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

(SkyNews) – Bid To Storm Irish Parliament Foiled

Protesters have clashed with police as they tried to break through the gates of the Irish parliament during a march against bank bailouts. Read More Here

(AmericanThinker) – The Failure of the Unfree Market

What we have here is the failure of the unfree market. That means the failure of Greece. And the other PIGS (Portugal, Italy, Greece, Spain). And Europe. And it means the U.S., too. It even includes the Great Recession. The modern welfare state is collapsing around us. Read More Here

(SteveWatson) – New UK Government To Be Infested With Bankers

One in ten new MPs has background in international banking Read More Here

(SteveWatson) – UK Economy May Be Allowed To Crash And Burn Like US Banking Giant

Analysts, Economists: Britain May Become Lehman To Greece’s Bear Stearns Read More Here

(Reuters) – Food-stamp tally nears 40 million, sets record – Read More Here

(FoxNews) – World Health Organization Moving Ahead on Billions in Internet and Other Taxes

The World Health Organization is moving full speed ahead with a controversial plan to impose billions of dollars in global consumer taxes on such things as Internet activity and everyday financial transactions like paying bills online — while its spending soars and its own financial house is in disarray. Read More Here

(GlobalResearch) – “Drop Dead Economics”: The Financial Crisis in Greece and the European Union – Michael Hudson

Riddle: How are the Greek rioters like America’s Tea Party movement?

Answer: Both reject government being taken over by the financial oligarchy to shift the tax burden onto labor. Read More Here

(USNews) – U.S. Cancer Costs Double in Two Decades

Study also finds that private insurance pays greater share today Read More Here

(PaulWatson) – Tea Party Clueless About U.S. Tax Dollars Funding Bailout Heist

Silence from anti-tax movement on bailouts is deafening – and dangerous Read More Here

(WashingtonsBlog) – The European Bailout: Not a Very Promising Start

Many people have written insightful criticisms of the European bailout. For example, Tyler Durden, Joe Weisenthal and Gregory White point out that the French banks are the real winners of the bailout (but don’t forget JP Morgan).

Ron Paul points out that the Fed opening its swap lines to Europe violated its promise to Congress not to do so. Paul also says the bailout will help lead to the destruction of all fiat paper currencies, ensuring that “gold will rule the roost”. Read More Here

(House.gov) – The Fed Is Using Its Cronies And Lobbyists To Stop Us From Auditing It – Ron Paul

It doesn’t come as too much of a surprise that the measure to audit the Federal Reserve is coming under continuous fire from the central bank and its cronies. For the first time since the Federal Reserve was created nearly a century ago, they have hired an actual lobbyist to pound the pavement on Capitol Hill. This is a desperate effort to hang on to the privilege of secrecy and lack of accountability they have enjoyed for so long. Last week showed they are getting their money’s worth in the Senate. Read More Here

(WSJ) – Did a Big Bet Help Trigger ‘Black Swan’ Stock Swoon?

Shortly after 2:15 p.m. Eastern time last Thursday, hedge fund Universa Investments LP placed a big bet in the Chicago options trading pits that stocks would continue their sharp declines.

On any other day, this $7.5 million trade for 50,000 options contracts might have briefly hurt stock prices, though not caused much of a ripple. But coming on a day when all varieties of financial markets were deeply unsettled, the trade may have played a key role in the stock-market collapse just 20 minutes later. Read More Here

(Reuters) – Gold rises above $1,220 on euro zone debt fears

Gold hit five-month highs on Tuesday, rising to within $5 of its December record peak as risk aversion returned on doubts over smaller euro zone countries’ ability to cut their deficits despite a $1 trillion aid package. Read More Here

(BusinessInsider) – Gold Is On Fire, As Market Sneers At Euro Bailout

Along with the overall market malaise, the other big warning sign right now is the gold surge. The metal is now nearly $1220/oz. As Stacy Herbert puts it: The gold vigilantes are in a shootout with the ECB and the Fed. Read More Here

(GoldTrends) – Brother Can You Spare a Trillion?

In a nutshell they will buy bonds and will intervene in markets and “do what they have to” in order to avoid a meltdown. This is akin to the USA bailout of 1 Trillion dollars. This will only buy time, but it is all that can be done right now. For the moment the term being touted this Monday morning is “putting a floor on risk assets”. This time they mean stocks and bonds and not commodities. Read More Here

(Goldseek) – Where’s my Government Check

Reading the financial press, I recently noticed that of the 139 million workers in the Bureau of Labor Statistics household survey of workers, 47 percent don’t make enough to file and pay federal taxes beyond any collected social security tax. This means that out of a population of 310 million Americans, only 74 million (about 24 percent) pay federal taxes on April 15th. Read More Here

(ZeroHedge) – European Banks Now Feverishly Betting Against Euro, As Bailout Fails, Gold Surges – Tyler Durden

Thought experiment: You are the head FX trader at French megabank Croc Monsieur & Cie. (HFT: CMC) For the past 5 years, your bonus has been getting paid primarily in company stock. In the last two weeks you have seen the stock of your firm plunge as the markets have finally realized that those idiots in the Fixed Income desk have loaded up to the gills with PIIGS debt which is now worth 60 cents on the dollar at best. And to top things off, the euro has plunged to multi year lows killing any chance of buying that New York Pied A Terre which seemed so cheap when the EURUSD was 1.50 a few months ago. So what do you do? Well, you short the living daylights out of the EUR, knowing full well that the EU, the IMF and the ECB will not let Europe crash. You sell, you sell on margin and then you sell some more, trying to get EURUSD all they way down to 1.20, to 1.10, even to parity if possible, to make it all that more believable that the end of Europe is coming. Read More Here

If Marijuana Production Were Legal: Projected Tax Revenues, by State

Love it or hate it, people smoke marijuana – lots of it. In some states marijuana consumption and possession have been decriminalized, and even legalized for medicinal purposes. But, have you ever wondered how large the economics of Marijuana were? Us too. As a result ,have decided to put together this graphic, which illustrates the popularity of marijuana consumption, the federal tax dollars spent to keep marijuana illegal, and the possible tax revenues that could be generated if marijuana production were legalized and taxed like any other agricultural product. Read More Here

(RussiaToday) – Video: Alex Jones on Greece: It’s Robbery, Not Bailout!

Greece has kick-started talks on implementing its new economic austerity measures despite warnings of new union rallies. The plans will see pensions slashed and the retirement age increased. The measures were a pre-requisite for an international loan to pluck the country from the brink of bankruptcy. But investigative journalist Alex Jones says the bailout is a crime and will only hit tax payers even harder in the pocket.

(Infowars) – Video: Webster Tarpley Predicts End of The EURO on Alex Jones Tv

Part 1 of 2

Continue reading

Economy

(Boston) – Double dip in housing values continues, despite tax credit/spring bump – Read More Here

(ClarionLedge) – Revenue: April numbers are sobering

Gov. Haley Barbour said last week that April revenue was 8.5 percent below estimates – a $45.1 million shortfall. Read More Here

(SacramentoBizJournal) – State’s revenue below projections for April

California’s controller, John Chiang, said the state’s April cash receipts fell below budget estimates by $3.6 billion, or 26.4 percent. Read More Here

(MinnPost) – 41 percent of metro area single-family homes believed ‘underwater’ – Read More Here

(MaverickBlog) – What Business is Wall Street In ?

My last two posts were designed to stimulate discussion. But lets talk the real problem that regulators, public companies, investor/shareholders and traders face. The problem is that Wall Street doesn’t know what business it is in. Regulators don’t know what the business of Wall Street is. Investor/shareholders don’t know what business Wall Street is in. Read More Here

(WashingtonsBlog) – Challenger Investigation Got $175 Million. Columbia $152 Million. Lewinsky $30 Million. 9/11 $15 Million. Financial Crisis Gets Only $8 Million – Read More Here

(Bloomberg) – Video: Jim Rogers on Greece Bailout, Yuan, Stocks – View Video Here

(NewsMax) – Video: Jim Rogers – Next Recession Will Be Much Worse! – View Video Here

(KurtNimmo) – Video: Obama’s Supreme Pick Kagan Is A Bankster Operative

Democrats are going gaa-gaa over Obama’s Supreme pick Elena Kagan. “Democrats praised Kagan as ‘razor sharp’ and impeccably qualified for the lifetime appointment on the nine-member bench, but Republicans promised to vigorously vet a ’surprising’ choice, noting she had never been a judge,” reports Agence France-Presse. “I have selected a nominee who I believe embodies… excellence, independence, integrity and passion for the law, and who can ultimately provide that same kind of leadership on the court,” Obama said at the White House. View Video Here

(AmpedStatus) – High Frequency Terrorism: How the Big Banks and Federal Reserve Maintained Their Death Grip Over the United States – David DeGraw & Max Keiser – Read More Here

Layoffs:

Dean Foods – 350 to 400
RBS – 2,600
Update: Fort Wayne IN – 300 Teachers to Learn Layoffs Numbers today
City of Costa Mesa – 51 Possible
Town of Mesilla NM – 4
Newark Valley Central School District – 11

(InfoClearingHouse) – Kagan: – Goldman Sachs – Shifting Court to Right?

“A narrow elite is imposing itself through the legal system, and ordinary Americans need to start asserting themselves.”
The Wall Street Journal reports: “The White House said Friday that Elena Kagan’s membership on an advisory panel for the securities firm Goldman Sachs Group Inc. wouldn’t disqualify her for a position on the Supreme Court. … From 2005 to 2008, Ms. Kagan was a paid member of the Research Advisory Council of Goldman Sachs Global Markets Institute, according to financial-disclosure reports she filed after being appointed to her current job. The form shows she was paid $10,000 in 2008, when she was dean of Harvard Law School.” Read More Here

(StraightGoodNews) – Goldman Sachs Set to Plan Sell-Off of Ontario Assets

Huge and controversial banking firm has a history of playing both sides in privatization deals Read More Here

(AmericanEveryman) – The Stock Market “Glitch”: Blackmail by Big Banking?

The White House gets its way again. They get their way on two measures that would have given the people at least a little control of the “too big too fail” banking system. But how they got it, well that might just be the REAL story of the day.
“I mean this really sounds like market manipulation to me. This is outrageous.” Read More Here

(PaulWatson) – Bankers Destroy Global Economy by Design to Consolidate Power

American taxpayers have been freshly liberated of hundreds of billions more dollars as part of the IMF’s new bailout package which is principally going straight to European banks, in addition to the Federal Reserve program to ship U.S. dollars to Europe, in a move that represents little more than a desperate effort to save the Euro and rescue the credibility of economic global governance. Read More Here

(SteveWatson) – Bankers, Economists: Mass Centralization At Heart Of Euro Bailout

Huge Euro rescue is latest step on the road toward a monolithic globalist federal union Read More Here

(AFP) – Fannie Mae seeks new $8.4 billion US bailout to stay afloat – Read More Here

(ZeroHedge) – EURUSD Roll Over Accelerates, Market Playing Catch Up – Tyler Durden

This may very well still turn out to be the shortest and must futile trillion dollar bailout in history yet. Don’t forget it was the EURJPY correlation desks that freaked out on Thursday and drained all NYSE liquidity in stocks.

It will be truly amazing if we get another 1000 point move in the Dow… But not up. Read More Here

(InternationalForecaster) – The latest Greek tragedy And Sovereign Defaults Pose A Great Threat – Bob Chapman

The latest Greek tragedy continues to leave carnage in its wake, crime compounds the debt problems, Problems everyone knew about nobody did anything about, the Sovereign debt bubble is now upon us, and could bring the world financial system down, a situation like the French Revolution in Greece, food stamps at a record high, unemployment and problems of poverty in the US, Read More Here

(NYTimes) – Video: Markets Welcome E.U. Rescue Package

Global markets rallied Monday, reversing the steep declines of recent days, after European leaders agreed to provide a huge rescue package of nearly $1 trillion to combat the debt crisis that has engulfed Europe, and central banks began injecting cash into the financial system. View Video Here

(EconomicCollapseBlog) – Is The Greek Debt Crisis Being Purposely Hyped And Manipulated? – Read More Here

(KurtNimmo) – Banksters Throw a Trillion Bucks Down a Black Hole

The EU apparatchiks are in crisis mode. European Union boss Jose Manuel Barroso told us not to worry, though. They’re on it.
“This morning’s agreement will ensure that any attempt to weaken the stability of the euro will fail,” said Barroso today as the EU threw around a trillion bucks at the cancer spawned by the Greek debt crisis. “We have stated that we will do whatever is necessary to defend the stability of the euro,” he said with an actor’s confidence. Read More Here

(Guardian) – The Greek spirit of resistance turns its guns on the IMF

Years of national denial about looming bankruptcy have turned to resentment as Greece is told how it must tackle its debt crisis Read More Here

(PaulWatson) – American Taxpayers Looted To Bail Out The Euro

American taxpayers have been freshly liberated of hundreds of billions more dollars as part of the IMF’s new bailout package which is principally going straight to European banks, in addition to the Federal Reserve program to ship U.S. dollars to Europe, in a move that represents little more than a desperate effort to save the Euro and rescue the credibility of economic global governance. Read More Here

(ZeroHedge) – The Latest US Taxpayer Bill To Save Europe, And Specifically The French Banks: $57 Billion – Tyler Durden

As the US and its taxpayers represent roughly 20% of total IMF funding, today’s 3% loss in dollar purchasing power to the middle class will cost the middle class $57 billion. Read More Here

(ZeroHedge) – Summary Of The Biggest Bail Out Ever: Even Keynes Is Spinning In His Grave – Tyler Durden

Europe has now followed the Fed in its all in move to prevent the disintegration of the euro and of Europe. As we expected, the EU was leaking various rumors to gauge market interest, and as speculated earlier, the final cost ended up being just short of one trillion. Here are the key summaries: Read More Here

(LondonTelegraph) – British taxpayers ordered to bail out euro

All 27 EU finance ministers have been summoned to Brussels on Sunday to sign up to a “European stabilisation mechanism. Britain will be unable to veto this as it will be put through under the “qualified majority voting” system. Read More Here

(AP) – Federal Reserve opens credit line to Europe

The Federal Reserve late Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent.

Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank, the Swiss National Bank and the Bank of Japan also are involved in the dollar swap effort. Read More Here

(C4L) – Video: Ron Paul’s Texas Straight Talk – Continue reading

Economy

(Vlog) – Video: Peter Schiff – Income Tax vs Consumption Tax – Video Link Here

(RevolutionaryPolitics) – Why Are Silver Sales Soaring?

The U.S. Mint just reported another record, but this time it wasn’t for gold. The Mint sold more Silver Eagles in March and in the first quarter of the year than ever before. A total of 9,023,500 American Silver Eagles were purchased in Q110, the highest amount since the coin debuted in 1986. Read More Here

(MarketWatch) – Paulson & Co. not charged in SEC suit against Goldman

Paulson & Co. became enmeshed in a Securities and Exchange Commission civil lawsuit filed Friday against Goldman Sachs Group Inc. But the hedge-fund giant wasn’t charged. Read More Here

(Breitbart) – California jobless rate swells to 12.6 percent

California’s unemployment rate hit a modern record of 12.6 percent in March, though it rose only a fraction over the previous month, the state Employment Development Department reported Friday. Read More Here

(GlobalResearch) – The Economic Crisis in the UK: Inflation and Debt Default Bankruptcy – Read More Here

(RealNews) – Video: Can US Dollar Remain World’s Currency? – Video Link Here

(InfoClearingHouse) – Housing Crash Update: There’s A World of Pain Ahead – Mike Whitney

The brief period of stabilization in housing appears to be over and the next leg-down has begun. Mortgage rates are edging higher, foreclosures are on the rise, and the government programs that supported the sector, are being phased out. Read More Here

(Bloomberg) – Goldman Sachs Sued by SEC for Fraud on Mortgage-Backed CDOs

Goldman Sachs Group Inc. was sued by U.S. regulators for fraud tied to packaging and selling collateralized debt obligations that contributed to the worst financial crisis since the Great Depression. Read More Here

(WRH) – Vote Fraud and the Bankruptcy of the United States

Note: This article first appeared as a post written by myself(Michael Rivero) at Free Republic in late 2000. I was surprised to learn that it was copied re-posted at dozens of sites around the world. So, it seems only fitting that the article should re-appear here on my own web site. Read More Here

(MyBudget360) – The Great American Bank Heist – On the Day we Reach a Monthly Foreclosure Filing Record Banks Announce Record Profits and the Stock Market is up 80 Percent – Read More Here

(WashingtonsBlog) – Yet Another Reason To Break Up The Big Banks – Read More Here

(RawStory) – Wamu bankers sang ‘I like big bucks and I cannot lie’ before bank failed – Read More Here

Video: Ron Paul vs. Ben Bernanke at JEC Hearing April 14, 2010 – View Video Here

(Reuters) – Markets could be derailed again, warns Soros

Railway porter-turned-billionaire financier George Soros delivered a stark warning last night that the financial world is on the wrong track and that we may be hurtling towards an even bigger boom and bust than in the credit crisis. Read More Here

(CommodityOnline) – Silver prices to zoom if manipulation is proved

As the CTFC begins to investigate claims by a whistle blower that the precious metals markets have been manipulated by several large US banks, investors are left to ponder: “What will happen to silver if manipulation is found?” Can you say, payday? Read More Here

(ZeroHedge) – March Foreclosures Surge To Absolute Record, At 369,491, 19% Jump from February

RealtyTrac reports the next catalyst that will surely take the Dow to 12,000 by 9:31 am tomorrow. “Foreclosure filings were reported on 367,056 properties in March, an increase of nearly 19 percent from the previous month, an increase of nearly 8 percent from March 2009 and the highest monthly total since RealtyTrac began issuing its report in January 2005.” And people were wondering where consumers get all their money from. Read More Here

(USDepartmentofLabor) – Unemployment Insurance Weekly Claims Report

In the week ending April 10, the advance figure for seasonally adjusted initial claims was 484,000, an increase of 24,000 from the previous week’s unrevised figure of 460,000. The 4-week moving average was 457,750, an increase of 7,500 from the previous week’s unrevised average of 450,250. Read More Here

(ZeroHedge) – Morgan Stanley Warns Germany May Decide To Secede From EMU

A fantastic overview of all the game theory aspects embedded in the European crisis, from Joachim Fels, head of Euro research at Morgan Stanley.

* Somewhat paradoxically, the show of solidarity for Greece by other euro area members and the ECB raises the risk that the euro will break apart eventually.
* Seceding from the euro area to devalue is very costly and risky. But seceding to revalue and introduce a harder currency is easier. Germany might opt to do so one day.
* The road to such a break-up scenario leads through even more fiscal profligacy and divergence in the euro area, a politicisation of monetary policy, and a weaker currency. Recent events suggest that the trip down this road has started.
Read More Here

(CNBC) – Video: Eric Sprott on the Economy, the Markets, and the PHYS Gold Trust Continue reading

Is The US Preparing For “The Total Destruction Of Iran?” – Tyler Durden

(ZeroHedge) – Is war just around the corner? While in theory it would make perfect sense to distract Americans from the long road to US insolvency, and other more pressing issues such as the endless criminality all around us, in practice we have so far heard merely rumors. The Herald of Scotland, however, may have credible proof that a US-led attack on Iran approaches and could be just days away. Continue reading

Inflation, Deflation and “Got You” Prices

Scott Patterson writes in the Wall Street Journal that we won’t get inflation until unemployment is down below 5%:

A rule of thumb is that inflation doesn’t become sticky until the unemployment rate dips below 5%… Continue reading

The Real Lesson of the Financial Crisis

The financial channels are abuzz with talk of a recovery, but we’re not out of the woods yet. In fact, the deceleration in the rate of economic decline is not a sign of recovery at all, but proof that the economy is resetting at a lower level of activity. That means the recession will drag on for some time no matter what the Fed does. Continue reading