Video: Military funding could be slashed by $1 trillion – Paul Craig Roberts

(RussiaToday) – Congressmen Ron Paul and Barney Frank are sending a letter to US President Barack Obama with a proposal to cut the military budget by a trillion dollars. As the economy and the budget deficit continues to worsen, it seems that this is a very logical place to start cutting out funds. Paul Craig Roberts says that while passing this initiative would be great, he is skeptical that it will pass because Congress would lose too much campaign money.

Video: It’s A Trap America – Charlie On The Economy

(CharlieVLog) – July 13, 2010 –

On America, Somalia and You

(EconomicPolicyJournal) – Great insights from a Doug Casey interview with the Daily Bell (ViaLewRockwell.com):

Daily Bell: How about America? How are America’s finances?

Doug Casey: The era of one trillion dollar plus annual deficits is definitely here. And those are just the official deficits, which are going to be running a trillion or a trillion and a half dollars per year for the indefinite future. And on top of that you’ve got $100 trillion of unfunded liabilities of Social Security, the Medicare, the Medicaid. In a few years, you are going to have Obama-care, which is going to make the problem considerably worse. Then add on the probable federal bailouts of numerous bankrupt states like New York and California. And then hundreds of billions more for the FDIC, which is also totally bankrupt. Just like Fannie and Freddie. Then the Pension Benefit Guarantee Corp., will be hundreds of billions more – that hasn’t hit the front pages yet. General Electric is just like a gigantic, 30-1 leveraged hedge fund; that’s going to be bailed out too! Amtrak, which despite its outrageously high fares, continues to loose a couple billion dollars a year; of course that’s just chicken feed in today’s context. And of course these wars – and supporting military bases in over 100 countries…

Read entire article

Economy

(C-SPAN) – Ron Paul: Restore a Full Audit of the Fed! – Video Link Here

(AsiaTimes) – Part 1 of 2 – THE POST-CRISIS OUTLOOK: Part 10 – The trillion-dollar failure – Read More Here

(CNNMoney) – Hello Chinese exports, good-bye U.S. jobs – Read More Here

(WRNGNews) – NY Government Shutdown Possible

The state budget is more than two months late. Since April, the government has been kept running on a week-to-week basis by temporary spending bills, or extenders. Read More Here

(ABCNews) – 2 million public servants on strike in Spain

Nearly 2 million Spanish state employees have stopped work in anger over government spending cuts that will see them lose about 5 per cent of their salary. Read More Here

(PressTV) – UK unemployment could reach 3 mn – Read More Here

(CNBC) – Debt Spreading ‘Like a Cancer’: Black Swan Author

The economic situation today is drastically worse than a couple years ago, and the euro is doomed as a concept, Nassim Taleb, professor and author of the bestselling book “The Black Swan,” told CNBC on Thursday.

“We had less debt cumulatively (two years ago), and more people employed. Today, we have more risk in the system, and a smaller tax base,” Taleb said. Read More Here

(USAToday) – Only a fraction of those in need file for bankruptcy – Read More Here

(Bloomberg) – Soros Says ‘We Have Just Entered Act II’ of Crisis

Billionaire investor George Soros said “we have just entered Act II” of the crisis as Europe’s fiscal woes worsen and governments are pressured to curb budget deficits that may push the global economy back into recession.

“The collapse of the financial system as we know it is real, and the crisis is far from over,” Soros said today at a conference in Vienna. “Indeed, we have just entered Act II of the drama.” Read More Here

(CNSNews) – Bernanke: ‘Things Will Come Apart’ If Entitlements Are Not Reformed and Spending Controlled

Federal Reserve Chairman Ben Bernanke delivered a frank assessment to Congress on the fate of the economy if entitlement programs are not restructured. On Wednesday, Bernanke warned that “things will come apart” if Congress allows the federal entitlement programs and the deficit spending they cause to continue on their unsustainable path. Read More Here

(MailOnline) – U.S. facing debt ‘super cycle’: $13trillion black hole to overtake country’s GDP ‘within two years’

Forecasters predict the U.S. debt will grow to surpass gross domestic product in 2012, based on data from the International Monetary Fund. Read More Here

(EconomicCollapse) – More Than 1 In 5 American Children Are Now Living Below The Poverty Line

Perhaps the greatest victims of the economic nightmare that is unfolding right in front of our eyes are our children. The overall economic numbers are really bad, but when you examine the impact that this economy is having on children things get really horrifying. Read More Here

(CNBC) – Gold’s ‘Real Move’ to $7,000 Coming: Asset Manager

The “real move” in gold is to come, predicted Egon von Gruyerz, founder of precious metals investment and storage company GoldSwitzerland.com, on Monday. Read More Here

(PressTV) – UK’s welfare system targeted for cuts

UK Chancellor George Osborne discloses that the government has targeted welfare benefits, tax credits and public sector pensions for spending cuts. Read More Here

(Chron) – Radiohead frontman: Music industry on verge of collapse

Radiohead frontman Thom Yorke is warning the music industry is on the brink of collapse, insisting young musicians should resist signing record deals because the major labels will “completely fold” within months. Read More Here

(Telegraph) – CGT: investors rush into gold coins to beat tax rise

Britain’s bullion dealers are struggling to source enough gold sovereign and Britannia coins to keep up with surging demand ahead of an expected rise in capital gains tax (CGT) in the emergency budget. Read More Here

(June 10) – Video: Gerald Celente Breaks Down The Troubled Financial World Markets on Alex Jones TV

Alex talks with Gerald Celente, renowned trend forecaster, publisher of the Trends Journal, business consultant and author who makes predictions about the global financial markets and other events of historical importance.

Part 1 of 7

Economy

(SteveWatson) – Gold Surges As Euro Continues To Collapse

Highest gain for four weeks on fears of disintegration of Euro zone Read More Here

(Maclver) – Wisconsin Borrows $1.4 Billion from Feds for Unemployment Funds

Wisconsin’s loans place the state as one of the largest Unemployment Reserve debtors in the country. Read More Here

(Money&Markets) – The Biggest Shock of All

Why did the specter of collapse in far-away Hungary help sink the Dow by 323 points on Friday?

And why did similar scenarios in Greece, Spain, and Portugal trigger the Dow’s 1,000-point Flash Crash one month earlier? Read More Here

(ITN) – Impact of cuts will be enormous, warns PM

In a major speech on the economy, the Prime Minister will say the proposed cuts programme will affect “our whole way of life” and could be felt for decades, such is the scale of the debt problem. Read More Here

(WSJ) – Tax Hikes and the 2011 Economic Collapse – Read More Here

(Globe&Mail) – Canada wins key fight against bank tax

Proponents of such a tax ­ including the United States and Europe ­ are free to go it alone, but the new plan allows the rest of the G20 to avoid the controversial idea and find other ways to reduce banking risks. Read More Here

(DailyReckoning) – Government Desperate. Gold Tax Imminent?

The thrust is that, as Mr. Steer says, “Adrian floats the disturbing possibility that governments, looking around for easy sources of revenue, may decide to tax the private ownership of gold.” Read More Here

(EconomicCollapse) – U.S. National Debt 2010 – Read More Here

(Economicrant) – By Christmas 50,000,000 Americans will be eating at the government trough

Other presidents get the picture on paper currency. Obama should have his picture on food stamps. There are now 40 million Americans who choose to have the government feed them rather than feed themselves. This is almost 1 in 7 people who depend on government food. Now do you see how totally and completely hopeless things are? Read More Here

(BusinessWeek) – Fed Denies Bernanke Attended Bilderberg – Read More Here

(CNSNews) – U.S. Will be Like Greece in ‘Seven to 10 Years,’ Say Congressmen, Experts

Sen. Judd Gregg (R-N.H.), along with other members of Congress and leading financial experts, is warning that the United States is in danger of being in the same dire situation as Greece – national bankruptcy — in seven to 10 years if the nation doesn’t slash its debt and control spending, unless the federal government radically curtails spending. Read More Here

(ZeroHedge) – On The Imminent US Debt To GDP Parity – Tyler Durden

One of the most recurring and troubling topics on Zero Hedge is the imminent US Debt to GDP parity: even as the US economy is starting to roll over from a temporary sugar high into a double dip, the hangover effect of $2.1 trillion in debt incurred since March 2009 will linger for a long, long time. Read More Here

(BusinessInsider) – In 5 Years, UK Will Be Spending More On Interest Than Schools, Climate, And Transport Combined

Based on the calculations of the last government, in five years’ time the interest we are paying on our debt is predicted to be around £70bn. That is a simply staggering amount. No wonder the previous government refused to publish the information. Read More Here

(EconomicCollapse) – College Students This Is Your Future: High Unemployment And Student Loan Hell

Hundreds of thousands of college students all over the United States have just graduated and are getting ready for their first taste of the real world. Unfortunately for them, the real world is not always easy and it is not always fair. Read More Here

(Bloomberg) – U.S.’s $13 Trillion Debt Poised to Overtake GDP Chart of Day

President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.” The CHART OF THE DAY tracks U.S. gross domestic product and the government’s total debt, which rose past $13 trillion for the first time this month. Read More Here

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

Video: Southern Avenger – Rand Paul’s Practical Philosophy

Why today, asking substantive questions about the very nature of American government is the most practical and necessary politics.

Video: Dylan Ratigan – Funding the Trillion Dollar European Rescue

(MSNBC) – May 10, 2010

Video: Ron Paul – Euro Bailout Will Lead To Currency Collapse

(PaulWatson) –  As Europe is bailed out to the tune of nearly $1 trillion dollars, Congressman Ron Paul warns that the constant monetization of debt, allied with taxpayer-funded bailouts, will inevitably lead to runaway inflation and the collapse of paper currencies.

Under the terms of the Federal Reserve’s credit swap deal with the EU – in addition to an additional IMF bailout of which U.S. taxpayers will be picking up 20 per cent ($57 billion dollars) of the tab, Paul pointed out that not just taxpayers but “anybody that buys anything” will be funding the European bailout because of the attendant inflationary consequences.

Economy

(Bloomberg) – US Households Lost $100,000 From Crisis, Study Says

The financial crisis and recession cost US households an average of about $100,000 in lost wealth and income, according to a study by former Treasury Department economist Phillip Swagel. Read More Here

(InternationalForecaster) – Global Financial Conflagration: The World of Fiat Money is Buckling under the Pressure of Unpayable Debts – Bob Chapman

America and the world face a financial conflagration of immense proportions. The world of fiat money and massive credit is buckling under the pressure of unpayable debt. Each day the safe haven of gold and silver related assets become more attractive. We ask where else do you go for safety? A conflagration is a fire out of control and that is exactly the conditions the world faces today. The inflationary depression has smoldered for 14 months and it will soon accelerate. Read More Here

(IPSNews) – U.S. States Consider Starting Their Own Banks

At least eight U.S. states are considering proposals to start state-run banks in the wake of an economic crisis where many private banks ceased or greatly decreased their lending, literally shrinking the money pool available in state economies. Read More Here

(WashingtonsBlog) – Should a Stock Market Decline Stop the Goldman Prosecutions?

As of 2007, the bottom 50% of the U.S. population owned only one-half of one percent of all stocks, bonds and mutual funds in the U.S. On the other hand, the top 1% owned owned 50.9%.

From the San Francisco Chronicle: Read More Here

(TimesOnline) – Merkel misled Germans

She was initially hailed as the “Iron Chancellor” for holding out against a bailout for the Greeks. But this weekend Angela Merkel was accused of having misled voters after it emerged that Germany would contribute more than €25 billion (£21.7 billion) towards a rescue package. Read More Here

(Uruknet) – Confessions Of A Wall St. Nihilist: Forget About Goldman Sachs, Our Entire Economy Is Built On Fraud – Read More Here

(Telegraph) – Pakistan facing bankruptcy

Pakistan’s foreign exchange reserves are so low that the country can only afford one month of imports and faces possible bankruptcy. Read More Here

(BitsOfNews) – Pol/Econ: The 401k Scam

“The 401(k) will turn out to be the greatest systemic financial hoax ever perpetrated on an unsuspecting public.” – William Wollman, The Great 401(k) Hoax
Like most people I was told to plow as much money into my 401k pension plan as possible. So like millions of other workers out there, I did as I was told. By 2003 I had accumulated a nice little nest egg…that I couldn’t touch. Then one day I was in a bookstore and I happened across a book called The Coming Generational Storm. What I read about 401k’s that day made me immediately stop all contributions. Read More Here

(Bloomberg) – Carnivores’ Dilemma Widens as Pork Signals Record Meat Prices

U.S. meat prices may rise to records this summer after farmers reduced hog and cattle herds to the smallest sizes in decades, the result of surging feed costs linked to demands for more ethanol. Read More Here

(CatoInstitute) – Video: Advice to Tea Partiers

The Tea Party movement may endure, but its endurance will be a testament to its ability to understand that cutting government means having a long-term focus. John Samples, author of The Struggle to Limit Government and Director of the Cato Institute’s Center for Representative Government, offers an assessment of what Tea Partiers should do if they want to sustain an effort to cut government.

Economy

(Money&Markets) – Financial Ebola Sweeps Through Global Bond Markets

What does the end of the bond market world look like? Something like this … Read More Here

(Fox) – Top Treasury Official Is Involved in Subprime Mess?

A top Treasury Department official helping craft financial overhaul legislation is facing questions about his involvement in the subprime mortgage crisis. Conservative media outlets are looking at Eric Stein’s work as a senior vice president for the Center for Responsible Lending. Read More Here

(KSL) – Davis School District faces major budget shortfall

Davis School District is facing its most challenging budget season in its history: a budget shortfall of $30 million this year and $31 million next year. Read More Here

(USAWatchDog) – Video: Nouriel Roubini Talks Doom Again – Video Link Here

(BBC) – Video: Gulf of Mexico oil spill sparks new US drilling ban

The US administration has banned oil drilling in new areas of the US coast while the cause of the oil spill off Louisiana is investigated. Video Link Here

(BostonHerald) – Gas prices jump to more than $9 in Alaska town

Anchorage, Alaska — Most Americans are paying about $3 a gallon for gas. The residents of McGrath, Alaska, saw their gas prices jump by that amount in one night. Read More Here

(ChicagoTribune) – Chicago-area foreclosure auctions hit new high

More than 9,300 homeowners lost properties last quarter Read More Here

(PaulWatson) – Gold Hits 2010 High Amidst Debt Turmoil In Europe

Gold bullion reached a 2010 high today following concerns over euro zone sovereign debt levels after Greece, Spain and Portugal were hit with disastrous credit rating downgrades, with analysts now predicting that prices are set to move back towards their December high when gold peaked at $1,226.10 an ounce. Read More Here

(NYTimes) – Where All That Money Went

“We’ve lost almost $11 trillion of household wealth in the last 17 or 18 months,” lamented Senator Christopher J. Dodd, the Connecticut Democrat, on last Sunday’s “Meet the Press,” as he urged Congress to proceed with speedy deliberations on a finance reform bill.

Eleven trillion dollars! That’s over three-quarters of our current gross domestic product. Read More Here

(LATimes) – ‘99ers’ dread future without jobless benefits

They’ve exhausted 99 weeks of unemployment checks. Thousands are banding together to lobby Congress for another extension. Read More Here

(WSILTV) – Family Denied Medical Treatment Because of State’s Debt

A Carterville mom says she was denied medical care for her children because the state isn’t paying its bills. Read More Here

(Reuters) – TAKE-A-LOOK-US starts criminal probe into Goldman-source

U.S. federal prosecutors in New York have begun investigating Goldman Sachs Group Inc (GS.N), raising the possibility of criminal charges against the company or its employees, a source familiar with the situation said on Thursday. Read More Here

(Bloomberg) – Goldman Scrutinized by Prosecutors Examining SEC Case (Update1)

Federal prosecutors in New York are investigating transactions by Goldman Sachs Group Inc., accused by U.S. securities regulators of misleading investors, to determine whether to pursue a criminal fraud case, according to two people familiar with the matter. Read More Here

(RussiaToday) – Video: Down with ‘Too Big to Fail’ – Angry Americans march on Wall Street

The largest anti-Wall Street rally since the credit crunch has taken place in New York. Thousands of workers and trade union leaders marched in anger over lost jobs and ruined lives, demanding answers from the source of the trouble – the banks.

Economy

(Money&Markets) – More Retirement Disasters

I can’t believe the number of frightening retirement stories I’ve seen in just the last week. They suggest that the vast majority of our country’s citizens are completely unprepared for life after work. They point to a governmental backup system that is getting ever more desperate. And they suggest that other traditional sources of retirement income — such as corporate pensions — are in grave danger of imploding. Read More Here

(LATimes) – More homeowners are opting for ‘strategic defaults’

Underwater on their mortgages and angry at banks, more borrowers are choosing to hand over the keys, even if they can afford the payments. Read More Here

(GoldEagle) – Through a Looking Glass Darkly

“We are spending more money than we have ever spent before, and it does not work. After eight years, we have just as much unemployment as when we started and an enormous debt to boot.”
-US Treasury Secretary, Henry Morgenthau, May, 1939
I forget who first said it, but it was, “A $ million here a $ million there, pretty soon we are talking about real money.” It took approximately 20 years before it became “A $ billion here a $ billion there…..” and it wasn’t very long before “A $ billion … “became “A $100 billion…” Now, virtually overnight while no one was watching, it’s become “A $ trillion here a $ trillion there…” Are we still talking about real money? And are we still not looking? We are certainly not trying to do anything about it. Read More Here

(NYTimes) – Junk Bond Avalanche Looms for Credit Markets

When the Mayans envisioned the world coming to an end in 2012 — at least in the Hollywood telling — they didn’t count junk bonds among the perils that would lead to worldwide disaster, Nelson D. Schwartz writes in The New York Times. Read More Here

(MSNBC) – Yes, we do still make things in America

U.S. factories keep churning out goods, but jobs disappear by the millions Read More Here

(EconPolicyJournal) – The New U.S. Government Off Balance Sheet Scam

Senator Chris Dodd, who is not seeking re-election, has decided to treat the American people to one more scam, probably because scamming is all he knows how to do Read More Here

(SFGate) – Pink slips sent to thousands of Calif. teachers

California’s budget crisis could cost nearly 22,000 teachers their jobs this year. Read More Here

The next big bailout is on the way. Prepare to get reamed! – Mike Whitney

(SmirkingChimp) – Housing is on the rocks and prices are headed lower. That’s not the consensus view, but it’s a reasonably safe assumption. Master illusionist Ben Bernanke managed to engineer a modest 7-month uptick in sales, but the fairydust will wear off later this month when the Fed stops purchasing mortgage-backed securities and long-term interest rates begin to creep higher. The objective of Bernanke’s $1.25 trillion program, which is called quantitative easing, was to transfer the banks “unsellable” MBS onto the Fed’s balance sheet. Having achieved that goal, Bernanke will now have to unload those same toxic assets onto Freddie and Fannie. (as soon as the public is no longer paying attention)

The 2009 Financial Report Of The U.S. Government Is Out – America’s Economic Goose Is Cooked

(ComingCollapseBlog) – The 2009 Financial Report Of The U.S. Government has finally been released, and the news is not good.  It basically confirms much of what we already know – that the United States government is a complete financial mess.  The U.S. government budget deficit for 2009 was a record-setting 1.417 trillion dollars.  The total liabilities of the U.S. government rose from 12.178 trillion dollars at the end of 2008 to 14.123 trillion dollars by the end of 2009. Read More Here

Economy

(Reuters) – Sweden unexpectedly slides back into recession

Sweden’s economy unexpectedly slid back into recession in the fourth quarter, figures showed, sending the crown lower and raising questions about how soon interest rates will rise. Read More Here

(BobChapman) – Bonuses for Wall Street And Unemployment Elsewhere Continue To Grow

People should not underestimate the rational of those in high places because their agenda may be totally different then what they say it is. That includes the predicament of Dubai and Greece and a host of other nations that include the US and UK. The credit crisis, borne of the subprime crisis just didn’t happen; it was planned that way. Read More Here

(WashingtonTimes) – American reliance on government at all-time high

The so-called “Great Recession” has left Americans depending on the government dole like never before. Read More Here

(CumberlandAdvisors) – Commercial Real Estate: More Trouble Ahead

“Between 2010 and 2014, about $1.4 trillion in commercial real estate loans will reach the end of their terms. Nearly half are at present “underwater” – that is, the borrower owes more than the underlying property is currently worth. Read More Here

(OrlandoSentinel) – George Soros not satisfied with Barack Obama, claims he saved country from recession

CNN’s Fareed Zakaria introduced George Soros as “the billionaire investor, financier, speculator, philanthropist and thinker.” Read More Here

(LondonTimes) – Green fuels cause more harm than fossil fuels, according to report

Using fossil fuel in vehicles is better for the environment than so-called green fuels made from crops, according to a government study seen by The Times. Read More Here

(BusinessInsider) – Is March 9 The Day Greece Gets Its Bailout From Tim Geithner?

We’ve joked that if all else fails, then surely Tim Geithner will come to the rescue of Greece.

At least we thought we were joking. Read More Here

(Reuters) – UPDATE 1-Winter storms to distort US jobless figures-Summers

White House economic adviser Larry Summers said on Monday winter blizzards were likely to distort U.S. February jobless figures, which are due to be released on Friday. Read More Here

(Telegraph) – Don’t go wobbly on us now, Ben Bernanke

Barack Obama’s home state of Illinois is near the point of fiscal disintegration. “The state is in utter crisis,” said Representative Suzie Bassi. “We are next to bankruptcy. We have a $13bn hole in a $28bn budget.” Read More Here

(GlobalEconomicAnalysis) – California Delays Payments, Ponders IOUs Again, Demands 80% of Income Tax Paid Before It’s Even Earned

Tactics in California to shore up its municipal bond rating are quite humorous. Supposedly, by delaying payments to schools, California can boost confidence in its bonds. Read More Here

(Reuters) – Euro in most difficult phase since launch – Merkel

Europe’s single currency project is facing its toughest period since its launch over a decade ago and it is essential that Greece tackle the roots of its troubles to restore confidence, German Chancellor Angela Merkel said. Read More Here

(TheAtlantic) – How a New Jobless Era Will Transform America

The Great Recession may be over, but this era of high joblessness is probably just beginning. Before it ends, it will likely change the life course and character of a generation of young adults. Read More Here

Leaked UN Documents Reveal Plan For “Green World Order” By 2012

(PaulWatson) – Leaked policy documents reveal that the United Nations plans to create a “green world order” by 2012 which will be enforced by a structure of global governance and funded by a gargantuan $45 trillion transfer of wealth from richer countries, as the globalists’ insidious plan to centralize power, crush sovereignty while devastating the economy is exposed once again.

The Future of the Dollar

(FutureofDollar) – The World is concerned that the dollar cannot play the role of the main reserve currency any longer after the financial crisis sparked by the collapse of the U.S. mortgage market led to the worst global recession since the 1930s. The Government’s stimulus packages, financial bailouts, the need to support liquidity in Treasuries, keeping interest rates at the lowest level under the circumstances of low economic growth, high unemployment and low tax collection make it print more dollars. This leads to a high risk of substantial inflation, or hyperinflation in a long-run.

Video: Gerald Celente – Fascism is Coming to America

(CNNRadio) – “This time they will close the banks not only Wall street” – “When greedy people are losing a lot of money expect a world scale war” – Celente

Economy

(Bloomberg) – Marc Faber Discusses Global Financial Markets – View Video Here

(SHTFPlan) – Economic Anarchy: Be Prepared For a Massive Meltdown

An economic calamity is brewing, and as Brian at Survive Right points out, “ the articles are becoming more urgent, more prevalent and from more mainstream sources.” The collective consciousness senses that something is not as it’s supposed to be. Read More Here

(CommodityOnline) – Gold price will surge to $5,000 in two years

Gold Prices will climb to $5,000 within two years due to US dollar weakness and significant buying by players in the hedge fund industry looking to preserve the value of their funds. Read More Here

(WhiskeyNGunPowder) – Secession as a Solution to the Washington Debt Threat

Frédéric Bastiat must have been looking toward the future of the United States today when he said, “When plunder has become a way of life for a group of people living together in society, they create for themselves in the course of time a legal system that authorizes it, and a moral code that glorifies it.” Read More Here

Really Depressing Jobs for the Economically Depressed

As the Modern Economic Depression continues to expand and unemployment rises, job seekers struggling to make ends meet have increasingly ventured into hazardous occupations they are often ill-equipped to safely navigate. Read More Here

(AdBusters) – Chris Hedges: Zero Point of Systemic Collapse

We stand on the cusp of one of humanity’s most dangerous moments. Read More Here

(MyBudget360) – Commercial Real Estate Collapse Bigger than Subprime Implosion

Why is the Market Ignoring the $3.5 Trillion Commercial Real Estate Market Implosion? Pricing in Another Bailout Read More Here

(MoneyNews) – Laffer: Obama Budget Is Plan for Catastrophe

Economist Arthur B. Laffer, head of the Office of Management and Budget under President Ronald Reagan and founder and chairman of economic research and consulting firm Laffer Associates, says President Barack Obama’s proposed budget “is the perfect plan for catastrophe.” Read More Here

(NeitherCorp) – With A Deficit Like Ours, Who Needs Enemies…?

For decades, spurred by the alluring snake oil sales pitch of Keynesian Economics, U.S. financial analysts and Wall Street investors have operated on the assumption that indeed, “greed is good,” but debt… debt is better. Read More Here

(TimesOnline) – New tax bombshell: 20% VAT

A rise in VAT is looming whichever party wins the general election, as Labour and the Conservatives draw up plans to balance Britain’s books. Read More Here

(MailOnline) – Collapse of the euro is ‘inevitable’: Bailing out the Greek economy futile, says FRENCH banking chief

The European single currency is facing an ‘inevitable break-up’ a leading French bank claimed yesterday. Read More Here

(DSNews) – Commercial Real Estate Losses Could Hit $300 Billion: TARP Panel

Losses from defaults on commercial real estate loans maturing in the next few years could go as high as $300 billion, threatening to topple nearly 3,000 community banks nationwide, a federal watchdog group has concluded. Read More Here

(LATimes) – In Utah, a plan to cut 12th grade – altogether

The proposal by state Sen. Chris Buttars would chip away at Utah’s $700-million shortfall. He’s since offered a toned-down version: Just make senior year optional. Read More Here

The Inflationary Depression – Bob Chapman

The inflationary depression still dominates and probably will continue to do so. In time the stimulus will fail to work and the world will slip into total insolvency and deflationary depression. The old M3 is about 3%, but we still have $23.7 trillion floating around. Not only is the US bankrupt, but also so is the rest of the world. It is now only a question of when the dominos will fall. It looks like the first wave in the collapse of the bear market rally is underway. Bonds will follow with higher interest rates and eventually commodities will be hit. Only gold and silver will survive, as the bankers and Wall Street complete their destruction of the world economy.

The Bankruptcy of the United States is Now Certain – Porter Stansberry

It’s one of those numbers that’s so unbelievable you have to actually think about it for a while… Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt. And that’s not counting any additional deficit spending, which is estimated to be around $1.5 trillion. Put the two numbers together. Then ask yourself, how in the world can the Treasury borrow $3.5 trillion in only one year? That’s an amount equal to nearly 30% of our entire GDP. And we’re the world’s biggest economy. Where will the money come from?

MSM: US Congress sends Obama bill to hike debt limit

(Google) – The US Congress on Thursday sent President Barack Obama legislation allowing the United States to borrow another 1.9 trillion dollars, hiking the national debt ceiling to a historic 14.3 trillion.

Video: FED GAVE Banks Access to 23.7 TRILLION DOLLARS NOT $700 Billion!

(MSNBC) – Dylan Ratigan Show – January 30, 2010 – best part starts at 1:08

MSM: Obama Budget Has $1.9 Trillion Tax Rise

(Bloomberg) – The Obama administration proposed to increase taxes on Americans earning more than $200,000 by close to $970 billion over the next decade and take in an additional $400 billion from businesses even as it retooled a proposed crackdown on international tax-avoidance techniques.

TheComingDepression.net Headlines

Will we see double digit interest rates from the 1980s?

Spending is bad when it’s on credit and made frivolous on non-essential items. On the other side of the coin, spending is good when it’s out of savings without compromising the future. Living off credit is very, very bad and interest rates will need to go up eventually to help savers, not borrowers. The problem is that interest rates have been manipulated by central banks in the majority of industrialized countries since about the beginning of the 20th century. Coincidentally, this is when central banks were introduced en-mass to countries around the world as a form of supposed financial stability which couldn’t be further from the truth. Read More Here

Empty McMansions, Spoiled Government Workers and the Barrage of Illegal Aliens; the Death of Orange County

In 2005 and 2006 my neighborhood had a plethora of McMansions built. Developers in a frenzy leveled apartment complexes and displaced hundreds of tenants to build overpriced McMansions that were so close to each other that you could literally hear your neighbor flush his/her toilet. Privacy? Please. Read More Here

20 Reasons The US Will Never Recover & Why

How long will it take for Americans to realize they’ve been had by their own corporations? US jobs are not coming back because the factories will not re-open, because those factories are now in communist China. This did not happen in previous recessions, except to a smaller extent where there was a manufacturing scare in the 1980s when Japan was taking manufacturing jobs. Read More Here

US Homeowners: Sell your home now!

A year from now you won’t be able to sell your house. Yes, you read that right. The caveat is (there always is a caveat) that if you have enough money to make required major upgrades to your home, then you can sell it. Read More Here

BANKSTERS hit Main Street $11 Trillion taken in Heist!

American households have lost $11 trillion in wealth since the peak in the bubble. Read More Here

Canada is world’s largest sub-prime lender

All the news reports from Canadian real estate associations touting that the housing “recession has ended” is just about as worthless as the hot air coming out of politicians mouths. Very low interest rates made houses and condos too expensive, especially compared to the price of renting equivalent properties. Read More Here

MSM: Q+A-Cost of Iraq, Afghanistan tops $1 trillion

(Reuters) – The cost to U.S. taxpayers of the wars in Iraq and Afghanistan since 2001 has topped $1 trillion, and President Barack Obama is expected to request another $33 billion to fund more U.S. troops this year.

Sick-care America now needs another $1.9 trillion increase in debt limit just to stay afloat – Mike Adams

(NaturalNews) – The US government is running out of money… again. So Democrats want to increase the debt limit by trillions of dollars… again. The newly requested debt limit increase is a jaw-dropping $1.9 trillion, which would put the total national debt at $14.3 trillion.

MSM: Democrats propose $1.9T increase in debt limit

(AP) – Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.

MSM: Bankers Get $4 Trillion Gift From Barney Frank

(Bloomberg) – To close out 2009, I decided to do something I bet no member of Congress has done — actually read from cover to cover one of the pieces of sweeping legislation bouncing around Capitol Hill.

CHINA: ‘The world does not have Money to buy more US Treasuries’

(ShanghaiDaily) – It is getting harder for governments to buy United States Treasuries because the US’s shrinking current-account gap is reducing supply of dollars overseas, a Chinese central bank official said yesterday.

The Global Oil Scam: 50 Times Bigger than Madoff

(SeekingAlpha) – $2.5 Trillion – That’s the size of the global oil scam.
It’s a number so large that, to put it in perspective, we will now begin measuring the damage done to the global economy in “Madoff Units” ($50Bn rip-offs). $2.5Tn is 50 times the amount of money that Bernie Madoff scammed from investors in his lifetime, but it is less than the monthly excess price the global population is being manipulated into paying for a barrel of oil.
Where is the outrage? Where are the investigations?

House Passes $1.1 Trillion Spending Bill

(AntiWar) – There was a time when the federal government’s annual budget was submitted by the president and decided by the Congress in a relatively straightforward fashion. A time when it wasn’t so difficult to figure out what the government spent taxpayers’ money on.

Dems to lift debt ceiling by $1.8 trillion, fear 2010 backlash

(Politico) – In a bold but risky year-end strategy, Democrats are preparing to raise the federal debt ceiling by as much as $1.8 trillion before New Year’s rather than have to face the issue again prior to the 2010 elections.

MSM: U.S. Homeowners Lost $5.9 Trillion Since 2006 Peak

(Bloomberg) – U.S. homeowners have lost about $5.9 trillion in value since the housing market’s peak in March 2006 as mounting foreclosures and the recession weighed on prices, according to Zillow.com.

Spiraling to Bankruptcy

If the Government confiscated everything, the social programs would still be $50 trillion short and the Government would still be bankrupt. Furthermore, no company or individual would be left with anything.

Things Could Get Ugly Fast – Mike Whitney

Things could get ugly fast. With the Democrats backing-off on a second round of stimulus, the Fed signaling an end to quantitative easing, and Obama moaning about rising deficits; there’s a good chance that the stumbling recovery could turn into another sharp plunge.

Video: Ron Paul on Fox Business – Spending, Borrowing and Printing..

(Nov 4, 2009) – On Wednesday, Dr. Paul appeared on Fox Business’ America’s Nightly Scoreboard to talk about the political mood in the country after Tuesday’s elections, persistent government spending despite the Party in charge, the Pelosi bill, and Cap and Trade.

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.

Stealth Inflation – Campaign for Liberty

Over the past two years, the federal government and the Federal Reserve have dispersed trillions of public dollars, run up enormous deficits, and kept interest rates at zero. In just about any economic textbook, this combination of policies would be described as the perfect recipe for inflation. Yet, with the exception of the usual increases in health care and education, prices by and large are not rising. Many have concluded that our economic leadership has simply outsmarted the textbooks.

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.

MSM: Bailout May Cost $23.7 Trillion – Barofsky

(HuffingtonPost) – The federal government has devoted $4.7 trillion to help the financial sector through its crisis, a level of assistance equal to about one-third of the overall U.S. economy, a watchdog report said Monday.