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. Continue reading

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

Continue reading

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. Continue reading