The Ecstasy of Empire – Paul Craig Roberts

(Infowars) – The United States is running out of time to get its budget and trade deficits under control.  Despite the urgency of the situation, 2010 has been wasted in hype about a non-existent recovery.  As recently as August 2 Treasury Secretary Timothy F. Geithner penned a New York Times column, “Welcome to the Recovery.”

As John Williams (shadowstats.com) has made clear on many occasions, an appearance of recovery was created by over-counting employment and undercounting inflation. Warnings by Williams, Gerald Celente, and myself have gone unheeded, but our warnings recently had echoes from Boston University professor Laurence Kotlikoff and from David Stockman, who excoriated the Republican Party for becoming big-spending Democrats Continue reading

Economy

(StarTribune) – In jail for being in debt – Read More Here

REPOST – (AP) – Long-Term Unemployed Now 46 Percent Of Unemployed, Highest Percentage On Record – Read More Here

(GlobalResearch) – The Economic Crisis: Class Struggles Heat Up in Greece

Workers in Greece today stand in the forefront of the converging European class struggles against big capital’s attempt to make working people pay the costs of its crisis. Read More Here

(FoxBusiness) – Video: Peter Schiff on Fox Business News

Is it Time to Dump Your Stocks? – Video Link Here

(USAWatchdog) – Gold’s Flashing Warning Sign

Gold hit another all-time high yesterday! According to gold website Kitco.com – Read More Here

(Telegraph) – Risks to global economy have ‘risen significantly’, top IMF official warns

The risks to a robust global recovery have ‘risen significantly’ as many governments struggle with debt, a leading official from the International Monetary Fund has warned. Read More Here

(CNSNews) – Billboard Puts Obama on $100,000,000,000,000 Bill, Asks: ‘But Who Will Pay the Piper?’ – Read More Here

(EuropaPress) – Spanish Police Protest “Unjustified Waste Of Public Money” In Protecting Bilderberg

The SME-CCOO union of the Catalan police today showed their disagreement with the “unjustified waste” of public money aimed at preserving the security of the Bilderberg Club, which celebrates these days its annual meeting in Sitges. Read More Here

(EuroPacificCapital) – The Phantom Recovery – Peter Schiff

In recent months, GDP numbers have rebounded – primarily as a result of record low interest rates reliquifying the credit market and government stimulus jolting consumer spending. Although the “positive growth” has delighted Obama’s economic brain trust, it has done little to boost the fortunes of Main Street. As I have said many times, GDP largely measures spending, and spending is not growth. Continue reading

Economy

(CNN) – U.S. declares fisheries disaster in oily Gulf

Fishing is a $2.4 billion industry in the Gulf states. Louisiana Gov. Bobby Jindal and Mississippi Gov. Haley Barbour requested the declaration, “based on the loss of access to many commercial fisheries and the existing and anticipated environmental damage from this unprecedented event,” the statement said. Read More Here

(OftWoMinds) – Going Long, Going Deep, Going Broke: ZIRP and the Imploding Speculative Economy

A slow-growth real economy has been replaced with a credit-based speculative financial economy dependent on low interest rates and systemic fraud to survive. It is now imploding on a global scale. Read More Here

(DailyBail) – SPECIAL TREATMENT: Bailout Of Bank With Obama Ties Raises Eyebrows; Citi, Goldman, Taxpayers To Rescue

Sources said Tuesday that after overnight meetings, a group of Wall Street giants and some Chicago banks agreed to provide ShoreBank $125 million to $140 million. The saviors range from Goldman Sachs Group Inc. and Citigroup Inc. to Chicago’s Northern Trust Corp. and PrivateBancorp Inc., sources said. A new infusion of about $20 million from GE Capital pushed ShoreBank over the top, they said. Read More Here

(C4L) – More Blank Checks to the Military Industrial Complex – Ron Paul

Congress, with its insatiable appetite for spending, is set to pass yet another “supplemental” appropriations bill in the next two weeks. So-called supplemental bills allow Congress to spend beyond even the 13 annual appropriations bills that fund the federal government. These are akin to a family that consistently outspends its budget, and therefore needs to use a credit card to make it through the end of the month. Read More Here

(EuroNews) – Romanians protest wage and pension cuts

In one of the largest mass protests since the fall of communism, around 50,000 Romanians took to the streets of Bucharest on Wednesday.

They are furious at drastic cuts to state wages and pensions proposed by the government to reduce the country’s ballooning budget deficit. Read More Here

(Reuters) – IMF: Spain must make wide ranging reforms, weak recovery

Spain must make far reaching, comprehensive reforms, including to the labour market, while its economic recovery remains fragile, The International Monetary Fund said on Monday. “The challenges are severe: a dysfunctional labor market, the deflating property bubble, a large fiscal deficit, heavy private sector and external indebtedness, anemic productivity growth, weak competitiveness, and a banking sector with pockets of weakness,” the IMF said in an annual report on Spain. Read More Here

(Bloomberg) – Gold Rising as Euro Weakens Spurs More Speculation

Speculators are buying gold faster than the world’s biggest producers can mine it as analysts forecast a 27 percent rally that may extend the longest run of annual gains since at least 1920. Read More Here

(USAToday) – Private pay shrinks to historic lows

Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA TODAY analysis of government data finds. Read More Here

(TheEconomicCollapse) – 25 Questions To Ask Anyone Who Is Delusional Enough To Believe That This Economic Recovery Is Real

If you listen to the mainstream media long enough, you just might be tempted to believe that the United States has emerged from the recession and is now in the middle of a full-fledged economic recovery. In fact, according to Obama administration officials, the great American economic machine has roared back to life, stronger and more vibrant than ever before. But is that really the case? Read More Here

(WND) – Obama to snatch up to 75% of your income – Jerome Corsi

Federal government could confiscate more than half of everything earned Read More Here

(MarketWatch) – Warning: Crash Dead Ahead. Sell. Get Liquid. Now

Commentary: ‘Game’s in the refrigerator.’ Power’s turning off. Dow sinking below 6,470 Read More Here

(Bloomberg) – Video: Marc Faber – Greece Is Just a Write-off – Video Link Here

(CNBC) – Video: Peter Schiff on CNBC – is US The Next Greece or Japan? Continue reading

World War

(WSWS) – Pentagon Paints Bleak Picture of Afghanistan War as More Civilians Die

A semi-annual report released by the Pentagon on the Afghanistan war recorded a sharp increase in attacks on occupation troops and scarce support for the corrupt US-backed puppet regime of President Hamid Karzai.

The progress report, mandated by the US Congress, presented a grim picture of the state of the nearly nine-year-old, US-led war, even as a series of incidents in which civilians were killed by US and NATO troops unleashed renewed popular anger against the foreign occupation. Read More Here

(JPost) – ‘Iran violating key nuclear treaty’

Iran is in clear violation of a treaty designed to prevent the spread of nuclear weapons, US Secretary of State Hillary Rodham Clinton said Sunday. Read More Here

(Guardian) – Unconditional support for Israel ‘is dangerous’, say leading European Jews

More than 3,000 European Jews, including prominent intellectuals, have signed a petition speaking out against Israeli settlement policies and warning that systematic support for the Israeli government is dangerous.

The petition’s signatories include French philosopher Bernard-Henri Lévy and Daniel Cohn-Bendit, a Greens leader in the European Parliament. Read More Here

(Uruknet) – Preparing Haiti for Exploitation and Plunder

Over 15 weeks post-quake, Haiti’s imperial takeover is proceeding. It began straightaway after the calamity, Haitians victimized by denied aid, appalling repression, and now dispossession of their land, homes, and communities. More on that below. Read More Here

(GlobalResearch) – Biological Warfare: Priority to Bioweapons Research over Public Health – Sherwood Ross

The priorities of the National Institutes of Health (NIH) in the area of bacteriology have been “catastrophically re-ordered” by emphasizing bioweapons research over non-bioweapons research, a prominent authority states.

Giving priority to bioweapons research at NIH, started under the Bush Administration and continuing under President Obama, “diverts resources from critical public-health and scientific objectives,” says Richard Ebright, Professor of Chemistry and Chemical Biology at Rutgers University, New Brunswick, N.J. Read More Here

(BRusselsTribunal) – Iraq: Bloody Policies and Criminal Authorities: Arrests, Assassinations, Deportation of Millions, Torture

For the BRussells Tribunal, its supporters and audience, secret prisons in Iraq are no surprise. We made repeated alerts during years that repression in the “New Iraq” is systematic. Read More Here

(GlobalResearch) – A Tradition of Dehumanizing: The CIA’s Psycho-War and Torture Schemes in The Philippines

The United States Central Intelligence Agency (CIA) occupies center-stage again in the Philippines, the laboratory in 1950-1960s for the Phoenix assassination program in Vietnam inspired by CIA agent Edward Lansdale who is credited for defeating the communist-led Huk uprising. Attention is being given to the CIA systematization of coercive techniques in handling prisoners, including diverse forms of torture, zealously implemented by the police/military officials of the corrupt, unpopular Gloria Arroyo regime. Read More Here

(GlobalResearch) – Media Coverup on the Corporate Pillage and Destruction of sub-Saharan Africa – Dr. P. Wilkinson – Read More Here

(Gizmodo) – Drone Pilots Could Be Tried for “War Crimes,” Law Prof Says

It’s part of an ongoing legal debate about the CIA and U.S. military’s lethal drone operations, which have escalated in recent months – and which have received some technological upgrades. Critics of the program, including the American Civil Liberties Union, have argued that the campaign amounts to a program of targeted killing that may violate the laws of war. Read More Here

Video: Wikileaks Video Roundup – Continue reading

If The U.S. Economy Is Experiencing A Recovery Why Does It Seem Like Things Keep Getting Worse?

(EndOfTheAmericanDream) – The talking heads on all the major news shows keep telling us that the U.S. economy is experiencing a recovery.  Usually the term “recovery” is accompanied by a qualifier such as “jobless”, but they continue to use the word recovery anyway.  We are told that the greatest financial crisis since the Great Depression is behind us and that the great American economic machine is roaring back to life and everything will be back to normal soon.  So why does it seem like things keep getting worse?  Why does it seem like the American Dream is out of reach for more Americans than ever?  Why does it seem like economic pain is spreading to more families and more businesses?

Well, maybe it is because things are getting worse. Continue reading

Economy

(AlethoNews) – U.S. Banks Hid Risk by Lowering Debt Before Reporting, WSJ Says

U.S. banks masked their true risk levels by temporarily lowering debt before reporting it, the Wall Street Journal said, citing data provided by the Federal Reserve Bank of New York. Read More Here

(AP) – 42nd US bank failure in ’10 is South Carolina bank

Regulators on Friday shut down a bank in South Carolina, marking 42 bank failures in the U.S. so far this year amid mounting loan defaults, especially in commercial real estate. Read More Here

(GlobalEconomicAnalysis) – Food Stamp Usage Hits Record 39 Million, 14th Consecutive Monthly Increase – Read More Here

(Yahoo) – Nearly half of US households escape fed income tax – Read More Here

(ABCNews) – Hoarding, Not Hiring – Corporations Stockpile Mountain of Cash

Reluctant to Spend or Expand, U.S. Companies Are Sitting on a Record $1.6 Trillion Read More Here

(LATimes) – L.A. city employees make impassioned pleas against layoffs – Read More Here

(Bloomberg) – Job Openings in U.S. Decrease to 2.72 Million – Read More Here

(WSJ) – Investors Playing Defense Heighten Greek Debt Woes

The market pummeling of Greece continued Wednesday, and many European politicians are quick to blame “traders and speculators,” as Greek Prime Minister George Papandreou recently put it. Read More Here

(NYTimes) – As Greek Bond Rates Soar, Bankruptcy Looms

As interest rates on Greek debt spiral upward again, the question facing Europe is no longer whether Athens has the political will to cut spending and raise taxes to curb its gaping budget deficit, but whether Greece will run out of money before it gets the chance to do so. Read More Here

(RawStory) – US banks understate debt, masking risk: report

Major US banks have been masking the size of their debt, and thereby their risk levels, by temporarily lowering it just before reporting it to the public, the Wall Street Journal reported Friday. Read More Here

(InfoClearingHouse) – The Coming European Debt Wars – Michael Hudson

EU Countries sinking into Depression Read More Here

(GlobalResearch) – “Job Creation”–Stupid Is as Stupid Does – Richard C. Cook – Read More Here

(YahooFinance) – Video: Recovery?!? There’s No Recovery! The U.S. Is Completely Screwed! – Video Link Here

(CNNMoney) – 33 states out of money to fund jobless benefits

With unemployment still at a severe high, a majority of states have drained their jobless benefit funds, forcing them to borrow billions from the federal government to help out-of-work Americans. Read More Here

(DailyCaller) – Debt denial

The sovereign debt crisis has crossed a threshold. It’s no longer about economics. It’s about math and a complex system whose dynamics tell us there is little time to avoid catastrophe and almost no exit. Going forward, elections and policies will matter less as the debt plague takes hold and dictates hard outcomes. Read More Here

(TheDailyCrux) – Sales of silver coins are 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

(YahooFinance) – Video: Lowenstein – Thanks to Greenspan and Bernanke, The Next Crisis Could Be “Even Scarier” – View Video Here

(YahooFinance) – A Financial 9/11: How the Wall Street Crash Changed America Forever

In The End of Wall Street, noted author and financial journalist Roger Lowenstein argues the crisis of 2008 marked more than just the end of Lehman Brothers, Bear Stearns, Washington Mutual and a host of other firms. Read More Here

(ZeroHedge) – The Greatest Shell Game Ever Continues As The Whole World Is Now Insolvent; Updated Thoughts From Chris Martenson On The Upcoming US Funding Crisis Read More Here

(ZeroHedge) – Consumer Credit Plunges $10.5 Billion, Expectation Was $0.5 Billion, Consumer Credit Back To June 2007 Levels Read More Here

Failed Banks and Failed Billions – Bob Chapman

(InternationalForecaster) – Re-flating a dying bubble, Greece and Euro problems fuel world markets, Lehman Bros collosal fraud, a plan to tax banks, bank failures amount to billions, signs of a vanishing recovery. Read More Here

Economy

(LewRockwell) – The 2nd Bubble

Someone in the real estate industry is whispering in my ear to say……….. that not only are banks going to write down the principal on home mortgages (hey, act like you can’t make your next payment, and you might get a write down), but the federal government is soon to begin making the down payment for new home buyers (likely to be limited to FHA loans – 3.5% down payment requirement – but who knows, might be expanded), essentially spoon feeding the real estate industry back to pretend vigor. Read More Here

(WashingtonTimes) – CBO report: Debt will rise to 90% of GDP

President Obama’s fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation’s economic output by 2020, the Congressional Budget Office reported Thursday. Read More Here

(BusinessWeek) – Video: China – Closing for Business?

Western companies are finding themselves shut out as Beijing promotes homegrown rivals View Video Here

(WashingtonsBlog) – Video: Alan Greenspan – The Financial Crisis was Caused by a “Once-in-a-Century” Event – Video Link Here

(DailyReckoning) – Housing Market Recovery: On the Same Schedule as Godot

Not much action in the markets yesterday. The Dow lost 5. Gold gained 4.

So far the markets have not seemed to notice, but there are not one…but two bulls in this china shop.

First, the US government is going broke.

Second, we’re at the beginning of a Great Correction. Read More Here

(HeraldReview) – School groups: Education layoffs may top 20,000

A coalition of Illinois education groups says more than 20,000 teachers and staff could be laid off in the next school year. Read More Here

(MoneyNews) – Central Banks Stashing Away Gold at Brisk Pace

Central banks around the world added 425.4 metric tons of gold to their reserves last year, the biggest increase since 1964, according to the World Gold Council. Read More Here

(CaribbeanNetNews) – Guyana’s president says Caribbean is on the verge of bankruptcy

Guyana’s President Bharrat Jagdeo says the Caribbean is on the verge of bankruptcy as many countries are spending more on servicing external debt than their national revenue and has reiterated his call for urgent debt relief by the international financial institutions (IFIs). Read More Here

(RussiaToday) – Video: Engdahl – Wall Street Pulled Greek Plug to Distract From Dollar Disaster

(MailOnline) – Britain faces losing power over its own Budget under new plans for an ‘economic Government of the EU’

Britain could be forced to have its Budget signed off by European leaders under plans to impose an ‘economic government of the EU’, it emerged yesterday. Read More Here

What if It Was All Just a Big Bubble?

One of the things that many people go through their entire lives without ever realizing is that conditions haven’t always been the way they remember them to be. Due to the length of a typical lifetime and the number of those years that individuals are productive, it’s reasonable to think that someone in their mid-60s could retire today and look back at the last 40 years only to conclude that what they just experienced was normal.

But, what if the last 40 years were anything but normal?

What if, in the world of finance and economics, it was all just a big bubble? Read More Here

Video: The IRS is Not An Agency of the US Government Continue reading

Video: Mish and Faber – US Destined for Failure

The government leads you to believe that we are in an economic recovery…however it is actually the total opposite. A depression and inflation are what the US is looking forward to. Continue reading

Economy – (Updated Throughout the Day)

(Reuters) – Senate rejects $250 checks for elderly

A measure to give some 57 million elderly people, veterans and persons with disabilities a $250 check was rejected by the Senate on Wednesday, a setback for the powerful seniors’ lobby. Read More Here

(Skywatch) – Does Q4 GDP increase mean economic recovery ? Not on your life

Most non-delusional people who understand a little bit about basic macroeconomics know that the reason for the present intentional economic crisis is that banks in late 2008 started cutting off credit which then effected everyone and everything in all sectors of the world economy. Read More Here

(PrisonPlanet) – Gold To Soar Against Depreciating Currencies

Precious metal hits record against Sterling and Euro as continuing financial crisis eviscerates value of paper money Read More Here

(ComingDepression) – Too few jobs; too much debt; the future of the West

“At least once a week, you hear some Wall Streeter exulting that manufacturing is showing signs of recovery. What he doesn’t tell you is that manufacturing is less than 10 percent of the economy. He won’t mention that sickly consumer-related activity is 75 percent.” Read More Here

(Reuters) – Japan PM Hatoyama: nation’s fiscal state quite severe

Japanese Prime Minister Yukio Hatoyama said on Thursday there is no doubt that the nation’s fiscal state is quite severe. Read More Here

(AFP) – Japan passes record $1 trillion budget

Japan’s lower house on Tuesday passed a record trillion-dollar budget that will add to an already bulging public debt mountain as Tokyo tries to stimulate a recovery in the world’s second biggest economy. Read More Here

(AFP) – Greek protestors occupy finance ministry

Hundreds of communists from Greece’s All-Workers Militant Front on Thursday staged a sit-in at the finance ministry to protest against austerity measures announced by the government. Read More Here

(AmpedStatus) – The Financial Coup d’Etat: Consolidation of America’s Economic Elite

Although most of the Economic Elite live and operate inside the US, they are not concerned for our future. To them, the entire world is theirs and they work intimately with other elites throughout the world against the interests of the US public. Read More Here

(TongoxieMirror) – State revenues again don’t live up to expectations – Read More Here

(MarketWatch) – Massive debt burden threatens to impoverish generations to come – Read More Here

(YahooFinance) – Video: “Real” Unemployment Could Surge to 25%, Portfolio Manager Says – Read More Here

(Aletho) – The Pentagon’s Runaway Budget

With his decision to boost defense spending, President Obama is continuing the process of re-inflating the Pentagon that began in late 1998 — fully three years before the 9/11 attacks on America. Read More Here

(PeterSchiff) – Video: Vlog 03/02/2010 – Spending, sovereign debt, “debates” – Video Link Here

(WashingtonPost) – Obama administration plans to close International Labor Comparisons office

Like a scorekeeper for the world, a tiny unit within the Bureau of Labor Statistics tracks globalization’s winners and losers, and the results are not always pretty for the United States. Read More Here

Is The Recovery Real? – Paul Craig Roberts

Happy news! The government has come up with a 5.9 percent GDP growth rate in the fourth quarter of 2009. The recession is over.
Or is it? Statistician John Williams has informed us that 69 percent of this growth, or 4.1 percentage points, is the result of inventory accumulation. That leaves a 1.8 percent growth rate, and the 1.8 percent is likely due to the underestimate of inflation and other statistical problems. Continue reading

Economy

(WSJ) – German Economic Expectations Deteriorate

German economic expectations deteriorated in February, indicating the economic recovery isn’t gaining any significant momentum. Read More Here

(MSNBC) – China cuts holdings in U.S. treasuries

The government said Tuesday that foreign demand for U.S. Treasury securities fell by the largest amount on record in December with China reducing its holdings by $34.2 billion. Read More Here

(NewsWithViews) – Congress Refuses to Bring Home Millions of Jobs

I was in Denver recently. As I refuse to fly commercial, I drive. From Big Spring, Texas, where I live, to Denver and back, the number one subject of discussion is jobs. People are very afraid; you can see it in their eyes and hear it in their voice as they say, “I thought we were in a recovery.” Read More Here

(ABC) – Food Stamps Create Jobs… in India

Several States With High Unemployment Are Outsourcing Food Stamp Services Read More Here

(FinancialTimes) – Lone voice warns of debt threat to Fed

The US must fix its growing debt problems or risk a new financial crisis, Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, warned on Tuesday, adding a mounting deficit could spur inflation. Read More Here

(MSNBC) – Rising tide of suburban homeless across U.S.

Homelessness in rural and suburban America is straining shelters this winter as the economy founders and joblessness hovers near double digits — a “perfect storm of foreclosures, unemployment and a shortage of affordable housing,” in one official’s eyes. Read More Here

(MailOnline) – One in ten ‘underemployed’ as record 2.8m workers are trapped in part-time jobs

A record 2.8million workers are trapped in unsatisfying or lowly paid part-time jobs. Read More Here

(GoldSeek) – All Roads Lead to Goldman Sachs – Read More Here

Crash Babies

Wow, I think I woke up on a different planet this morning. There has been economic crashes, rumors of crashes, but damn man some huge players are saying “IT IS GOING TO CRASH.” One heavy weight to check in is Barton Biggs, former head of Morgan Stanley who says here and I quote “Insure yourself against war and disaster by buying a remote farm or ranch and stocking it with “seed, fertilizer, canned food, wine, medicine, clothes, etc. because tshtf is coming.” Read More Here

(AP) – Report: Hawaii hotels lost $741M last year

A new report says hotels in Hawaii lost $741 million last year, $1.1 billion since the tourism slump began in 2008 Read More Here

(RawStory) – China’s holding of US Treasuries tumbles

China’s holding of US Treasury bonds has tumbled, according to US Treasury data released Tuesday, after Beijing expressed concern over the swelling US deficit and amid new US-China tensions. Read More Here

(AP) – Foreigners cut Treasury stakes; rates could rise

A record drop in foreign holdings of U.S. Treasury bills in December sent a reminder that the government might have to pay higher interest rates on its debt to continue to attract investors. Read More Here

Economy

(CNBC) – Market Tips: Get Out of Stocks and Bonds

Global stocks were mixed Friday, with European shares paring earlier gains after preliminary data showed the euro zone economy’s recovery faltered in the fourth quarter, on top of investors still uncertain as to what will happen to Greece. Read More Here

(Fox) – After Rare Bipartisan Deal, Reid Slashes Jobs Bill

Senate Majority Leader Harry Reid abruptly announced Thursday that he had drastically slimmed down the bill from $85 billion to just $15 billion, tossing out key priorities of both Republicans and Democrats. Read More Here

(WaIndep) – Credit Suisse Declares the U.S. a Riskier Investment Than Indonesia

Amid fears that Switzerland might come to an agreement with the United States on banking privacy and tax evasion disclosures, Credit Suisse issued a report identifying those countries it determined to have the highest risks of default on their sovereign debts. Number 16 on the list was the United States, based primarily on its 2009 budget deficits and government debt. Read More Here

(Reuters) – German halt, Italian reverse hit euro zone recovery

Europe’s post-recession recovery hit a roadblock on Friday as German economic growth unexpectedly halted and Italy went into reverse in the final quarter of 2009, knocking total euro zone GDP growth almost flat. Read More Here

(HindustanTimes) – India’s food inflation inching to 18 per cent

Even as Prime Minister Manmohan Singh stressed last week that the worst was over on rising prices of essential items, India’s annual food inflation based on wholesale prices rose to 17.94 per cent for the week ended Jan 30. Read More Here

(Fox) – Obama Signs Bill Lifting Federal Debt Limit to $14.3 Trillion

President Obama has signed legislation lifting the cap on government borrowing to $14.3 trillion. Read More Here

(Bloomberg) – Beijing Seen Vacant for 50% as Chanos Predicts Crash

Jack Rodman, who has made a career of selling soured property loans from Los Angeles to Tokyo, sees a crash looming in China. He keeps a slide show on his computer of empty office buildings in Beijing, his home since 2002. The tally: 55, with another dozen candidates. Read More Here

Stick a Fork in it, The Dollar is Done

News junkies, currency buffs, and economists of an Austrian tilt have been having quite an entertaining few weeks. Between massive blizzards from Virginia to New England, another baseless Dollar rally, and the hilarious notion that a little Greek debt could unwind the Euro, there certainly has been plenty to talk about. Read More Here

(Aletho) – New Phase, Not Just Another Recession

It is becoming increasingly clear that the financial meltdown of 2008 and the subsequent economic contraction that continues to this day represent more than just another recessionary cycle. More importantly, they represent a structural change, a new phase, the phase of the dominance of “finance capital,” as the late Austro-German political economist Rudolf Hilferding put it. Read More Here

(Portfolio) – Danger Ahead for Small Banks

The small banks that do much of the lending to small business face a crisis in the near future that could force thousands of them to cut back on loans. Read More Here

(StarTribune) – Foreclosure numbers may foretell delinquency surge

The number of U.S. households facing foreclosure in January increased 15 percent from the same month last year, and a surge in cash-strapped homeowners who’ve fallen behind on mortgages could be on the way. Read More Here

(AJC) – Metro Atlanta foreclosures skyrocket this month – Read More Here

(ABC15) – Report: Valley foreclosures not slowing down – Read More Here

(DallasBiz) – Dallas/Fort Worth quarterly foreclosure postings jump 22% – Read More Here

(NYDaily) – Number of New Yorkers at risk of losing their home to foreclosure surges, new statistics show – Read More Here

(MarketTicker) – 30 Year Auction – A Solid ‘F’ – Read More Here

(DailyMail) – Welcome to boarded-up Britain: One in eight shops now stand empty as recession hits high streets

The number of empty shops blighting our high streets has trebled since the start of the credit crunch, it was revealed yesterday. Read More Here

(MailOnline) – Did Goldman Sachs rig the bank-tax vote? Foul play suspected in Richard Curtis internet campaign – Read More Here

(DailyExpress) – Housing Minister: It’s Ok to Lose Your Home

LABOUR’S housing minister yesterday insulted millions struggling to survive the recession by claiming that having their homes repossessed might be their “best option”. Read More Here

(DailyExpress) – Labour’s ‘100 %’ Death Tax

MILLIONS of people could lose almost every penny of their assets under a new “death tax” being considered by Labour to fund care for the elderly. Read More Here

The US Economic Crisis: Jobs Continue to Vanish While the Media Applauds “Recovery”

(GlobalResearch) – At first glance it appeared there was a typo in the headlines. The national media reported that, in January, another 20,000 more jobs were lost. Somehow, the unemployment rate dropped, from 10 percent to 9.7 percent. Nobody thought this paradox was worth explaining; instead, the media’s attitude was “more good news” about the economy. Continue reading

The Financial Crisis Is Not Over. The Economic Recovery is “Not Real” – Paul Craig Roberts

Readers ask if the financial crisis is over, if the recovery is for real and, if not, what are Americans’ prospects. The short answer is that the financial crisis is not over, the recovery is not real, and the U.S. faces a far worse crisis than the financial one. Here is the situation as I understand it: Continue reading

Wages growth lowest in 27 years; minimum wages are bad?

(ComingDepression) – The Labor Department said Friday that wages and benefits rose by 0.5 percent in the three months ending in December. For the entire year, wages and benefits were up 1.5 percent, the weakest showing on records that go back to 1982. Continue reading

Bernanke’s Fake Economic Recovery – Mike Whitney

Economic recovery” is a term that has no fixed meaning. But it’s worth mulling over to determine whether aggregate demand is strong enough to keep the economy from tipping back into recession. In normal times, the Fed slashes interest rates to increase the flow of capital to the markets and to consumers via lending at the banks. That’s the traditional method of “jump starting” the economy. Continue reading

MSM: Mexican migrants sent home 36 pct less in October

(Forbes) – Mexican migrants sent home 36 percent less money in October than a year earlier, marking the largest drop since records began being kept in 1996, Mexico’s central bank said Tuesday. Continue reading

Mythical Green Shoots and the Big Government Lie on Unemployment

(KurtNimmo) – Obama and the government are afraid Americans will soon be up in arms over the “jobless recovery” and the decline in their standard of living. In order to blindside them to the reality of an engineered impoverishment of society – a precondition to world government — they routinely cook the figures on unemployment and then feed this to the corporate media. Continue reading

Recent World Events Indicate Impending Market Chaos

For the past couple years we have been covering every nuance of the economic collapse and in almost every instance we have come to the conclusion that 2010 would be the year that the U.S. would see an incredible downturn, possibly resulting in the inflationary disintegration of the Dollar, and a major stock market revolt which would destroy any remaining illusion Americans still have that a recovery is in progress: Continue reading

Spiralling Military Spending Creates Mass Unemployment – Washington’s Blog

I have written extensively on the fact that this is not a normal cyclical recession, and we’re not in the type of “jobless recovery” which we’ve had a couple of times in the last 50 years. Unemployment will continue rising in America for some time, which will make a real, sustainable recovery very difficult. Continue reading

U.S. economic growth claims are fabricated on more debt spending

(CounterThink) – While the White House is celebrating a 3.5% reported growth in GDP last quarter — the first economic growth in a year — they conveniently forget the simple fact that it’s easy to fake economic growth with debt spending. Continue reading

MSM: Bank failures top 100 for year; most since 1992

(MSNBC) – WASHINGTON – The cascade of bank failures this year surpassed 100 on Friday, the most in nearly two decades. And the trouble in the banking system from bad loans and the recession goes even deeper than the number suggests. Continue reading

Bernanke Not Obama to Make “Trillion Dollar Decision”

The biggest decision of the economic recovery will be made in the next six months, and Barack Obama will have almost nothing to do with it. Continue reading

No Recovery. It’s a Cover up! Recession To Worsen ­- Revolution To Follow

(GeraldCelente) – What 80 percent of economists call “Recovery” is a “Cover up”. Trillions in losses papered over with trillions of phantom dollars printed out of thin air and backed by nothing produce nothing except the mirage of recovery. The dollar’s dive and gold’s historic high is no mirage. Gold doesn’t lie. Continue reading

Video: Gerald Celente On Green Shoots

(CorbettReport) – “There is no recovery. It’s a cover-up. You only have to look at the facts.” October 20, 2009 Continue reading

US Treasury Controlled by Wall Street – Geithner’s Kitchen Cabinet

(BobChapman) – Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms. Continue reading

Video: We Are Change Boston Questions Paul Volcker About The Bilderberg Group

10/15/09 A public address by Paul Volcker the current Chairman of the Obama administrations Economic Recovery Advisory Board. Paul Volcker was Chairman of the Federal Reserve Board from 1979-1987. To view the entire forum video feed go here: Continue reading

Ignorance Is Bliss – Peter Schiff

(C4L) – While all the talk at present is about economic corners turned and markets charging ahead, no one is paying much notice to an American economy deteriorating before our eyes. These myopic commentators seem to be simply moving past the now almost-universally held conclusion that before the crash of 2008, our economy was on an unsustainable course. If these imbalances had been corrected, then perhaps I too would be joining in the euphoria. But evidence abounds that we have not veered at all from that dangerous path. Continue reading

The Biggest Bust Will Follow the Biggest Bubble

Our “Crash Alert” flag goes back up the pole…
October is almost half over. Will we get through the month without a major sell-off? Continue reading

MSM: Foreclosures – ‘Worst three months of all time’

(CNN) – Despite signs of broader economic recovery, number of foreclosure filings hit a record high in the third quarter – a sign the plague is still spreading. Continue reading

US Dollar Crashes Through Major Support Level

It is looking more and more like the current Administration has set on a course of deliberate destruction of the US Dollar and with it, the economic might that the US has enjoyed since post World War II. Continue reading

Second Stimulus or Hair of the Dog?

(C4L) – Is the answer to an economic hangover to get more drunk? Continue reading

MSM: Unemployment to peak in 8-12 months – IMF chief

(Breitbart) – World unemployment will not peak for at least another eight to 12 months at least as the economic recovery takes root, the head of the International Monetary Fund said on Monday. Continue reading

Surge in Unemployment in the US: No Economic Recovery in Sight

After the recent unemployment numbers were announced, smug politicians promising economic recovery stuttered a bit. This wasn’t supposed to happen.  Mainstream economists were predicting a smooth upswing in employment, but in September 263,000 more jobs were lost, 62,000 more than August.

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MSM: Roubini Sees Stock Declines as Soros Warns on Economy

(Bloomberg) – New York University Professor Nouriel Roubini said stock markets may drop and billionaire George Soros warned the “bankrupt” U.S. banking system will hamper its economy, highlighting doubts about the sustainability of the global recovery. Continue reading

The bear market rally will soon be over

(BobChapman) – There is only one place to be and that is in gold and silver related assets. Continue reading

Dangers, Failures, Diversions and Shortfalls

(BobChapman) – The G-20 Pittsburgh Summit ended last Friday. Their official statements made for some novel and interesting reading. Continue reading

US: Over a quarter million jobs lost in September

The US unemployment rate reached 9.8 percent and the economy lost 263,000 jobs in September, according to figures released Friday by the Labor Department. The latest figures undermine claims of an imminent economic recovery and point to the likelihood that the US economy will remain mired in recession for the foreseeable future. Continue reading