemployment rate could soar to nearly 25 per cent due to public-sector budget cuts, with newly qualified jobseekers outside of London the worst hit, new forecasts have predicted. Read More Here

(SacBee) – Schwarzenegger orders minimum wage for state workers

The Schwarzenegger administration today ordered State Controller John Chiang to reduce state worker pay for July to the federal minimum allowed by law — $7.25 an hour for most state workers. Read More Here

(LATimes) – Unemployment rate dips as more workers leave labor force

Employment-seekers decline by 652,000 June, which may reflect people giving up on job-hunting and a reluctance to hire. Overall, the jobless rate falls to 9.5% from 9.7%, the Labor Department reports. Read More Here

(DocumentingReality) – Starting in 2011—next year—the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided – Read More Here

(ElliotWave) – Banks Continued Failure To Realise Commercial Real Estate Losses…

The massive commercial real estate market is already plaguing the weak balance sheets of banks. It is the case that each Friday, we are likely to see one U.S. bank fail because due to high levels of commercial real estate (CRE) debt on their books. This market is likely to cause the failure of hundreds of banks and put the economy down into another real estate funk. Read More Here

(AsiaTimes) – Smell of economic death

I know, alas, that there is nothing that can be done to prevent unimaginable suffering and the collapse of the economy, now that the US Federal Reserve has created so much excess money and credit, and, to make matters infinitely worse, are still doing it, more than ever! Read More Here

(Prairie2) – The Depression with no name

If Europe is serious about austerity this would be bad news for the US in several ways. Read More Here

(Money&Markets) – Double-Dip Recession Warning Signs Everywhere! Batten Down the Hatches!

The bright red warning signs of a double-dip recession are flashing everywhere. And I do mean EVERYWHERE. Read More Here

(BuzzFlash) – Wall Street is a Crime Scene, Not a Financial “Cyclical Aberration”

It’s shocking that more than 20 years after the movies “Wall Street” revealed the underlying corruption of America’s financial center, it is still difficult to get the corporate mainstream media to understand that the economic “collapse” of the last two years was a swindle and not a cyclic aberration. Read More Here

(BeforeItsNews) – House Refuses to Look At the Books – What’s Wrong With You and I Looking At The Fed and how it uses our money?

Since 1913 the actual buying power of the dollar has gone down by 95.6% – You can’t buy a gallon of gas for 8c any more. Read More Here

Climategate

(NYTimes) – Climate Scientist Cleared of Altering Data – Read More Here

(ForeignPolicy) – Whatever It Takes – Why I won’t back down on climate change – John Kerry – Read More Here

(EconomicCollapseBlog) – 50 Random Facts That Make You Wonder What In The World Has Happened To America

Our world is changing at a pace that is so staggering these days that it can be really hard to fully grasp the significance of what we are witnessing.  Hopefully the collection of random facts below will help you to “connect the dots” just a little bit.  On one level, the facts below may not seem related.  However, what they all do have in common is that they show just how much the United States has fundamentally changed.  Do you ever just sit back and wonder what in the world has happened to America?  The truth is that the America that so many of us once loved so much has been shattered into a thousand pieces.  The “land of the free and the home of the brave” has been transformed into a socialized Big Brother nanny state that is oozing with corruption and has accumulated the biggest mountain of debt in the history of the world.  The greatest economic machine that the world has ever seen is falling apart before our very eyes, and even when our politicians actually try to do something right (which is quite rare) the end result is still a bunch of garbage.  For those who still love this land (and there are a lot of us) it is heartbreaking to watch America slowly die.

The following are 50 random facts that show just how dramatically America has changed…. 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

Our Future In Chains: The For-Profit Debtors’ Prison System

(ActivistPost) – Debtors’ prisons have a sordid history that was thought to be best left behind in Medieval Europe and in Charles Dickens’ fictionalized accounts of the 19th-century hellholes of Victorian England.  America was not to be outdone, debtors’ prisons were widespread in the United States as well, and stories of the conditions in New York’s debtors’ prisons could make one question if repayment of debts was really the purpose; violent criminals were much better clothed and fed.  In fact, history shows that terror and slavery have always had a close relationship with debt, and it follows a path from the Romans right through to 17th century England, and into America from English common law.  However, America chose to abolish her debtors’ prisons a full 36 years before England; first in New York in 1831, and by 1833 the rest of the America had followed. Continue reading

Economy

(BusinessInsider) – Greek Communists Say IMF-Imposed Austerity Means “Dachau Conditions For Life”

Greek communists are cranking up the rhetoric against IMF-imposed austerity measures, now calling for war against the Athens government. Read More Here

(TheStreet) – Gold Prices Top Record, Break $1,260 – Read More Here

(Bloomberg) – Greenspan Says U.S. May Soon Reach Borrowing Limit

Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing. Read More Here

(Fool) – The Coming Financial Meltdown

The problem is getting worse. Notional amounts of derivatives held by federally insured banks have risen to more than $200 trillion. Read More Here

(MyNews4) – Video: Nevada’s unemployment rate to reach No. 1 in U.S. – View Video Here

(PaulWatson) – Obama Plans To Sneak Through Carbon Tax By Stealth

Job killing, economy wrecking, middle class destroying consumption tax to be added in lame duck session after November elections Read More Here

(WebOfDebt) – Hyperinflation or Deflation? Dramatic Fiscal Austerity Measures: “Deficit Terrorists” Strike in the UK — The USA is Next – Ellen Brown

Last week, England’s new government said it would abandon the previous government’s stimulus program and introduce the austerity measures required to pay down its estimated $1 trillion in debts. That means cutting public spending, laying off workers, reducing consumption, and increasing unemployment and bankruptcies. It also means shrinking the money supply, since virtually all “money” today originates as loans or debt. Reducing the outstanding debt will reduce the amount of money available to pay workers and buy goods, precipitating depression and further economic pain. Read More Here

(Reuters) – Philly Fed Factory Activity Index Plummets in June

Factory activity growth plummeted in the Mid-Atlantic region in June, a survey showed on Thursday, adding to worries that the short and tepid U.S. economic recovery is now fizzling. Read More Here

(StarTribune) – Video: In jail for being in debt

You committed no crime, but an officer is knocking on your door. More Minnesotans are surprised to find themselves being locked up over debts. Read More Here

(EconomicPolicyJournal) – Swiss Legislators Sell American Tax Evaders Down the River to Bailout Big Bank

The legislators have approved a law that clears the way for the government to hand over the names of thousands of alleged U.S. tax evaders to the Internal Revenue Service, dodging the risk that the U.S. would reopen a bruising tax case against Swiss bank UBS AG, according to WSJ. Read More Here

(RawStory) – US jobless claims in surprise rise

New claims for jobless insurance benefits in the United States rose unexpectedly for the second straight week, the government said Thursday on concerns unemployment may derail the economic recovery. Read More Here

(NBCSandiego) – New Wave of Cuts at Union-Tribune: Sources

The San Diego Union Tribune told employees Thursday the company is cutting close to 40 newsroom positions, according to sources. Read More Here

(Bloomberg) – Illinois Debt-Default Insurance Climbs to Record High (Update1)

“If the spread is the widest, it says the problem is bigger than it’s ever been before,” said Peter Hayes, who oversees $106 billion of municipal bonds for New York-based BlackRock Inc. “It’s a reaction to the inability to pass a budget. We’ve seen a greater unwillingness from Illinois and the market is reacting to that.” Read More Here

BREAKING – (SCMLA) – Video: Banks In Oaxaca, Mexico No Longer Accept American Dollars

SoCal Martial Law Alerts (SCMLA) interviewed Lee, an American who discovered while on a recent (Christian) mission trip to Oaxaca, Mexico, that Mexican banks will no longer exchange American dollars for Mexican pesos.

Lee said that, when he first arrived in Oaxaca two weeks ago, the banks would still exchange American dollars for Mexican pesos, but then when he accompanied a friend to a Mexican bank approximately one week ago, that’s when he discovered the policy change regarding dollar-to-peso currency exchanges. Continue reading

Economy

(SteveWatson) – Gold Prices Heading For Record Highs

Gold futures surged toward record highs Thursday as the stock market and the U.S. economy continued to flounder, leaving investors seeking a safe haven in hard assets. Read More Here

(BusinessInsider) – CHART OF THE DAY: Food Prices Are About To Explode – Read More Here

(Leap2020) – Global systemic crisis / Second half of 2010: The global system’s four single points of failure

Each day the news confirm the extent to which the global systemic crisis has now entered into the phase of global geopolitical dislocation, even if the media only timidly begin to interpret the historic upheavals which unfold before our own eyes. For LEAP/E2020, the second half of 2010 will thus correspond to a new step in the global geopolitical dislocation, characterized by an acceleration in the process of strategic, financial, economic and social convulsions centered on four single points of failure Read More Here

(MSNBC) – Home builders won’t lift the economy this time

Homebuilders are sending a message: They won’t be able to contribute much to the economic recovery now that government home-buying incentives have vanished. Read More Here

(InterForecaster) – Federal Reserve Purchases U.S. Sovereign Debt – 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. Read More Here

(ZeroHedge) – 100 Italian Economists Say Austerity Will Destroy Europe

The Telegraph’s Ambrose Evans-Pritchard points to a letter signed by 100 Italian economists (technically Keynesianites, but in the great Ponzi, the two have become synonymous) in which they note that “the austerity strategy imposed by Brussels/Frankfurt risks tipping Europe into a self-feeding downward spiral. Read More Here

(TheStreet) – Gold Prices Reach for $1,254

Gold prices were gunning to break their record high Thursday as an uncertain stock market fueled demand for gold as a safe haven asset. Read More Here

(CNNMoney) – Out-of-work job applicants told unemployed need not apply

The last thing someone who is unemployed needs to be told is that they shouldn’t even apply for the limited number of job openings that are available. But some companies and recruiters are doing just that. Read More Here

(Reuters) – More Than 90 Banks Miss TARP Payments – Read More Here

(June 16) – Video: Alex Newman Reveals Fed Manipulations & ‘Bernanke’s Trillions’ on Alex Jones Tv

New American journalist Alex Newman talks with Alex about his latest article, Fed Manipulations in the Crosshairs. “It turns out that under the guise of “stabilizing” the economy, the Federal Reserve banking cartel had set in motion a series of actions that would eventually transfer trillions to the bankers at taxpayers’ expense, all while decimating the investments of countless average Americans,” writes Newman. Alex also covers the news and takes your calls. Continue reading

Economy

(WPost) – 8 House members investigated over fundraisers held near financial reform vote

The Office of Congressional Ethics is investigating eight lawmakers who held fundraisers within 48 hours of a major House vote on a Wall Street reform bill or received substantial donations from business people with a financial stake in the bill, according to congressional sources and letters. Read More Here

(Money&Markets) – Two Consequences of the Stimulus Programs Washington Wants You to Ignore! – Read More Here

(BullionBullsCanada) – Fannie Mae Proposes Bulldozing U.S. Homes – Read More Here

(EconomicPolicyJournal) – Bank Run in Spain and Its Destabilizing Ramifications for the Entire EU

According to FT, Spanish banks borrowed €85.6bn ($105.7bn) from the ECB last month. This was double the amount lent to them before the collapse of Lehman Brothers in September 2008 and 16.5 per cent of net eurozone loans offered by the central bank. Read More Here

(InternationalForecaster) – The Fed’s Purchase of US Sovereign Debt: “The US Treasury is under the Control of the Fed’s Owners”. – Bob Chapman

US, UK and European financial systems are on the way to collapse Read More Here

(MarketWatch) – U.S. home building craters after tax break expires

Housing starts fell 10% to a seasonally adjusted annual rate of 593,000 in May, the lowest level since December. The details were even worse, as starts of single-family homes plunged 17% to a seasonally adjusted rate of 468,000, the lowest in a year. Read More Here

(LewRockwell) – Amnesty for the Banksters, Debtor’s Prison for the Serfs – Read More Here

(SoColPatriotsClub) – House Democrats Drop Ron Paul’s Audit of Federal Reserve

Yes, you read that right. Ron Paul’s push to audit the Federal Reserve Bank and see who received how much money in the last few years has been drastically reduced. Read More Here

Video: The Greecing of America, Simplified

The repercussions from Greece’s fiscal crisis are starting to ripple around the world. But are lessons being learned? – View Video Here

REPOST – (RussiaToday) – Video: Greece was used as trojan horse by Washington and Goldman Sachs, to damage Eurozone

“The whole attack on Greece and the attack on the euro originated from a concerted strategy of Wall Street and US Institutions to permanently cripple or try to cripple the only alternative reserve currency anywhere in the world that can challenge the dollar,” Engdahl told RT. Video Link Here

Video: Instead of budgeting, Congress is….

With all of the attention on the BP oil spill, the European debt crisis and even financial regulatory reform, the fact that Congress hasn’t passed (and will likely not pass) a federal budget for fiscal year 2011 is flying under the radar. View video Here

(WPost) – More college-educated jump tracks to become skilled manual laborers – Read More Here

(LewRockwellShow) – Podcast: We Ain’t Seen Nothin’ Yet – Lew with Gerald Celente

What does the state-bank-military complex plan next? As the second stage of the financial crisis hits, says Gerald Celente, we can expect them to start another war to divert people’s attention from the wholesale robbery of the productive. Listen to Podcast Here

(LewRockwell) – Bailing Out Politicians Now? – Patrick J. Buchanan – Read More Here

(WRMEA) – U.S. Financial Aid To Israel: Figures, Facts, and Impact – Read More Here

(MarketWatch) – Fannie, Freddie to scrap NYSE stock listings – Read More Here

(EconomicPolicyJournal) – Bloomberg Considering Former-Goldman Man for Deputy Mayor – Read More Here

REPOST – (Snard) – More Than 1 In 5 American Children Are Now Living Below The Poverty Line

Perhaps the greatest victims of the economic nightmare that is unfolding right in front of our eyes are our children. Read More Here

(AlterNet) – “Lure People Into That Calm and Then Just Totally F–k ‘Em”: How All of Us Pay for the Derivatives Market

Derivatives are a hotbed of abuses and bailouts. So why are taxpayers footing the bill? Read More Here

(Infowars) – Why You Should Buy Gold and Silver – Mark Dice – Read More Here

(FinancialSense) – Gold Going to Parabolic Top of $10,000 by 2012 – For Good Reasons

No wishful thinking here! As I see it gold is going to a parabolic top of $10,000 by 2012 for very good reasons – sovereign debt defaults, bankruptcies of “too big to fail” banks and other financial entities, currency inflation and devaluations – which will all contribute to rampant price inflation.

Not surprisingly, I have company in that view: Continue reading

Economy

(Reuters) – Moody’s Cuts Greece Government Ratings to Junk

Moody’s on Monday downgraded Greece government bond ratings into junk territory, citing the risks in the euro zone/IMF rescue package for the debt-laden country. Read More Here

(InfoClearingHouse) – Bulging Inventory Signals Next Leg Down in Housing – Mike Whitney

Did the Federal Reserve collude with the big banks to hold millions of houses off the market until the Fed finished adding $1.25 trillion to the banks reserves? Did the Fed do this to make it appear that its bond purchasing plan (quantitative easing) was stabilizing prices when, in fact, it was the reduction in supply that stopped prices from plunging? It sure looks that way. This is from Bloomberg News: Read More Here

(HuffingtonPost) – “Dr. Death Says The U.S. Is Really, Really Sick.”

According to Roubini, for the US, the second half of 2010 will be worse than the first. US industrial capacity has fallen from 70 to 65%. Restocking depleted inventories is complete.

The United States, 25% of the global economy, can’t rein in its spending or cut debt. President George Bush inherited a surplus and went on to create the biggest deficit in US history (excepting WWII). Now, President Barack Obama is making matters worse by piling on more unsustainable debt. Read More Here

(DailyBell) – Doug Casey Revisits the Greater Depression and Explains the Realities of Investing in the 21st Century – Read More Here

(MoneyNews) – Volcker Warns: We Are Running Out Of Time

America is running out of time to fix its huge economic and fiscal problems, warns former Fed chair Paul Volcker, who now heads a financial advisory board to President Obama.

“Restoring our fiscal position . . . sorting out a reasonable approach toward limiting carbon omissions, and producing domestic energy without unacceptable environmental risks all take time,” Volcker writes in The New York Review of Books. Read More Here

(MarketWatch) – Bearish Schultz says hyperinflation may happen suddenly

Commentary: Crash-predicting letter says recovery might not come until 2028 Read More Here

(WPost) – Obama pleads for $50 billion in state, local aid

President Obama urged reluctant lawmakers Saturday to quickly approve nearly $50 billion in emergency aid to state and local governments, saying the money is needed to avoid “massive layoffs of teachers, police and firefighters” and to support the still-fragile economic recovery. Read More Here

(Bloomberg) – Economy in U.S. Slows as States Lose Federal Stimulus Funds – Read More Here

(PaulWatson) – Central Bank Hid Housing Market Crash Forecast

New revelations concerning how the Irish Central Bank hid data in a 2006 report indicating that a housing market crash was imminent underscores once again how financial elites covered-up signs of the coming economic turmoil in order to exploit the crisis at the expense of the people.

Months before the Irish housing market started to crumble in early 2007, which was followed by a wider collapse in the UK property market, the Irish Central Bank buried data from a crucial report which suggested that a 15 per cent fall in house prices was around the corner. Continue reading

Economy

(BBC) – Japan PM Naoto Kan warns of ‘collapse’ under debt pile

Japan is at “risk of collapse” under its huge debt mountain, the country’s new prime minister has said. Read More Here

(NAlert) – ObamaCare’s 150 New Government Agencies – Read More Here

(DowJones) – 2nd UPDATE: Milan Judge Adjourns Derivatives Trial To June 23

A Milan judge adjourned Wednesday a landmark derivatives trial against four international banks accused of fraudulently selling derivatives on a bond by two weeks to June 23.

Judge Oscar Magi, who recently took over the proceedings, also ruled that several parties including dozens of consumer … Read More Here

(NYTimes) – Uncertainty Restores Glitter to an Old Refuge, Gold

It is the resurgent passion of the doomsday crowd, a bet that everything will go wrong. No matter what has you worried, they say, the answer is gold. Read More Here

(CNNMoney) – Vermont to seniors: Return those $250 checks

The federal government is mailing $250 Medicare rebate checks this week, but Vermont is asking its seniors to send the money back to the state. Read More Here

(June 11) – Video: Bob Chapman’s Friday 6/11/2010 Economic Report on Alex Jones Tv

Bob Chapman of The International Forecaster checks in with his regular Friday economic news update. Alex covers the news and takes your calls. Continue reading

Economy

(CNNMoney) – Hello Chinese exports, good-bye U.S. jobs – Read More Here

(BusinessWeek) – Banks With State Debt Ignore Not-If-But-When Default (Update1)

European banking shares indicate a Greek debt default may be just a matter of time. Read More Here

(AP) – Japan PM warns of Greece-like debt crisis

Japan could face a financial mess like the one that has crippled Greece if it does not deal urgently with its swelling national debt, the new prime minister warned Friday. Read More Here

(SeekingAlpha) – Soros: Financial Crisis, ‘Act II’

Love or hate his politics, there is no doubt George Soros is one of the brightest investment minds of the past few generations.

Hence, when you have Soros on one side saying we have only begun the second stage of the financial crisis, and on the other hand you have “Unicorns and Butterflies” Bernanke telling us all is well (kumbaya!) [coming off one of the worst economic forecasting records the past half decade], you can guess which side one might be better off listening to.

“The collapse of the financial system as we know it is real, and the crisis is far from over,” Mr. Soros said at a conference in Vienna. “Indeed, we have just entered Act II of the drama.” Read More Here

(BullionMark) – Weimar Gold & Silver Prices 1919-1923

Weimar Germany hyperinflation prices of gold and silver in Marks from 1919 – 1923 by month. Charts are also presented to visually depict the speed and magnitude of the change. Remember these are months not years. Consider the human story behind the numbers. How did people survive? Read More Here

(MarketOracle) – PONZI Finance Recipe for Economic Catastrophe, Gold Not a Bubble

The “When hope turns to Fear” moment (See 2010 Outlook “When hope turns to Fear” in Tedbits archives) is unfolding as we speak, as the tides of insolvency sweep over the social welfare states and financial systems of the developed world. It is the next leg down in the global financial crisis and what will come to be known as the greatest depression ever is commencing — we are fascinated and astonished at what the main stream media is reporting and failing to report. Read More Here

(NakedCapitalism) – PR Push Against Strategic Defaulters Underway (Is There a Debtors Prison in Your Future?) Read More Here

(DailyMail) – Child benefit to be cut off at 13 as Government’s ‘poverty tsar’ plans to wean parents off handouts

Families could see their child benefit taxed or cut off once a youngster hits 13 under radical plans proposed by Frank Field, the government appointed ‘poverty tsar’. Read More Here

(KurtNimmo) – Wither Government. Chaos! Anarchy! Lost Revenue!

New York Gov. David Paterson is warning that if he is forced to shut down government next week chaos and anarchy will rule in the state.

“No one knows the full ramifications of a government shutdown,” said Paterson. “It would create unimaginable chaos around the state and the greater metropolitan areas,” reports WCBS TV.

The legislature in the Empire State has failed to pass a budget and this will result in doomsday, according to Paterson. Continue reading

Economy

(Alternet) – Poverty: It’s Not Just for Black Urbanites Anymore! – And of course it never was. – Read More Here

(NYDailyNews) -Japanese PM Naoto Kan warns of Greece-level ‘collapse’ under debt pile – Read More Here

(Money&Markets) – Debt Facade Cracking in U.K. as Sovereign Contagion Spreads – Read More Here

REPOST – (MarketOracle) – Debt Can Never Be Repaid, By Bankster Design

You really have to hand it to the banksters. As was painstakingly detailed in the book Creature from Jekyll Island, the banking elite devised a brilliant plan in November of 1910 on Jekyll Island in which to take over control of the United States, steal the wealth from the taxpayers and the resources from the country. Read More Here

(EconomicPolicyJournal) – Analyst to Money Managers: Take Your Cell Phones with You on Vacation; Greece Could Default in August

Greece will eventually default on its debt because the country is highly indebted, Carl Weinberg, chief economist at High Frequency Economics, said on CNBC this morning. Read More Here

(MailOnline) – Doomed Labour’s £1.3 TRILLION last spending spree revealed: As the economy nosedived, your millions were wasted on grandiose schemes – Read More Here

(InfoClearingHouse) – One Bank Ruled Them All; Trichet’s Powergrab – Mike Whitney – Read More Here

(BusinessInsider) – The Stunning Crash And Burn Of Las Vegas

There are quite a few U.S. cities that are complete and utter economic disaster zones in 2010 (Detroit for example), but there is something about the demise of Las Vegas that is absolutely stunning. Read More Here

(MineWeb) – U.S. asset managers worried Obama could confiscate gold

Speaking at the FT Silver conference in London yesterday, lead-off speaker John Levin, HSBC Bank’s Managing Director, Global Metals and Trading (HSBC is one of the world’s top precious metals traders and its vaults in the U.S. and Europe hold huge holdings of gold and silver bullion) recounted conversations with some of the U.S.’s top asset managers controlling massive amounts of capital asking if HSBC had the capacity in its vaults to store major gold purchases. On being told that the bank’s U.S. vaults had sufficient space available he was told that they did not want their gold stored in the U.S.A. but preferably in Europe because they feared that at some stage the U.S. Administration might follow the path set by Franklin D. Roosevelt in 1933 and confiscate all U.S. gold holdings as part of the country’s strategy in dealing with the nation’s economic problems. Read More Here

(NYDaily) – Gov. Paterson: Shutdown over budget would cause ‘unimaginable chaos,’ crime in New York

Gov. Paterson went into full doomsday mode Thursday, warning of chaos and anarchy in the streets if the government shuts down.
“It would create unimaginable chaos around the state and the greater metropolitan area,” Paterson said on WCBS Radio 880 this morning. Read More Here

(AP) – Retail sales drop 1.2 percent in May

Retail sales plunged 1.2 percent last month, the Commerce Department said Friday. It was the largest decline in eight months. Read More Here

(BusinessInsider) – Social Security Payouts Are Already Crippling The Government This Year

There is enough published information from the Social Security Trust Fund to make some observations for the first six months of 2010. The data on FICA/SECA tax receipts and benefit payments: (all amounts in $billions) Read More Here

(PakAlert) – 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, opened a gap in the wash of financial disinformation that has prevailed in the mainstream media for the past year. The average American is now more aware of the terrible costs of living in an artificially driven and widely manipulated “global economy”, and has also been exposed (at least for the moment) to the very real frailties in our own markets, which have been hidden or downplayed by the government as well as disingenuous establishment economists. Events in the EU, however, are only a glimpse of the greater and more imminent threats we face in the near future. In this article we will look at some of the latest and most disturbing moves by governments and financial institutions, as well as tell-tale signs in our own local cities, which signal that a full-spectrum collapse of world markets and possibly our own currency is not only in progress, but nearing completion. Continue reading

Economy

(C-SPAN) – Ron Paul: Restore a Full Audit of the Fed! – Video Link Here

(AsiaTimes) – Part 1 of 2 – THE POST-CRISIS OUTLOOK: Part 10 – The trillion-dollar failure – Read More Here

(CNNMoney) – Hello Chinese exports, good-bye U.S. jobs – Read More Here

(WRNGNews) – NY Government Shutdown Possible

The state budget is more than two months late. Since April, the government has been kept running on a week-to-week basis by temporary spending bills, or extenders. Read More Here

(ABCNews) – 2 million public servants on strike in Spain

Nearly 2 million Spanish state employees have stopped work in anger over government spending cuts that will see them lose about 5 per cent of their salary. Read More Here

(PressTV) – UK unemployment could reach 3 mn – Read More Here

(CNBC) – Debt Spreading ‘Like a Cancer’: Black Swan Author

The economic situation today is drastically worse than a couple years ago, and the euro is doomed as a concept, Nassim Taleb, professor and author of the bestselling book “The Black Swan,” told CNBC on Thursday.

“We had less debt cumulatively (two years ago), and more people employed. Today, we have more risk in the system, and a smaller tax base,” Taleb said. Read More Here

(USAToday) – Only a fraction of those in need file for bankruptcy – Read More Here

(Bloomberg) – Soros Says ‘We Have Just Entered Act II’ of Crisis

Billionaire investor George Soros said “we have just entered Act II” of the crisis as Europe’s fiscal woes worsen and governments are pressured to curb budget deficits that may push the global economy back into recession.

“The collapse of the financial system as we know it is real, and the crisis is far from over,” Soros said today at a conference in Vienna. “Indeed, we have just entered Act II of the drama.” Read More Here

(CNSNews) – Bernanke: ‘Things Will Come Apart’ If Entitlements Are Not Reformed and Spending Controlled

Federal Reserve Chairman Ben Bernanke delivered a frank assessment to Congress on the fate of the economy if entitlement programs are not restructured. On Wednesday, Bernanke warned that “things will come apart” if Congress allows the federal entitlement programs and the deficit spending they cause to continue on their unsustainable path. Read More Here

(MailOnline) – U.S. facing debt ‘super cycle’: $13trillion black hole to overtake country’s GDP ‘within two years’

Forecasters predict the U.S. debt will grow to surpass gross domestic product in 2012, based on data from the International Monetary Fund. Read More Here

(EconomicCollapse) – More Than 1 In 5 American Children Are Now Living Below The Poverty Line

Perhaps the greatest victims of the economic nightmare that is unfolding right in front of our eyes are our children. The overall economic numbers are really bad, but when you examine the impact that this economy is having on children things get really horrifying. Read More Here

(CNBC) – Gold’s ‘Real Move’ to $7,000 Coming: Asset Manager

The “real move” in gold is to come, predicted Egon von Gruyerz, founder of precious metals investment and storage company GoldSwitzerland.com, on Monday. Read More Here

(PressTV) – UK’s welfare system targeted for cuts

UK Chancellor George Osborne discloses that the government has targeted welfare benefits, tax credits and public sector pensions for spending cuts. Read More Here

(Chron) – Radiohead frontman: Music industry on verge of collapse

Radiohead frontman Thom Yorke is warning the music industry is on the brink of collapse, insisting young musicians should resist signing record deals because the major labels will “completely fold” within months. Read More Here

(Telegraph) – CGT: investors rush into gold coins to beat tax rise

Britain’s bullion dealers are struggling to source enough gold sovereign and Britannia coins to keep up with surging demand ahead of an expected rise in capital gains tax (CGT) in the emergency budget. Read More Here

(June 10) – Video: Gerald Celente Breaks Down The Troubled Financial World Markets on Alex Jones TV

Alex talks with Gerald Celente, renowned trend forecaster, publisher of the Trends Journal, business consultant and author who makes predictions about the global financial markets and other events of historical importance.

Part 1 of 7

Continue reading

Economy

(SteveWatson) – Gold Surges As Euro Continues To Collapse

Highest gain for four weeks on fears of disintegration of Euro zone Read More Here

(Maclver) – Wisconsin Borrows $1.4 Billion from Feds for Unemployment Funds

Wisconsin’s loans place the state as one of the largest Unemployment Reserve debtors in the country. Read More Here

(Money&Markets) – The Biggest Shock of All

Why did the specter of collapse in far-away Hungary help sink the Dow by 323 points on Friday?

And why did similar scenarios in Greece, Spain, and Portugal trigger the Dow’s 1,000-point Flash Crash one month earlier? Read More Here

(ITN) – Impact of cuts will be enormous, warns PM

In a major speech on the economy, the Prime Minister will say the proposed cuts programme will affect “our whole way of life” and could be felt for decades, such is the scale of the debt problem. Read More Here

(WSJ) – Tax Hikes and the 2011 Economic Collapse – Read More Here

(Globe&Mail) – Canada wins key fight against bank tax

Proponents of such a tax ­ including the United States and Europe ­ are free to go it alone, but the new plan allows the rest of the G20 to avoid the controversial idea and find other ways to reduce banking risks. Read More Here

(DailyReckoning) – Government Desperate. Gold Tax Imminent?

The thrust is that, as Mr. Steer says, “Adrian floats the disturbing possibility that governments, looking around for easy sources of revenue, may decide to tax the private ownership of gold.” Read More Here

(EconomicCollapse) – U.S. National Debt 2010 – Read More Here

(Economicrant) – By Christmas 50,000,000 Americans will be eating at the government trough

Other presidents get the picture on paper currency. Obama should have his picture on food stamps. There are now 40 million Americans who choose to have the government feed them rather than feed themselves. This is almost 1 in 7 people who depend on government food. Now do you see how totally and completely hopeless things are? Read More Here

(BusinessWeek) – Fed Denies Bernanke Attended Bilderberg – Read More Here

(CNSNews) – U.S. Will be Like Greece in ‘Seven to 10 Years,’ Say Congressmen, Experts

Sen. Judd Gregg (R-N.H.), along with other members of Congress and leading financial experts, is warning that the United States is in danger of being in the same dire situation as Greece – national bankruptcy — in seven to 10 years if the nation doesn’t slash its debt and control spending, unless the federal government radically curtails spending. Read More Here

(ZeroHedge) – On The Imminent US Debt To GDP Parity – Tyler Durden

One of the most recurring and troubling topics on Zero Hedge is the imminent US Debt to GDP parity: even as the US economy is starting to roll over from a temporary sugar high into a double dip, the hangover effect of $2.1 trillion in debt incurred since March 2009 will linger for a long, long time. Read More Here

(BusinessInsider) – In 5 Years, UK Will Be Spending More On Interest Than Schools, Climate, And Transport Combined

Based on the calculations of the last government, in five years’ time the interest we are paying on our debt is predicted to be around £70bn. That is a simply staggering amount. No wonder the previous government refused to publish the information. Read More Here

(EconomicCollapse) – College Students This Is Your Future: High Unemployment And Student Loan Hell

Hundreds of thousands of college students all over the United States have just graduated and are getting ready for their first taste of the real world. Unfortunately for them, the real world is not always easy and it is not always fair. Read More Here

(Bloomberg) – U.S.’s $13 Trillion Debt Poised to Overtake GDP Chart of Day

President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.” The CHART OF THE DAY tracks U.S. gross domestic product and the government’s total debt, which rose past $13 trillion for the first time this month. Read More Here

(Fox) – Video: Peter Schiff on Fox Business News

Economy

(GoldScents) – STILL JUST A BABY BULL

It’s sad to say but I’m afraid 90/95% of all retail traders/investors are not going to successfully ride the gold bull. The reason of course is that they are deathly afraid of draw downs. It’s glaringly apparent every time gold pulls back or suffers the slightest correction. Immediately a slew of traders come on the blog and warn of impending doom. “Gold is going to $600” (think Elliot wave). Some are even brave (maybe I should say ‘foolish’) enough to short. Here is one we hear alot lately, “miners are going to get crushed if the stock market enters a new leg down in the secular bear market”.

Pure nonsense!

Let me show you what happened to gold and miners during the 2000-2003 bear market. Read More Here

(Alternet) – Why Banks Try to Make Borrowers Feel Like Sinners When They Can’t Pay off Their Mortgages

Crazy views about homeownership are helping the very bankers who screwed us in the first place. Read More Here

(TheComingDepression) – World economies on verge of currency revaluations to deal with debt

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” — Henry Ford
Basically what the world central banks are doing is increasing their money by devaluing it (printing more than it’s worth) and giving it to banks so that they can lend it. Then, when things pick up, simply take the money back and destroy it. Read More Here

(Telegraph) – Euro ‘will be dead in five years’

The euro will have broken up before the end of this Parliamentary term, according to the bulk of economists taking part in a wide-ranging economic survey for The Sunday Telegraph. Read More Here

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

Video: Keiser Report № 46 – Social Fury builds up!

(RussiaToday) – May 27 – This time Max Keiser and co-host Stacy Herbert look at the scandals of guillotines and conspiracy theories, Fed rackets and capital flows. In the second half of the show, Max interviews Dr. Joern Berninger about the European “debt crisis”, when France was “technically bankrupt” on May 7, and about the China bubble debate. Continue reading

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. Continue reading

Economy

(CommitteeForAbolitionOfThirdWorldDebt) – Eurozone Economic Crisis: Call For a European Mobilisation Against the Dictatorship of the Creditors

Text of the La Marlagne Declaration Read More Here

(HuffingtonPost) – Tier 5: The Despair Of The 99ers

Hundreds of thousands of long-term unemployed people across the country are watching in despair as Congress limps toward a reauthorization of jobless aid programs that won’t even help them.

They are the 99ers, people who have exhausted the maximum 99 weeks of unemployment benefits available in some states. Read More Here

(MotherJones) – Soldier in Iraq Loses Home Over $800 Debt

Michael Clauer is a captain in the Army Reserve who commanded over 100 soldiers in Iraq. But while he was fighting for his country, a different kind of battle was brewing on the home front. Last September, Michael returned to Frisco, Texas, to find that his homeowners’ association had foreclosed on his $300,000 house—and sold it for $3,500. This is story illustrates the type of legal quagmire that can get out of hand while soldiers are serving abroad and their families are dealing with the stress of their deployment. And fixing the mess isn’t easy. Read More Here

(ZeroHedge) – Dollar to be Replaced with IMF’s SDR as Reserve Currency?

Jim O’Neill, who did not make any friends within the bear community earlier today, has written an interesting paper on the IMF’s Special Drawing Rights, and whether this hypernational currency can ever become a reserve currency as is, and/or with the CNY as a constituent member. Read More Here

(Globe&Mail) – Greece could set off bigger debt bomb

Let’s play a little game called Disaster. Imagine an event that could trigger a genuine, knock ’em down, worldwide catastrophe. Think of Pearl Harbor, multiplied by 10, or even 100. Read More Here

(BizJournals) – N.C. loses 1,800 more construction jobs

North Carolina lost 1,800 jobs in the construction industry in April, according to a report released Friday. But the study also shows the industry’s nationwide slowdown is beginning to wane. Read More Here

(Bloomberg) – Berlusconi Says $30 Billion of Budget Cuts Needed to Save Euro – Read More Here

(CNBC) – More Cities on Brink of Bankruptcy – Read More Here

(BizJournals) – Cincinnati State hikes tuition 3.5% – Read More Here

(HoweStreet) – Miami Commissioner Says Bankruptcy is City’s Best Hope; Chris Christie Says New Jersey Careens Towards Becoming Greece – Read More Here

(CNNMoney) – Youth jobless crisis could have lasting impact – Read More Here

(NBCMiami) – Video: Miami Budget Begging for Bankruptcy – Video Link Here

(WPost) – 100,000 teachers nationwide face layoffs – Read More Here

(AmericanThinker) – Folly Central: Obama Considers Another Stimulus

Another stimulus. That’s right. You read correctly. The U.K.’s Telegraph reports that dour President Obama and his cadre of thick-headed left-wing ideologues are weighing additional borrowing. This time to the tune of $200 billion. Paltry when stacked against the trillions in debt the nation is already massing? Can you say the “tyranny of compounding interest?” Read More Here

(BusinessInsider) – The Worst Money Supply Plunge Since The Depression Means A Double Dip Is Now A ‘Virtual Certainty’

The negative take is that this crashing money supply will lead to both deflation and a double dip recession: Read More Here

(ABCNews) – National Debt Soars Past $13 Trillion – Read More Here

(EconomicPolicyJournal) – Subprime Goes to College: $300 Billion in Defaults Coming

Mike O’Rourke (Via ZeroHedge) has a nice summary of yesterday’s Ira Sohn Research Conference.

Of note was Frontpoint’s Steve Eisman, who has spotted another private sector industry that is in bed with government big time ,that is taking advantage of the poor, and will collapse. Here’s O’Rourke’s report on Eisman’s speech: Read More Here

(TaxProf) – Gird Your Loins: IRS ‘Wealth Squads’ Are on the Way

Newly created exam teams will scrub wealthy taxpayers’ hedge funds, trusts and foreign accounts. Read More Here

(DailyFinance) – BankWatch: TARP Investments Lead to Huge Losses for U.S. Treasury

As struggling banks get acquired or fail, the U.S. Treasury is shouldering a growing burden: Its investments in TARP are turning out to be a bust, leading to huge losses. And there are signs of more trouble ahead. Read More Here

(AmericanThinker) – Another Sham Stimulus Bill – Read More Here

(WashingtonPost) – 100,000 teachers nationwide face layoffs

Senior congressional Democrats and the Obama administration scrambled Wednesday to line up support for $23 billion in federal aid to avert an estimated 100,000 or more school layoffs in a brutal year for education budgets coast to coast. Read More Here

(InfoClearingHouse) – Credit Storm in Europe; Politics on Capital Hill – Mike Whitney

Credit market turmoil in the Eurozone has ignited frenzied trading on global markets. On Tuesday, shares tumbled nearly 300 points on the Dow Jones before launching an unconvincing 257-point late-day comeback. Wednesday the mayhem continued; all the major indexes seesawed wildly as positive news on durable goods was nixed by reports on wobbly EU banks. Read More Here

(HuffingtonPost) – The Cult of Subprime Central Bankers

The world is suffering from the worst downturn since the Great Depression. The crisis has left tens of millions unemployed in the U.S., Europe, and elsewhere. The huge baby boomer generation in the United States, now on the edge of retirement, has seen much of its wealth destroyed with the collapse of the housing bubble. Read More Here

(WSJ) – Banks Trim Debt, Obscuring Risks

Three big banks—Bank of America Corp., Deutsche Bank AG and Citigroup Inc.—are among the most active at temporarily shedding debt just before reporting their finances to the public, a Wall Street Journal analysis shows. Read More Here

(Fox) – Video: Freedom Watch – Reigning in National Debt

May 26 – What role did supply-side economics play in creating U.S. deficit? 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

Video: Southern Avenger – Rand Paul’s Practical Philosophy

Why today, asking substantive questions about the very nature of American government is the most practical and necessary politics. 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

Economy

(GlobalResearch) – Latin America’s New Middle Class Rulers: Stabilization, Growth and Inequality – Prof James Petras – Read More Here

(WebOfDebt) – Taking Back the Money Power: How Hidden Pools of Government Money Could Help Save the Economy – Ellen Brown

For over a decade, accountant Walter Burien has been trying to rouse the public over what he contends is a massive conspiracy and cover-up, involving trillions of dollars squirreled away in funds maintained at every level of government. His numbers may be disputed, but these funds definitely exist, as evidenced by the Comprehensive Annual Financial Reports (CAFRs) required of every government agency. If they don’t represent a concerted government conspiracy, what are they for? And how can they be harnessed more efficiently to help allay the financial crises of state and local governments? Read More Here

(Fox5Vegas) – Las Vegas Unemployment Rate At 14.2 Percent – 193,000 Out Of Work Statewide – Read More Here

(DailyKos) – A perfect storm for unemployment in June

While there is plenty of talk about the economic recovery, there is barely a whisper about what is just a few weeks ahead. It’s not any one thing. It’s a combination of three (and possibly four) different events that will deliver devastating body-blows to the economy. Read More Here

(InfoClearingHouse) – Great Depression 2.0. Bet on it – Mike Whitney

Deficits create demand. Demand generates spending. Spending generates economic activity. Economic activity generates growth. Growth generates jobs, increases government revenues, reduces deficits and ends recessions.

Simple, right? Read More Here

(Telegraph) – Whatever Germany does, the euro as we know it is dead

“Money can’t buy you friends, but it does get you a better class of enemy” – Spike Milligan
For Angela Merkel, leader of the eurozone’s richest country, a queue is forming of high-quality adversaries. As she tips German Geld und Gut into the furnace of a rescue package for the euro, while going it alone in a misguided ban on market “manipulators”, the brass-neck Chancellor has infuriated domestic voters, angered her EU partners (in particular the French) and invited the so-called wolf pack of global traders to do its worst. Read More Here

(TheFluCase) – Germany’s Parliament Votes to Give 66% of Country’s Annual Income Tax Revenue to Banks

Germany’s parliament today passed a bill that will mean that about 66 per cent of the country’s income tax revenue each year will go to banks in the form of interest payments on souvereign dent bonds held by Greece, Portugal and other eurozone nations. Read More Here

(OftWoMinds) – “Two Scoop Special”: Double-Dip Recession Guaranteed

Whether you believe the U.S. economy ever exited recession or not, a further decline is already baked in by numerous macro factors. Read More Here

(May 21) – Video: Bob Chapman’s Friday 5/21/2010 Economic Report on Alex JonesTv

Bob Chapman, publisher of the International Forecaster, a compendium of information on business, finance, economics and social and political issues worldwide. – Part 1Part 2Part 3Part 4Part 5

(May 20) – Video: Author Ellen Brown Details How to Have A State Own Bank Like N. Dakota on Alex Jones Tv

Alex also welcomes to the show attorney and author Ellen Brown. Her latest book, Web of Debt, documents the Federal Reserve and “the money trust” and shows how this private cartel has usurped power to create money from the people themselves and how we the people can get it back. Brown is the author of several other books, including Forbidden Medicine, Nature’s Pharmacy for Children: Drug Free Alternatives for More Than 160 Childhood Ailments. Continue reading

Video: The Government As Identity Thieves – Ron Paul

(C4L) – The spotlight remains on the Greek sovereign debt crisis as the riots continue. The terms of the Greek bailout from the IMF and Eurozone countries remain contentious with citizens on all sides. Europeans hate having their governments throw public money away as much as Americans do. The Greeks are not happy about having their taxes raised while their pensions and salaries are cut. Meanwhile, it is rumored by the Financial Times, AFP and others that Greece may spend more than it saves from austerity measures on arms deals with Germany, France and the US as a potential condition of receiving bailout funds. If true, it is certainly not unprecedented for the global military industrial complex to benefit from deals made by their friends in the central banking community. After all, war is the health of the state. The last thing big government proponents want is for peace to break out in the world. Continue reading

MSM: Tomorrow, A Major Political Event Is Coming, As The Rand Paul Era Begins

(BusinessInsider) – Tomorrow Rand Paul will take a major step towards being the highest ranking “Tea Party” politician in the country.

Rand — whose father Ron Paul is well-known and beloved by money –appears to be a shoo-in to win his Primary contest in Kentucky.

Current polls have him solidly leading establishment rival Trey Grayson, who was endorsed by sitting Kentucky Senator Mitch McConnell. That didn’t help much.

A quick look at his big issues should be familiar to anyone whose follow Ron Paul: Inflation, debt, sovereignty, guns, and ending bailouts. – Source: Business Insider

Economy

(ZeroHedge) – With Local Gold Inventories Depleted, Panicking German Dealers Stage Run On Krugerrands – Tyler Durden

Last week we noted that several prominent Austrian and German gold dealers had run out of inventory and were no longer transacting with a European population that has suddenly discovered gold religion. As a result, dealers are now focusing procurement efforst outside of Europe, with South Africa receiving the brunt of Europe’s panic for physical precious metals. As the FT reports, “At the Rand refinery in South Africa, the phone has not stopped ringing this week.” Just imagine what will happen when the gold bug goes airborne and jumps across the Atlantic… Read More Here

(Rense) – Our Sympathies To The People Of Greece – It’s “déjà-vu all over again”!!! – Adrian Salbuchi

When Argentinians watch the news today and see the terrible things that are happening in Greece, we cannot but say, “Hey!! This is EXACTLY like Argentina in December 2001 and beginning of 2002!”. Then too, Argentina underwent its worst systemic banking, public debt and monetary collapse which led to social turmoil, mad violence, rioting, and social war. Read More Here

(Bloomberg) – Greece Considering Legal Action Against U.S. Banks for Crisis

Greece is considering taking legal action against U.S. investment banks that might have contributed to the country’s debt crisis, Prime Minister George Papandreou said. Read More Here

(ChartingStocks) – Federal Deficit Chart (1901 to 2010)

Federal Deficit chart from 1901 to present. It aint pretty! See comparisons of current deficit with that of World War 2 below. See Chart Here

(GlobalResearch) – Financial Fraud. How It Works. The Truth behind the Madoff Investment Scandal

The mass media is not telling the entire truth about the Bernie Madoff scandal and that is contributing to the suffering of the victims of the largest investment scandal in history. Massachusetts School of Law Dean Lawrence Velvel ought to know; he’s one of them.
“Let me tell you the things you don’t know,” said Velvel, who has written extensively on the complex subject in books and blogs and hosted several television programs dealing with the Madoff affair. “The media isn’t telling the whole story because they generally focus only on the very wealthy people who were taken in. But the vast majority of the victims are ordinary people, like you and me, and they are the ones who are now left twisting in the wind. It looks to us like the wealthy are being helped now while the average bloke who put in $500,000 or $750,000 and who needed to use the income in order to live is being hurt.” Read More Here

(InfoClearingHouse) – The Vicious Circle of Debt and Depression – It Is a Class War

Never before has so much debt been imposed on so many people by so few financial operatives—operatives who work from Wall Street, the largest casino in history, and a handful of its junior counterparts around the world, especially Europe. Read More Here

Will the Wall Street Banksters Ever Be Held Accountable? – Danny Schechter

We are all still stuck in the “big Muddy.” No, not the wars of old or even the oil disaster. The mud I am referring to is more like quicksand and it sucks anyone who wants to look at what happened in the financial crisis deeper and deeper into it.

Soon, you are buried in shifting sea of so-called “exotic financial instruments,” and tranches, derivatives, credit default swaps, naked short-selling, etc and so forth, ad fin item. It’s murkier in there than in the oil-infested waters of the Gulf of Mexico.

Stop, my head hurts. Read More Here

Video: More Banking Propaganda Brought to You by a Division of The Royal Bank of Scotland – Continue reading

Film: Meltup – From The National Inflation Association

(InflationUS) – NIA believes Meltup is the most important economic documentary ever produced in world history. The Second American Revolution has begun! Please share this documentary with all of your friends and family members immediately!

See Also:

The Dollar Bubble

Our new must see documentary on the collapse of the U.S. dollar! Become educated so that you can survive and prosper while many Americans enter poverty! ***The best spent 30 minutes of your life! Continue reading

Economy

(InfoClearingHouse) – Finance 101: Blame the Poor (While Taking Their Money) – Read More Here

Video: Daniel Cohn-Bendit (english subtitles) about Greece’s financial woes

Euro deputy Daniel Cohn-Bendit (Greens/EFA) challenges the European Commission and Parliament about their stance on financial support for Greece. Read More Here

(BusinessInsider) – Why The UK Is The Next European Country To Experience A Massive Debt Crisis – Read More Here

(Bloomberg) – Video: Jim Rogers – Gold has HUGE potential! – Video Link Here

(DrHousingBubble) – Housing never really improved – 10 charts showing the United States housing market is entering the second wave of problems. 1 out of 4 people with no mortgage payment in the last year are still not in the foreclosure process – Read More Here

(FinancialTimes) – Portugal to unveil ‘crisis tax’ to cut deficit

José Sócrates, Portugal’s prime minister, will announce tough new austerity measures on Thursday, including a “crisis tax” on companies and wages, to accelerate cuts in the country’s gaping budget deficit. Read More Here

(PaulWatson) – CEO Predicts Market Armageddon: Dow To 5,000

Cornerstone Wealth Management CEO David Hefty agrees with a growing number of other financial experts that a real estate collapse in China before the end of the year will send shockwaves through the global economy, leading to a stock market collapse which will send the Dow into free fall below the 5,000 level. Read More Here

(RussiaToday) – Video: Gerald Celente – “we are going to see more and more violence” Greek Crisis

Amid a financial bailout in Europe, it is the banks that are doing the robbing, says trend forecaster Gerald Celente. He believes the ensuing protests are well-deserved and will not stop. Video Link Here

(PeterSantilli) – You Are Being Lied To By The Entire Financial System

Almost every US Corporation will do and say anything to keep us spending money, regardless of what they know about the fragility of our entire financial system. Bankster’s are now using world governments as patsies to commit the largest heist in world history. Stealing a trillion dollars from US citizens proved to be too difficult, as they had to receive congressional approval to bail themselves out. They’re recent scam involves using central banks to bypass democracy & funnel money to offshore entities without oversight. Read More Here

(BusinessInsider) – Video: Raw Footage Of Violent Bailout Protests In Ireland

It’s not just Greece. Via The Daily Bail, here’s what the Irish street looks like, as protesters attempt to storm parliament in protest of bank bailouts. Video Link Here

(InternationalForecaster) – Europe and America Morally and Financially Bankrupt – Bob Chapman

Greece has its immediate financing. Now the question is can they follow the prescription? In all likelihood the answer is no. the bond markets are reflecting that via a lack of confidence. In fact, some bond markets are falling apart and there is no end in sight. We have bond rating firms lowering ratings, as the rating services themselves are under serious fire and we do not believe they will be around long. The big question is why did it take two years and 10 months to react? Read More Here

(ZeroHedge) – First Gold, Now Europe Running Out Of Silver – Tyler Durden

Earlier we noted that the Austrian mint was on its way to depleting its gold reserves following “panicked buying” from Europeans, who now openly fear the demise of their currency. Now, courtesy of Slim Beleggen, we understand that the situation in the silver market is just as bad and has also spilled over to Germany: the contagion is no longer one of sovereign debt, but of precious metal physical inventory. Read More Here

(PaulWatson) – Gold Could Explode To $3,000 As Confidence In Currencies Collapses

Financial analyst David Rosenberg says gold could explode to $3,000 an ounce as European investors dump the ailing euro in exchange for the precious metal while JP Morgan states that bullion could face unlimited demand as panic buying ensues on the back of crumbling confidence in fiat currencies. Read More Here

(FoxBusiness) – Video: Peter Schiff – Buy Gold – Video Link Here

(RussiaToday) – Video: Gerald Celente – Banks robbing the people – Video Link Here

(Bloomberg) – Video: Is Portugal the next Greece? – Video Link Here

(WashingtonsBlog) – California Is More Likely to Default than Iceland or Iraq

The Federal Reserve isn’t the only one who owns credit default swaps betting that California will default.

As Ed Harrison points out, credit default traders have now ranked California in the list of top 10 governments most likely to default, with a 20% default probability: Read More Here

(WSJ) – Gulf Oil Spill Is Spoiling Tourism

A survey conducted by the Knowland Group May 3 and 4 of 50 hotel properties along the Gulf Coast found that 35% of respondents say the oil spill has prompted potential guests to cancel their reservations. Read More Here

(BusinessInsider) – The U.S. Government Is About To Get Hit With ‘The Perfect Storm’ Of Debt – Read More Here

(Examiner) – Economist Tim Madden: The PIIGS Brief: understanding how oligarchs rig, loot our economies. 3 of 4

Tim Madden is an economist with expertise on credit and banking. Tim and I are colleagues in lobbying government for public banking, with concentration in the US for state-owned banks (and here). The good news is that structural solutions to our economic controlled demolition are obvious and simple; and explained beautifully by many of America’s brightest historical minds. The bad news is that we’re still mired in oligarchic looting of our economies. Read More Here

(IceNews) – Yet another day of Iceland banking arrests

Ingolfur Helgason, the former Director of Kaupthing Iceland, and Steingrimur Karason, former CEO of the bank’s risk management department, were both arrested today upon arriving back in Iceland. They went straight to interrogation with the Special Prosecutor and are being held in police cells. Read More Here

Lots Of Layoffs As The Depression Worsens

Ciena Corporation – 140 International Jobs
Jordan School District Utah – 190
Apria Healthcare – 29
City of Garfield NJ – Considering 20 Job Cuts
The city of Lewiston Maine – 22 Positions
Takeda Pharmaceutical Chicago – 500
Diageo Plc, – Job Cuts Coming Soon
Auburn University AL – 12 Custodian Workers
Update: Charlotte-Mecklenburg Schools – 500 Layoff Notices
Long Beach School District – 243
Oceanside Unified School District – Finalize 61 Layoffs
The Mt. Diablo school CA – 200
Peterborough Regional Health ( International ) – 20 Management
Ranch Market – 200
NY Health and Hospitals Corporation – 500
Viz Media – 60
Los Angeles CA – 1,700 Layoffs Needed to Close Budget Gap
Milford Hospital Connecticut – Layoffs are planned
AM General Mishawaka plant – 50
The City of Xenia Ohio – 9
Chevron Corporation – 925
Barnegat Township Schools NJ – 25 More
General Dynamics/NASSCO – 900 San Diego Layoffs Possible
Madison Heights MI – up to 48 Possible
Rocklin Unified School District CA – 50
The El Segundo schools CA – 20

(FoxBusiness) – Video: Ron Paul – Stop the Bailout of Foreign Banks! – Continue reading

Video: Democracy Now! – Tariq Ali and Mark Weisbrot Discuss Greece’s Economic Crisis and Popular Uprising

“The People of Greece Are Fighting for the Whole of Europe”
The European Union and the International Monetary Fund have approved a nearly $1 trillion package to stop Greece’s debt crisis from spilling beyond its borders into the rest of the eurozone. Stocks surged in Europe, Asia and the United States Monday after EU leaders agreed to a $960 billion package to contain Greece’s financial troubles. Meanwhile, the austerity measures demanded by the IMF and the European Union as a condition of their loan are continuing to exact their toll. Greece’s two main unions have continued to hold protests against the reforms. In a statement, one of the unions said, “The crisis should be paid by…all those who looted public finances.” Last week nearly 100,000 people participated in a mass demonstration and a twenty-four-hour general strike against the austerity measures. Video Link Here

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Video: Peter Schiff – Greece Should Have Been Allowed To Default

Economist Peter Schiff explains why Greece should have been allowed to default and not been bailed out, which will merely result in its debt being socialized and the people of Europe suffering while the underlying problem remains unchanged. Continue reading

Video: Ron Paul – Euro Bailout Will Lead To Currency Collapse

(PaulWatson) –  As Europe is bailed out to the tune of nearly $1 trillion dollars, Congressman Ron Paul warns that the constant monetization of debt, allied with taxpayer-funded bailouts, will inevitably lead to runaway inflation and the collapse of paper currencies.

Under the terms of the Federal Reserve’s credit swap deal with the EU – in addition to an additional IMF bailout of which U.S. taxpayers will be picking up 20 per cent ($57 billion dollars) of the tab, Paul pointed out that not just taxpayers but “anybody that buys anything” will be funding the European bailout because of the attendant inflationary consequences. Continue reading

Video: Greg Palast – “Remove the Bloodsuckers”

(TheExcavator) – The solution to the Greek crisis, and the global debt crisis, is simple according to investigative reporter Greg Palast. In his 2001 article called “The Globalizer Who Came In From the Cold,” Palast suggests that we should “remove the bloodsuckers,” who are the global financial wizards that work at the IMF, WTO and the World Bank and practice the art of dark finance. Palast details the step-by-step plan of how these transnational economic parasites bring entire nations to ruin, which he learned after he gained a hold of some precious World Bank documents that laid out the banksters’ game-plan of how to harness the financial will of sovereign nations and use it against them. Palast also talked with Joseph Stiglitz, the former Chief Economist of the World Bank and a Nobel prize winner, for the piece. Continue reading

Oil Slickonomics

(Cumber) – “At its current leak rate of 5,000 barrels of oil per day, the spill could surpass the size of the 1969 Santa Barbara spill by next week. If the leak cannot be contained, it could exceed the size of the 1989 Exxon Valdez oil spill off Alaska by mid June.” Paul Harrison, Environmental Defense Fund

Three scenarios lie ahead. They rank as bad, worse, and ugliest (the latter being catastrophic and unprecedented). There is no “good” here. Continue reading

Economy

(Cato@Liberty) – Costly IRS Mandate Slipped into Health Bill

A few wording changes to the tax code’s section 6041 regarding 1099 reporting were slipped into the 2000-page health legislation. The changes will force millions of businesses to issue hundreds of millions, perhaps billions, of additional IRS Form 1099s every year. It appears to be a costly, anti-business nightmare. Read More Here

(DailyMail) – Greek police and protesters clash as fury over economic chaos spills on to streets – Read More Here

(NYTimesBlog) – Where All That Money Went

“We’ve lost almost $11 trillion of household wealth in the last 17 or 18 months,” lamented Senator Christopher J. Dodd, the Connecticut Democrat, on last Sunday’s “Meet the Press,” as he urged Congress to proceed with speedy deliberations on a finance reform bill.
Eleven trillion dollars! That’s over three-quarters of our current gross domestic product. Read More Here

(BusinessInsider) – Here’s Why US GDP Growth Is Unsustainable

The US turned in a fairly robust quarter in Q1 2010, with real GDP growth meeting expectations at 3.2% annualized. This comes on the back of a very robust annualized 5.6% growth in the previous quarter. This is the best growth two-quarter growth we have seen since 2003.

However, when one digs deeper, it is obvious this growth is unsustainable because it is predicated on a reduction in savings rates and a releveraging of the household sector. As a result, I expect weak GDP growth in the second half of 2010. Read More Here

(HuffingtonPost) – Goldman Sachs Reveals it Shorted Gulf of Mexico (SATIRE)

In what is looming as another public relations predicament for Goldman Sachs, the banking giant admitted today that it made “a substantial financial bet against the Gulf of Mexico” one day before the sinking of an oil rig in that body of water. Read More Here

(HoweStreet) – The Welfare State Meets Mathematics

The simple matter is that many nations have been living beyond their means and investors are beginning to doubt governments are good credit risks. That’s saying something, when governments can simply confiscate from the public the money needed to pay bond holders. But debt-to-GDP levels are now so high across the Western world that bond investors (and ratings agencies) are having serious doubts. Read More Here

(ZeroHedge) – With $2 Trillion In 3 Year Funding Needs By the PIIGS, The IMF Is Helpless To Do Anything But Sit Back And Watch

Total PIIGS funding needs (defined as the sum of debt maturities and budget deficits) over the next 3 years amount to $2 trillion. Total PIIGS funding needs in 2010 alone amount to $600 billion. Total IMF bail out capacity: around $700 billion. Sorry – it simply does not compute.

Below is a table summarizing the funding needs of just the PIIGS. Read More Here

(WashingtonsBlog) – If We Broke Up Standard Oil, We Can Break Up the Giant Banks – Read More Here

(BizJournals) – Honolulu foreclosures soar 123% in Q1 – Read More Here

(CNBC) – Spain Jobless Rate Surpasses 20%

Spain’s jobless rate has surpassed 20 percent for the first time since 1997, the government said Friday as it offered more dismal news for a recession-plagued economy that is being dragged into Europe’s debt crisis. Read More Here

(BizJournals) – Florida has highest private student loan delinquency rate – Read More Here

(MercuryNews) – San Jose council cuts its own pay 10 percent

The city is trying to close a record $116 million operating deficit for the upcoming budget year and hundreds of layoffs are anticipated. Read More Here

(BizJournals) – Report: Tech industry dumps 246,000 jobs in 2009

The job losses likely will be much higher in the 2011 report (which will have 2009 state stats) reflecting the full weight of the recession. Read More Here

(knightNews) – UCF Tuition and Fees Could Soar 23% Combined Under Legislative Deal

State lawmakers gave the greenlight for the University of Central Florida and other state schools to hike fees by 15 percent and raise tuition by another 8 percent — while at the same time slashing funding for the Bright Futures scholarship program. Read More Here

(BizJournals) – Report: Alabama manufacturing jobs down 7% in last year – Read More Here

(AP) – Mortgage fraud incidents rise 7 pct last year

Incidents of residential mortgage fraud increased last year, a sign that scammers are still targeting the industry despite more diligent efforts to find and report such activity. Read More Here

(YouTubeVlog) – Video: Peter Schiff – How an Economy Grows & Why it Crashes Continue reading

Economy

(Money&Markets) – Financial Ebola Sweeps Through Global Bond Markets

What does the end of the bond market world look like? Something like this … Read More Here

(Fox) – Top Treasury Official Is Involved in Subprime Mess?

A top Treasury Department official helping craft financial overhaul legislation is facing questions about his involvement in the subprime mortgage crisis. Conservative media outlets are looking at Eric Stein’s work as a senior vice president for the Center for Responsible Lending. Read More Here

(KSL) – Davis School District faces major budget shortfall

Davis School District is facing its most challenging budget season in its history: a budget shortfall of $30 million this year and $31 million next year. Read More Here

(USAWatchDog) – Video: Nouriel Roubini Talks Doom Again – Video Link Here

(BBC) – Video: Gulf of Mexico oil spill sparks new US drilling ban

The US administration has banned oil drilling in new areas of the US coast while the cause of the oil spill off Louisiana is investigated. Video Link Here

(BostonHerald) – Gas prices jump to more than $9 in Alaska town

Anchorage, Alaska — Most Americans are paying about $3 a gallon for gas. The residents of McGrath, Alaska, saw their gas prices jump by that amount in one night. Read More Here

(ChicagoTribune) – Chicago-area foreclosure auctions hit new high

More than 9,300 homeowners lost properties last quarter Read More Here

(PaulWatson) – Gold Hits 2010 High Amidst Debt Turmoil In Europe

Gold bullion reached a 2010 high today following concerns over euro zone sovereign debt levels after Greece, Spain and Portugal were hit with disastrous credit rating downgrades, with analysts now predicting that prices are set to move back towards their December high when gold peaked at $1,226.10 an ounce. Read More Here

(NYTimes) – Where All That Money Went

“We’ve lost almost $11 trillion of household wealth in the last 17 or 18 months,” lamented Senator Christopher J. Dodd, the Connecticut Democrat, on last Sunday’s “Meet the Press,” as he urged Congress to proceed with speedy deliberations on a finance reform bill.

Eleven trillion dollars! That’s over three-quarters of our current gross domestic product. Read More Here

(LATimes) – ‘99ers’ dread future without jobless benefits

They’ve exhausted 99 weeks of unemployment checks. Thousands are banding together to lobby Congress for another extension. Read More Here

(WSILTV) – Family Denied Medical Treatment Because of State’s Debt

A Carterville mom says she was denied medical care for her children because the state isn’t paying its bills. Read More Here

(Reuters) – TAKE-A-LOOK-US starts criminal probe into Goldman-source

U.S. federal prosecutors in New York have begun investigating Goldman Sachs Group Inc (GS.N), raising the possibility of criminal charges against the company or its employees, a source familiar with the situation said on Thursday. Read More Here

(Bloomberg) – Goldman Scrutinized by Prosecutors Examining SEC Case (Update1)

Federal prosecutors in New York are investigating transactions by Goldman Sachs Group Inc., accused by U.S. securities regulators of misleading investors, to determine whether to pursue a criminal fraud case, according to two people familiar with the matter. Read More Here

(RussiaToday) – Video: Down with ‘Too Big to Fail’ – Angry Americans march on Wall Street

The largest anti-Wall Street rally since the credit crunch has taken place in New York. Thousands of workers and trade union leaders marched in anger over lost jobs and ruined lives, demanding answers from the source of the trouble – the banks. Continue reading

Economy

(BusinessInsider) – CHART OF THE DAY: 49 Out Of 50 State Economies Are Still Underwater – Read More Here

(Telegraph) – ECB may have to turn to ‘nuclear option’ to prevent Southern European debt collapse – Read More Here

(Bloomberg) – College Graduates’ Debt Load May Outstrip Ability to Repay

Students, especially at for-profit universities, are leaving college in the U.S. with a debt load large enough to raise questions about the ability of many to repay loans, a study found. Read More Here

(EconomicPolicyJournal) – Trillion Dollar Bailout for Greece – Read More Here

(Telegraph) – Goldman boss Lloyd Blankfein denies moral obligation towards clients – Read More Here

(InternationalForecaster) – Frauds And Scandals Follow The Collapse Of The Financial System – Bob Chapman

As the world faces an ongoing sovereign debt debacle we see an attempt to defuse an oncoming scandal involving Goldman Sachs, Paulson and perhaps others.

The collapse of the fiat money system is underway and each day picks up momentum. The only question is how long it can survive? In the interim we are faced with inflation and perhaps hyperinflation as the privately owned Federal Reserve and other central banks add stimulus and money and credit into their financial systems. Read More Here

(10TV) – Cabinet Plant, Largest Employer In Pike Co., Closing

More than 1,200 jobs were being eliminated on Tuesday, after the Masco Cabinet Group announced it was closing its Hopewell Road facility. Read More Here

(Bloomberg) – Barofsky Says Criminal Charges Possible in Alleged AIG Coverup – Read More Here

(WSJournal) – Video: Contagion Getting Worse – Video Link Here

(Bloomberg) – ‘Debt Like Cancer’ Addressed by Obama Commission on U.S. Debt

President Barack Obama’s debt commission started grappling with how to reduce the U.S. government’s red ink in the first of a series of meetings aimed at producing a plan to be sent to Congress. Read More Here

(CNNMoney) – S&P slashes Spain’s debt rating

Standard and Poor’s downgraded the sovereign debt ratings of Spain to a lower investment grade status Wednesday, citing “risks to budgetary position” for the troubled European nation. Read More Here

(TarpleyNet) – Video: Seize and Liquidate Goldman Sachs – Webster Tarpley

Today’s Senate hearings, carried on CNBC, Bloomberg, and C-SPAN, represent the first major exposure of the American people to the scandalous frauds of the derivatives casino, including synthetic collateralized debt obligations (synthetic CDOs or CDO²). These are things most people have heard very little about. They begin to open up the shocking reality behind such shopworn euphemisms like “toxic assets,” “exotic instruments,” and “troubled assets.” Read More Here

(MarketWatch) – Royal Dutch Shell profit surges 57%

Royal Dutch Shell on Wednesday reported a 57% climb in first-quarter profit, with the energy giant benefiting from a surge in oil and gas prices as well as improving production. Read More Here

(MSNBC) – Markets shudder as Greek debt woes spread

‘Chances of a default … are increasing not by the day but by the hour’ Read More Here

(RevolutionaryPolitics) – Video: Chris Christie Speech Declaring Fiscal Crisis Emergency – View Video Here

(WSJ) – States Bristle as Investors Make Wagers on Defaults

As U.S. cities and towns wrestle with financial problems, investors are finding a new way to profit on their misery: by buying derivatives that essentially bet municipalities will default. Read More Here

(DailyMail) – BP earns £463 a second… as motorists suffer record petrol prices

Motorists paying record prices at the pumps reacted with fury at news of a 135per cent rise in profits by oil giant BP – earning a massive £463 a second.

BP said on Tuesday that profits hit £3.6 billion ($US5.6 billion) in the first three months of 2010 – more than double the level last year. Read More Here

(FauxCapitalist) – An illegal bank is the second-largest holder of U.S. treasury securities

From the U.S. Treasury Department’s latest numbers of major foreign holders of treasury securities, we see that China owned $877.5 billion and Japan owned $768.50 billion in February 2010. Read More Here

(WashingtonExaminer) – Barbara Hollingsworth: Fannie Mae owns patent on residential ‘cap and trade’ exchange

When he wasn’t busy helping create a $127 billion mess for taxpayers to clean up, former Fannie Mae Chief Executive Officer Franklin Raines, two of his top underlings and select individuals in the “green” movement were inventing a patented system to trade residential carbon credits. Read More Here

(EconomicPolicyJournal) – S&P on Greek Debt Downgrade to Junk Status: Options Are Narrowing Read More Here

(MarketWatch) – Goldman culture crash

More than anything else, the Securities and Exchange Commission’s fraud case against Goldman Sachs Group Inc. has illustrated the fall of the firm from Wall Street’s preeminent bank to riverboat casino. Read More Here

Climategate

(WebMe) – Global Warming: the Collapse of a Grand Narrative – Read More Here

(WebMe) – Nails in the Global Warming Coffin

My silence since mid-February has not meant that I have taken my eye off the climate-change scene. Far from it, although I have to confess that I have become increasingly wearied and bored by the fatuous lack of reality exhibited on this topic by many UK politicians. It is so glaringly obvious that, since the debacle in Copenhagen, ‘global warming’ is dying as a major political trope that I find it less and less exercising as an issue. Indeed, I do not want to waste too much energy in flogging a fundamentally dead corpse.

This last week, however, the nails in the global warming coffin have been driven in so thick and so fast that I thought it might be worth bringing attention once again to what is happening around the world – “You will therefore permit me to repeat, emphatically, that Global Warming is as dead as a door-nail,” although I suspect that the Global Warming Ghost will hang around moaning and wailing for quite a while yet. Read More Here

(Blog) – Angela Merkel gives up binding carbon treaties Read More Here

(NationalPost) – Lawrence Solomon: Australia won’t cap and trade

Seeing countries around the world back away from their climate change commitments, and seeing his own electoral support crumble, Australian Prime Minister Kevin Rudd announced today that Australia will be shelving its cap and trade program for at least three years, until after the next election. “That will provide the Australian government at the time with a better position to assess the level of global action on climate change,” he told the Australian press. Read More Here

(OzClimateSense) – Carbon storage premise ‘totally erroneous’ – Read More Here

Economy

(Rense) – FIRA – The 800 LB Gorilla In The Financial ‘Reform’ Bill – Joel Skousen

The lackluster Republican opposition to Senator Dodd’s Financial Reform bill is focused on whether or not the Democratic proposal allows for or prohibits additional bailouts. A secondary hot topic is the supposed derivative limitations. Frankly, these are both red herrings. They serve to mask an even larger danger that no one is talking about: a huge new government agency that will control all financial institutions in the US–and not just the “too big to fail” ones. Read More Here

(BBC) – UK unemployment increases to 2.5 million

The number of people unemployed in the UK rose by 43,000 to 2.5 million during the three months to February, official figures have shown. Read More Here

(BBC) – UK borrowing hits record £163.4bn – Read More Here

(WSJ) – 2nd UPDATE: US Regulators Close Seven Illinois Banks – Read More Here

(EPJ) – Understanding Just How Dangerous a Value-Added Tax Is – Read More Here

(EconomicPolicyJournal) – Here’s the Serious Situation that Could Blow Goldman Sachs Out of the Water – Read More Here

(WSWS) – Collapse of the Standard of Living in the USA

Studies Reveal Declining Living Standards and Increasing Anger Read More Here

(NPR) – Goldman Sachs Boasted As The Meltdown Unfolded

E-mails released Saturday morning show top executives at Goldman Sachs Group Inc. boasting about the money the firm was making as the national housing market collapsed in 2007. Read More Here

(MyBudget360) – The Futile Act of Saving in America Today – No Money Down Car Purchases, Low Down Payment for a big Mortgage, and High Interest Credit Cards for Everyday Spending – Read More Here

(BigGovernment) – IndyMac Attack: Did Schumer, Paulson, Soros, and the CRL Kill the Bank and Profit From Its Collapse? – Read More Here

(WSWS) – Obama Reassures Wall Street on Bank Regulation Bill

President Barack Obama went to lower Manhattan Thursday to deliver a message to Wall Street: Your profits and bonuses will not be disturbed by the regulatory overhaul making its way through Congress. Read More Here

(ZeroHedge) – Greece Welcomes Its New IMF Overlords With Day Of Rioting And National Strikes – Read More Here

(WashingtonPost) – For nations living the good life, the party’s over, IMF says

In the lingo of the International Monetary Fund, the future of the world hinges on “rebalancing and consolidation,” antiseptic words that would not seem to raise a fuss.

Who doesn’t want more balance in their life? Read More Here

(InfoClearingHouse) – Six Banks Control 60% of Gross National Product

Is the U.S. at the Mercy of an Unstoppable Oligarchy? Read More Here

(GlobalResearch) – Mortgage Madness: Financial Fraud in the Housing Market – Mike Whitney – Read More Here

(TruthDig) – The Story of the Financial Debacle: Goldman Plays, We Pay

The story of the financial debacle will end the way it began, with the super-hustlers from Goldman Sachs at the center of the action and profiting wildly. Never in U.S. history has one company wielded such destructive power over our political economy, irrespective of whether a Republican or a Democrat happened to be president. Read More Here

(WashingtonPost) – The best financial reform? Let the bankers fail

The trouble with Wall Street isn’t that too many bankers get rich in the booms. The trouble, rather, is that too few get poor — really, suitably poor — in the busts. Read More Here

(BoomBustBlog) – What We’re Looking For To Go Splat!

We have started picking new companies for forensic analysis, along with the ongoing study of the Pan-European Debt Crisis. Below you will find a sneak peak of what we have unearthed but first, the obligatory romp through recent news… Read More Here

(GoldScents) – On The Bring of an Asset Explosion II

Let me start off by saying the market should be correcting. Sentiment has reached ridiculous bullish extremes, the kind of extremes that led to the January /February correction. Read More Here

(CNN) – Video: SEC Watching Porno Not Wall St! – Jack Cafferty Continue reading

Computerized Front Running: How A Computer Program Designed To Save The Free Market Turned Into A Monster – Ellen Brown

(WebOfDebt) – While the SEC is busy investigating Goldman Sachs, it might want to look into another Goldman-dominated fraud: computerized front running using high-frequency trading programs.
Market commentators are fond of talking about “free market capitalism,” but according to Wall Street commentator Max Keiser, it is no more. It has morphed into what his TV co-host Stacy Herbert calls “rigged market capitalism”: all markets today are subject to manipulation for private gain. Continue reading

Economy

Video: Visualizing Obama’s budget cuts – Video Link Here

(MasonCountyNews) – Obama Banking Regulation Bill Does Not Go After Big Banks Read More Here

(CityAM) – IMF “FAT Tax” To “Reign In Banks” Will Increase Costs For Consumers

IMF plan: the wrong kind of reform Read More Here

(Infowars) – Regulatory Reform Bill: Another Round of Bailouts

It only takes a passing knowledge of current events to prompt the question of how many times the American people can be conned before they begin to wake up. Indeed, one might even ask how many times they can be conned with the same lines for the same result. Yet unfortunately, it appears that the most realistic answer is that there is in fact no limit to the gullibility of the general public. Despite the growing tea party movement as well as protests against higher taxes and bailouts, the U.S. government is gearing up yet again for another round of bailouts and the populace is geared up to accept them. Read More Here

(McClatchy) – Goldman’s White House connections raise eyebrows

While Goldman Sachs’ lawyers negotiated with the Securities and Exchange Commission over potentially explosive civil fraud charges, Goldman’s chief executive visited the White House at least four times. Read More Here

(WashingtonsBlog) – Break Up the Giant Banks to Curb Their Control over the Political Process – Krugman Read More Here

(TorontoStar) – Financial Fraud: Culture of Greed Under Attack

Barack Obama may not get it but the SEC finally is taking action – Read More Here

(InfoClearingHouse) – Borrowing While Poor

Congress is in the midst of investigating why Alan Greenspan and the Federal Reserve did not prevent the subprime fiasco, and now the SEC is suing Goldman Sachs for fraud. But neither the investigation nor the suit addresses the most repugnant aspect of subprime lending, which is the fact that poor people are charged higher interest rates than rich people when they purchase homes, and that this is perfectly legal. Read More Here

(InfoClearingHouse) – “Lehman’s failure is a story in large part of fraud” – Black’s Knockout Testimony – Mike Whitney Read More Here

(OftWoMinds) – How We Get Ahead Now: Gaming the System

Gaming the system is not just encouraged–it has become the foundation of the U.S. economy. Without it, the status quo will implode. Goldman Sachs gamed the system to package guaranteed-to-default mortgages and present them to buyers as AAA-rated “safe” investments yielding a high return, while selling a hedge fund derivatives which were a bet against the mortgages. Read More Here

(HoweStreet) – Hyperinflation Looms – The Dollar Arrives at Its ‘Havenstein Moment’

There is an interesting article in Canada’s Globe & Mail about the lack of growth in the US money supply. Ignoring for the moment that the quantity of dollars in circulation is significantly underreported, it observes: Read More Here

(PaulWatson) – Bankers Prepare To Assault Americans With VAT, Transaction Taxes

Obama: Value-added tax still on the table despite White House assurances otherwise, campaign promise not to raise taxes for families earning under $250,000 a year Read More Here

(PennyForYourThoughts) – Gore backed by group linked to oil industry – Read More Here

(CNBC) – Testimony Could Undercut SEC Charge Against Goldman

The testimony of a former Paulson & Co official could undercut the Securities and Exchange Commission’s fraud case against Goldman Sachs, CNBC has learned. Read More Here

(TheNewStar) – State $319M short

Gov. Bobby Jindal said he and the Legislature will “do everything we can to mitigate cuts” to higher education and health care, but the plan for cutting or using other funds to fill a $319 million budget hole won’t be complete until Friday. Read More Here

(ABC10) – State Revenues Down $130 Million – Read More Here

(WKBW) – DiNapoli Warns State Could Run Short on Cash

The state only ended the fiscal year in the black because the Governor delayed $2.9 billion in payments, and DiNapoli warns that by pushing these payments into the new fiscal year, the state could run out of money in June. Read More Here

(DailyDunklin) – Declining state revenue leads to hard budget decisions for leaders

Much like a family that has to make hard spending decisions when times are tough, leaders in Missouri have had to make hard budget decisions this year in light of declining state revenues. Read More Here

(EconomicPolicyJournal) – Fed Official: We Can Just Print Money, Damn It! – Read More Here

(Fox) – Republicans Warn Bank Bill Could Backfire as Dems Push for a Deal – Read More Here

(RightWingNews) – SIGTARP Report Confirms: Homeowner Bailout Program Won’t Fix Housing Crisis

A new report released yesterday (.pdf) by Neil Barofsky, special inspector general for the Troubled Asset Relief Program (TARP) warns that Obama administration efforts to bailout homeowners through the Home Affordable Modification Program (HAMP) are ineffective and will not stem the sweeping tide of foreclosures. Read More Here

(Examiner) – Massive government corruption hidden by focus on Goldman-Sachs

As the country’s attention is directed to the Goldman-Sachs scandal, a much greater story lurks beneath the surface involving massive government corruption that makes Wall Street firms pale in comparison. Read More Here

(BusinessInsider) – 12 Reasons Americans Are Incredibly Angry About The State Of The U.S. Economy – Read More Here

(Bloomberg) – Goldman Sachs ‘Had Duty’ to Keep Paulson Bets Secret (Update2)

Goldman Sachs Group Inc., being sued by the U.S. Securities and Exchange Commission over claims that it deceived investors about one of its financial products, tried to fend off regulators last fall by arguing it had a duty to keep the information confidential. Read More Here

(Telegraph) – SEC begins formal inquiry into Lehman ‘tricks’

The 2,200-page report which uncovered the murky world of Repo 105 and off-balance sheet accounting at Lehman Brothers has led to a formal investigation by the Securities and Exchange Commission (SEC) into the investment bank’s collapse. Read More Here

(MSNBC) – Districts warn of deeper teacher cuts

School districts around the country, forced to resort to drastic money-saving measures, are warning hundreds of thousands of teachers that their jobs may be eliminated in June. Read More Here

(FoxBusiness) – Video: President Obamas War on Capitalism – Video Link Here

(RussiaToday) – Video: Big Fat Greek Debt: The Bailout – William Engdahl

The financially stricken Greek government is beginning talks with the EU and the International Monetary Fund about a possible bailout. Greece has found borrowing from banks too costly recently and is struggling to refinance old debts. Let’s get some analysis with economist and author William Engdahl. Continue reading