American Propaganda – Timothy V. Gatto

(PeoplesVoice) – When will the people of this nation understand that those they trust to guide them and protect them have nothing but contempt for them? Everyday there are people who have no work and have used up their 99 weeks of unemployment insurance, they are called the 99%’rs. Every day the people of this nation look into their television sets and hear the propaganda of a nation that is hell-bent on empire because they fear their own imminent collapse. This won’t affect the trans-national corporate hierarchy; they will just move to another country, it’s all the same to them. There is no patriotism and no loyalty to the United States among those that sit on the mantle of power.

The majority of Americans are decent, hard-working people, but they are none the less… stooges. They have been indoctrinated from birth to believe in a set of core values that are designed to keep them subservient and docile. They are the victims of propaganda that emanates from the government and the corporate media, designed to lead them to believe that we are “defending democracy” even though we have no real democracy of our own.

The first four steps toward our fight to win back the Republic

(TGBReport) – Government from Federal all the way down to the local level has been transformed from the elected officials working for us to us working for them.  We need to send a message this election season that it is not about Republican or Democrat, Conservative or Liberal, it is about Insiders vs “We the People”.  We must first ans foremost  start by understanding our Constitutional duty to be informed on what are the President, Senators, Congressman, Governors, State Assembly, County and Township elected officials.

Video: 1 in 3 homeless are US Veterans – Adam Kokesh

(RussiaToday) – Too often many of the homeless in America are former US military personnel who have fell on hard times, are addicted to medication and drugs or simply just need some help. Joining RT’s Dina Gusovsky Iraq war veteran Adam Kokesh speaks about veterans’ homelessness and the reasons behind it.

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

(CharlieVLog) – July 13, 2010 –

House Approves Martial Law Rule?

(FellowShipOfMinds) – Yesterday, the first item on the Daily Schedule of the House of Representatives for July 1, 2010, was a vote on the adoption of the Martial Law Rule for H.R. 5618 – Restoration of Emergency Unemployment Compensation Act.

I tried to find information on the net, but could only find this on House Minority Leader John Boehner (R)’s website, The Republican Cloakroom: –

Economy

(GoldScents) – GOLD BUBBLE? WHAT BUBBLE? – Read More Here

(IsraelFinancialExpert) – Special Report- The Secret Engine Behind China’s Housing Bubble- The Ponzi Shark Loan Finance

It is clear that artificially low interest rates and massive money printing by the government is fueling this bubble. But few know about the engine behind the monuments bubble- A giant shark loan ponzi scheme. Read More Here

(NYTimes) – That ’30s Feeling – Paul Krugman

Suddenly, creating jobs is out, inflicting pain is in. Condemning deficits and refusing to help a still-struggling economy has become the new fashion everywhere, including the United States, where 52 senators voted against extending aid to the unemployed despite the highest rate of long-term joblessness since the 1930s. Read More Here

(STLToday) – Fannie and Freddie tab is $146B and rising – Read More Here

(USAToday) – Bank failure is 83rd in ’10; pace more than double last year’s – Read More Here

(Boston) – May foreclosures in state double – Read More Here

(StarAdvertiser) – 4,171 on Oahu have no homes – Read More Here

(NEB) – Slide in shipping shows global recovery running out of steam – Read More Here

(VoiceOfSanDiego) – Foreclosures Still Piling Up – Read More Here

(ZanesvilleTimes) – Act would be disastrous in light of our country’s economic situation – Read More Here

REPOST – (RussiaToday) – Video: The Economic Crisis – “Major Currencies Can Simply Collapse”

Michel Chossudovsky says that the financial crisis is not over as President Barack Obama has hinted. Read More Here

REPOST – (WSWS) – Nearly One Million US Workers Cut Off Unemployment Benefits

With 12 Democrats joining a unanimous Republican bloc, the US Senate voted Wednesday to defeat a proposed extension of unemployment benefits for workers who have been jobless for nearly two years. The bill would have extended unemployment benefits for those out of work more than six months, until November 30. Read More Here

(GlobalResearch) – What do BP and the Banks Have In Common? The Era of Corporate Anarchy

On the occasion of the BP oil spill disaster, President Obama’s delivered an Oval Office speech last night—a masterpiece of milquetoast faux-outrage. The speech was all about “clean energy” and “ending our dependence on fossil fuels”. Faced with the BP oil spill—likely the most severe environmental disaster ever—this was President Obama’s response: Polite outrage, and vague plans to “get tough”, “set aside just compensation” and “do something”.

President Obama missed what the BP oil spill disaster is really about. Though unquestionably an environmental disaster, the BP oil spill is much much more. Read More Here

Layoffs

Amylin Pharmaceuticals – 60
Horizon Air – 120
AT&T Wisconsin – 125
Nexteer Michigan – Layoffs Likely

Huntsville Constellation Contractors – Hundreds of Layoffs Next Week
3 Catholic Schools in NJ – 38
Zanesville-Muskingum County Health Department – Layoffs / Furloughs
Northrop Grumman Corp Amherst Systems Division – 74
Wayne County Detroit – 700 Temporary layoffs this summer

Missouri  – 250
Update: Wayne-Westland school – 32
Jones Day Law Firm – 32
Merck ( France ) – About 800
Prudential Retirement – 60 : 30 in Hartford and 30 in Scranton PA
Morris Township NJ – up to 20
Richland County Ohio – 7
AOL – More Layoffs Possible?
American Municipal Power Inc – Job Cuts to start soon at Marietta Plant
Adams 12 Five Star Schools Colorado – 188
Fresno Unified School District – Job Cuts or Furloughs
City of Marengo IL – Considering 3 Layoffs
Dot Hill Systems – 10% of Global Workforce
Abbott Laboratories – 101
EastLink ( International ) – 33
McClelland & Stewart – Several Layoffs this week
Albert Einstein Healthcare Network PA – 48
City West Palm – 6
Detroit’s EMS – Warns of 36+ Layoffs Possible
US Cellular Tulsa Center – 160

Source: The Coming Depression

Economy

(Rense) – Illinois – A State In Crisis – Stephen Lendman

This writer’s earlier articles addressed greater social misery in America than since the Great Depression, because of unemployment, homelessness, hunger, bankruptcies, despair, and rising poverty levels.

According to the National Academy of Science, 47.4 million Americans were impoverished in 2008, 15% of the population, but the true number is much higher since the government’s income threshold is $22,000 for a family of four, way short of what’s needed throughout urban America where even half again as much is too little. Read More Here

(Bloomberg) – Banks Seized by Regulators in Nebraska, Mississippi, Illinois

Three banks with total deposits of almost $2.3 billion were seized by regulators amid losses stemming from soured real-estate loans, raising to 81 the number of U.S. lenders that have collapsed this year. Read More Here

(EuroPacificCapital) – Key Indicators of a New Depression

With the mainstream media focusing on the country’s leveling unemployment rate, improving retail sales, and nascent housing recovery, one might think that the US government has successfully navigated the economy through recession and growth has returned. But I will argue that a look under the proverbial hood reveals a very different picture. Read More Here

(Telegraph) – Solution to Unemployment? Wal-Mart to Create 500,000 New Jobs

Mike Duke, chief executive, told the retailer’s annual meeting that the company will add the 500,000 positions as it seeks to continue to grow globally and maintain its leading position in the US. Read More Here

(EconomicNoise) – Worse than a Depression – Read More Here

(SicSemper) – Video: Obama’s Teleprompter of Propaganda: “Our Economy is Getting Stronger by the Day.”

As the Bureau of Labor Statistics report is published for the month of May showing unemployment at 9.7% due to 322,000 workers leaving out of employment positions, President Obama read from his teleprompter more Orwellian Double-speak, stating “our recovery is still in its early stages, and there’s going to be ups and downs in the months ahead…… this report is a sign that our economy is getting stronger by the day.” View More Here

(GlobalResearch) – Europe is Headed For a Mini-depression – Mike Whitney – Read More Here

(WashingtonTimes) – FTC floats Drudge tax

The Federal Trade Commission (FTC) is seeking ways to “reinvent” journalism, and that’s a cause for concern. According to a May 24 draft proposal, the agency thinks government should be at the center of a media overhaul. The bureaucracy sees it as a problem that the Internet has introduced a wealth of information options to consumers, forcing media companies to adapt and experiment to meet changing market needs. FTC’s policy staff fears this new reality. Read More Here

(TPG) – Countdown to Crashdown

Heed This Warning, and You Could Gain 868%. Ignore It, and You Stand to LOSE HALF of Your Wealth. The Choice Is Yours… Read More Here

(PRWeb) – Investors Shun Market Volatility as Fear and Uncertainty Reign, Opting Instead For Precious Metals IRAs as Gold Nears All Time Highs – Read More Here

(FinancialPost) – World currency unit intended to rival U.S. dollar for supremacy

A new currency is intended to challenge the U.S. dollar as the world’s foremost reserve currency. The WOCU, short for world currency unit, was actually launched by London-based WDX Organization in September 2009, but only seems to be gaining recognition now. Read More Here – See Also: Flex Group

Video: Watch the WOCU evolve – Video Link Here

(WOCU) – About the WOCU

The WDX Organisation has developed a currency-basket instrument called the Wocu; available for commercial use from 1st January 2010, the same day WDX launched its commercial reference data products. Read More Here

(YahooFinance) – Video: $6 to $8 Gas? Prices Will “Skyrocket” If U.S. Stops Drilling, Says Former Shell Exec – View Video Here

(WDX) – WDX Institute: Forum for WOCU Related Research Read More Here

(BusinessInsider) – MARKETS RIPPED APART: Here’s What You Need To Know

Following two straight up days, it looked like the panic might be out of this market. Nope, not even close. Fresh Euro panics combined with signs of economic weakness in the US to savage markets.

The scoreboard: Read More Here

(RealClearPolitics) – Census Worker Claims Job Numbers Are Being Inflated

“What they do is hire you, they train you like a few weeks — 35, 40 hours of training and give you six hours of productive work and lay you off.” a former Census named “Maria” tells FOX News. “Maria” further explains they rehire you so it counts as a new job.

(RussiaToday) – Video: Euro the focus of secret Bilderberg meeting: Charlie Skelton

“I hear from some people, Daniel Estulin has got sources inside, and he says the euro is on the top of the agenda. If the euro fails and the eurozone collapses, it’s been a lot of wasted talk. There’s talk, I have been speaking to some Spaniards here and they saying there’s whispers of returning to the peseta and that is not in the Bilderberg’s best interest,” said Skelton.

Economy

(ZeroHedge) – The WSJ’s Hit Piece On Gold – Tyler Durden – Read More Here

(GoldScents) – ENDING PHASE?

I have to wonder, are we entering the ending phase of this cyclical bull?

For sometime now I’ve noticed the similarities between the `02-`07 cyclical bull and what we’ve experienced since March of last year. The one difference is that this time we’ve truncated the middle phase of the bull. I suspect that was a direct result of the massive liquidity Bernanke … and all central banks have pumped into the system. Read More Here

(InterForecaster) – Deflationary Depression and Purging To Come – Bob Chapman

We believe an inflationary depression began in February of 2009, and little has changed. Since then factory output has increased, as have inventories and other outward signs, such as retail sales. We believe that one-year spurt is ending, unless a new stimulus program is put in place. This past week we saw a $78 billion addition to unemployment benefits and Larry Summers has said they need an additional $200 billion. In order to keep the economy going sideways a total of another $800 billion will be needed. Read More Here

(KUT) – State Business Tax Receipts Down

RJ DeSilva with the State Comptroller’s Office says new figures show a ten percent decline from last year. Read More Here

(TimesOnline) – UK Welfare State = Family Breakdown, Emasculated Men – Read More Here

(WSWS) – Europe’s media warn of global social unrest – Read More Here

(ClickOrlando) – Want Ad: Unemployed Need Not Apply

Job hunters are facing a new trend: businesses asking recruitment companies to keep unemployed people out of their job pools. Read More Here

REPOST – (RawStory) – Goldman Sachs sold $250 million of BP stock before spill

Firm’s stock sale nearly twice as large as any other institution; Represented 44 percent of total BP investment Read More Here

(CityWire) – Why Rothschilds is piling into gold – Read More Here

(Money&Markets) – RED ALERT: Get out of vulnerable stocks IMMEDIATELY!

You don’t have much time.

A Dow meltdown is imminent, and if you want to protect yourself from losses, it’s time to get out of the vulnerable stocks in your portfolio — immediately. In this special edition, I will explain why. Read More Here

(BizJournals) – Hawaii bankruptcy filings up 34.4% – Read More Here

(Telegraph) – EU plans green taxes to cut debt – Read More Here

Economy

(EconomicPolicyJournal) – HOT: Curious Trading by Federal Reserve Advisor May Result in JPMorgan Chase $1.264 Billion Windfall – Read More Here

(NYTimes) – Home Owners Stop Paying Mortgages – Read More Here

(MiamiHerald) – Gulf shrimpers fear oil spill will put them out of business – Read More Here

(CNNMoney) – Three American cities on the brink of broke – Read More Here

(BizJournals) – Four more Ga. banks get consent orders – Read More Here

(NewsObserver) – Mental health group can pay only half wages – Read More Here

(Fox43) – Video: Thousands of job losses possible if federal funding expires – Read More Here

(HometownAnnapolis) – Cohen to unveil more budget cuts – Read More Here

(ZeroHedge) – Bank Of International Settlements Warns To Ignore Banker “Doomsday Scenario” Fearmongering And Racketeering – Tyler Durden

Over the past two years, the one strategy that has elicited the greatest amount of anger in the general population has been the traditional resolution to the “lowest common denominator” strategy of fearmongering or racketeering by the financial elite, any time it was faced with a status quo extinction event Read More Here

(TheEconomicCollapse) – Europe’s Coming Summer Of Discontent

The summer of 2010 promises to be the most tumultuous summer in the short history of the European Union. The sovereign debt crisis sweeping the continent threatens to cause economic and political instability on a scale not seen in Europe for decades. Read More Here

(Reuters) – China warns debt woes threaten global recovery

China warned on Monday that Europe’s struggle to contain ballooning debt posed a risk to global economic growth, raising the specter of a double-dip recession. Read More Here

(Reuters) – ECB warns of more bank loan losses

The European Central Bank warned on Monday that euro zone banks face up to 195 billion euros in a “second wave” of potential loan losses over the next 18 months due to the financial crisis, and disclosed it had increased purchases of euro zone government bonds. Read More Here

(PressTV) – Eurozone jobless rate hits record high

Unemployment rate in the Eurozone counties has jumped to a historic 10.1 percent — its highest since the introduction of Euro.

According to statistics released by the European Union, almost 16 million people living in the Eurozone countries are currently out of jobs. Read More Here

(ABCNews) – Hewlett-Packard to Cut 9K Jobs; See $1B in Charges

Hewlett-Packard Co. said Tuesday it will cut about 9,000 jobs and take $1 billion in charges over three years as it creates fully automated commercial data centers. Read More Here

(AP) – Video: Deep Cuts Looming for Nation’s Public School Kid

Budget crises across the nation are forcing thousands of teacher pink-slips, shuttering classrooms and cutting school programs. This is the first story in a 3-part AP investigation series.

Economy

(TheStar) – European debt fears batter TSX

Fears that the effects of a government debt crisis could push Europe into a severe economic downturn sent the Toronto stock market tumbling Monday. Read More Here

(ComedyCentral) – Video: The Daily Show with John Stewart on Hoarders – Video Link Here

U.S. Debt Clock – View Clock Here

(ChartingStocks) – Why Gold And The Dollar Are BOTH Rising

An unusual dynamic has taken shape over the last few months – Both the US Dollar and Gold have been rising together. Normally, such a movement would seem counter intuitive as Gold is a commodity and commodities tend to move in the opposite direction of the US dollar. Read More Here

(FT) – Financial Crises Getting Worse Worldwide

The pace and severity of financial crises has taken an ominous turn for the worse. Over the past 30 years, a crisis has occurred, on average, every three years. Yet, now, only 18 months after the meltdown of late 2008, Europe’s sovereign debt crisis has hit with full force. With one crisis seemingly begetting another, and the fuse between crises now getting shorter and shorter, the world economy is on a very treacherous course. Read More Here

(Reuters) – Sears and Kmart to offer cash-for-gold service

Sears Holdings Corp (SHLD.O), which expanded its layaway program to help cash-strapped consumers pay for purchases during the recession, is now helping its customers exchange their jewelry for cash as gold prices soar. Read More Here

(Bloomberg) – `There’s No Money Left,’ U.K. Minister Learns From Predecessor

Arriving for work at the U.K. Treasury last week, the incoming chief secretary, David Laws, found a note from his predecessor, Liam Byrne, offering advice on the job.
“Dear Chief Secretary, I’m afraid to tell you there’s no money left,” Laws cited it as saying. Read More Here

Implode-O-Meter: Vicious Cycle – View Meter Here

(Bloomberg) – ‘There’s No Money Left,’ U.K. Minister Learns

Arriving for work at the U.K. Treasury last week, the incoming chief secretary, David Laws, found a note from his predecessor, Liam Byrne, offering advice on the job.

“Dear Chief Secretary, I’m afraid to tell you there’s no money left,” Laws cited it as saying.

“Which was honest,” Laws, whose position is the No. 2 in the Treasury after the chancellor of the exchequer, told a press conference in London today. “But slightly less than I was expecting.”

The note underscores the task facing Britain’s Conservative-Liberal Democrat coalition as it seeks to reconcile demand for improved health and education services with promises to reduce the largest budget deficit since World War II. Read More Here

(May 16) – Video: Alex Breaks Down “Death of The Middle Class” on Alex Jones Tv Sunday Editon

Alex breaks down the international banking cartels continued plunder of the middle class here in america and how far they will go. – Part 1 Here Part 2 Here

(TimesOnline) – Germans lose faith in EU

The multi-billion-euro payout for Greece, followed by an even more expensive rescue package for the threatened single currency, has created the greatest political climate change in a generation. Read More Here

(Bloomberg) – Stocks, Euro Plunge on Concern Austerity Plans to Curb Recovery

Asian stocks fell the most in almost six months, led by the Shanghai Composite Index’s 5 percent plunge, the euro dropped to its lowest against the dollar since 2006 and the cost of insuring bonds from default jumped on concern European austerity measures will derail the recovery. Read More Here

(PaulWatson) – Financial Terrorists Want Global Currency, Global Central Bank

During a recent speech at a conference of elitists in Zurich Switzerland, IMF chief Dominique Strauss-Kahn called for the introduction of a global currency backed by a global central bank which would act as the “lender of last resort” in the event of a severe economic crisis, which would represent another lurch towards fascist centralization of power by financial terrorists busy exploiting the fiscal chaos they created in order to impose world government.

Stating that “crisis is an opportunity,” Strauss-Kahn said that globalists should exploit the financial chaos plaguing the world in order to push for “a new global currency issued by a global central bank”. Read More Here

(BusinessInsider) – Germans Fantasize About New Rich-Nation Currency Bloc That Doesn’t Even Include France

Tonight’s must-read comes from Ambrose-Evans Pritchard at The Telegraph who offers some clear views on why the EU’s big shock & awe rescue plan is not having its desired result — why it hasn’t fully instilled confidence. Read More Here

(EconomicCollapseBlog) – The Extreme Frustration Of Unemployed Americans

When Barack Obama visited Buffalo recently, he was greeted by a billboard advertisement with a very pointed message about unemployment. In just a few words it summarized the frustrations of an entire region. The billboard along I-190 had this very simple message for Obama: ”Dear Mr. President, I need a freakin job. Period. Sincerely, inafj.org.” As word about this billboard got out, it quickly made headlines all over the United States. Why? Well, the truth is that millions of hard working Americans are extremely frustrated about their lack of work right now. When you don’t have a job and you can’t provide for your family, very little else seems to matter. In fact, according to a recent Gallup poll, unemployment is now the second most important issue to American voters. The number one issue is the economy. Read More Here

(AFP) – Euro rescue package ‘just buys time’: Merkel

A trillion-dollar package to shore up ailing eurozone economies merely buys time until the deficits of certain members of the 16-member zone are cleaned up, German Chancellor Angela Merkel said Sunday. Read More Here

(SilverBearCafe) – Rigging the Markets – How They Do It

While the rest of the financial world struggles, it might seem strange that four of the largest US banks have made record profits this past quarter – and not just on average, but every single trading day. Too good to be true? Indeed. Read More Here

(HuffingtonPost) – Detroit’s Unemployment Rate Is Nearly 50%, According to the Detroit News

As many have noted, the Bureau of Labor Statistics, which culls federal unemployment data, does not account for all of the jobless in its widely-quoted national unemployment figures. Among those omitted: part-time workers who are looking for full-time jobs and frustrated job seekers who abandon their job search altogether. Read More Here

(BeverlyHillsCourier) – Flood Of Calif. Businesses Abandon State

Numerous California businesses are packing up their bags and trading in the blue skies and hot weather to head east.

The Courier obtained a copy of the businesses leaving California this year. They are: Read More Here

(SKOptionsTrading) – Where next for Gold?

So far in 2010, all eyes in the gold market have been looking up at $1225 wondering whether gold get back to that all time high? Now that question has been answered yet another arises, where next for gold? Read More Here

(SteveWatson) – Video: Ron Paul – Those Who Voted Against Audit The Fed Will Pay The Price

Texas Congressman Ron Paul appeared on CNBC’s Squawk Box earlier today to discuss the financial crisis and his ongoing effort to audit the Federal Reserve.

Paul, speaking publicly for the first time since the Senate passed a watered down version of his HR1207 amendment to fully audit the Fed, said that those who had essentially voted for more Fed power would see repercussions.

The Panic Is On!

What this country is coming to
I sure would like to know
If they don’t do something bye and bye
The rich will live and the poor will die
Doggone, I mean the panic is on!

–Song from the Great Depression

(RevoltofthePlebs) – As the Great Depression of the 1930’s was getting underway, President Herbert Hoover refused to acknowledge it.  In the weeks following the events of Black Tuesday, Hoover called the economy “fundamentally sound.”  Months later, he still insisted that the strength of the American economy was “unimpaired.”  However, by 1931 he could no longer hide the truth.  With the economy in shambles, Hoover was forced to declare that America was indeed in a ‘depression’.  He chose the word ‘depression’ because he believed it to somewhat innocuous and far less provocative than terms like ‘panics’ or ‘crises’ that had previously been used to refer to significant economic downturns.

Video: Alert!! Food Prices Surge Most In 27 Years

(Youtube) – Vlog –

Economy

(AP) – Obama suggests value-added tax may be an option

President Barack Obama suggested Wednesday that a new value-added tax on Americans is still on the table, seeming to show more openness to the idea than his aides have expressed in recent days. Read More Here

(AP) – Millions face tax increases under Dems budget plan

President Barack Obama’s Democratic allies in the Senate promise to cut the deficit by almost two-thirds over the next five years, but their budget plan could threaten about 30 million people with tax increases averaging $3,700 in 2012 and after because of the alternative minimum tax. Read More Here

(GlobeAndMail) – Canada rejects IMF bank tax plan

‘Canada will not go down the path of excessive, arbitrary or punitive regulation of the financial sector,’ Finance Minister Flaherty says – Read More Here

(DailyMail) – Cameron in benefits threat to the workshy as he declares: ‘The free ride is over’

The message was carried on the first of a new series of posters, featuring the slogan: ‘Let’s cut benefits for those who refuse work.’ Read More Here

(TheEconomicCollapse) – America’s Crumbling Infrastructure

One of the key signs that we are in the early stages of an economic collapse and that we are heading towards another Great Depression is America’s crumbling infrastructure. The truth is that our infrastructure is literally falling apart all around us. Read More Here

(BusinessInsider) – Forget 10% Unemployment, The Real Job Loss Pain Number Is 54%

A March survey from Pew shows just how broad the unemployment pain has been felt. When you hear of 10% unemployment, you might imagine 1/10th of Americans experiencing extreme financial stress from the recent recession.

Yet given the unemployment rate’s odd methodology whereby it drops people who stop looking for work out of the data, and the fact that American households usually have more than one person, the real ‘pain’ number is 54% — over half of American households felt the direct impact of job losses: Read More Here

If The U.S. Economy Is Experiencing A Recovery Why Does It Seem Like Things Keep Getting Worse?

(EndOfTheAmericanDream) – The talking heads on all the major news shows keep telling us that the U.S. economy is experiencing a recovery.  Usually the term “recovery” is accompanied by a qualifier such as “jobless”, but they continue to use the word recovery anyway.  We are told that the greatest financial crisis since the Great Depression is behind us and that the great American economic machine is roaring back to life and everything will be back to normal soon.  So why does it seem like things keep getting worse?  Why does it seem like the American Dream is out of reach for more Americans than ever?  Why does it seem like economic pain is spreading to more families and more businesses?

Well, maybe it is because things are getting worse.

The Bright Side of Hyperinflation

(LewRockwell) – Despite encouraging words from politicians and the establishment media’s talking heads, it is clear to me, and I believe most Americans who do not live in a regime ivory tower, that we are not coming out of the recession. In fact, things appear to be getting worse as unemployment continues to rise and businesses cut salaries or shut down. The fears that this recession could turn into another Great Depression are very real, as we have lost so much of our capacity to create wealth and the federal government seems determined to use up any remaining capital fighting endless wars, funding endless entitlement programs, and spending trillions of dollars on non-wealth-creating “stimulus” programs while handing out even more trillions to their bankster buddies and corporate cronies. However, another 1930s-style depression is not what keeps me up at night with worry.

Video: Gerald Celente on Russia Today – Unemployment Benefits

(RussiaToday) – April 6, 2010 – Gerald Celente speaks on Russia Today about Unemployment Benefits and about the two party system in America.

Economy

(Reuters) – EU safety net not quite enough to break Greek fall

The thing about a safety net is that it all depends where you hang it. Read More Here

(Reuters) – Office vacancy rate hits 16-year high

The U.S. office vacancy rate in the first quarter reached its highest level in 16 years, but the decline in rents eased and crept closer to stabilization, according to a report by real estate research firm Reis Inc. Read More Here

(GlobalResearch) – Crisis of the Global Economy: Trade Conflicts and “Fair Trade”

Trade is now a favorite topic for many politicians and the media, especially between China and the U.S. Likewise, labor and progressive groups continue to delve deeper into trade issues, offering a variety of working class solutions. The far right, too, is obsessed with trade, using it to fuel nationalism and anti-China sentiment. No subject is prone to so much demagoguery combined with so little explanation.
Before one can offer a vision of “fair trade,” it’s helpful to understand what “trade” is. Read More Here

(GlobalResearch) – The Greek Financial Crisis and the European Timetable

Now that the Lisbon Treaty of 2009 is behind us, after it was forced through Ireland, after the Irish were told to keep voting on this until they said “yes”; now the European Union moves on to the next item on its timetable. The next step is to create a centralized Ministry in Brussels for Finance and Taxation, thereby further eroding the diminishing national sovereignty of the now twenty-seven member states; and what better way to do this than to organize a specific potshot against the little country of Greece? Read More Here

(GlobalResearch) – Imminent Dangers of Stagflation: U.S. Economic Policies Fail to Avert Hyperinflation

The United States send weak economic signals insufficient for a meaningful and sustainable economic expansion required to gain back confidence of national and foreign investors, futureofdollar.com finds in the present research. Political decision-making process is paralyzed by numerous disabilities, while external market constraints obstruct economic recovery. Stagflation is an imminent danger. Read More Here

(InfoClearingHouse) – What The Top U.S. Companies Pay In Taxes

As you work on your taxes this month, here’s something to raise your hackles: Some of the world’s biggest, most profitable corporations enjoy a far lower tax rate than you do–that is, if they pay taxes at all. Read More Here

(BusinessInsider) – Fed Still Fighting Over Whether The Problem Is Inflation Or Deflation

The Federal Reserve can’t make up its mind what the problem is. Specifically, it can’t agree on whether to fight inflation or deflation. So don’t expect any violent moves anytime soon. Read More Here

(WashingtonPost) – U.S. government a big commercial real estate player

Evidence of the federal government’s growing influence on Washington area commercial real estate is illustrated in big deals it is working on both sides of the table: auctioning a 127,000-square-foot Bethesda building previously occupied by the National Institutes of Health and moving to snatch up vast spaces in buildings on the private market that have been vacant for months. Read More Here

(WSJ) – Bank of Mom and Dad Shuts Amid White-Collar Struggle – Read More Here

(SilverBearCafe) – Will fraud lift gold prices to $10,000/ounce?

After the sub-prime catastrophe in banking and realty sector, which led to the global recession in 2008-09, it is the turn of bullion markets now. – Read More Here

(Gallup) – Underemployment Rises to 20.3% in March

Gallup Daily tracking finds that 20.3% of the U.S. workforce was underemployed in March — a slight uptick from the relatively flat January and February numbers. Read More Here

(InternationalForecaster) – The Smoke and Mirrors Economy – Bob Chapman

We have an economy run on smoke and mirrors, based on the manipulation of markets. That was accomplished via the executive order signed by President Ronald Reagan in 1988 in the aftermath of the stock market collapse of October 19, 1987, known as the “President’s Working Group on Financial markets.” This order intended to be implemented during emergencies has been used to manipulate markets worldwide 24/7. Read More Here

(CNN) – Unemployment Benefits Expire for Thousands

Extended unemployment benefits will temporarily expire for thousands of Americans on Monday because the Senate went on its spring recess without approving a one-month deadline extension. Read More Here

(MSN) – Inflation warning etched in steel

Pretend it’s 1933, as so many in the deflation camp think it is or soon will be (at least from the price-of-everything standpoint). If last Wednesday you reached for a copy of that day’s Financial Times, would you have expected to see the following headline — “Steel prices set to soar: Everyday goods will cost more” — in large print above the fold?

I don’t think so. Read More Here

(Reuters) – Oil hits 18-month high on economic outlook

U.S. crude futures hit an 18-month high on Monday, climbing toward $86 per barrel on expectations of faster-than-expected economic recovery and increasing demand for fuel. Read More Here

(BusinessInsider) – The Scariest Jobs Chart Ever (Another View)

Here’s another view of what we’ve been calling the “Scariest Jobs Chart Ever.” It’s from Calculated Risk, and it shows the percent of job losses since the peak for all the post-war recessions. Read More Here

Video: LBMA Bullion Market Ponzi Scheme. Financial Manipulation in the Gold and Silver Markets

What Do the New Unemployment Numbers Mean?

(WashingtonsBlog) – What do the new BLS numbers – 162,000 nonfarm jobs added in March – mean?

Barry Ritholtz provides a very useful summary:

Obama’s Budget Revealed: Money for Wars and Weapons, While More Americans Face Joblessness and Hunger

(TomDispatch) – Send up a flare! The 2011 federal budget has sprung some leaks in the midst of a storm. Not sure there’s enough money for life rafts!  Forget women and children first!

Buffeted by economic hard times, the 2,585-page, $3.8 trillion document is already taking on water, though this won’t be obvious to you if you’re reading the mainstream media. Let’s start with the absolute basics: 59% of the budget’s spending is dedicated to mandatory programs like Medicaid, Medicare, Unemployment Insurance, Social Security, and now Pell Grants; 34% is to be spent on “discretionary programs,” including education, transportation, housing, and the military; 7% will be used to service the national debt.

A serious look at this budget document reveals some “leaks” — two in actual spending practices and two in the basic assumptions that undergird the budget itself. Ship-shape as it may look on the surface, this is a budget perilously close to an iceberg, and it’s not clear whether the captain of the ship will heed the obvious warning signs. 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

Real, Uglier American Unemployment

(GlobalResearch) – Can you trust national averages? As bad as the jobless data you hear are, you have not been told the whole truth. If you think the terrible impact of America ’s Great Recession is shown by an official unemployment rate of about 10 percent, think 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: Romney at CPAC – It’s the Banksters, Mitt

(KurtNimmo) – Former Massachusetts governor Mitt Romney told the gathered at CPAC Obama needs to stop blaming Bush for the deficit and high unemployment. “When it comes to pinning the blame, let’s pin the blame on the donkey,” Romney told at the event that should be renamed NeoconPAC.

Economy

(WSJ) – German Economic Expectations Deteriorate

German economic expectations deteriorated in February, indicating the economic recovery isn’t gaining any significant momentum. Read More Here

(MSNBC) – China cuts holdings in U.S. treasuries

The government said Tuesday that foreign demand for U.S. Treasury securities fell by the largest amount on record in December with China reducing its holdings by $34.2 billion. Read More Here

(NewsWithViews) – Congress Refuses to Bring Home Millions of Jobs

I was in Denver recently. As I refuse to fly commercial, I drive. From Big Spring, Texas, where I live, to Denver and back, the number one subject of discussion is jobs. People are very afraid; you can see it in their eyes and hear it in their voice as they say, “I thought we were in a recovery.” Read More Here

(ABC) – Food Stamps Create Jobs… in India

Several States With High Unemployment Are Outsourcing Food Stamp Services Read More Here

(FinancialTimes) – Lone voice warns of debt threat to Fed

The US must fix its growing debt problems or risk a new financial crisis, Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, warned on Tuesday, adding a mounting deficit could spur inflation. Read More Here

(MSNBC) – Rising tide of suburban homeless across U.S.

Homelessness in rural and suburban America is straining shelters this winter as the economy founders and joblessness hovers near double digits — a “perfect storm of foreclosures, unemployment and a shortage of affordable housing,” in one official’s eyes. Read More Here

(MailOnline) – One in ten ‘underemployed’ as record 2.8m workers are trapped in part-time jobs

A record 2.8million workers are trapped in unsatisfying or lowly paid part-time jobs. Read More Here

(GoldSeek) – All Roads Lead to Goldman Sachs – Read More Here

Crash Babies

Wow, I think I woke up on a different planet this morning. There has been economic crashes, rumors of crashes, but damn man some huge players are saying “IT IS GOING TO CRASH.” One heavy weight to check in is Barton Biggs, former head of Morgan Stanley who says here and I quote “Insure yourself against war and disaster by buying a remote farm or ranch and stocking it with “seed, fertilizer, canned food, wine, medicine, clothes, etc. because tshtf is coming.” Read More Here

(AP) – Report: Hawaii hotels lost $741M last year

A new report says hotels in Hawaii lost $741 million last year, $1.1 billion since the tourism slump began in 2008 Read More Here

(RawStory) – China’s holding of US Treasuries tumbles

China’s holding of US Treasury bonds has tumbled, according to US Treasury data released Tuesday, after Beijing expressed concern over the swelling US deficit and amid new US-China tensions. Read More Here

(AP) – Foreigners cut Treasury stakes; rates could rise

A record drop in foreign holdings of U.S. Treasury bills in December sent a reminder that the government might have to pay higher interest rates on its debt to continue to attract investors. Read More Here

Economy

(MoneyNMarkets) – RED ALERT: Next debt crisis near!

One year and five months ago — armed with a 92-page white paper and 59,000 petitions — we warned Congress about the grave danger of government bailouts Read More Here

(GlobalResearch) – White House Projects Long-Term Mass Unemployment

The White House Council of Economic Advisers released its Economic Report to the President on Thursday, outlining the administration’s economic projections and policies. The report shows that the White House is expecting mass unemployment to continue for years, with only minor decreases from the current rate of nearly 10 percent through 2012. Read More Here

Exclusive: Sweetheart Mortgage Deals for Billionaires that will Make Your Blood Boil

It all started with a phone call I received in early May/2009. The caller sounded troubled, as so many are these days. He told me he had spent several days researching his options. Read More Here

(KoreaTimes) – Fed Plans to Wind Down $2.2 Tril. Stake

The Federal Reserve Board faces a delicate task. Having pumped $2.2 trillion into the economy to fight the recession, it must start pulling that money back. It would have to sop up over half of that liquidity to get back to pre-recession levels. Read More Here

(NYTimes) – The Making of a Euromess

Lately, financial news has been dominated by reports from Greece and other nations on the European periphery. And rightly so. Read More Here

Five Million Workers to Exhaust Unemployment Benefits by June

Back in December, the qualification dates for existing tiers of unemployment benefits were extended for an additional two months. Time is up at the end of February. Read More Here

Video: (Frontline) – Tax me if you can – The Great American Tax Dodge – View Video Here

(TheAtlantic) – Unemployed? Your Banking May Have Just Become More Expensive

When you lose your job, the last thing you need is for your expenses to increase. Yet, at some banks, that’s exactly what can happen with your checking account. A friend of mine recently learned this lesson the hard way with Bank of America. I thought her experience might be worth sharing. Read More Here

Euroland, the Horror Movie

An Olympian game of musical chairs in global finance heads for a climax in the days ahead as so many eyes are diverted to alternate festivities in British Columbia, where grown men compete for gold by riding things that look like cafeteria trays down icy mountainsides — is this the moment that comes every four years when you wonder why you didn’t get your kid a luge for Christmas? Read More Here

(BBC) – Cut working week to 21 hours, urges think tank

The working week should be cut to 21 hours to help boost the economy and improve quality of life, a left-wing think tank has said. Read More Here

The US Economic Crisis: Jobs Continue to Vanish While the Media Applauds “Recovery”

(GlobalResearch) – At first glance it appeared there was a typo in the headlines. The national media reported that, in January, another 20,000 more jobs were lost. Somehow, the unemployment rate dropped, from 10 percent to 9.7 percent. Nobody thought this paradox was worth explaining; instead, the media’s attitude was “more good news” about the economy.

More Government Equals Fewer Jobs – Peter Schiff

(C4L) – With today’s unexpected decline in December payrolls, the cry for more job-related stimulus will grow even louder. But the sad truth is that any new stimulus or jobs bills will ultimately swell the ranks of the unemployed, thereby raising calls for an even bigger federal effort. If we are not careful, government regulations, subsidies, and spending, all designed to fight unemployment, could push the labor market into a death spiral.

Banking and Housing Payments Devoured the Middle Class Income – 1 out of 10 Americans on Food Stamps and how the Fed Slowly Devalued the Dollars in your Wallet

It is a challenge to say that things are getting better when every month that goes by more Americans are losing their jobs or needing to apply for food assistance.  In the latest data for food assistance through SNAP we find that 200,000 more Americans were added to the program.  That now brings the total number of Americans on food assistance to 38,183,000.  1 out of 10 Americans are receiving food assistance.  For 2009 this cost the government $50 billion, up from $34 billion in 2008 and $30 billion in 2007.  It should be no surprise then that average Americans are questioning the viability of a middle class in the upcoming decade.

But even when we look at the balance sheet of the government, things are still not improving: Read More Here

MSM: 8.4 Million Jobs Lost in Recession

(DowJones) – The U.S. unemployment rate unexpectedly declined in January, but the economy continued to shed jobs and revisions painted a bleaker picture for 2009, casting doubt over the labor market’s strength.

MSM: Job losses from Great Recession about to get worse

(Yahoo) – Job losses during the Great Recession have been huge and they’re about to get bigger.
When the Labor Department releases the January unemployment report Friday, it will also update its estimate of jobs lost in the year that ended in March 2009. The number is expected to rise by roughly 800,000, raising the number of jobs shed during the recession to around 8 million.

MSM: Jobless Claims Rise Unexpectedly to 480,000

(Fox) – The number of newly laid-off workers filing initial claims for jobless benefits rose unexpectedly last week, evidence that layoffs are continuing and jobs remain scarce.

Economy

U.S. government close to debt ceiling

The U.S. Treasury Department said Wednesday it expects to hit the government’s debt ceiling by the end of February, putting pressure on Congress to raise the limit from its current level of $12.4-trillion (U.S.). Read More Here

(SBJ) – State revenue drop leads to $74M in spending cuts

The continued drop-off in state general revenue collections has led to additional spending restrictions this year, the state budget office said Tuesday. Read More Here

(Bloomberg) – U.S. May Lose 824,000 Jobs as Employment Data Revised: Analysis

The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time. Read More Here

(WATimes) – Largest-ever federal payroll to hit 2.15 million

The era of big government has returned with a vengeance, in the form of the largest federal work force in modern history. Read More Here

(MSNBC) – No help in sight, more homeowners walk away

About 5.1 million will own a home valued below 75 percent of what is owed Read More Here

(WorldNetDaily) – The Crisis Is Not Over

Readers ask if the financial crisis is over, if the recovery is for real and, if not, what are Americans’ prospects. The short answer is that the financial crisis is not over, the recovery is not real, and the U.S. faces a far worse crisis than the financial one. Here is the situation as I understand it: Read More Here

(RawStory) – Children lead way in record New York homelessness

Kariana, aged three, has a lonely existence in the New York homeless shelter her parents moved into last year. Lonely, but not alone — there are nearly 16,000 children just like her. Read More Here

(Yahoo) – Reports: AIG to pay out $100 million in bonuses

American International Group Inc. is set to pay out about $100 million in a fresh round of bonuses to employees of its financial products division, the unit whose risky bets helped sink the company leading to a $180 billion government bailout, according to reports published Tuesday. Read More Here

Global Insolvency: How will the US Service its Debt? – Bob Chapman

The recent election in Massachusetts of Republican Scott Brown to the Senate was a seminal event. It ended the Democratic administration’s ability to ram through legislation. It changed the game. The locomotive hit the bunter.

Walmart to lay off 11,200 workers at Sam’s Club

(AZCentral) – Walmart Stores Inc. said Sunday that it is cutting about 11,200 jobs at its Sam’s Club warehouse division as it outsources its product-sampling department to marketing company Shopper Events in an effort to win more customers and boost lagging sales.

Doug Casey Says Bet Against Wall Street, Bonds, and after a few months the U.S. Dollar

(MakretOracle) – L: Doug, I saw a Wall Street Journal headline a few days ago that boldly proclaimed, “Car Makers May Hire Soon.” Be still, my trembling heart! It’s hard to believe the WSJ would stoop to such a meaningless headline, but I guess they are just trying to give their desperate customers what they want: some hope, whether valid or not. What do you make of the unemployment situation?

MSM: Almost half of young black people are jobless, says study

(Guardian) – Big rise in unemployment in 16-24 age group since recession began

The Economy

(CNN) – Unemployment claims jump higher

The number of Americans filing for initial unemployment insurance rose more than expected last week, the government said Thursday. Read More Here

(RawStory) – US new jobless rise for second week

New claims for jobless insurance benefits in the United States rose for the second consecutive week amid persistent labor market concerns even as the economy recovers from recession. Read More Here

US Foreclosures Up 21% in 2009

The number of U.S. residential properties receiving at least one foreclosure filing jumped 21% in 2009 to a record 2.82 million, rrports RealtyTrac. Read More Here

The Big Lie of Economics – How “Mort-Gage’ Interest Creates a Death-Gamble

All Economics is based on the false premise that “interest fights inflation” when the truth is that “interest causes inflation.” Almost everyday in every financial story of every newspaper and radio or television program, it is repeated over and over the interest fights inflation. They all agree that interest causes unemployment but all have been conditioned to believe that it is necessary to fight inflation. “Inflation is coming so we’ll have to raise interest rates” is hypnotically chanted like a mantra.

Congress Cuts Americans’ Financial Throats – Immigration And Outsourcing Jobs

Look across the American unemployment landscape to see 15 to 20 million Americans without jobs, without hope and without a way out. Witness 35 million Americans subsisting on food stamps. Millions of U.S. teenagers cannot ‘buy’ a job. Watch accelerating home foreclosures for millions of Americans.

Japan, Refutation of Neoliberalism – Robert Locke

No-one wants to talk about Japan these days.  The conventional wisdom is that the bloom went off Japan’s economic rose around 1990 and that the utter superiority of neoliberal capitalism was vindicated by the strong performance of the American economy during the 1990s.  Furthermore, everyone is now convinced that China – whose economy is 1/8 the size of Japan’s – is the rising economic power and therefore the appropriate object of attention.
But Japan is, despite everything, still one of the master keys to understanding the future of the world economy, because Japan is the clearest case study of why neoliberalism is false.  Simply put, Japan has done almost everything wrong by neoliberal standards and yet is indisputably the second-richest nation in the world.