Economy

(LondonTelegraph) – Federal Reserve cautions on US economic growth – Read More Here

(PeoplesWorld) – Texas poor say “No more!” – Read More Here

(InfoClearingHouse) – Consumer Spending is Flat, Unemployment is Rising: The Case for a Second Round of Economic Stimulus – Mike Whitney – Read More Here

REPOST (CNBC) – Soros Says Germany Could Cause Euro Collapse

German’s budget savings policy risks destroying the European project and a collapse of the euro cannot be ruled out, billionaire investor George Soros said in a newspaper interview released on Wednesday. Read More Here

(BusinessInsider) – Deutsche Bank: U.S. Financial Conditions Just Collapsed Back To Crisis Levels

Financial conditions appear to have worsened substantially in recent quarters based on our update of the broad index of US financial variables presented earlier this year at the US Monetary Policy Forum. In the wake of recent developments in Europe, increased stress in financial markets has pushed that index halfway back to its immediate post- Lehman crisis lows. Read More Here

(BeforeItsNews) – Russia buys 16 percent of global gold production

According to the Russian Central Bank, Russian gold reserves just hiked 1.1 million ounces in May. Given global mining production is just 6.8 million ounces a month, this represents 16.1% of monthly global mining production.

This is the largest one month purchase of gold by the Russian Central Bank, which has been buying gold at a rate of 250,000 ounces a month for the past three years, and comes just as Putin is pushing for a single world currency and last week revealed the currency’s first proof coin. Read More Here

(WSJ) – Small Banks and Big Risks – Read More Here

(AlterNet) – The Bank Lobby Gets Desperate on Derivatives – Read More Here

(WSJ) – States Face New Pinch as Stimulus Ebbs

Tax Receipts Aren’t Rebounding Quickly Enough to Offset Declining Federal Aid; Push for Additional Medicaid Help Stalls Read More Here

(WSJ) – Video: Opinion Journal – Here Come the Tax Increases – Video Link Here

(CBS5) – Oakland To Send Out Layoff Notices To 200 Officers

Despite concerns about the city’s violent crime, the Oakland City Council on Tuesday voted to send out layoff notices to 200 police officers.

There seemed to be little choice. The city is facing years of multi million dollar deficits, and the public safety budget is a rich target representing about half the general fund. Read More Here

(EconomicPolicyJournal) – China Officially Disses the Dollar (and Treasury Debt)

The Peoples Bank of China has announced that it will no longer fix its currency in terms of the dollar. Instead it will manage the yuan against a basket of currencies. Read More Here

Climategate

(Telegraph) – Japanese told to go to bed an hour early to cut carbon emissions

Japanese households are being urged to go to bed one hour earlier than normal in order to help tackle climate change. Read More Here

(June 24) – Video: Lord Christopher Monckton: The Global Warming Take Over Grid – Alex Jones Tv

Alex also talks with British consultant, policy adviser, writer, columnist, and hereditary peer, Lord Christopher Monckton. 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

MSM: Bankers in favor of paying global fee

(FinancialTimes) – Some of the world’s most prominent bankers have come out in favour of a global bank wind-down fund, a concession from the industry after weeks of fighting proposals for new taxes in the US and Europe. Continue reading

Video: True free markets are recovery

Deutsche Bank chairman Josef Ackermann said “we will all be losers” if governments clamp down on markets too zealously: “The pendulum might have swung too far,” Ackermann warned. “Consistent and global rules, and a level playing field is absolutely key to the global economy.” Continue reading

Video: Send Geithner to Prison for Lying to the American People

(KurtNimmo) – Rep. Darrell Issa, ranking member of the House Oversight and Government Reform Committee, has the goods on Treasury Secretary Tim Geithner. Earlier this month, Issa received emails proving without a shadow of a doubt that the New York Fed under Geithner’s leadership withheld documents and delayed disclosures on AIG’s swindle operation with Goldman Sachs, Deutsche Bank, and other international bankster criminal organizations. Continue reading

How Goldman Sachs Made Tens Of Billions Of Dollars From The Economic Collapse Of America In Four Easy Steps

Investment banking giant Goldman Sachs has become perhaps the most prominent symbol for everything that is wrong with the U.S. financial system, but most Americans cannot even begin to explain what they do or how they have made tens of billions of dollars from the economic collapse of America.  The truth is that what Goldman Sachs did was fairly simple, and there may not have even been anything “illegal” about it (although they are now being investigated by the SEC among others). Continue reading

MSM: New York Fed’s Secret Choice to Pay for Swaps Hits Taxpayers

(Bloomberg) — In the months leading up to the September 2008 collapse of giant insurer American International Group Inc., Elias Habayeb and his colleagues worked nights and weekends negotiating with banks that had bought $62 billion of credit-default swaps from AIG, according to a person who has worked with Habayeb. Continue reading

The Economic Recovery is an Illusion

War is Peace, Freedom is Slavery, Ignorance is Strength, and Debt is Recovery In light of the ever-present and unyieldingly persistent exclamations of ‘an end’ to the recession, a ‘solution’ to the crisis, and a ‘recovery’ of the economy; we must remember that we are being told this by the very same people and institutions which told us, in years past, that there was ‘nothing to worry about,’ that ‘the fundamentals are fine,’ and that there was ‘no danger’ of an economic crisis.

Continue reading

MSM: Commercial Real Estate Lurks as Next Potential Mortgage Crisis

(WSJ) – Federal Reserve and Treasury officials are scrambling to prevent the commercial-real-estate sector from delivering a roundhouse punch to the U.S. economy just as it struggles to get up off the mat. Continue reading

Racketeering 101: Bailed Out Banks Threaten Systemic Collapse If Fed Discloses Information

And so the guns come out blazing. The Clearing House Association, another name for all the banks that were bailed out over the past year with the generous contributions from all of you, dear taxpayers, are now threatening with another instance of complete systemic collapse if Bloomberg’s lawsuit is allowed to proceed unchallenged, let alone if any of the “Audit The Fed” measures are actually implemented. Continue reading

America is now the world’s biggest debtor

The latest Treasury auction of $19 billion of 10-year notes was at a yield of 3.365%. The bid to cover was 3.28 to 1, the highest ever. This was the third of four sales this week totaling $73 billion. Continue reading

Goldman to make record bonus payout

Staff at Goldman Sachs staff can look forward to the biggest bonus payouts in the firm’s 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms. Continue reading

MSM: New York ‘carbon counter’ sign shows greenhouse gases in real time

(Guardian) – New Yorkers leaving Penn station and the tenor Andrea Bocelli’s concert at Madison Square Garden stadium were confronted with an unusual advert yesterday – a huge sign showing greenhouse gas levels in the atmosphere. Continue reading

Top Nazis Planned EU-Style Fourth Reich

A writer who was collecting material for a fictional book based around the premise that top Nazis, seeking to preserve their power at the end of the second world war, conspired to create a Fourth Reich under the auspices of the European Union, actually discovered documents proving the plot to be true. Continue reading

MSM: Deutsche sees risk of U.S. GDP falling 10 pct in Q1

(Reuters) – Deutsche Bank predicted there are risks that the U.S. economy could contract by as much as 10 percent in the first quarter, given the relentless wave of dismal economic data being reported in early 2009. Continue reading