Video: Celente – Stock Market Crash Before End of 2010

(Trends&ForecastsBlog) – Gerald Celente believes that the stock market will crash before the end of 2010 , gold will soar. When gold was at $275 per ounce in 2002, Celente said the price had bottomed and in 2004 forecast the beginning of the “Gold Bull Run.” Since that time, with pinpoint accuracy, he said when, why – and how high – gold would go. Gerald Celente sees huge opportunities in green healthy food , technology for the poor and in rejuvenating the cities with quality architecture…, Gerald Celente as always recommends gold Canadian dollar the Swiss franc as hedges against the inflation. Continue reading

Economy

(MarketOracle) – SULTANS OF SWAP: BP Collapse Potentially More Devastating than Lehman!

As horrific as the gulf environmental catastrophe is, an even more intractable and cataclysmic disaster may be looming. The yet unknowable costs associated with clean-up, litigation and compensation damages due to arguably the world’s worst environmental tragedy, may be in the process of triggering a credit event by British Petroleum (BP) that will be equally devastating to global over-the-counter (OTC) derivatives. The potential contagion may eventually show that Lehman Bros. and Bear Stearns were simply early warning signals of the devastation lurking and continuing to grow unchecked in the $615T OTC Derivatives market. Read More Here

(DailyFinance) – Wall Street Apocalypse: The World of the Doomsday Investors – Read More Here

(Guardian) – Graduates warned of record 70 applicants for every job

Class of 2010 told to consider flipping burgers or shelf stacking to build skills as they also compete with last year’s graduates Read More Here

(DetroitNews) – Foreclosures plague Metro area towns – Read More Here

(DailyFinance) – Facing a $7 Billion Shortfall, the U.S. Postal Service Proposes to Raise Rates – Read More Here

(MaineBiz) – Maine foreclosures still rising – Read More Here

(Telegraph) – Europe’s ‘toothless’ bank tests making matters worse

RBS and other City institutions have warned that Europe’s stress tests for banks are almost useless and may further damage confidence if they fail to cover the risk of large losses on sovereign defaults by Greece and other Club Med states. Read More Here

(HuffingtonPost) – Reps. Paul & Frank: Why We Must Reduce Military Spending

By far the single most important of these is our current initiative to include substantial reductions in the projected level of American military spending as part of future deficit reduction efforts. For decades, the subject of military expenditures has been glaringly absent from public debate. Yet the Pentagon budget for 2010 is $693 billion — more than all other discretionary spending programs combined. Even subtracting the cost of the wars in Iraq and Afghanistan, military spending still amounts to over 42% of total spending. Read More Here

(NewAmericanEmpire) – Debt Deflation: A Long Economic Winter Ahead – Prof. Rodrigue Tremblay

The bond market is telling us that there could be hard economic times ahead and that deflation, for the time being, is more of a threat than inflation. Leading indicators are also pointing to possible economic weakness ahead. Read More Here

(MikeWhitney) – More Red Flags for the Economy

Bonds are signaling that the recovery is in trouble. The yield on the 10-year Treasury (2.97 percent) has fallen to levels not seen since the peak of the crisis while the yield on the two-year note has dropped to historic lows. This is a sign of extreme pessimism. Read More Here

(NECN) – Video: Mass. town will charge to keep street lights on – Video Link Here

(CharlieVLog) – Video: REALITY IS CLOSING IN

See Also: (CharlieVLog) – Video: Fast Track To The Bottom – Video Link Here

(PuppetGov.coM) – Video: America’s Controlled Economic Implosion – Video Link Here

(July 5) – Video: Alex Jones – It Feels like It’s 1932

(Bloomberg) – Sovereign Default Risk Rose 30% as European Debt Crisis Deepened, CMA Says – Read More Here

(NewsWeek) – Worse Than Wall Street – How shaky European banks could tip the world back into recession. – Read More Here

(TheEconomicCollapse) – No Jobs

Everyone knows that the United States is bleeding jobs. According to one new study, the private sector in the United States has lost 10.5 million jobs since 2007. The U.S. economy lost 125,000 more jobs during the month of June. Approximately a million frustrated American workers have simply dropped out of the employment market altogether over the past two months. But the question not enough people are asking is why so many jobs are being lost. Read More Here

(LVRJ) – WAYNE ALLYN ROOT: Barack Obama: The great jobs killer

As former President Ronald Reagan might have said, “Obama, there you go again.”

The current occupant of the White House claims to know how to create jobs. He claims jobs have been created. But so far the score is Great Obama Depression 2.2 million lost jobs, Obama 0 — a blowout. Read More Here

(TheStar) – A stock market forecast that says ‘take cover’

With the stock market lurching again, plenty of investors are nervous, and some are downright bearish. Then there’s Robert Prechter, the market forecaster and social theorist, who is in another league entirely.

Prechter is convinced we have entered a market decline of staggering proportions – perhaps the biggest of the last 300 years. Read More Here

(SeekingAlpha) – Cecchini: U.S. Consumers in ‘Dire’ Credit Situation

Peter Cecchini, chief strategist at BGC Financial, talks to Pimm Fox about the U.S. economy and consumer credit on Bloomberg Television’s “Taking Stock.” He says that the 122% percent household debt to GDP ratio is well above the pre-1980 average of 60-80%. Just to get back to a 100% to GDP ratio, we need an additional $2 trillion of deleveraging. In the absence of income growth, you just aren’t going to get these numbers down without deleveraging. Read More Here

(RevoltOfThePlebs) – Government Math… FOR KIDS!

Did you know that you and I can create millions, billions and even trillions of numbers just as easily as the Federal Reserve? All you have to do is use your imagination. Let’s try it! Read More Here

(Infowars) – California Implodes

California is the wealthiest and most populous State in America, and Los Angeles County is the largest county in America, so both the State and LA County wield unbelievable power in Washington D.C.  The corruption in California affects you directly.

•  How would you feel if you knew your federal tax dollars were being used to finance California’s corruption?

•  You may be surprised to learn that the California State Legislators and the LA County Supervisors went to Washington D.C. to obtain the maximum federal funding for their extensive welfare, medical and illegal alien imprisonment programs, in order to claim the federal tax payer money in an end run around the other states.

•  Imagine the end of the democratic process through judicial corruption, like that in LA County, replicated in your community.

Continue reading

SEC: Government Destroyed Documents Regarding Pre-9/11 Put Options

(WashingtonsBlog) – On September 19, 2001, CBS reported:

Sources tell CBS News that the afternoon before the attack, alarm bells were sounding over unusual trading in the U.S. stock options market.

An extraordinary number of trades were betting that American Airlines stock price would fall.

The trades are called “puts” and they involved at least 450,000 shares of American. But what raised the red flag is more than 80 percent of the orders were “puts”, far outnumbering “call” options, those betting the stock would rise.
Continue reading

Deepwater Horizon – Hayward cashes out – nothing unusual – business as usual

See Also: (PaulWatson&AlexJones) – Evidence Points To BP Oil Spill False Flag – Read More Here

Also: (IntelHub) – Another 9/11? Strange Events In the Gulf – Read More Here

(AbelDanger) – The chief executive of BP sold £1.4 million of his shares in the fuel giant weeks before the Gulf of Mexico oil spill caused its value to collapse. 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

Economy

(NYTimes) – Germany Acts Alone to Protect the Euro and Big Banks Against Speculators

On Wednesday, the government’s partial ban on so-called naked short-selling took effect, as part of Berlin’s effort to protect its biggest financial institutions and the euro currency from investors who have been betting against them. Read More Here

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

(WSJ) – FDIC: ‘Problem’ Banks at 775 – Read More Here

(USAWatchdog) – FDIC Insurance Fund Still $20 Billion in the Hole – Read More Here

(NoWorldSystem) – Senate Passes Wall Street Permanent Bailout Bill, It’s a Job Killer!

The Senate passes the Wall Street Reform Bill (S. 3217) by a 59-39 vote, if it passes the House it will kill jobs by making it difficult for small businesses to succeed and it will give permanent and unlimited bailout authority for the big banks on Wall Street. It would also do nothing to solve problems in the financial system and won’t prevent the next financial crisis. Read More Here

(Fox) – Video: Congressman Paul discusses gold and the markets with Stuart Varney on Fox Business – View Video Here

(Creators) – Confiscating Your Property – John Stossel

Your life and liberty may still be safe, but have you ever gone to a government surplus auction? Consumer reporters like me tell people, correctly, that they are great places to find bargains. People can buy bikes for $10, cars for $500.

But where did the government get that stuff? Read More Here

(GlobalResearch) – The Financial Crisis as a Game of 3 Card Monte – You always think you are going to win until you lose – Danny Schechter

We live in a three card monte world. Follow the money as it moves from one shell to another. Now guess where it is. Most of us don’t know the hand can be quicker than the eye. That’s why mostly everyone who has ever been suckered into playing ends up losing except those who are allowed to win to keep the hustle going. We miss the tricks of the trade even as we swear we know where the winning card or money or ball is. Read More Here

(ImplodeOMeter) – One in Ten Mortgage Borrowers Will Lose Their Home To The Bank

New Observations is forecasting that a minimum of one in ten homes with a mortgage today will be lost to foreclosure in the next two years and that this loss represents a staggering five-million-unit addition to inventory-for-sale. Read More Here

(SilverBearCafe) – Dow’s New Highs All Lies

All pain is either severe or slight, if slight, it is easily endured; if severe, it will without doubt be brief. – Marcus T. Cicero. 106-43 BC, Great Roman Orator, Politician
As the saying goes, a picture speaks a thousand words. To be sure the charts below quite clearly illustrate that the Dow has not put in a single new high in the past 3 years. Read More Here

(Reason) – Confiscating Your Property

How asset forfeiture laws violate individual rights – Read More Here

(NakedEmperor) – Volcker Revelation: ‘Stiff’ New Tax Needed to Cover Obama Spending at 25% of GDP

“Stiff” new taxes? How about ’stiff’ new spending cuts. It’s no surprise spending like a drunken sailor (apology to drunken sailors everywhere) on shore leave isn’t sustainable. Video Link Here

(WashingtonsBlog) – Senate Passes Faux Financial “Reform” Bill

The Senate passed a financial “reform” bill today by a 59-39 vote which won’t fix any of the core problems in the financial system, and won’t prevent the next financial crisis. Read More Here

(MyBudget360) – FDIC next government trillion dollar bailout? Since January of 2000 to October of 2007 we had 27 bank failures. From January 2008 to May 2010 the FDIC has closed down 237 banks. Why 1,000 bank failures will occur before the Great Recession is over. – Read More Here

(MoneyAndMarkets) – Our SIXTH Warning: Dow in Danger!

On March 27, Mike Burnick warned you — right here in Money and Markets — that the big stock market rally of 2009-2010 “could come to a crashing end at any time.” Read More Here

(Reuters) – U.S. companies lobby Congress on derivatives-WSJ

At least 42 nonfinancial companies and trade associations are lobbying the U.S. Congress to push back on proposals that regulate the over-the-counter derivatives market, the Wall Street Journal said on Friday. Read More Here

(VancouverSun) – Wealth gap spurs revolts across Asia

Peasants left out of region’s economic miracle are rising up against their rulers, creating widespread security threats Read More Here

(Chron) – Texas leaders announce $1.2 billion in state cuts – Read More Here

(Reuters) – NYSE expects all U.S. stocks to have circuit breakers – Read More Here

(AP) – Mortgage delinquencies drag on economic recovery – Read More Here

(EconPolicyJournal) – German Finance Minister: Markets Out of Control

“I’m convinced the markets are really out of control,” German Finance Minister Wolfgang Schaeuble told  FT. “That is why we need really effective regulation, in the sense of creating a properly functioning market mechanism.”

TRANSLATION: Governments are having a difficult time controlling markets, given we have screwed things up so terribly. If we don’t control this somehow, all our plans for a one world government, ruled by us elite, will collapse. – Source: Economic Policy Journal

(NewStatesman) – Grotesque Global Financial System: Greece. Economic Theft on an Unprecedented Scale – John Pilger

As Britain’s political class pretends that its arranged marriage of Tweedledee to Tweedledum is democracy, the inspiration for the rest of us is Greece. It is hardly surprising that Greece is presented not as a beacon, but as a “junk country” getting its comeuppance for its “bloated public sector” and “culture of cutting corners” (Observer). The heresy of Greece is that the uprising of its ordinary people provides an authentic hope unlike that lavished upon the warlord in the White House. Continue reading

Economy

(CSPAN) – Video: Ron Paul – Bailing out foreign governments – View Video Here

(Sky) – Video: Chinese dumping worthless DOLLARS AND EUROS for Gold

(BusinessWeek) – Video: What Good Are Economists Anyway?

Why they failed to predict the global economic crisis—and why their help is still crucial to a recovery Read More Here

(ZeroHedge) – The correction is coming and it will be a bloodbath

The correction, soon to be crash, is here: the market had a bigger relative open to close move today than it did on May 6. We closed at the day’s lows on massive volume, despite definitive central bank intervention, regardless whether it was the SNB, the ECB, or the Fed. The central planners have lost control of the market, and all thanks to the inevitable collapse of hyper capitalist Keynesianism coming out of the formerly most communist country in the world. Read More Here

(LeMonde) – The Greek People are the Victims of a Carefully Engineered Financial Extortion Racket

What is happening in Greece concerns all of us. The people are paying for a crisis and a debt that are not their own. Today it is the Greeks, tomorrow it will be others, for the same causes will produce the same effects if we allow it. Read More Here

(TimesOnline) – Euro in danger: Germans trigger panic over future of single currency – Read More Here

(ZeroHedge) – Pan-European Bank Run Is Now On: Capital Flight From UK To Switzerland, As GBPCHF Intervention Strikes Next – Read More Here

(Reuters) – Wall Street slumps on euro-zone fears

Stocks dropped on Thursday, with all major indexes sliding more than 3 percent on growing fears that the euro zone’s handling of its sovereign debt crisis could jeopardize the global economic recovery. Read More Here

(RussiaToday) – Video: Euro Collapse Looms? Engdahl on Naked Short Selling Ban

Germany’s Chancellor Angela Merkel says the Euro currency is at risk and that Europe faces its greatest challenge since the EU was formed. It comes as stock markets in Europe and Asia tumbled on the surprise news that Berlin was banning types of ’short selling’ where investors profit by betting that shares will drop in value.

Economic Headline Doom News With Links

Financial Reforms ‘Cosmetic’ , Wont Stop More Crisis : Roubini
Report: Increase in Payroll Taxes Needed for Social Security
Home Building Gains Likely to Fade with Tax Credit
Texas Doctors Opting Out of Medicare at Alarming Rate
Oklahoma : $200 Million in Delinquent Taxes Uncollectible
Hawaii Foreclosures Filing Soar 115% in April
Gov. Paterson NY Threatens Cutting 10,000 Jobs
More Store Closing Hit Grand Avenue Downtown Milwaukee Shopping Center
Small Businesses not hiring
Video: The Growing Gap Between Rich and Poor
Oyster Industry Takes Hit From Oil Spill
Why Greece Should Consider Default
Mayor Bell: Announces City of Birmingham 10% Cut in Workers Pay
Yonkers School District NY, Trying to Close $43 Million Deficit
Investors Should Avoid Banks at all Cost: Meredith Whitney

(HousingWire) – FBI Mortgage Fraud Investigations Jump 400% in Five Years

FBI investigations of mortgage fraud increased 400% in 2009, compared with five years earlier, according to an Office of Thrift Supervision (OTS) report on fraud and insider abuse (download here). Read More Here

(Bloomberg) – Jobless Claims in U.S. Unexpectedly Increase as Dismissals Remain Elevated

More Americans unexpectedly filed applications for unemployment benefits last week, showing firings remain elevated even as employment climbs. Read More Here

(Reuters) – Greek strikers march on parliament against austerity

Thousands of striking Greeks marched peacefully to parliament on Thursday in a protest against government austerity measures that was much smaller than a huge rally that led to rioting on May 5. Read More Here

(WebsterTarpley) – Tentative First Steps in Europe’s Self-Defense Against Zombie Bankers and Hedge Fund Hyenas

Germany and Europe have now made some promising initial steps in the direction of their necessary self-defense against the depredations of those zombie banks and hedge fund hyenas who have been organizing a massive speculative attack on Greece, Spain, Portugal, and Italy with a view to destabilizing the euro and perpetuating the world hegemony of the troubled US dollar. Read More Here

(ZeroHedge) – Video: Live Feed From Athens As 100,000 Greeks Go On Strike, Consider Storming Parliament Again

The last time Greeks were shown to be storming their parliament on live TV, we got a 1,000 point drop on the Dow Jones. Today, another 100,000 protesters of austerity are expected to hit the streets as the entire country is essentially shut down. View Live Here

(BusinessInsider) – MARKETS CRUSHED: FLASH CRASH THURSDAY 2.0? – Read More Here

Video: Celente – 2010 Year of the Bubble

Trends forecaster predicts the complete collapse of the dollar. – Video Link Here

(GoldScents) – FOCUS ON WHAT MATTERS

I know this is hard to do, especially when one is weathering draw downs. And of course a liberal dose of gloating from the bears during these times doesn’t help either. But let’s not get sidetracked by the little things and let’s face it, the haters are going to show up every time gold corrects. We really should be used to that by now. They’ve been doing it for 10 years. Read More Here

(TheLoomingDoom) – Superhyperinflation Just Around The Corner

The Looming Doom has learned leading experts are advising the Obama Administration that the U.S. is poised to experience the most painful economic cycle of all: the Super-Hyper-Inflation Trauma (SHIT). While there is yet slight division amongst the experts as to whether the U.S. is already in SHIT or not, once the U.S. is fully in deep SHIT, there is no quick fix. Furthermore, if the SHIT is too deep, the economy may never recover. Continue reading

Economy

(LewRockwell) – Beware the Recent Situation in Greece: It Will Happen Here! – Gary D. Barnett – Read More Here

(WashingtonsBlog) – Mervyn King: “World’s Worst Financial Crisis Ever”

Bank of England Governor Mervyn King says: “We are still halfway through the world’s worst financial crisis ever.” He is in good company.

The following experts have said that the economic crisis could be worse than the Great Depression: Read More Here

(CalculatedRisk) – California: “Absolutely terrible” budget cuts to be announced at 4 PM ET – Read More Here

(YahooFinance) – Video: TechTicker – Dow Tumbles as “Disintegration” Fears Haunt Europe

Hopes that a massive $1 trillion bailout for Europe would hold the financial markets together came unglued Friday. Stocks tumbled around the world and the U.S. followed suit. Heading into the close, the Dow was down more than 230 points. – Video Link Here

(GeorgeWashingtonBlog) – The Bailout of Big American Banks Has Cost Trillions More Than We’ve Been Told

Granted, the $700 billion dollar TARP bailout was a massive bait-and-switch. The government said it was doing it to soak up toxic assets, and then switched to saying it was needed to free up lending. It didn’t do that either. Indeed, the Fed doesn’t want the banks to lend.

True, as I wrote in March 2009: Read More Here

(MarketWatch) – The second debt storm

The debt mountain that brought down some of the world’s biggest banks and dragged the international financial system to the brink of disaster has simply shifted to governments. Now it’s threatening countries around the globe — and, if left unchecked, could rip the very fabric of Europe’s economic system and wreck economic recoveries in the U.S., China and Latin America. Read More Here

(USAWatchdog) – Is the Financial System Corrupt?

Recent headlines coming out of the financial world have been jaw dropping. Here are a few: Read More Here

(WSWS) – US media demands Greek-style austerity for American workers

In recent days, the US media—led by the standard bearer of American liberalism, the New York Times—has insisted that workers in the US, like their brethren in Greece, have been living the good life for far too long and must accept a drastic and permanent reduction in their living standards. Read More Here

(CNBC) – Video: The Economy & Your Portfolio with Rick Santelli ‘This European Crisis Should Be A Wake Up Call’

A look at the big issues facing the economy and how investors are playing them, with Michael Pento, of Delta Global, and Jordan Kimmel, of National Securities. Video Link Here

FLASHBACK – (WashingtonExaminer) – In 2005, U.S. intelligence warned of Euro econ crisis and EU’s demise unless welfare states downsized

In 2005, the National Intelligence Council prepared a prescient report warning that overextended welfare states could lead to economic crisis and possibly the collapse of the European Union sometime in the next 15 years: Read More Here

(FinanceMarkets) – US banks under investigation

Eight Wall Street banks are facing an investigation following allegations that they provided misleading information to several ratings agencies in order to gain a better rating for mortgage securities. Read More Here

(ChartingStocks) – Dollar Jump Resembles ‘08 Crash

On Wednesday, I wrote about the troubling signal given by the Volatility Index (VIX) as it surged in a manner which resembled the 2008 crash. Today we can add another market indicator to the “trouble” list – The US Dollar. Read More Here

(AlethoNews) – New Iran sanctions bill to kill 20,000 US jobs each year

Major US firms are warning Congress against passing legislation to impose new sanctions against Iran, saying such sanctions will further damage the US economy.

Boeing Co. and Exxon Mobil Corp. are lobbying to fend off tightened sanctions against Iran that business groups say will cut US exports. Read More Here

Video: The New World Order Currency Crisis

(Kitco) – Five Facts You Need to Know About the Financial System

Let’s connect the dots on the ENTIRE financial system right now. Read More Here

(LondonTelegraph) – US faces same problems as Greece, says Bank of England

Mervyn King, Governor of the Bank of England, fears that America shares many of the same fiscal problems currently haunting Europe. He also believes that European Union must become a federalised fiscal union (in other words with central power to tax and spend) if it is to survive. Just two of the nuggets from one of the most extraordinary press conferences I have been to at the Bank. Read More Here

(LondonGuardian) – Nicolas Sarkozy threatened to pull France out of the euro

French president Nicolas Sarkozy threatened to pull his country out of the euro if other EU countries, especially Germany, did not agree to help rescue debt-laden Greece. Read More Here

(Bloomberg) – Volcker Sees Euro ‘Disintegration’ Risk From Greece

Former Federal Reserve Chairman Paul Volcker said he’s concerned that the euro area may break up after the Greek fiscal crisis that sparked an unprecedented bailout by the region’s members. Read More Here

(InfoClearingHouse) – Financial Chaos And The Smell Of Napalm In The Morning

What in God’s name should we make of it all? On Thursday, the New York Stock Exchange had its most severe plunge in history – nearly 1000 points, before it recovered minutes later. On Monday, it shot up 400 points, one of the biggest spikes in memory. All told, the variance was around 1400 points over the period of a couple of days.

The context for this, of course, is the financial turmoil that has spread from Greece and is sweeping across Europe, threatening the very existence of the European Union and the Euro as a common currency. Last week alone, it is estimated that global stock markets lost $3.7 trillion of their value as a result of this crisis (1). According to the Canadian finance minister Jim Flaherty, not even the Canadian economy is immune from the financial contagion. Read More Here

(EconomicPolicyJournal) – Geithner Briefs Super Power Elite, Friday Afternoon

In addition to Rockefeller and Lady de Rothschild, on Friday afternoon, Treasury Secretary Geithner will also meet with the other members of the Board of Directors of the Peter G. Peterson Institute for International Economics to discuss the Administration’s agenda for economic growth and strengthening the global financial system.

Here’s the hefty list of the Institute’s Board of Directors: Read More Here

(HomeSolutionCounselors) – You are not in default. Freddie Mac is making your payments!

Yes it is true. I have seen it with my own eyes and IN WRITING. In our office we have on record a statement from Freddie Mac, which they submitted to the courts, that “Freddie Mac has made all relevant and required payments to the investors on behalf of the borrowers.” Did you catch that?!?!

Yes, Freddie Mac acting as the Master Servicer, has been making payments to the debt owners of a mortgage. How can the borrower be in default? Read More Here

(Bloomberg) – Euro Breakup Talk Increases as Germany Loses Its Currency Proxy

What was conceived as a club for Europe’s strongest economies was expanded for political reasons, leaving the currency union with minimal powers to police deficit spending and no safety net for dealing with countries, like Greece, that veer toward default.

German officials are already debating what was unthinkable to the euro’s architects: that a currency union designed in its founding treaty to be “irrevocable” might not be. Finance Minister Wolfgang Schaeuble said March 12 that expulsion from the euro may be the ultimate penalty for serial violators of debt rules. Read More Here

Video: Max Keiser Reveals 1000 Point Plunge was Digital Financial Terrorism on Alex Jones

(May 10) – Alex talks about the recent plunge of the Dow and other financial issues with film-maker, broadcaster and former broker and options trader Max Keiser. Max is the host of On the Edge and the financial tabloid the Keiser Report. Keiser formerly hosted The Oracle with Max Keiser on BBC World News. Continue reading

Video: Patriot Icon Red Beckman Breaks Down The Fall of American Society on Alex Jones TV

In This Segment Alex covers the 1000 point drop of the stock market in real-time

(May 7) – Alex talks with activist Red Beckman, father of the Fully Informed Jury Association and co-author of The Law That Never Was: The Fraud of the 16th Amendment and Personal Income Tax. Continue reading

Economy

(RussiaToday) – Video: World economies in depression – Webster Tarpley – View Video Here

Video: Letterman – Brian Williams On The Stock Market Collapse – View Video Here

(Fox) – Video: Ron Paul on FOX News – “This is a currency crisis” – Video Link Here

Video: Senate Sellout Threatens Ron Paul’s Audit the Fed Bill – View Video Here

(AFP) – Merkel blasts ‘treacherous’ banks in Greek crisis

German Chancellor Angela Merkel on Thursday slammed “treacherous” practices by banks during the Greek crisis and said governments must crack down on speculators hunting profits in the turmoil. Read More Here

(GlobalResearch) – The Global Economic Crisis, The Great Depression of the XXI Century – Michel Chossudovsky

The following text is the Preface of The Global Economic Crisis. The Great Depression of the XXI Century, Michel Chossudovsky and Andrew Gavin Marshall (Editors), Montreal, Global Research, 2010, which is to be launched in late May.

Each of the authors in this timely collection digs beneath the gilded surface to reveal a complex web of deceit and media distortion which serves to conceal the workings of the global economic system and its devastating impacts on people’s lives. Read More Here

(C-SPAN) – Video: Ron Paul – Money Isn’t Worth What It Used To Be! – View Video Here

(Infowars) – Video: Bankers Laughing All the Way to the Bank

The ‘Audit the Fed’ bill has been watered down by Senator Bernard Sanders right at the last minute (a common strategy: pretend to be a populist, then at the last minute, the politician “gives in” in the spirit of compromise). The Audit the Fed bill could go to vote in the Senate any day now. View Video Here

(Infowars) – Video: Greg Palast Tells How The IMF Set-Up Iceland & Greece on Alex Jones TV – View Video Here

(StraitsTimes) – Romania braces for austerity

ROMANIA braced on Friday for a wave of protests after the president unveiled austerity cuts in public sector wages and pensions to meet a deficit target set by the IMF and avoid a Greek emergency scenario. Read More Here

(CNSNews) – Sen. Shelby: Financial Reform Violates Privacy

Sen. Richard Shelby (R-Ala.), senior Republican on the Senate Banking Committee, said that provisions in the new financial regulatory bill violate privacy rights by allowing the government to collect any financial information it wants from any financial institution it wants. Read More Here

(GlobalResearch) – Economic Slash and Burn: Greece’s Deadly Austerity Measures

The Greek government, and its citizens, are feeling the economic pinch. A brutal reaction to protestors who fear the winding back of the country’s social system has stunned visitors and the public alike. A general strike has been in progress that has crippled schools, hospitals, airline flights and ferries. Protestors have swarmed around the central square in front of Parliament. Read More Here

(USAWatchdog) – The Canary is Dead

In the early days of coal mining, canaries acted as a warning that odorless poisonous gas was present. If there was a dangerous gas build-up, the canary would be the first to keel over. You can use the “canary in a coal mine” metaphor to describe the situation in today’s financial world. Greece is the canary. Read More Here

(BusinessInsider) – The “Real” Unemployment Rate Jumps To 17.1%

The BLS’s U-6 number, which is sometimes called the “real” unemployment rate, because it takes into discouraged workers who aren’t looking for work ticked up in April from 16.9% to 17.1%. Read More Here

(Bloomberg) – SEC Probes Whether Shock Stock Plunge Exploited Illegally

U.S. regulators plan to examine whether securities professionals triggered yesterday’s stock- market plunge or exploited the turmoil to profit illegally, two people with direct knowledge of the matter said. Read More Here

(Xinhua) – Greek protesters encircle parliament as new austerity measures approved

Tens of thousands of Greek citizens marched in the center of Athens on Thursday afternoon, encircling the parliament building, while inside the bill on the new austerity measures was approved. Read More Here

(BusinessInsider) – Amazing Audio From The S&P 500 Pits As The Market Goes Into Complete Collapse – Audio Link Here

(PrisonPlanet) – Audit the Fed Amendment Modified – Allows Fed To Keep Secrets

Ron Paul just posted the following message on Facebook:

Ron Paul: “Bernie Sanders has sold out and sided with Chris Dodd to gut Audit the Fed in the Senate. His “compromise” is what the Administration and banking interests want: they’ll allow the TARP and TALF to be audited, but no transparency of the FOMC, discount window operations or agreement with foreign central banks. We need to take action and stop this!” Read More Here

(Neithercorp) – Economy Kept On Life Support While Global Governance Is Organized

While the mainstream media puts on the recovery song and dance, the fundamental problems of the collapse remain the same, and in some cases are growing ever more precarious. Subsections of the public, unaware of the real issues at hand, are holding a misguided jubilee in the tranquil eye of a hurricane, wrongly assuming that the storm has passed. Read More Here

(FireDogLake) – As Dow Swings, Obama To Come Out Against Audit the Fed Today – Read More Here

(Bloomberg) – Video: Marc Faber On Dow Plunge

“The governments are all bankrupt and they can only survive by printing money” – View Video Here

(PaulWatson) – EU Is Collapsing Like Tower Of Babel

But World Bank and IMF vultures are lying in wait to feed on the remains of Greece Continue reading

Economy

(OftWoMinds) – Tyranny of the Majority, Corporate Welfare and Complicity

When 60% of the employed citizenry pay no Federal income tax, then the nation is in danger of sliding into the Tyranny of the Majority: we vote for more largesse, and you pay more tax. Complicity has consequences. Read More Here

(RollingStone) – Looting Main Street: How the Nation’s Biggest Banks are ripping off American Cities – Matt Taibbi – Read More Here

(TampaBay) – A bailout for news? Read More Here

(HeraldNet) – Senate expected to approve $667 million tax bill today

New sales taxes on candy, beer and bottled water would start in June, and on carbonated beverages in July Read More Here

(InnWorldReport) – Risk of Japan going bankrupt is real, say analysts – Read More Here

(FinancialTimes) – Soros warns Europe of disintegration

The eurozone area and wider European Union is now “on the brink” of disintegration unless Germany steps up and provides loans at below-market rates to Greece, George Soros, the hedge fund manager, has warned. Read More Here

(DiamondBack) – Depressed about our future

America is broke. We Americans have spent the last 15 years borrowing money for consumption instead of investment. Because of our high levels of debt, several prominent economists, including Gerald Celente — who predicted the collapse of the Soviet Union, the housing bubble and the tea parties — and Peter Schiff — who predicted both the NASDAQ bubble and the housing bubble — are predicting a coming collapse that will dwarf the housing bubble. Read More Here

(VancouverSun) – Thousands protest Quebec tax hikes

Thousands of protesters whom organizers described as members of Quebec’s “silent majority” demonstrated peacefully Sunday in front of the provincial legislature against tax hikes in the recent provincial budget. Read More Here

(C4L) – The Insanity of Government ‘Reform’

Albert Einstein’s definition of insanity — repeating something and expecting different results — is known to nearly everyone. Yet mere knowledge of this definition apparently has not kept the “best and the brightest” among us from becoming its practitioners. Read More Here

(InternationalForecaster) – Intervention Is Prolonging Economic Problems For Years – Bob Chapman

Banks only saved themselves not the economy, Greece singled out in the credit default crisis, the plan for a deflationary depression, every nation is in trouble, Greece now in a situation to default, banks continue to mislead, the floodgates open for lobbyists and special interests, lending costs climb, net neutrality suffers by a court ruling, Internet downgraded by court ruling Read More Here

Video: Ron Paul’s Texas Straight Talk – April 12, 2010 – Video Link Here

(AlterNet) – The Preposterous Reality: 25 Hedge Fund Managers Are Worth 680,000 Teachers (Who Teach 13 Million Students)

“It’s going to take a lot of political will — over a long period of time — to reorder our most basic economic values.”
In 2009, the worst economic year for working people since the Great Depression, the top 25 hedge fund managers walked off with an average of $1 billion each. With the money those 25 people “earned,” we could have hired 658,000 entry level teachers. (They make about $38,000 a year, including benefits.) Those educators could have brought along over 13 million young people, assuming a class size of 20. That’s some value. Read More Here

(InfoClearingHouse) – The Inverse Relationship Of The Real Economy And The Stock Market In USA

Just the other day, a man who has been in business and has also been in commercial real estate said that he was mystified as to why the “economy is in recovery, but we aren’t seeing any evidence of it in business or commercial real estate.” I explained to him that the STOCK MARKET WORKS IN AN INVERSE RELATIONSHIP TO THE TRUTH ABOUT OUR ECONOMY. THE TRUTH IS THAT MOST OF THE TIME WHEN THE STOCK MARKET IS UP, IT IS AT THE EXPENSE OF WORKERS AND THEIR JOBS. IF YOU DON’T BELIEVE ME, THEN READ ON, PLEASE. Read More Here

(DailyMail) – Outrage as British Taxpayers Face £600 Million Bill to Fund EU Bail-Out of Greece’s Sinking Economy

Greece was last night handed a generous national bailout by its euro partners which will end up costing British taxpayers more than £600million a year. In a move aimed at shoring up dwindling confidence in the stricken country, the 16 eurozone members announced they would lend 30billion euros this year alone. But another cash injection from the International Monetary Fund means Britain will have to pay part of a further £13billion bill to prop up Greece in the money markets. Read More Here

(DailyWealth) – Spend It Now! A Huge New Tax Is Coming…

Everything you buy is about to become 20% more expensive…

I’m not kidding. The latest idea out of Washington is to pay for its insatiable appetite for spending with what’s called a “Value-Added Tax.” Read More Here

(NYPost) – Metal$ are in the pits – Trader blows whistle on gold & silver price manipulation

The banks, which do the Federal Reserve’s bidding in the metals markets, have long been the government’s lead actors in keeping down the prices of gold and silver, according to a former Goldman Sachs trader working at the London Bullion Market Association. Read More Here

Video: Collapse Of Society – Chaos In The Making Continue reading

Economy

(WSJ) – U.S. Is Riskier Than Euro Zone; So Says CDS Market

Something troubling has occurred in the market for default protection on the debt of the world’s biggest borrower. Read More Here

(WSJ) – Treasurys Sink After Poor Sale

Treasury prices fell hard after a poor five-year auction that escalated concerns about the government’s ability to sell its massive amounts of debt. Read More Here

(KCTV5) – Folger’s To Close KC Coffee Plant

The J.M. Smucker Company announced Wednesday it will close its Kansas City Folger’s Coffee plant in the summer of 2012. Read More Here

(RussiaToday) – Video: Lehman Brothers: Warehouse for junk loans – View Video Here

(TheSun) – CHANCELLOR Alistair Darling has delivered his last crucial budget — and plunged the country further into debt. – Read More Here

(BusinessInsider) – JP Morgan Paid $1.9 Billion For Washington Mutual And Now It Wants A $1.4 Billion Tax Refund

JPMorgan Chase is negotiating with the FDIC for a tax refund related to its acquisition of Washington Mutual that could amount to $1.4 billion, The Wall Street Journal is reporting this morning Read More Here

(DailyTelegraph) – Gordon Brown told to explain why he sold Britain’s gold reserves

Gordon Brown has been ordered to release information before the general election about his controversial decision to sell Britain’s gold reserves. Read More Here

(Bloomberg) – Poll Reveals Americans Hate Wall Street

Americans are leery about creating a new federal agency to make consumer-protection rules for mortgages and credit cards and would prefer to enhance the existing powers of banking regulators. Read More Here

(Bloomberg) – States Sue Over Overhaul That Will Bust State Budgets

President Barack Obama faces a fight over the health-care overhaul from states that sued today because the legislation’s expansion of Medicaid imposes a fiscal strain on their cash-strapped budgets. Read More Here

(WallStreetJournal) – Economic Stimulus Bill May Give J.P. Morgan a Tax Refund of $1.4 Billion

J.P. Morgan Chase & Co. is nearing a deal that would allow it to benefit from a tax refund of as much as $1.4 billion, becoming the latest company to tap a little-noticed plank in an economic stimulus bill. Read More Here

(GlobalResearch) – Social Inequality in America: Widening Income Disparities

The “aristocracy of our moneyed incorporations” has never conceded a thing, not even to suppress a revolt. This “opulent minority” does not “give” what it does not intend to begin to claw back with its cold, non-living corporate “hand” before the ink is dry on the signatures on treaties, the Fourteenth Amendment, even the New Deal, perhaps the greatest bowl of gruel ever cooked up by an oligarchy. Read More Here

(EpochTimes) – Most Japanese Airports in Debt, Face Closure

The majority of Japanese airports are facing serious financial problems and may be forced to close unless they attract more passengers, according to a Japanese Ministry of Transport survey, reports the Japan Times. Read More Here

(FinancialArmageddon) – Is the stock market being manipulated?

Larry Doyle, a long-time Wall Street veteran and publisher of the Sense on Cents blog, hosts a Sunday night show, “No Quarter Radio’s Sense on Cents with Larry Doyle,” on Blog Talk Radio. In this week’s edition, which features an interview with Phil Davis of Phil’s Stock World, Larry raises a question that a few of us, who are amazed at and unsettled by the willingness of investors to throw caution to the wind and repeat the mistakes of the past (see “Back Buying the Same Kind of Crap” for one example), have occasionally wondered about ourselves: Read More Here

(MyBudget360) – How the Middle Class Slowly Evaporated in the Last 40 Years

Loss of Manufacturing, Bank Deregulation, Hyper Consumption, and Short-term Profit Seeking from Wall Street Read More Here

(DailyBell) – Global Economy Spins Out of Control? – Read More Here

(Spiegel) – German Shipping Faces Wave of Financing Problems

As recently as 2008, container ships were transporting record amounts of products across the world’s oceans. Now, many German shipping companies are struggling to pay for the vessels they ordered during the boom. Their banks could be in trouble, too. Read More Here

(CSPAN) – Video: Ron Paul Vs Tiny Tim Geithner-You Got Us In A Bigger Mess – View Video Here

Economy Kept On Life Support While Global Governance Is Organized

(NeithercorpPress) – Winter is slowly melting away here in the U.S., and Spring will soon be upon us. Wall Street is currently flush with delight at the year long run of the stock market (driven by fiat bailouts), which at first glance appears to be doing quite well, though international incidences such as those in Dubai and Greece have revealed how shaky the market actually is in the face of any unhealthy news. In the meantime, the dollar, recently on the edge of detrimental value loss, has made a semi-miraculous recovery in the span of a few months, especially as the Euro suffers. Official employment numbers, despite the continuous loss of jobs monthly, have somehow fallen and are for the moment stabilized. Is it time for America to dust off the old credit cards and return to the wild and rollicking carefree spending days of pre-2007? Perhaps not… Continue reading

MSM: Pretending We Are Not in a Depression

(MarketTicker) – I’m going to write today about a very somber subject. It will be, as it usually is here in one form or another, about math.

First, some background. If you believe that we have “escaped” from the mess that gripped this nation in 2008 and 2009, or that said mess “suddenly appeared” and “nobody saw it coming”, stop reading now and have your Thorazine dosage checked. It’s way off. Continue reading

Sovereign debt fears signal new stage of global crisis

(WSWS) – Stock markets in Europe and Asia fell sharply Friday in the second day of a near-panic selloff fueled by fears that the debt crisis facing weaker European economies will throw the world economy into a “double-dip” recession. Continue reading

MSM: TrimTabs suggests government manipulated stocks

(MarketWatch) – The unusual circumstances that led the U.S. market to rally powerfully in 2009 might be explained by secret government moves to buy stocks, according to Charles Biderman, the founder and chief executive of TrimTabs, a research firm that tracks liquidity flows in the market. Continue reading

MSM: Time for Fed to disprove PPT conspiracy theory

(MarketWatch) – The massive stock-market rally in the past nine months is mostly due to secret government buying of stock-index futures, a respected stock-market analyst said Tuesday. Continue reading

Is the Fed Juicing the Stock Market? – Mike Whitney

Is the Fed manipulating the stock market?  TrimTabs CEO Charles Biderman seems to think so, and he makes a strong case for his theory in an article at zerohedge.com. Continue reading

How the Financially Connected Prospered in a Decade where Wealth Evaporated for the Majority

(MyBudget360) – S&P 500 Down 24 Percent for the Decade, Real Home Values down 3%, U.S. Dollar down 23%, and Unemployment back to 1980 Levels. Continue reading

Last decade was the worst ever in the stock market

“Since the end of 1999, the Standard & Poors 500-stock index has lost an average of 3.3% a year on an inflation-adjusted basis, compared with a 1.8% average annual gain during the 1930s when deflation afflicted the economy”
In nearly 200 years of recorded stock-market history, no calendar decade has seen such a dismal performance as the 2000s. Continue reading

MSM: Greece sees few glimmers of hope

(FinancialTimes) – With Greece’s budget deficit at record levels and the country’s banks exposed to troubles both at home and abroad, doomsayers are predicting that Greek banks will go the way of Iceland’s. Continue reading

A Suggested Survival List – Chuck Baldwin

One does not have to be a prophet to know that we are on the precipice of some potentially catastrophic–or at the very least, challenging–days. In fact, most of us are already in challenging days, and some are already enduring catastrophic events. That is, if one would call being out of work, losing one’s home, facing life-threatening medical conditions without any prospect of medical insurance, several families being forced to live in one house due to homes being foreclosed, etc., catastrophic. Continue reading

2010 Ready or Not Here it Comes

Constant prosperity through credit is no more possible than constant peace through heroin
Much has been written about the Great Depression and the present crisis. There is much that is similar and some that is not. The differences explain why events have unfolded differently. The similarities explain why the end will be the same. 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

Video: Dubai Balks at Debt Payment, Rattles Global Markets

(Telegraph) – Stock markets in Germany, France, Spain and Italy were all down about 2pc in early afternoon trading as investors retreated from riskier assets. Investors spent the morning digesting the news that Dubai World, the government investment company with $59bn of liabilities, is seeking to delay repayment on much of its debt. Price for European government bonds rose as investors moved money into safer assets. Continue reading

Conflicts of interest? Dr. Mehmet Oz owns 150,000 option shares in vaccine technology company

(NaturalNews) – Dr. Mehmet Oz is a huge promoter of vaccines. He’s been on television reinforcing fear about H1N1 swine flu and telling everyone to get vaccinated. But what he didn’t tell his viewing audience is that he holds 150,000 option shares in a vaccine company that could earn him millions of dollars in profits as the stock price rises. It is in Dr. Oz’s own financial interest, in other words, to hype up vaccines and get more people taking them so that his own financial investments rise in value. Continue reading

Why is the Stock Market Rising While Unemployment is Soaring?

(WashingtonsBlog) – Daniel Gross points out that part of the reason that the American stock markets are going up even though unemployment is rising and the real economy suffering is because multinational corporations headquartered in the U.S. are experiencing strong sales abroad: Continue reading

How a Crashing Dollar Hides Trends

Many Americans have a hard time wrapping their mind around a declining currency or the hidden tax that is inflation.  The U.S. Treasury and Federal Reserve understands this and for decades has exploited this issue to slowly siphon off the buying power of the U.S. dollar. 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

Pensions: the Next Casualty of Wall Street

Nobody wants to admit it, but the next casualty of the Wall Street meltdown will probably be your golden years. For years corporations have been trying to choke the life out of traditional pensions, working hard to get out from under the risk—and the cost—of providing for their retirees. Between last year’s credit crunch and changes to federal pension laws, they may get their wish. 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

U.S. Stock Markets Disconnected from Reality

(C4L) – Earlier this year, I predicted that the 2009 rally in U.S. stocks could bring the Dow Jones Index as high as 10,000. It looks like that level has been achieved. If, at this point, the index reverses course, I would have made a fairly good prediction. 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

Banks Create Money Out of Thin Air, Not Out of Pre-Existing Deposits or Reserves

The battle to reform the American banking system needs to include reimposing the barrier between investment banking and depository banking (Glass-Steagall), pay incentives based on what is best for Americans and not just the top executives, the end of too big to fail, and other changes which are frequently discussed by financial writers. These are vital issues. Continue reading

MSM: £14billion: That’s the record amount Goldman Sachs staff will get in pay and bonuses

(DailyMail) – City bank Goldman Sachs is expected to confirm tomorrow that bonuses will smash all records in 2009, just a year after the Government rescued the financial system from oblivion. Continue reading