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

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

Video: It’s A Trap America – Charlie On The Economy

(CharlieVLog) – July 13, 2010 –

Video: Kokesh – ‘Obama continuing Bush security policies ‘

(RussiaToday) – America’s national security was laid out yesterday by President Barack Obama. “America’s greatness is not assured”, the President said. He laid out a new strategy for security not limited to military might. IN man aspects he was parting ways from the security strategy laid out under President Bush. Adam Kokesh says that the strategy that we see on the ground is not working at all.
What role did supply-side economics play in creating U.S. deficit?

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 –

Video: A Consistent Argument for Limited Government

Congressman Paul appeared on MSNBC’s Daily Meeting and Fox News’ America Live with Megyn Kelly

Fluoride’s effect on the brain

(Qbit) – Fluoride’s Neurological Effects: studies show there may be grave implications for Alzheimers, Dementia, Attention Deficit Disorder, reduced IQ in children Read More Here

See Also:

(Rense) – Jell-O Cranberry Gelatin Contains Unlabeled Aspartame

The boxes of Jell-O Cranberry Gelatin Dessert actually contain Sugar Free Jell-O Cranberry Gelatin Dessert that contains aspartame, and the boxes do not bear the warning statement for phenylketonurics. Read More Here

(NaturalNews) – GM crops cause liver and kidney damage – E. Huff

A report published in the International Journal of Microbiology has verified once again that Monsanto’s genetically modified (GM) crops are causing severe health problems. A legal challenge issued against Monsanto forced the multi-national agriculture giant to release raw data revealing that animals fed its patented GM corn suffered liver and kidney damage within just three months. Read More Here

(NaturalNews) – Pfizer Hid Evidence That HRT Causes Cancer – David Gutierrez

A Philadelphia jury has found drug giant Pfizer Inc. guilty of deliberately ignoring evidence that hormone replacement therapy (HRT) drug Prempro increased women’s risk of breast cancer, ordering it to pay unspecified damages to defendant Connie Barton. Read More Here

Economy

(KrugmanInWonderland) – The Most Bizarro Health “Reform” Arugment: ObamaCare Will Cut the Deficit

Is Paul Krugman an economist or a political operative? Seven years ago, I said it was the latter, and nothing Krugman has written since then has changed that opinion. In this blog post, Krugman once again exposes himself as the politically-partisan shill that he has become. Read More Here

Spiegel: 2009 swine flu pandemic a boost for Big Pharma/R. C. Camphausen

Those who suspected a money- and greed-driven conspiracy behind the 2009 swine flu outbreak – declared a pandemic by overzealous WHO officials and their advisers from within the industry – are being proven right by recent revelations in Der Spiegel. Read More Here

Video: The Best investment opportunity in 30 years Silver – Investment Tips – Video Link Here

(PressTV) – Anti-Berlusconi strike paralyzes Italy

Italy has been hit by a nationwide worker strike following a call by the country’s largest trade union, which has protested at Rome’s economic and immigration policies. Read More Here

(SmirkingChimp) – United States of Foreclosures: How ‘Bankquakes’ Shake People from Their Homes

The financial crisis started as a housing bubble with the financial industry convinced that home values never fall. How wrong they were even as they leveraged and securitized their investments to create a global crisis. Read More Here

(RealNewsNetwork) – Video: Wars sending U.S. into ruin

Eric Margolis: Obama the peace president is fighting battles his country cannot afford View Video Here

(DailyMail) – UK taxpayer ‘WILL pay tens of billions of euros for Greek rescue’

The UK taxpayer could still end up forking out for the bailout of debt-stricken Greece despite Treasury assurances, politicians warned last night. Read More Here

(DailyBreeze) – Report: One-fourth of welfare payments go to illegals

Nearly one-quarter of state welfare payments and food stamps issued in Los Angeles County go to children whose parents are in the U.S. illegally, according to January figures released today. Read More Here

(FT) – Alleged Tarp fraud at The Park Avenue Bank [UPDATED]

Watch this space: at 1pm ET on Monday, Tarp overlord Neil Barofsky will discuss the arrest of one Charles J Antonucci Sr, the former president and chief executive of the (failed) Park Avenue Bank in New York. Read More Here

(WSJ) – Maryland’s Mobile Millionaires

Illinois Governor Pat Quinn is the latest Democrat to demand a tax increase, this week proposing to raise the state’s top marginal individual income tax rate to 4% from 3%. He’d better hope this works out better than it has for Maryland. Read More Here

(MCall) – Recession hitting returning vets hard

Despite skills acquired, those who served have higher unemployment rate than that of the general population. Read More Here

(Time) – China Takes Aim at the U.S. on Currency Conflict

At one moment during Chinese Prime Minister Wen Jiabao’s press conference on Sunday, it was easy to confuse whom he was criticizing when he denounced efforts by some countries to lower the value of their currency to boost trade. Read More Here

(Mirror) – Cabin crew strikes will ‘kill’ British Airways

British Airways could go bust if cabin crew strikes go ahead, Transport Secretary Lord Adonis warned yesterday. Read More Here

(Bloomberg) – U.S., U.K. Move Closer to Losing AAA Credit Rating

The U.S. and the U.K. have moved “substantially” closer to losing their AAA credit ratings as the cost of servicing their debt rose, according to Moody’s Investors Service. Read More Here

Video: Dr. John Breeding – Drugging Dissident Children

Dr John Breeding, a prominent psychologist, reveals the pseudoscience behind ADHD, attention deficit disorder, and the myth of antidepressants.

MSM: Pretending We Are Not in a Depression

(MarketTicker) – I’m going to write today about a very somber subject. It will be, as it usually is here in one form or another, about math.

First, some background. If you believe that we have “escaped” from the mess that gripped this nation in 2008 and 2009, or that said mess “suddenly appeared” and “nobody saw it coming”, stop reading now and have your Thorazine dosage checked. It’s way off.

MSM: Obama “Open” On Middle Class Tax Increases

(BusinessWeek) – President Barack Obama said he is “agnostic” about raising taxes on households making less than $250,000 as part of a broad effort to rein in the budget deficit.

Eurozone in biggest economic crisis since birth

(PressTV) – The eurozone has plunged into the biggest crisis of its 11-year-old rule, mainly because of the swelling public deficit in Portugal, Spain and Greece.

The Bankruptcy of the United States is Now Certain

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

MSM: Backdoor taxes to hit middle class

(Reuters) – The Obama administration’s plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.

The State of the Nation: I am afraid

“As I look at America today, I am not afraid to say that I am afraid.” – Bertram Gross, Friendly Fas­cism: The New Face of Power in America
Omi­nous devel­op­ments in America have been a long time coming, in part pre­cip­i­tated by “we the people” – a cit­i­zenry that has been asleep at the wheel for too long. And while there have been wake-up calls, we have failed to heed the warnings.

Congratulations! You’re donating $2,000 per family to Wall Street’s Bonuses

(AlterNet) – President Obama won’t tell us in his State of the Union address. The deficit hawks won’t crow about it. Don’t expect the Tea Party or Rush and Beck to highlight our generosity either. But the sad fact is this: During the worst year since the Great Depression, with 30 million people out of work or forced into part-time jobs, Wall Street is awarding itself $150 billion in bonus money…..and it comes from us!

Economic News

(AmericaHijacked) – More and More States on Budget Brink

California is hurtling into the budgetary abyss — and it’s not alone.
Across the nation, state tax collections in the first three quarters of 2009 posted their steepest decline in at least 46 years, according to a report this month from the public policy research arm of the State University of New York. Read More Here

(BBC) – Video: UK’s inflation rate jumps massively – Video Link Here

(CNBC) – Video: Jim Rogers- Except for Gold, Commodities Still Depressed – Video Link Here

(WorldNetDaily) – Forecast: Debt to dwarf GDP – Jerome Corsi

A blue-ribbon panel that includes three former heads of the Congressional Budget Office is telling President Obama and the Democrat-controlled Congress that the federal deficit must be cut now or the national debt within about two generations will be 600 percent of the gross domestic product. Read More Here

MSM: Dollar Crisis Looms if US Doesn’t Curb Debt

(Reuters) – The United States must soon raise taxes or cut government spending to curb its debt, and failure to act will risk a crippling dollar crisis as investor confidence ebbs, a panel of experts said on Wednesday.

Fitch: U.S. State and Federal Debt to Hit 94% of GDP

How fast is government debt growing in the United States?details how serious the situation is:

Fitch Ratings has issued the starkest warning to date that the US will lose its AAA credit rating unless acts to bring the budget deficit under control, citing a spiral in debt service costs and dependence on foreign lenders.

Sen. Hatch admits GOP ’standard practice’ was to run up deficit

MSNBC’s Rachel Maddow believes she has found the smoking gun proving Republicans’ hypocrisy on health care and the budget deficit: an admission by Utah Republican Sen. Orrin Hatch that, during the Bush administration, “it was standard practice not to pay for things.”

Video: Obama, the Deficit, and Monopoly Money

(KurtNimmo) – Obama — or his teleprompter writers — think you’re an idiot. Obama can get on national television and claim without flinching (as many people do when they lie) that he “inherited” an astronomical debt from the last guy who increased the national debt more than the guy before him.

MSM: U.S. already $292 billion in the red this year

(Reuters) – The U.S. government racked up a gaping shortfall in the first two months of this fiscal year after posting a record budget deficit last year, congressional analysts said on Friday.

Video: Here Comes Stimulus 2.0

In this Bloomberg clip, commerce secretary Gary Locke says that “if there is to be another stimulus — and that’s being hotly discussed and very seriously considered within the administration as well as members of Congress – it needs to be very targeted, very specific and we need to be very mindful of the deficit as well.

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

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

Made In China – Importing America To Its Own Death

During the Bolshevik Revolution that led to communist Russia, Comrade Vladimir Lenin said, “Sell the capitalists enough rope and they will hang themselves!”
Nearly 100 years later, Lenin’s predictions reveal his veracity with chilling fruition. The United States bleeds $11 trillion in debt. It suffers a $700 billion annual trade deficit, mostly with China, which by the way thrives as a communist nation selling us lots of ‘rope’, i.e., consumer goods. We import another $700 billion in oil annually from other countries. We borrow $2 billion daily to float our sinking economy. The average American’s credit card debt equals $9,425.00 according to NBC’s Brian Williams. We suffer 15 million unemployed American workers and 35 million subsisting on food stamps.

Wall Street Ponzi Scheme Continues Unabated

The Dow is at 10,000, the Federal deficit is breaking records, unemployment is skyrocketing and money is cheap ~ so let’s inflate the same debt bubble, continue Wall Street’s derivative Ponzi scheme and let Main Street take the risk while Wall Street takes the profit: Allen L Roland

Video: U.S. could be on path to a ‘banana republic’ situation

(CNN) – A leading fiscal mind on Capitol Hill and a one-time Obama Cabinet pick sounded the alarm Sunday over the projected long-term financial challenges the country faces.

Twenty-Two Reasons Why this Recession is Different and Why it Will Endure

I find it surprising that I’m now getting inquiries from readers, asking if “we’ve reached bottom” in the current economic recession, and asking if the time has come to start buying stocks or residential real estate. It seems that the talking heads of mainstream media are using some sort of voodoo. How can anyone think that we’ve hit bottom, and an economic recovery is in progress? To dispel the myths from the CNBC Cheering Section, please consider the following. (And note that I’ve provided references for each assertion, just so you know that I’m not talking out of my camouflage hat.):

Ignorance Is Bliss – Peter Schiff

(C4L) – While all the talk at present is about economic corners turned and markets charging ahead, no one is paying much notice to an American economy deteriorating before our eyes. These myopic commentators seem to be simply moving past the now almost-universally held conclusion that before the crash of 2008, our economy was on an unsustainable course. If these imbalances had been corrected, then perhaps I too would be joining in the euphoria. But evidence abounds that we have not veered at all from that dangerous path.

MSM: Dollar May Drop 20% More on Deficit, Harvard’s Ferguson Says

(Bloomberg) — The dollar will extend its drop versus the euro over the next two to five years, falling as much as 20 percent to an all-time low under a widening U.S. budget deficit, Harvard University’s Professor Niall Ferguson said.

Salon Hit Piece Implies Truth Seeking Is A Mental Illness

Ludicrous “agony uncle” advises that teenagers visiting Alex Jones’ websites may be psychologically unstable

MSM: Dollar Reaches Breaking Point as Banks Shift Reserves

(Bloomberg) – Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades.

MSM: US deficit ‘hits record $1.4tn’

(BBC) – The US budget deficit hit a record $1.4 trillion (£877bn) in the year to 30 September, US Congress estimates say.

Video: Glenn Beck on the Dollar

(Fox) – Glenn Beck explains how no longer trading oil in dollars will result in the collapse of the US dollar. He explains how foolish some Americans are to believe that the dollar will always reign supreme.

Three Government Reports Point to Fiscal Doomsday

When our leaders have no awareness of the disastrous consequences of their actions, they can claim ignorance and take no action.

MSM: G-7 finance ministers warn recovery ‘fragile’

(Google) – Finance ministers from the Group of Seven rich countries warned the recovery remains “fragile” and tried to talk up the U.S. dollar amid fears it could fall farther and disrupt the global economy.

MSM: U.S. Debt Crisis May Cause ‘Fall of Rome’ Scenario, Duncan Says

(Bloomberg) – U.S. budget deficits will continue to pile up in the next decade, eventually reaching an unsustainable level that may result in an economic collapse, according to Richard Duncan, author of “The Dollar Crisis.”

Social Security Trust Fund Shocker – $6B August Deficit

The Social Security Trust Fund reported an August net deficit of $5.865 Billion. This is the largest monthly deficit in nineteen years. Base on recent years data it was not surprising the Fund ran a deficit in August. But the magnitude of the shortfall was a surprise to me. This deficit is now the seventh in the past twelve months. That pace has never been seen before.

The Widening Gap In America’s Two Tiered Society

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

Growing Poverty and Despair in America

In 1962, Michael Harrington’s “The Other America” exposed the nation’s dark underside enough for John Kennedy to ask his Council of Economic Advisor chairman, Walter Heller, to look into the problem and for Lyndon Johnson to say (on January 8, 1964) that his administration “today, here and now, declares unconditional war on poverty in America.”

Obama Raises ‘10 Deficit Outlook 19% to $1.5 Trillion

(Bloomberg) – U.S. unemployment will surge to 10 percent this year and the budget deficit will be $1.5 trillion next year, both higher than previous Obama administration forecasts because of a recession that was deeper and longer than expected, White House budget chief Peter Orszag said.