Economy

(EconomicPolicyJournal) – HOT: Curious Trading by Federal Reserve Advisor May Result in JPMorgan Chase $1.264 Billion Windfall – Read More Here

(NYTimes) – Home Owners Stop Paying Mortgages – Read More Here

(MiamiHerald) – Gulf shrimpers fear oil spill will put them out of business – Read More Here

(CNNMoney) – Three American cities on the brink of broke – Read More Here

(BizJournals) – Four more Ga. banks get consent orders – Read More Here

(NewsObserver) – Mental health group can pay only half wages – Read More Here

(Fox43) – Video: Thousands of job losses possible if federal funding expires – Read More Here

(HometownAnnapolis) – Cohen to unveil more budget cuts – Read More Here

(ZeroHedge) – Bank Of International Settlements Warns To Ignore Banker “Doomsday Scenario” Fearmongering And Racketeering – Tyler Durden

Over the past two years, the one strategy that has elicited the greatest amount of anger in the general population has been the traditional resolution to the “lowest common denominator” strategy of fearmongering or racketeering by the financial elite, any time it was faced with a status quo extinction event Read More Here

(TheEconomicCollapse) – Europe’s Coming Summer Of Discontent

The summer of 2010 promises to be the most tumultuous summer in the short history of the European Union. The sovereign debt crisis sweeping the continent threatens to cause economic and political instability on a scale not seen in Europe for decades. Read More Here

(Reuters) – China warns debt woes threaten global recovery

China warned on Monday that Europe’s struggle to contain ballooning debt posed a risk to global economic growth, raising the specter of a double-dip recession. Read More Here

(Reuters) – ECB warns of more bank loan losses

The European Central Bank warned on Monday that euro zone banks face up to 195 billion euros in a “second wave” of potential loan losses over the next 18 months due to the financial crisis, and disclosed it had increased purchases of euro zone government bonds. Read More Here

(PressTV) – Eurozone jobless rate hits record high

Unemployment rate in the Eurozone counties has jumped to a historic 10.1 percent — its highest since the introduction of Euro.

According to statistics released by the European Union, almost 16 million people living in the Eurozone countries are currently out of jobs. Read More Here

(ABCNews) – Hewlett-Packard to Cut 9K Jobs; See $1B in Charges

Hewlett-Packard Co. said Tuesday it will cut about 9,000 jobs and take $1 billion in charges over three years as it creates fully automated commercial data centers. Read More Here

(AP) – Video: Deep Cuts Looming for Nation’s Public School Kid

Budget crises across the nation are forcing thousands of teacher pink-slips, shuttering classrooms and cutting school programs. This is the first story in a 3-part AP investigation series. 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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It Is Too Late To Prevent The Collapse Of The G-7 – Greece Is Irrelevant, We Are All Now Insolvent

(ZeroHedge) – For Greece, with on and off balance sheet liabilities at over 800%, it’s game over. For the Eurozone, with the same ratio at about 500%, it is also game over. For the US, at 500%+, it is, you guessed it (sorry Joseph Stiglitz), game over, but since we have the printers, it will simply take a little longer. Following up on yesterday’s popular post on prevailing delusions as captured by Albert Edwards’ colleague Dylan Grice, we present Albert’s latest outlook. Please don’t read this if you want to keep believing there is any hope left for the (developed) world. Continue reading

European bankers demand unprecedented austerity measures

(WSWS) – European bankers are demanding that countries on the brink of national bankruptcy impose brutal austerity measures on their populations. Continue reading

UN report issues dire forecast for world economy

The United Nations’ Department of Economic and Social Affairs (DESA) updated its “World Economic Situation and Prospects” report last Thursday, forecasting world growth this year of negative 2.6 percent. World trade is expected to decline by 11.1 percent—the sharpest annual contraction since the 1930s. Continue reading

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. Continue reading

Czech president compares EU parliament to one-party state

Increasing the European Parliament’s powers won’t solve EU’s democratic deficit, since the bloc’s legislature does not represent any nation and allows for no political alternatives opposed to EU integration, Czech President Vaclav Klaus told MEPs on Thursday Continue reading

MSM: Britain’s bankers plumb new depths

Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis” than the current one. Continue reading

MSM: Ireland falls into recession

• Economy shrank in Q1 and Q2
• Germany and Spain could be next

Ireland has become the first country in the eurozone to slip into recession, official figures showed today.

According to the Central Statistics Office, the country’s once-booming economy shrank by 0.3% in the first quarter of the year and by 0.5% in the second. The technical definition of a recession is two or more consecutive quarters of contraction. The European commission thinks that Germany and Spain could be next. Continue reading