Economy

(FinanceMyMoney) – Controlling the wealth of America – top 1 percent control 83 percent of U.S. stocks. As a share of personal income mortgage debt ate up 19 percent in 1949. In 2003 it went up to 85 percent. 80 percent of Americans 65 years and older depend on Social Security for half of their income – Read More Here

(Bloomberg) – Romanian Recession Deepens on Cuts, BOA Merrill Says – Read More Here

(247WallSt) – American Credit Scores Crash To New Lows – Read More Here

REPOST – (CNNMoney) – Central banks start to abandon the U.S. dollar – Read More Here

(PaulWatson) – American Idolatry Intensifies as Nation Sinks in to Depression

Programmed zombies get hysterical about basketball while their future is being destroyed Read More Here

(ZeroHedge) – Berlin Pushing For European Bankruptcy Framework With Provision For State Sovereignty Give Up

The big news out of Europe this morning, and the reason for the drag on the euro is an article in Der Spiegel, “Merkel’s rules for bankruptcy” according to which Germany is now actively (and very secretly) pushing for a plan outlining a set of insolvency rules, which would require that private investors bear a portion of the rescue burden, and much more importantly, would see at least a partial give up in state sovereignty, where a new insolvency trustee (the “Berlin Club”, which we fail to see at least for now, how it differs from the Paris Club) would take implicit control over and override a default nation’s treasury, in essence pushing the bankrupt country into a form of Feudal vassal state-cum-reparations subservience. Welcome to financial warfare in the post-globalization period. Read More Here

(InfoClearingHouse) – Fix the Economy? We Have Know-how – Mike Whitney

There are remedies for recession, and the remedies are well known. But fixing the economy requires special medicine, fiscal stimulus, and if the patient does not take the medicine, he will not improve. It’s not enough to have the medicine sitting on one’s nightstand. It must be ingested before recovery can begin. Read More Here

(KeeneSentinel) – More Poverty By Any Measure

More than 15 million Americans are unemployed, homelessness has increased by 50 percent in some cities, and 38 million people are receiving food stamps, more than at any time in the program’s almost 50-year history. Evidence of rising economic hardship is ample. There’s one commonly used standard for measuring it: the U.S. Census Bureau’s poverty rate. It guides much of federal and state spending aimed at helping those unable to make a decent living. Read More Here

(FirstPost) – The big crash – America plunges into Depression – Read More here

(Telegraph) – EU to spend £1bn on pensions for retired eurocrats in 2010

The European Union will this year spend almost £1 billion on pensions for officials, giving the average retired eurocrat an income of almost £60,000, according to research carried out by the Daily Telegraph. Read More Here

(MailOnline) – Blair African charity run by banker linked to US toxic loan fraud – Read More Here

(NYTimes) – Crisis Awaits World’s Banks as Trillions Come Due

The sovereign debt crisis would seem to create worry enough for European banks, but there is another gathering threat that has not garnered as much notice: the trillions of dollars in short-term borrowing that institutions around the world must repay or roll over in the next two years. Read More Here

(CounterPunch) – The Worst of Times, the Best of Times

It’s the worst of times. America is plunging back into Depression. Only one out of every two Americans of working age has a job. Forty years ago that would have been okay. Dad went to the factory. Mom stayed at home to mind the kids. These days, just to keep the show on the road, mom and pop both work and the kids get daycare. Read More Here

(Gaurdian) – Tighter banking rules will drain £1tn from financial system, study shows

Banks are drawing on research conducted by PricewaterhouseCoopers which shows two percentage points would be sliced off economic growth Read More Here

(Telegraph) – Secret gold swap has spooked the market

IT takes a lot to spook the solid old gold market. But when it emerged last week that one or more banks had lent 380 tonnes of gold to the Bank of International Settlements in return for foreign currencies, there was widespread surprise and confusion Read More Here

(WashingtonPost) – Obama’s debt commission warns of fiscal ‘cancer’

The co-chairmen of President Obama’s debt and deficit commission offered an ominous assessment of the nation’s fiscal future here Sunday, calling current budgetary trends a cancer “that will destroy the country from within” unless checked by tough action in Washington. Read More Here

(AFP) – More and more Americans preparing for social unrest – Read More Here

(RawStory) – Sen. Kyl: $678-billion tax break for rich should not be offset

Sen. Jon Kyl, Republican of Arizona, believes that any extension to unemployment benefits “ought to be paid for.” But when it comes to the $678-billion cost of extending the Bush-era tax cuts for the wealthy, the senator says no offsetting is necessary. Read More Here

(KurtNimmo) – Video: Dollar Devaluation and Destruction of America Pick Up Steam

Back in January Lindsey Williams’ insider sources told him the dollar will be devalued within a year. In response, oil and food prices will rise significantly and the elite and banksters will move assets into gold and silver.

Video: 50% devaluation of the US Dollar 2010, get out of paper money – Lindsey Williams

Dr. Stan Monteith’s Show – View Video Here

Video: Why a Dollar Hyperinflation is Inevitable

After the recent devaluation of the currency of Venezuela, why is devaluation of the dollar not a possibility to avoid hyperinflation of the dollar in the United States? In this video I explain why devaluation of the dollar is not something of an option, and hyperinflation is the only real alternative

Video: A New Dollar – An Insider From The Fed Banks Meeting

Bob Chapman talks to Melody Cedarstrom about the new dollar and the coming devaluation – recorded on December 28th 2009

Is the Dollar Heading Up Or Down?

Arguments for a Long-Term Devaluation of the Dollar
Unless you’ve been living in a cave, you know that the dollar is losing its status as world reserve currency.

Video: FreedomFest July 2009 Debate – The Federal Reserve

(C-SPAN) – Paper money has had the effect to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice. – George Washington

American Embassies Urged to Stockpile Local Currencies

A top investment advisor, Harry Schultz – who was MarketWatch’s Peter Brimelow pick for financial newsletter of the Year in 2008 – is now claiming:

Some U.S. embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of U.S. cash to purchase currencies from those governments, quietly.

Senate Blocks Bill To Audit The Fed As Government Prepares For Second Round Of Looting

A Senate amendment based on Congressman Ron Paul’s successful House bill to audit the Federal Reserve was blocked by the Senate yesterday evening on procedural grounds, as Jim DeMint slammed the Fed for refusing to disclose where trillions in bailout funds had gone, while a top Obama administration advisor called for a second “stimulus” package to be prepared.

Video: DeMint amendment to audit the Federal Reserve blocked by Senate Leadership

Senator Jim DeMint (R-SC) is blocked by Senate Democrat Leadership from having a vote on his amendment to audit the Federal Reserve, based on a bill authored by Congressman Ron Paul (R-Texas) in the House, H.R. 1207, and Senator Bernie Sanders (D-Vermont) in the Senate, S. 604.

Video: US continues to print dollars from thin air

Gerald C. Celente, an American economist and founder & director of The Trends Research Institute, spoke exclusively to RT about the current situation on global markets and the future of the US economy.

It is Independence Day as We Become More Dependent

As Independence Day approaches, the question of the day remains—how Independent are we?

Russia Makes the First Call for the Monetization of Gold

Russia is proposing the inclusion of the ruble, yuan and gold as a part of a revised basket of currencies to form the valuation of the IMF’s special drawing rights seen as the coming new alternative global reserve currency, reported AP.

Video: Dollar Collapse Beginning Now?

A fundamental change is taking place in the markets which has signaled doom for the dollar. This week the Dow, Long term treasuries and the dollar all went down at the same time.

Ireland on the Brink of Collapse

They can barely let the words pass their lips, but some of the EU’s most important policymakers were forced this week to discuss what was once unthinkable: that at least one of the 16 eurozone countries might be on the brink of ditching the single currency.

Economic Rescue Plan: More Debt, More Dollar Devaluation And More Government

Treasury Secretary Timothy Geithner’s so called economic rescue plan, announced yesterday, has a three pronged approach to the financial crisis – more debt, more devaluation of the dollar and more government.

Video: Inconvenient Debt – Glenn Beck

The amount of U.S. dollars in circulation is skyrocketing. What does it mean for you? Watch then share this video!

Video: The Inevitable Collapse of the Dollar

Billion-Dollar Fund Manager; Gold To Hit $2,000, Dow To Sink To 5,000

Tice says precious metals to soar as a result of Fed’s ceaseless devaluation of dollar

Billion dollar fund manager David Tice says that the Federal Reserve’s ceaseless printing of dollars could cause gold to surge past $2,000 an ounce, while the Dow could fall below 5,000.

Tice, who manages the $1.1 billion Prudent Bear Mutual Funds from the Virgin Islands, told Bloomberg TV anchor Carol Massar yesterday that the time scale of his forecast will be determined by how quickly foreigners lose confidence in the dollar.