Economy

(RussiaToday) – Video: The G8 “Solution” to the Crisis is the Cause of Economic Collapse – Michel Chossudovsky

(CGG) – Capital Gold Group Report: Where is gold headed from here? Quotes from Peter Schiff and David Rosenberg

Peter Schiff, President & Chief Global Strategist of Euro Pacific Capital, told Business Week recently that, “People are afraid of the debasement of all the currencies. What’s surprising is that gold is still as low as it is … Gold could reach $5,000 to $10,000 per ounce in the next 5 to 10 years.” Read More Here

(CGG) – Capital Gold Group Report: “Gold Is Increasingly Being Viewed As A Currency Of Its Own” – Read More Here

(Goldseek) – Why Many Analysts See Gold Going As High As $10,000 Read More Here

(WSWS) – US Supreme Court ruling favors convicted corporate swindlers

The US Supreme Court has significantly restricted the ability of federal prosecutors to bring criminal charges against corrupt politicians and corporate CEOs who plunder their own companies, setting strict limits on the use of a 1988 law making it a crime for such officials to deprive constituents or shareholders of their “intangible right of honest services.” Read More Here

(Guardian) – Greece Ready to Sell Rhodes, Mykonos to Investors – Read More Here

(WashingtonsBlog) – Congress Pimps Out the American People

We knew Congress was just pimping out the American people, and partying at our expense.

But it is still disgusting to see Congressman Barney Frank, Senator Chris Dodd and the rest selling out the American dream. Read More Here

(MSNBC) – Romanian court: Some budget cuts unconstitutional

A top Romanian court ruled Friday that some of the austerity measures proposed by the government were unconstitutional — a move that will likely delay a crucial multibillion loan from the International Monetary Fund. Read More Here

(Guardian) – Greece starts putting island land up for sale to save economy – Read More Here

(Reuters) – UPDATE 2-Italians strike over Berlusconi’s austerity budget

Tens of thousands of demonstrators marched through Italian cities on Friday during a general strike by Italy’s largest union to protest at cuts by Prime Minister Silvio Berlusconi’s conservative government. Read More Here

(Bloomberg) – States of Crisis for 46 Governments Facing Greek-Style Deficits

Californians don’t see much evidence that the worst economic contraction since the Great Depression is coming to an end. Read More Here

(ZeroHedge) – ECRI Leading Economic Index Plunges At -6.9% Rate, Back To December 2007 Levels When Recession Officially Started – Tyler Durden

It’s getting close: the fabled -10% annualized change (see David Rosenberg) which guarantees a recession is now just 3.1% away, which at this rate of collapse will be breached in two weeks. Read More Here

(RussiaToday) – Video: Tarpley: ‘Obama’s plans are hogwash’

As demonstrators get ready to descend upon the G-20 Summit to protest against the establishment, the heads of state might be getting ready to protest each other. At the forefront of the conference is the United States and China, clashing already over possible money manipulation. Webster Tarpley says that President Obama’s administration is sabotaging Blanche Lincoln’s bill in congress that bans derivatives. View Video Here

(RussiaToday) – Celente: The US is run by Wall Street

(June 25) – Video: Bob Chapman – Obama’s Asset Holder ‘Vanguard’ Sold BP Stock Weeks before Gulf Oil Disaster!

[[ Day 63: Obama To Earn Nearly $85 Million From Gulf Oil Disaster ]]
“Goldman Sachs wasn’t alone either in its astute “foreknowledge” of the collapse of BP’s stock value due to the Gulf disaster as BP’s own chief executive, Tony Hayward, sold about one-third of his shares weeks before this catastrophe began unfolding too.
But according to this FSB report the largest seller of BP stock in the weeks before this disaster occurred was the American investment company known as Vanguard who through two of their financial arms (Vanguard Windsor II Investor and Vanguard Windsor Investor) unloaded over 1.5 million shares of BP stock saving their investors hundreds of millions of dollars, chief among them President Obama. Continue reading

Video: US Economy Mired in ‘Form of Depression’ – Rosenberg

(CNBC) – The US economy is mired in an economic crisis that shows only scant signs of abating, economist David Rosenberg told CNBC. 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

U.S. Suffering Permanent Destruction of Jobs

America is suffering a permanent destruction of jobs.
JPMorgan Chase’s Chief Economist Bruce Kasman told Bloomberg:

[We’ve had a] permanent destruction of hundreds of thousands of jobs in industries from housing to finance.

Continue reading

Post-Bubble Malaise – Mike Whitney

We keep hearing that “The worst is behind us”, but the spin doesn’t square with the facts. Sure the stock market has done well, but scratch the surface and you’ll find that things are not as what they seem. Continue reading

Murdering Palestinians for their organs: “All facts on the ground prove Swedish report correct”

Former Palestinian detainee, researcher Abdul-Nasser Farwana, stated that all facts on the ground, since decades, prove that the Israeli occupation executed Palestinian detainees after they surrendered and refused to hand their bodies to their families. Hundreds of bodies were transferred to the families days, months or even years after the fact, and when the bodies were sent back, they were missing vital internal organs. Continue reading

A rising tide of social misery

Contrary to Obama administration and media claims about the recession “easing,” millions of working people in America are losing their jobs, earnings and health care benefits at an accelerating pace. Continue reading

MSM: True unemployment rate already at 20%

(MSN) – Really, how hard is it to find a job? Was June’s horrid numbers, in which 467,000 people lost their jobs compared to 345,000 in May, a one-time fluke? Or does it mean that all those Wall Street economists who believe the economic recovery is starting are dead wrong? Continue reading

MSM: The depression quietly deepens

(Telegraph) – Those of us who still question whether the world has purged its toxins are reduced to the same tiny band of moaning Druids from early 2007, when we shook our heads in disbelief as the carry trade swept Iceland to fresh madness and bankers laughed off sub-prime rot at Bear Stearns. Continue reading

Financial Crisis: The Next Leg Down

Collapsing home prices and credit markets continue to put downward pressure on consumer spending, forcing the Federal Reserve to take even more radical action to revive the economy. Continue reading

No End In Sight – Mike Whitney

It’s been 21 months since two Bear Stearns hedge funds defaulted setting off a series of events which have led to the gravest economic crisis since the Great Depression. No one expected the financial meltdown to hit this hard or spread this fast. Continue reading

Bernanke’s Financial Rescue Plan: The glide-path to destitution

Fed chief Ben Bernanke has embarked on the most radical and ruinous financial rescue plan in history. According to Bloomberg News, the Fed has already lent or committed $12.8 trillion trying to stabilize the financial system after the the bursting of Wall Street’s speculative mega-bubble. Now Bernanke wants to dig an even bigger hole, by creating programs that will provide up to $2 trillion of credit to financial institutions that purchase toxic assets from banks or securities backed by consumer loans. Continue reading

MSM: Baxter Sent Bird Flu Virus to European Labs by Error

Baxter International Inc. in Austria unintentionally contaminated samples with the bird flu virus that were used in laboratories in three neighboring countries, raising concern about the potential spread of the deadly disease. Continue reading

Expect the Worst Recession Since WWII

This week we look at a short but excellent summary of the state of the current economic crisis. I always enjoy reading David Rosenberg, the North American economist of Merrill Lynch. He has a no-nonsense style that is refreshing from most mainstream economists. The reality is that things continue to deteriorate. Today’s stock market action shows that we are not of the bear market woods just yet. Rosenberg gives us a few reasons why. Continue reading