Video: New York Times Planted Story on Afghan Mineral Wealth Designed to Prolong US Occupation, Spur Neocon-Backed Petraeus Presidential Candidacy

(WebsterTarpley) – To provide a new and spurious economic looting argument for making the US occupation of Afghanistan virtually endless, and to advance the candidacy of General David Petraeus as the principal neocon warmonger candidate for president on the Republican ticket in 2012 – these are the purposes of the story planted in the June 13, 2010 New York Times under the byline of James Risen, who is acting as stenographer for the neocons in the great tradition of his predecessor Judith Miller. In retrospect, this article may well be seen as the opening gun of an overt push to place General Petraeus in the White House in 2012 as the new Field Marshal von Hindenburg. Continue reading

Economy

(CommitteeForAbolitionOfThirdWorldDebt) – Eurozone Economic Crisis: Call For a European Mobilisation Against the Dictatorship of the Creditors

Text of the La Marlagne Declaration Read More Here

(HuffingtonPost) – Tier 5: The Despair Of The 99ers

Hundreds of thousands of long-term unemployed people across the country are watching in despair as Congress limps toward a reauthorization of jobless aid programs that won’t even help them.

They are the 99ers, people who have exhausted the maximum 99 weeks of unemployment benefits available in some states. Read More Here

(MotherJones) – Soldier in Iraq Loses Home Over $800 Debt

Michael Clauer is a captain in the Army Reserve who commanded over 100 soldiers in Iraq. But while he was fighting for his country, a different kind of battle was brewing on the home front. Last September, Michael returned to Frisco, Texas, to find that his homeowners’ association had foreclosed on his $300,000 house—and sold it for $3,500. This is story illustrates the type of legal quagmire that can get out of hand while soldiers are serving abroad and their families are dealing with the stress of their deployment. And fixing the mess isn’t easy. Read More Here

(ZeroHedge) – Dollar to be Replaced with IMF’s SDR as Reserve Currency?

Jim O’Neill, who did not make any friends within the bear community earlier today, has written an interesting paper on the IMF’s Special Drawing Rights, and whether this hypernational currency can ever become a reserve currency as is, and/or with the CNY as a constituent member. Read More Here

(Globe&Mail) – Greece could set off bigger debt bomb

Let’s play a little game called Disaster. Imagine an event that could trigger a genuine, knock ’em down, worldwide catastrophe. Think of Pearl Harbor, multiplied by 10, or even 100. Read More Here

(BizJournals) – N.C. loses 1,800 more construction jobs

North Carolina lost 1,800 jobs in the construction industry in April, according to a report released Friday. But the study also shows the industry’s nationwide slowdown is beginning to wane. Read More Here

(Bloomberg) – Berlusconi Says $30 Billion of Budget Cuts Needed to Save Euro – Read More Here

(CNBC) – More Cities on Brink of Bankruptcy – Read More Here

(BizJournals) – Cincinnati State hikes tuition 3.5% – Read More Here

(HoweStreet) – Miami Commissioner Says Bankruptcy is City’s Best Hope; Chris Christie Says New Jersey Careens Towards Becoming Greece – Read More Here

(CNNMoney) – Youth jobless crisis could have lasting impact – Read More Here

(NBCMiami) – Video: Miami Budget Begging for Bankruptcy – Video Link Here

(WPost) – 100,000 teachers nationwide face layoffs – Read More Here

(AmericanThinker) – Folly Central: Obama Considers Another Stimulus

Another stimulus. That’s right. You read correctly. The U.K.’s Telegraph reports that dour President Obama and his cadre of thick-headed left-wing ideologues are weighing additional borrowing. This time to the tune of $200 billion. Paltry when stacked against the trillions in debt the nation is already massing? Can you say the “tyranny of compounding interest?” Read More Here

(BusinessInsider) – The Worst Money Supply Plunge Since The Depression Means A Double Dip Is Now A ‘Virtual Certainty’

The negative take is that this crashing money supply will lead to both deflation and a double dip recession: Read More Here

(ABCNews) – National Debt Soars Past $13 Trillion – Read More Here

(EconomicPolicyJournal) – Subprime Goes to College: $300 Billion in Defaults Coming

Mike O’Rourke (Via ZeroHedge) has a nice summary of yesterday’s Ira Sohn Research Conference.

Of note was Frontpoint’s Steve Eisman, who has spotted another private sector industry that is in bed with government big time ,that is taking advantage of the poor, and will collapse. Here’s O’Rourke’s report on Eisman’s speech: Read More Here

(TaxProf) – Gird Your Loins: IRS ‘Wealth Squads’ Are on the Way

Newly created exam teams will scrub wealthy taxpayers’ hedge funds, trusts and foreign accounts. Read More Here

(DailyFinance) – BankWatch: TARP Investments Lead to Huge Losses for U.S. Treasury

As struggling banks get acquired or fail, the U.S. Treasury is shouldering a growing burden: Its investments in TARP are turning out to be a bust, leading to huge losses. And there are signs of more trouble ahead. Read More Here

(AmericanThinker) – Another Sham Stimulus Bill – Read More Here

(WashingtonPost) – 100,000 teachers nationwide face layoffs

Senior congressional Democrats and the Obama administration scrambled Wednesday to line up support for $23 billion in federal aid to avert an estimated 100,000 or more school layoffs in a brutal year for education budgets coast to coast. Read More Here

(InfoClearingHouse) – Credit Storm in Europe; Politics on Capital Hill – Mike Whitney

Credit market turmoil in the Eurozone has ignited frenzied trading on global markets. On Tuesday, shares tumbled nearly 300 points on the Dow Jones before launching an unconvincing 257-point late-day comeback. Wednesday the mayhem continued; all the major indexes seesawed wildly as positive news on durable goods was nixed by reports on wobbly EU banks. Read More Here

(HuffingtonPost) – The Cult of Subprime Central Bankers

The world is suffering from the worst downturn since the Great Depression. The crisis has left tens of millions unemployed in the U.S., Europe, and elsewhere. The huge baby boomer generation in the United States, now on the edge of retirement, has seen much of its wealth destroyed with the collapse of the housing bubble. Read More Here

(WSJ) – Banks Trim Debt, Obscuring Risks

Three big banks—Bank of America Corp., Deutsche Bank AG and Citigroup Inc.—are among the most active at temporarily shedding debt just before reporting their finances to the public, a Wall Street Journal analysis shows. Read More Here

(Fox) – Video: Freedom Watch – Reigning in National Debt

May 26 – What role did supply-side economics play in creating U.S. deficit? Continue reading

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

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

Economist: Health Care Bill “Is Just Another Bailout Of The Financial System”

(WashingtonsBlog) – It is obvious that many republicans oppose the proposed health care bill. But many liberals and progressives oppose it as well. Continue reading

Mounting Political Tensions as the US, Russia and China Compete for the Control of the World’s Oil and Gas Reserves

China’s completion of an historic natural gas pipeline with Kazakhstan bypassing Russia this week tightens the Asian behemoth’s grip on energy resources needed to fuel a burgeoning economy, a desire also forcing it on a quest for oil and gas wealth in other corners of the globe. Continue reading

Final Copenhagen Text Includes Global Transaction Tax

The final Copenhagen draft agreement which was hammered out in the early hours of Friday morning includes provisions for a global tax on financial transactions that will be paid directly to the World Bank, as President Obama prepares to bypass Congress by approving a massive transfer of wealth from America into globalist hands. Continue reading