Video: Ron Paul – Gold is Money! The Dollar’s Value is Destined to Go Down

(Goldseek) – Ron Paul talks to Chris Waltzek on GoldSeek Radio. Topics of discussion include the Financial Reform Bill, competing currencies, the gold price, and 2012. Continue reading

Video: Keiser Report №65 – Markets! Finance! Scandal!

(RussiaToday) – This time Max Keiser and co-host Stacy Herbert look at the latest scandals of box office manipulation in China, $9 billion missing in Iraq and contango in commodities. In the second half of the show, Max talks to Internet sensation George Hemminger about his experience with financial collapse in America. Continue reading

HR 1207 Hall Of Shame

(C4L) – The following U.S. representatives cosponsored H.R. 1207 but voted against Audit the Fed on a motion to return the Dodd-Frank Financial Reform bill to committee and add back in the thorough Audit. View More Here

Deepwater Horizon and Global Financial Meltdown: Each Mirrors The Other

(OfTwoMinds) – The explosion of Deepwater Horizon and the collapse of Lehman Brothers share similar characteristics of risk, denial and coverup. My good friend G.F.B. recently observed that the Deepwater Horizon catastrophe uncannily mirrors the global financial meltdown that was triggered by the September, 2008 collapse of Lehman Brothers.

G.F.B. suggested that the Deepwater Horizon fiasco mirrored the global financial meltdown, almost as if it were a physical manifestation of the same hubris, denial of risk, manipulation and misinformation which collapsed the global financial house of cards. Continue reading

Economy

(YahooTechTicker) – REMEMBER: In 1930, They Didn’t Know It Was “The Great Depression” Yet

In the past year, we’ve written a lot about the similarity between the rally of early 1930 and the one we had through April of this year.

The early 1930 rally came after the market had fallen nearly 50% in the fall of 1929. The spring 1930 rally took the market up nearly 50% again, to a level that was only about 20% below the previous peak.

That rally, of course, was also the biggest sucker’s rally in history. After the market peaked in April 1930, it crashed again, eventually ending up down 89% from the 1929 high and more than 80% from the 1930 high. The market did not reach the 1930 high again for another quarter of a century. Read More Here

(HuffingtonPost) – Long-Term Unemployed Now 46 Percent Of Unemployed, Highest Percentage On Record

The proportion of people jobless for six months or more has accelerated in the past year and now makes up 46 percent of the unemployed. That’s the highest percentage on records dating to 1948. By late summer or early fall, they are expected to make up half of all jobless Americans. Read More Here

(InfoClearingHouse) – Europe Chooses Depression – Mike Whitney

Forget about a smooth recovery. Finance ministers and central bank governors of the G-20, met this weekend in Busan, South Korea and decided to abandon “tried and true” expansionary fiscal policies for their own strange brew of belt-tightening policies and austerity measures. Read More Here

(EuroPacificCapital) – Key Indicators of a New Depression

With the mainstream media focusing on the country’s leveling unemployment rate, improving retail sales, and nascent housing recovery, one might think that the US government has successfully navigated the economy through recession and growth has returned. But I will argue that a look under the proverbial hood reveals a very different picture. I believe the data shows that the US economy is badly damaged, and a modern-day depression has begun. In fact, just as World War I was originally called The Great War (and was retroactively renamed after World War II), Peter Schiff has said that one day the world will refer to the 1929-41 era as Great Depression I, and the current period as Great Depression II. Read More Here

(Bloomberg) – U.S.’s $13 Trillion Debt Poised to Overtake GDP: Chart of Day – Read More Here

(AP) – Financial crisis panel subpoenas Goldman

A panel probing the causes of the financial meltdown has issued a subpoena for documents from Goldman Sachs Group Inc., accusing the firm of stonewalling an investigation. Read More Here

(PaulWatson) – Investment Banker: It’s Going To Get Nasty – Buy Land, Barbed Wire And Guns

A top investment banker has warned that the economic fallout of the sovereign debt crisis could get so nasty over the next five years that people would be wise to abandon the markets and instead buy land, barbed wire and guns.

With gold smashing through its all time record high this morning on the back of fears over a double dip recession, analysts are turning increasingly bearish on the markets. Anthony Fry, senior managing director at Evercore Partners, told CNBC that the bond markets could turn nasty over the next few months and said that the current problems created by the European debt crisis could be with us for at least five years. Continue reading

The “International Community” Pushes for “Global Coordination”

(C4L) – Never letting a good crisis go to waste, the sovereignty-hating globalists continue to argue that national governments should have less say in implementing domestic financial regulation and fiscal policy.

According to International Monetary Fund managing director Dominique Strauss-Kahn, “National oriented responses are not the way, since they risk creating economic conflicts.” The IMF publication goes on: Continue reading