Economy

(Alternet) – Poverty: It’s Not Just for Black Urbanites Anymore! – And of course it never was. – Read More Here

(NYDailyNews) -Japanese PM Naoto Kan warns of Greece-level ‘collapse’ under debt pile – Read More Here

(Money&Markets) – Debt Facade Cracking in U.K. as Sovereign Contagion Spreads – Read More Here

REPOST – (MarketOracle) – Debt Can Never Be Repaid, By Bankster Design

You really have to hand it to the banksters. As was painstakingly detailed in the book Creature from Jekyll Island, the banking elite devised a brilliant plan in November of 1910 on Jekyll Island in which to take over control of the United States, steal the wealth from the taxpayers and the resources from the country. Read More Here

(EconomicPolicyJournal) – Analyst to Money Managers: Take Your Cell Phones with You on Vacation; Greece Could Default in August

Greece will eventually default on its debt because the country is highly indebted, Carl Weinberg, chief economist at High Frequency Economics, said on CNBC this morning. Read More Here

(MailOnline) – Doomed Labour’s £1.3 TRILLION last spending spree revealed: As the economy nosedived, your millions were wasted on grandiose schemes – Read More Here

(InfoClearingHouse) – One Bank Ruled Them All; Trichet’s Powergrab – Mike Whitney – Read More Here

(BusinessInsider) – The Stunning Crash And Burn Of Las Vegas

There are quite a few U.S. cities that are complete and utter economic disaster zones in 2010 (Detroit for example), but there is something about the demise of Las Vegas that is absolutely stunning. Read More Here

(MineWeb) – U.S. asset managers worried Obama could confiscate gold

Speaking at the FT Silver conference in London yesterday, lead-off speaker John Levin, HSBC Bank’s Managing Director, Global Metals and Trading (HSBC is one of the world’s top precious metals traders and its vaults in the U.S. and Europe hold huge holdings of gold and silver bullion) recounted conversations with some of the U.S.’s top asset managers controlling massive amounts of capital asking if HSBC had the capacity in its vaults to store major gold purchases. On being told that the bank’s U.S. vaults had sufficient space available he was told that they did not want their gold stored in the U.S.A. but preferably in Europe because they feared that at some stage the U.S. Administration might follow the path set by Franklin D. Roosevelt in 1933 and confiscate all U.S. gold holdings as part of the country’s strategy in dealing with the nation’s economic problems. Read More Here

(NYDaily) – Gov. Paterson: Shutdown over budget would cause ‘unimaginable chaos,’ crime in New York

Gov. Paterson went into full doomsday mode Thursday, warning of chaos and anarchy in the streets if the government shuts down.
“It would create unimaginable chaos around the state and the greater metropolitan area,” Paterson said on WCBS Radio 880 this morning. Read More Here

(AP) – Retail sales drop 1.2 percent in May

Retail sales plunged 1.2 percent last month, the Commerce Department said Friday. It was the largest decline in eight months. Read More Here

(BusinessInsider) – Social Security Payouts Are Already Crippling The Government This Year

There is enough published information from the Social Security Trust Fund to make some observations for the first six months of 2010. The data on FICA/SECA tax receipts and benefit payments: (all amounts in $billions) Read More Here

(PakAlert) – Warning Signs Of Full Spectrum Collapse Are Everywhere

The sovereign debt crisis in Greece and many other European nations has, at least for the moment, opened a gap in the wash of financial disinformation that has prevailed in the mainstream media for the past year. The average American is now more aware of the terrible costs of living in an artificially driven and widely manipulated “global economy”, and has also been exposed (at least for the moment) to the very real frailties in our own markets, which have been hidden or downplayed by the government as well as disingenuous establishment economists. Events in the EU, however, are only a glimpse of the greater and more imminent threats we face in the near future. In this article we will look at some of the latest and most disturbing moves by governments and financial institutions, as well as tell-tale signs in our own local cities, which signal that a full-spectrum collapse of world markets and possibly our own currency is not only in progress, but nearing completion. Continue reading

After the holidays, filing bankruptcy may be only option for many retailers

SHTFplan contributors opined about the 2009 holiday retail season in The Recession in Pictures, with many coming to a similar conclusion to Alan Cohen, Chairman of Abacus Advisors. Continue reading

Dow Target 6,617, October 25, 2009: Here Is Why

History may not repeat itself, but it does rhyme. I have been in the camp that this is a bear market rally. That is what I thought we would be getting in March. I’m also in the camp that because of the need to deleverage debt in most of the developed world, we will likely be heading into a global economic depression and perhaps at worse case, a collapse in the banking system. Continue reading

The US Financial Structure is Doomed. Monetization, Crisis of Retail Trade, Decline of the Dollar

(BobChapman) – Nearly half the nation’s 25 biggest retail chains expect to hire fewer holiday workers this season than they did last year, another sign that retailers aren’t counting on recession-strained shoppers to relax the tight grip on their pocketbooks this year. Continue reading

Video: Webster Tarpley – Say Hello to Jingle Mail

Webster describes what the meaning of Jingle Mail as the retail – commercial and real estate market is on the verge of collapse.. Continue reading

Searching for the Depression and Finding It

(DannySchechter) – Economic Stress Is Hidden, But It’s There in a Recovery That Isn’t. Continue reading

Less Government or Lower Wages? You Decide – Peter Schiff

The nationwide revelry surrounding our apparent economic recovery was disrupted this week by the release of lower-than-expected retail sales data. However, rather than sending a chill up the spines of those hoping for a quick end to the downturn, the numbers should be welcomed. Though this may come as a surprise to most observers, lower retail sales are precisely what our economy needs. Continue reading

MSM: Get Ready for Mass Retail Closings

VIDEO LINK

About 220,000 stores may close this year in America, says our guest, retail consultant Howard Davidowitz of Davidowitz & Associates. As more Americans save and spend less, it’s clear there’s too much retail space. Just visit Web site deadmalls.com and track retail’s growing body count. And luxury retailers? They’re on “life support,” Davidowitz says.

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Warnings of deep recession as US layoffs spread coast-to-coast

Dozens of mass layoffs have been announced by American employers, both private and public, in recent days. The impact of the downturn has begun to spread well beyond the imploding financial sector and such depressed industries as automobiles, to the economy as a whole.
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