Economy

(Rense) – Illinois – A State In Crisis – Stephen Lendman

This writer’s earlier articles addressed greater social misery in America than since the Great Depression, because of unemployment, homelessness, hunger, bankruptcies, despair, and rising poverty levels.

According to the National Academy of Science, 47.4 million Americans were impoverished in 2008, 15% of the population, but the true number is much higher since the government’s income threshold is $22,000 for a family of four, way short of what’s needed throughout urban America where even half again as much is too little. Read More Here

(Bloomberg) – Banks Seized by Regulators in Nebraska, Mississippi, Illinois

Three banks with total deposits of almost $2.3 billion were seized by regulators amid losses stemming from soured real-estate loans, raising to 81 the number of U.S. lenders that have collapsed this year. 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. Read More Here

(Telegraph) – Solution to Unemployment? Wal-Mart to Create 500,000 New Jobs

Mike Duke, chief executive, told the retailer’s annual meeting that the company will add the 500,000 positions as it seeks to continue to grow globally and maintain its leading position in the US. Read More Here

(EconomicNoise) – Worse than a Depression – Read More Here

(SicSemper) – Video: Obama’s Teleprompter of Propaganda: “Our Economy is Getting Stronger by the Day.”

As the Bureau of Labor Statistics report is published for the month of May showing unemployment at 9.7% due to 322,000 workers leaving out of employment positions, President Obama read from his teleprompter more Orwellian Double-speak, stating “our recovery is still in its early stages, and there’s going to be ups and downs in the months ahead…… this report is a sign that our economy is getting stronger by the day.” View More Here

(GlobalResearch) – Europe is Headed For a Mini-depression – Mike Whitney – Read More Here

(WashingtonTimes) – FTC floats Drudge tax

The Federal Trade Commission (FTC) is seeking ways to “reinvent” journalism, and that’s a cause for concern. According to a May 24 draft proposal, the agency thinks government should be at the center of a media overhaul. The bureaucracy sees it as a problem that the Internet has introduced a wealth of information options to consumers, forcing media companies to adapt and experiment to meet changing market needs. FTC’s policy staff fears this new reality. Read More Here

(TPG) – Countdown to Crashdown

Heed This Warning, and You Could Gain 868%. Ignore It, and You Stand to LOSE HALF of Your Wealth. The Choice Is Yours… Read More Here

(PRWeb) – Investors Shun Market Volatility as Fear and Uncertainty Reign, Opting Instead For Precious Metals IRAs as Gold Nears All Time Highs – Read More Here

(FinancialPost) – World currency unit intended to rival U.S. dollar for supremacy

A new currency is intended to challenge the U.S. dollar as the world’s foremost reserve currency. The WOCU, short for world currency unit, was actually launched by London-based WDX Organization in September 2009, but only seems to be gaining recognition now. Read More Here – See Also: Flex Group

Video: Watch the WOCU evolve – Video Link Here

(WOCU) – About the WOCU

The WDX Organisation has developed a currency-basket instrument called the Wocu; available for commercial use from 1st January 2010, the same day WDX launched its commercial reference data products. Read More Here

(YahooFinance) – Video: $6 to $8 Gas? Prices Will “Skyrocket” If U.S. Stops Drilling, Says Former Shell Exec – View Video Here

(WDX) – WDX Institute: Forum for WOCU Related Research Read More Here

(BusinessInsider) – MARKETS RIPPED APART: Here’s What You Need To Know

Following two straight up days, it looked like the panic might be out of this market. Nope, not even close. Fresh Euro panics combined with signs of economic weakness in the US to savage markets.

The scoreboard: Read More Here

(RealClearPolitics) – Census Worker Claims Job Numbers Are Being Inflated

“What they do is hire you, they train you like a few weeks — 35, 40 hours of training and give you six hours of productive work and lay you off.” a former Census named “Maria” tells FOX News. “Maria” further explains they rehire you so it counts as a new job.

(RussiaToday) – Video: Euro the focus of secret Bilderberg meeting: Charlie Skelton

I hear from some people, Daniel Estulin has got sources inside, and he says the euro is on the top of the agenda. If the euro fails and the eurozone collapses, it’s been a lot of wasted talk. There’s talk, I have been speaking to some Spaniards here and they saying there’s whispers of returning to the peseta and that is not in the Bilderberg’s best interest,” said Skelton. Continue reading

Economy

Video: Max Keiser – GLOBAL BREAKDOWN: Gerald Celente’s latest trends – Video Link Here

Video: Schiff & King Discuss Gold & Silver: Panic Gold buying in Germany – Video Link Here

(L.A.City) – Controller Greuel Releases Audit Showing City Can’t Find 45% of Items Purchased with Taxpayer Funds – Read More Here

(Telegraph) – Hedge funds bet big on the falling euro

Hedge funds that made millions from the implosion of America’s subprime market are betting on a similarly dramatic collapse of the euro. Read More Here

(Infowars) – The 750 Billion Euro Bluff

The Germans recently approved their portion of the €750bn European bailout fund, and I think that’s all the money we will see. It’s highly unlikely that the EU has the capital to pull off the entire thing, unless the ECB starts printing money à la full-blown quantative easing. They are just trying to bluff the speculator vultures, so that they won’t start circling Portugal, Ireland and other weak EMU economies. But I think eventually the vultures will smell blood. Read More Here

(ABC) – Video: Clarke and Dawes ask the million dollar questions

John Clarke and Bryan Dawe calculate the cost of the European debt crisis. – Video Link Here

(BusinessInsider) – Will Trichet Let A Deflationary Depression Happen So He Can’t Be Accused Of Bailing Out Greece? – Read More Here

(Telegraph) – City fears of ‘Great Depression Mark II’

Leading City experts have started raising the prospect of “Great Depression II” amid worries that the European economic crisis could trigger a deeper bout of chaos. Read More Here

(EconomicPolicyJournal) – 32 States Have Borrowed from the Federal Government to Make Unemployment Payments; California Has Borrowed $7 Billion

EconomicPolicyJournal.com has learned that 32 states have run out funds to make unemployment benefit payments and that the federal government has been supplying these states with funds so that they can make their payments to the unemployed. In some cases, states have borrowed billions. As of May 20, the total balance outstanding by 32 states (and the Virgin Islands) is $37.8 billion. Read More Here

(SFGate) – Courts quash cuts, add to state’s budget woes

Designated cuts to health and human services that were rejected by federal courts alone have resulted in $4.5 billion in lost savings over the past three years, according to Gov. Arnold Schwarzenegger’s administration. Read More Here

(TIME) – Florida Braces for Oil Spill, Impact on Tourism Industry

Like an environmental version of the hurricanes that ravaged the Gulf States in 2005, the epic spill from the Deepwater Horizon rig seems almost certain to foul every coastal corner it can. After paralyzing Louisiana’s commercial fishing industry, it is threatening Florida’s $60 billion tourism business. Read More Here

(WSJ) – AIG Executives Won’t Face Criminal Charges

The decision brings to a close a criminal investigation that, while mostly under wraps, was widely followed. The September 2008 bailout of AIG was one of the biggest and most shocking of the financial crisis, as trading by a noninsurance unit brought down one of the most iconic financial companies world-wide. Read More Here

FLASHBACK – (TIME) – Scandals The Looting of Greece

The plot was an audacious one. To create the pool of crooked money, PASOK leaders had for three years ordered state-managed corporations such as the Post Office, the Organization of Urban Transportation and the State Pharmaceutical Co. to transfer large bank deposits — the country’s money, in effect — out of the big national banks into the Bank of Crete, then the / smallest private bank in the country. There, Koskotas says, he arranged for the government deposits to draw an exceptionally low rate of interest, only 2% or 3%. Bank savings accounts in Greece routinely draw 15% interest. The excess interest earned on the government deposits was siphoned off and went straight to the politicians, he says. In addition, protected and encouraged by Papandreou, Koskotas secretly plowed Bank of Crete funds into his magazines and newspapers. Read More Here

(LewRockwell) – Sell in May and Run Away . . . Fast

Stock markets all over the world are falling. The first market to begin falling was China’s. It peaked in early August of 2009. It struggled back, though not to its August peak, but is now falling. The decline is accelerating. It is down by about 25% in 2010. Read More Here

(MoneyAndMarkets) – Massive Currency and Debt Devaluations Lie Ahead

The run-up in the stock market from March 2009 until last month was sharp and rewarding … for some. But there was one problem, it came with disproportional risk. You see, the stock market rose to an extent that it was pricing in perfection … a V-shaped recovery … a return to normal.

That overly optimistic view on the world can make for an ugly ending Read More Here

(WashingtonsBlog) – The Giant Banks, Federal Reserve and Treasury Have All Blackmailed America

As I wrote last October:

Congressmen Brad Sherman and Paul Kanjorski and Senator James Inhofe all say that the government warned of martial law if Tarp wasn’t passed. And Rahm Emanuel famously said:

Never let a serious crisis go to waste. What I mean by that is it’s an opportunity to do things you couldn’t do before.

Last year: Read More Here

(RTTNews) – Massive Demonstration In Romania Protesting Austerity Measures

The demonstration by some 20,000 people, who gathered in front of the government headquarters in capital Bucharest to protest planned government wage-cuts, was one of the largest mass protests that the Eastern European country witnessed since the fall of Communism in 1989. Read More Here

(Examiner) – CAFR: US agencies have billions, trillions in investments while crying budget deficits

Gerald Klatt and Walter Burien are unrecognized heroes. These individuals are national leaders who have communicated how government agencies conceal American taxpayers’ money in surplus accounts that collectively total trillions of our dollars. The data is found in government agencies’ Comprehensive Annual Financial Reports (CAFRs). Read More Here

(SofiaEcho) – Greece prepares for massive new strike

Massive general strikes by the Greek public sector will all but paralyse much of the country as Greek trade unions launch another 24-hour general protest against planned additional austerity measures. Read More Here

(GardenHarvest) – Severe Poverty Growing Rapidly

The percentage of Americans living in severe poverty – with incomes less than half of the federal poverty line – has reached a 32-year peak. A recent analysis of 2005 census data by McClatchy Newspapers found nearly 16 million Americans living in deep or severe poverty, defined as a family of four with income of $9,903 a year or less and an individual living on less than $5,080 a year. Read More Here

Growing Homelessness in America – Stephen Lendman

In the world’s richest country, the trend is shocking, disturbing and appalling. In its 2009 report on “Hunger and Homelessness in US Cities,” the US Conference of Mayors stated:

“Hunger and homelessness (are) at record levels in US cities,” citing an overall 26% demand increase over the past year and 19% more homelessness. Yet worsening conditions leave millions on their own and out of luck because Washington has other priorities excluding them.

“At a time of historic economic crisis, the issues of hunger and homelessness in America are more prevalent than ever.” Cities are hard-pressed to handle them, and planned budget cuts and revenue shortfalls will strap them well into the future. Continue reading

10 Million Americans Disappeared during the Great Depression Time

FLASHBACK – Feb 2009 – While America lectures Russia on the 1932-33 famine in Ukraine, Russian historian Boris Borisov asks what became of over seven million American citizens who disappeared from US population records in the 1930s. Read More Here

Obama’s Budget Revealed: Money for Wars and Weapons, While More Americans Face Joblessness and Hunger

(TomDispatch) – Send up a flare! The 2011 federal budget has sprung some leaks in the midst of a storm. Not sure there’s enough money for life rafts!  Forget women and children first!

Buffeted by economic hard times, the 2,585-page, $3.8 trillion document is already taking on water, though this won’t be obvious to you if you’re reading the mainstream media. Let’s start with the absolute basics: 59% of the budget’s spending is dedicated to mandatory programs like Medicaid, Medicare, Unemployment Insurance, Social Security, and now Pell Grants; 34% is to be spent on “discretionary programs,” including education, transportation, housing, and the military; 7% will be used to service the national debt.

A serious look at this budget document reveals some “leaks” — two in actual spending practices and two in the basic assumptions that undergird the budget itself. Ship-shape as it may look on the surface, this is a budget perilously close to an iceberg, and it’s not clear whether the captain of the ship will heed the obvious warning signs. Read More Here

Study: Hunger in America jumps ‘unprecedented’ 46 percent

(RawStory) – If there is any indicator of the toll that the Great Recession has taken on the public, it would be the statistics beginning to emerge about hunger in the US. Continue reading

Haiti Earthquake News

(MailOnline) – Haiti: Gutters running blood

Tens of thousands of people are facing a second catastrophe tonight as they struggled for survival on the devastated island of Haiti. Read More Here

(Uruknet) – Help Haiti: The Unforgiven Country Cries Out

The relentlessly maintained, deliberately inflicted political and economic ruin of Haiti has a direct bearing on the amount of death and devastation that the country is suffering today after the earthquake. It will also greatly cripple any recovery from this natural disaster. As detailed below, Washington’s rapacious economic policies have destroyed all attempts to build a sustainable economy in Haiti, driving people off the land and from small communities into packed, dangerous, unhealthy shantytowns, to try to eke out a meager existence in the sweatshops owned by Western elites and their local cronies. All attempts at changing a manifestly unjust society have been ruthlessly suppressed by the direct or collateral hand of Western elites. Read More Here

(Workers) – Haiti’s hunger made in USA

The U.S. Coast Guard and a few individual boaters pulled 27 people out of the ocean off south Florida May 13. Ten of them were dead after fleeing mass hunger and misery in Haiti. The sailing vessel they were on had sunk around 2 a.m. and the survivors had to tread water for 10 hours until their rescue. Read More Here

(USGS) – Latest Earthquakes in the World – Past 7 days – Read More Here

(RussiaToday) – Ron Paul on Haiti quake: American people will donate billions – Video Link Here

To All Those Who Live Under Conflict Or Fear

(PalTelegraph) – It is extremely hard for me to send you all seasonal greetings from England when I know in my heart that this is just another day for you either living under the terror of conflict, torture, rape, breaches of human rights or simply harassment. Continue reading

Growing Up Empty: The Hunger Epidemic in America

Most Americans may find it hard to accept that millions in this nation are suffering from hunger — an affliction most often associated with war-torn Africa or flood-ravaged Bengal. It flies in the face of everything we’ve been told about our nation’s prosperity. First the Clinton and then the Bush administration have led us to believe that poverty is under control, pointing to the mass exodus from the welfare rolls since the 1996 reforms were launched. The $27 billion cut in food stamps? Justified, lawmakers told us, because the poor are working and feeding themselves. Hunger, it is commonly understood, has long since vanished, along with the 7 million people who no longer receive public assistance. Continue reading

Hungering for a True Thanksgiving – Amy Goodman

“In the next 60 seconds, 10 children will die of hunger,” says a United Nations World Food Programme (WFP) online video. It continues, “For the first time in humanity, over 1 billion people are chronically hungry.”
The WFP launched the Billion for a Billion campaign this week, urging the 1 billion people who use the Internet to help the billion who are hungry. But if you think that hunger is far from our shores, here is some food for thought … and action: The U.S. Department of Agriculture released a report Monday stating that in 2008 one in six households in the U.S. was “food insecure,” the highest number since the figures were first gathered in 1995. Continue reading

MSM: America’s economic pain brings hunger pangs

(WPost) – The nation’s economic crisis has catapulted the number of Americans who lack enough food to the highest level since the government has been keeping track, according to a new federal report, which shows that nearly 50 million people — including almost one child in four — struggled last year to get enough to eat. Continue reading

UN sounds alarm over record world hunger level

(EuroNews) – The number of people in hunger in the world has topped one billion for the first time and global food production is failng to meet demand. That is the grim message of a UN food summit starting in Rome today. Continue reading

MSM: UN says hunger stunts some 200 million children

(AP) – Nearly 200 million children in poor countries have stunted growth because of insufficient nutrition, according to a new report published by UNICEF Wednesday before a three-day international summit on the problem of world hunger. Continue reading

MSM: Supermarkets in ‘secret talks to introduce GM foods to the shelves’

(DailyMail) – The big supermarkets have held secret talks to pave the way for the introduction of controversial GM crops on to their shelves, industry sources said last night. Continue reading

Growing Poverty and Despair in America

In 1962, Michael Harrington’s “The Other America” exposed the nation’s dark underside enough for John Kennedy to ask his Council of Economic Advisor chairman, Walter Heller, to look into the problem and for Lyndon Johnson to say (on January 8, 1964) that his administration “today, here and now, declares unconditional war on poverty in America.” Continue reading

Bailing the corrupt – Billions Starving

UN food agency reports a sixth of the world’s people are undernourished ¯1.02 billion people are hungry. Continue reading

MSM: World’s hungry top one billion – UN food agency

(Google) – A record one billion people are undernourished around the world, the UN food agency said Friday, blaming the global financial crisis for a surge of more than 100 million hungry since last year. Continue reading

Afghanistan-Pakistan. The Drones Are Coming: New War on Civilians

US President Barack Obama took the podium in a White House press conference and stood with an all-embellished confidence that often accompanies new presidents. He was flanked by two leaders whose apparent grandeur barely reflected their embattled situations on the ground: Afghan President Hamid Karzai and Pakistani President Asif Ali Zardari. Continue reading

Genetically Modified (GM) Crops Increase Pesticide Use and Fail to Alleviate Poverty, Reveals New Report

GM Crops Have Not Reduced World Hunger, Study Concludes

Washington D.C., February 13, 2008 – Genetically modified (GM) crops have led to a large increase in pesticide use and have failed to increase yield or tackle world hunger and poverty, a new report by Friends of the Earth and Center for Food Safety reveals today.  The report coincides with the annual release of biotech industry figures on GM crop cultivation around the world. Continue reading