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Thursday November 19th, 2009
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Astonishing Video: European Billionaire Sir James Goldsmith in 1994 thoroughly predicted the economic plight America and the world now suffers under as a result of NAFTA and GATT. He begged America not to approve the treaties, Al Gore whored for it and the congress voted for it anyways. Look no further, this is the reason our country and our economy is dying and why it will only continue to get worse.
posted 11/19/2009, 6:25 PM (InformationLiberation)
[Category: Economy]
Sir James Goldsmith, European Parliament Member and famous billionaire explains the perils of the so-called "free-trade" agreements of NAFTA and more importantly GATT, and how under the guise of free-trade our economy will be deindustrialized and moved overseas wherever the cheapest labor can be found, everything he predicted has now come true, America will soon be a third world nation where we live as slaves in the lands our forefathers conquered. Charlie Rose has since bought land in a commune with other elitists in the Dominican Republic where he plans to move after America collapses. Al Gore after whoring for GATT has since moved on to global warming and is lobbying for taxes to be directly imposed on the life giving gas that is carbon dioxide, supposedly this will create green jobs and will somehow help our economy, do you really believe him?
What is it going to take America? What is it going to take to get you to wake up and realize you've been lied to and taken advantage of and if you don't wake up right now we are going to be left with absolutely nothing?
Congress is now gearing up to pass the Copenhagen Treaty, a treaty which will establish a Global Government which all the nations of the world will pay carbon taxes to. Now another British Lord is here warning Americans that the America you know and love will cease to exist, instead an unelected bureaucracy of globalist billionaires who created and wrote the treaty will rule over every aspect of our lives. For God's sake, wake up people. There is no more time to play games, we are losing everything our parents and our grandparents and our parents before them fought a... (more) |
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Tuesday November 10th, 2009
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Argentina's Economic Collapse
posted 11/10/2009, 6:05 AM (Google Video)
[Category: Economy]
Documentary on the events that led to the economic collapse of Argentina in 2001 which wiped out the middle class and raised the level of poverty to 57.5%. Central to the collapse was the implementation of neo-liberal policies which enabled the swindle of billio... (more) |
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Monday November 9th, 2009
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Milton Friedman - PBS - Free to Choose 1980
posted 11/09/2009, 1:57 AM (PBS)
[Category: Economy]
America's freedom and prosperity derive from the combination of the idea of human liberty in America's Declaration of Independence with the idea of economic freedom in Adam Smith's Wealth of Nations. Friedman explains how markets and voluntary exchange organize ... (more) |
Auto Execs Urge Government to Tax Fuel up to $8/Gallon to Increase Fuel Efficiency
posted 11/09/2009, 12:39 AM (DailyTech)
[Category: Economy]
CEO at leading parts supplier: "Energy independence...ultimately means that fuel has to be more expensive"
It's no secret that when gas prices dropped early in the year and with the recession in full swing, hybrid sales saw their first drop in years. Faced with tough new fuel economy restrictions, auto executives had come up with all sorts of unusual suggestions -- such as cutting crash testing -- but now had to puzzle over a new dilemma; what if consumers don't want the higher-p... (more) |
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Wednesday November 4th, 2009
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How Goldman secretly bet on the U.S. housing crash
posted 11/04/2009, 4:52 PM (McClatchy Newspapers)
[Category: Economy]
WASHINGTON — In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.
Goldman's sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled the nation's premier investment bank to pass most of its potential losses to others ... (more) |
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Sunday November 1st, 2009
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Ron Paul: Be Prepared for the Worst
posted 11/01/2009, 6:20 PM (Forbes)
[Category: Economy]
Any number of pundits claim that we have now passed the worst of the recession. Green shoots of recovery are supposedly popping up all around the country, and the economy is expected to resume growing soon at an annual rate of 3% to 4%. Many of these are the same people who insisted that the economy would continue growing last year, even while it was clear that we were already in the beginning stages of a recession.
A false recovery is under way. I am reminded of the outlook in 19... (more) Related: Housing Crash to Resume on 7 Million Foreclosures, Amherst Says |
The Real Climate Change Catastrophe
posted 11/01/2009, 6:19 PM (Christopher Booker)
[Category: Economy]
Next Thursday marks the first anniversary of one of the most remarkable events ever to take place in the House of Commons. For six hours MPs debated what was far and away the most expensive piece of legislation ever put before Parliament.
The Climate Change Bill laid down that, by 2050, the British people must cut their emissions of carbon dioxide by well over 80 per cent. Short of some unimaginable technological revolution, such a target could not possibly be achiev... (more) |
Households energy bills to increase by £800 under green tax proposals
posted 11/01/2009, 6:17 PM (The Telegraph)
[Category: Economy]
Plans put forward by the Green Fiscal Commission (GFC), a Government-supported think tank, would see the tax on gas and electricity rise every year.
By 2020, the new levy would amount to 80 per cent of the cost of the average gas bill and 30 per cent of the average electricity bill.
The tax forms part of a £150 billion package of proposed measures, including a tripling of fuel duty over the next decade and a tax of up to £3,300 on new cars.
Th... (more) |
9 more U.S. banks fail; $2.5 billion hit for FDIC
posted 11/01/2009, 6:15 PM (MarketWatch)
[Category: Economy]
SAN FRANCISCO (MarketWatch) -- Nine more U.S. banks, all owned by the same Illinois holding company, were closed Friday by regulators, and the Federal Deposit Insurance Corp. said U.S. Bank of Minneapolis would assume their deposits.
The closings brought the 2009 total to 115 in 2009 -- the first year since 1992 that more than 100 banks have gone under.
The banks as of Sept. 30 had combined assets of $19.4 billion and deposits of $15.4 billion, the FDIC said.
... (more) |
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Saturday October 31st, 2009
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The Collapse of Detroit: Ground Zero for the Globalist's Deindustrialization Agenda
posted 10/31/2009, 8:44 PM (Infowars)
[Category: Economy]
"Isn't the only hope for the planet that the industrialized civilizations collapse? Isn't it our responsibility to bring that about?" -- Maurice Strong, 1992
It's a history where the bankers have embedded themselves into the economy, building up infrastructure for a time, then bringing down the system within the United States in concert with the international economic warfare and the rise of global government.
It's the collapse of Detroit, and like ... (more) |
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Thursday October 29th, 2009
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Leading Climate Scientist: Cap and Trade Could Ruin US Economy
posted 10/29/2009, 3:37 PM (Northern News Network)
[Category: Economy]
BILLINGS - As debate over climate change legislation heats up on Capitol Hill, the Director of the University of Montana’s Climate Change Studies Program, and a co-author of a Nobel Prize winning report, says cap and trade legislation could ruin the US economy.
During a Wednesday morning interview with statewide radio talk show host Aaron Flint on “Voices of Montana,” Dr. Steve Running said any climate change solution needs to involve all nations.
“We have to have... (more) |
Secret plan for Euro income tax
posted 10/29/2009, 3:35 PM (Daily Express)
[Category: Economy]
SECRET plans to seize more than £4billion a year from Britain and make its citizens pay taxes direct to Europe emerged last night.
The leaked proposals, seen by the Daily Express, state that Britain should lose the billions of pounds in rebate that was agreed by Margaret Thatcher 25 years ago.
The plans – with a foreword by European Union Commissioner Jose Manuel Barroso – would cost every British family at least £155 a year.
They would also mean Brus... (more) |
Back-Door Taxes Hit U.S. With Financing in the Dark
posted 10/29/2009, 3:34 PM (Bloomberg)
[Category: Economy]
Oct. 26 (Bloomberg) -- Salvatore Calvanese, the treasurer of Springfield, Massachusetts, for four years, had a ready defense for why he risked $14 million of taxpayer money on collateralized-debt obligations laden with subprime mortgages in 2007.
He didn’t know what he was buying, he says, and trusted the financial professionals who sold them and told him they were safe.
“I thought they were money markets that were just paying more,” Calvanese said in an interview. ... (more) |
Fed Up: The political movement to curtail the Federal Reserve goes from fringe to mainstream
posted 10/29/2009, 3:29 PM (Reason)
[Category: Economy]
Rep. Ron Paul (R-Texas), the libertarian-leaning congressman and failed 2008 GOP presidential candidate, has been suspicious of the Federal Reserve since before first entering Congress in 1976. In a 1981 article that mentioned the then-obscure legislator, United Press International reported that Paul "has proposed abolishing the Federal Reserve, repealing laws which make the dollar legal tender, and switching to currency issued by banks, 100 percent backed by gold."
... (more) |
California Marijuana Ban Gets Legislative Review After 96 Years
posted 10/29/2009, 3:29 PM (Bloomberg)
[Category: Economy]
Oct. 28 (Bloomberg) -- California’s Assembly will consider lifting its 96-year-old ban on marijuana, decriminalizing the drug and taxing it like alcohol, as the state seeks ways out of its worst financial crisis since World War II.
The Assembly’s Public Safety Committee will discuss the social, fiscal and legal implications of legalizing and regulating marijuana in Sacramento today, said Quintin Mecke, a spokesman for Assemblyman Tom Ammiano.
It would be the first ... (more) |
Celente: Uniqueness is key in avoiding economic hardship
posted 10/29/2009, 3:21 PM (Daily Orange)
[Category: Economy]
World-renowned Trends Research Institute founder Gerald Celente predicted that the greatest economic depression yet will hit the world by the end of 2012. The slump may be inevitable, but there are ways to prepare for it.
Thomas Jefferson once said, "I find that the harder I work, the more luck I seem to have." During tough times, the average person will make quips for their lack of aptitude and instead take an optimistic approach toward the future. The worst thing you can say to ... (more) |
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Monday October 26th, 2009
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Are You Ready for the Next Crisis?
posted 10/26/2009, 6:50 PM (Paul Craig Roberts)
[Category: Economy]
Evidence that the US is a failed state is piling up faster than I can record it.
One conclusive hallmark of a failed state is that the crooks are inside the government, using government to protect and to advance their private interests.
Another conclusive hallmark is rising income inequality as the insiders manipulate economic policy for their enrichment at the expense of everyone else.
The Banksters are still in charge.
Income inequal... (more) |
World Currencies To Join In Race To The Bottom
posted 10/26/2009, 6:50 PM (Bob Chapman)
[Category: Economy]
The G-20 finance ministers meet in Scotland on November 6th and 7th, and they will all be bleating about the fall in the dollar. France started this week, and the others will follow. Their currencies are rising in value and they do not like it.
We expect other nations to follow, Mexico and Brazil in imposing a 2% tax on incoming funds and others will print their currencies and buy dollars to reduce the value of their currencies and at the same time buy US Treasuries that ar... (more) |
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Thursday October 22nd, 2009
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Rothschild Biographer: Dollar Will Suffer Long, Protracted Death
posted 10/22/2009, 8:17 PM (Yahoo Finance)
[Category: Economy]
The weakening dollar is dying a slow death.
“It’s clear where we’re headed,” says Niall Ferguson, author of The Ascent of Money. “Ten years from now there will be more than one international reserve currency,” he tells Tech Ticker.
Ferguson dismisses the dollar loyalists, citing the British pound "“ the last international reserve currency – as his example. “These things don’t last forever” but don’t expect it to happen overnight. “It’s a long multi-decade process,” ... (more) |
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Monday October 19th, 2009
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Global banking body may be needed-FSA
posted 10/19/2009, 10:14 AM (Reuters)
[Category: Economy]
LONDON (Reuters) - A global body with legal powers may be needed over time to enforce the world's new financial rules, the Financial Services Authority (FSA) said on Wednesday.
The FSA's newly appointed and first director of international affairs, Verena Ross, said the Financial Stability Board (FSB) was key to ensuring all gaps in regulation between securities, insurance and banking sectors were plugged.
Formerly known as the Financial Stability Forum, the FSB was ... (more) Yes, we have desperate need to make the federal reserve counterfeit money printing machine be global in scope with absolutely no means for escape, thank you unelected world government body. |
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Thursday October 15th, 2009
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Goldman Sachs average pay and bonus to hit £500,000
posted 10/15/2009, 9:14 AM (This is London)
[Category: Economy]
The age of the City mega-bonus returned today after investment bank Goldman Sachs unveiled £2 billion profits.
The Wall Street giant's 5,500 London staff can look forward to record average payouts of around £500,000 each at the end of the year from a global pot of £14 billion, the Standard has learned.
Senior executives working at the bank's European headquarters in Fleet Street will get bonuses of several million pounds each with the highest paid as muc... (more) |
JPMorgan profit rises 7-fold
posted 10/15/2009, 9:14 AM (Bloomberg)
[Category: Economy]
JPMorgan Chase & Co, the second- largest US bank by assets, said profit in the third quarter soared almost sevenfold, beating analysts' estimates, as fixed- income revenue surged.
Earnings climbed to $3.59 billion, or 82 cents a share, from $527 million, or 9 cents, in the same period a year earlier at the height of the financial crisis, the New York-based company said on Wednesday in a statement. Last year's quarter included $640 million of losses tied to the takeover of Washingt... (more) |
Group: Record Numbers Of Homeless In NYC
posted 10/15/2009, 9:14 AM (CBS News)
[Category: Economy]
The economy may be poised for a rebound but for a lot of people times are very tough.
According to a new report, the number of homeless people sleeping in New York City shelters has reached an all time high at 39,000 -- many of them are children.
Using New York City's own data, a homeless group claims a record number of people are in city shelters, particularly children, despite years of programs that were supposed to bring homeless numbers down. But perhaps the bes... (more) |
34 banks don't pay their quarterly TARP dividends
posted 10/15/2009, 9:13 AM (USA Today)
[Category: Economy]
 The U.S. taxpayers' investments in smaller banks are increasingly at risk.
In a sign that more banks are under great pressure from the recession, 34 financial institutions did not pay their quarterly dividends in August to the Treasury on funds obtained under the Troubled Asset Relief Fund (TARP). The number almost doubled from 19 in May when payments were last made, and also raised questions about Treasury's judgment in approving these banks as "healthy," a necessary step for the... (more) |
Jim Rogers "Quite Sure" Gold Will Hit $2000, Dollar Will Lose Reserve Status
posted 10/15/2009, 9:12 AM (Tech Ticker)
[Category: Economy]
Famed investor Jim Rogers is "quite sure gold will go over $2000 per ounce during this bull market."
Rogers' confidence gold will continue to rally stems from a view the U.S. dollar is on its way to losing status as the world's reserve currency.
"Is it going to happen? Yes," Rogers says. "I don't like saying it [and] I'm extremely worried about it but we have to deal with the facts. America is not getting better [and] the dollar is going to be replaced just like pou... (more) |
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Tuesday October 13th, 2009
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The Economic Recovery is an Illusion
posted 10/13/2009, 2:12 AM (Global Research)
[Category: Economy]
 War is Peace, Freedom is Slavery, Ignorance is Strength, and Debt is Recovery
In light of the ever-present and unyieldingly persistent exclamations of ‘an end’ to the recession, a ‘solution’ to the crisis, and a ‘recovery’ of the economy; we must remember that we are being told this by the very same people and institutions which told us, in years past, that there was ‘nothing to worry about,’ that ‘the fundamentals are fine,’ and that there was ‘no danger’ of an ... (more) |
Failed Economic Policies and Rising Unemployment in the United States of America
posted 10/13/2009, 2:11 AM (Global Research)
[Category: Economy]
This past week the BLS released the September unemployment statistics and they worsened as usual, as America enjoys its recovery.
U-1–Those unemployed 15 weeks or longer, as a percent of the civilian labor force was 5.4%.
U-2-Job losers and persons who completed temporary jobs, as a percent of the labor force was 6.8%.
U-3-Total unemployed, as a percentage of the civilian labor force, the official unemployment rate, 9.8%.
U-4-Discou... (more) |
The demise of the dollar
posted 10/13/2009, 2:10 AM (The Independent)
[Category: Economy]
 In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
Secret meetings have already been held by finance ministers and central bank ... (more) |
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Saturday October 3rd, 2009
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Good news on environment, but can it last?
posted 10/03/2009, 3:39 PM (Reuters)
[Category: Economy]
WASHINGTON (Reuters) - There's nothing like a recession to help clear the air of toxins and drive down pump prices -- but we all know it can't last. Or can it?
Even some of the gloomier environmental prognosticators see the world's steep recession possibly prompting a lasting shift in consumer behavior that could form the basis of a more sustainable environment.
As nations haggle about how to battle climate change, global greenhouse gas emissions are in sharp retrea... (more) Do you see how they did this? You being busto is now "good for the environment." |
'Planned recession' could avoid catastrophic climate change
posted 10/03/2009, 3:38 PM (The Telegraph)
[Category: Economy]
At the moment the UK is committed to cutting greenhouse gases by a third by 2020.
However a new report from the Tyndall Centre for Climate Change Research said these targets are inadequate to keep global warming below two degrees C above pre-industrial levels.
The report says the only way to avoid going beyond the dangerous tipping point is to double the target to 70 per cent by 2020.
This would mean reducing the size of the economy through a "planne... (more) A banker having all your money is good for the environment. |
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Monday September 28th, 2009
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Housing Crash to Resume on 7 Million Foreclosures, Amherst Says
posted 09/28/2009, 11:40 PM (Bloomberg)
[Category: Economy]
 Sept. 23 (Bloomberg) -- The crash in U.S. home prices will probably resume because about 7 million properties that are likely to be seized by lenders have yet to hit the market, Amherst Securities Group LP analysts said.
The “huge shadow inventory,” reflecting mortgages already being foreclosed upon or now delinquent and likely to be, compares with 1.27 million in 2005, the analysts led by Laurie Goodman wrote today in a report. Assuming no other homes are on the market, it would... (more) All over the news and on TV they are saying the housing crash is over, don't believe the hype. - Chris |
Insider selling still accelerating
posted 09/28/2009, 11:40 PM (StockHouse.com)
[Category: Economy]
While legions of U.S. market-pumpers insist that all that lies ahead for U.S. markets is an “economic recovery,” and a continuation of this absurd rally, they deliberately ignore one of the most ominous indicators of the future direction of markets: insider selling.
For the entire duration of this hype-fueled rally, insider selling has been steadily increasing. As we enter what has historically been the two worst months for U.S. markets, ... (more) Word to the wise... |
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Wednesday September 23rd, 2009
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90% Say Fed Should Be Abolished In CNBC Poll
posted 09/23/2009, 11:26 PM (CNBC)
[Category: Economy]
 "Nothing good can come from the Federal Reserve," writes Texas Congressman Ron Paul in his latest book hitting shelves this week, titled "End the Fed."
"It is the biggest taxer of them all. Diluting the value of the dollar by increasing its supply is a vicious, sinister tax on the poor and middle class."
Paul makes the case that the Fed is the main culprit responsible for the current economic mess the country faces through the destructive policies of cheap credit a... (more) |
The stock market rally is just another bubble -- and it's set to pop
posted 09/23/2009, 11:26 PM (MoneyWeek)
[Category: Economy]
Stock markets continue to expect the best of all worlds.
There will be a V-shaped recovery. Everything is headed back to normal. At least, that's what you'd believe if you just look at the way stocks have surged.
But the 'real' economy is telling a different story. And it's one that could spell a very sticky ending for the current rally...
We're in a bubble Money printing by the Bank of England and other central banks across the wo... (more) |
Prince Charles, Who Owns 6 Cars, Urges Serfs To Give Up Cars To Save Planet
posted 09/23/2009, 11:18 PM (The Telegraph)
[Category: Economy]
The Prince of Wales is urging people to give up their cars in favour of walking and public transport to try to reduce carbon emissions.
The Prince, who has two Jaguars, two Audis, a Range Rover and still drives an Aston Martin given to him by the Queen on his 21st birthday, said developers had a duty to put public transport and the pedestrian at the heart of their housing schemes.
Speaking about the "domination of the car over the pedestrian", the future King said: ... (more) |
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Friday September 18th, 2009
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One bank to rule them all: UN wants new global currency to replace dollar
posted 09/18/2009, 9:35 PM (The Telegraph)
[Category: Economy]
 The dollar should be replaced with a global currency, the United Nations has said, proposing the biggest overhaul of the world's monetary system since the Second World War.
In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.
It added that the present system, under wh... (more) Hey I thought this was a conspiracy theory? Oh well, what's on TV? |
Greenspan: Market crisis 'will happen again'
posted 09/18/2009, 9:34 PM (BBC)
[Category: Economy]
The world will suffer another financial crisis, former Federal Reserve chief Alan Greenspan has told the BBC.
"The crisis will happen again but it will be different," he told BBC Two's The Love of Money series.
He added that he had predicted the crash would come as a reaction to a long period of prosperity.
But while it may take time and be a difficult process, the global economy would eventually "get through it", Mr Greenspan added.
"T... (more) |
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Wednesday September 16th, 2009
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Insiders sell like there's no tomorrow
posted 09/16/2009, 12:06 PM (CNN Money)
[Category: Economy]
NEW YORK (Fortune) -- Can hundreds of stock-selling insiders be wrong?
The stock market has mounted an historic rally since it hit a low in March. The S&P 500 is up 55%, as U.S. job losses have slowed and credit markets have stabilized.
But against that improving backdrop, one indicator has turned distinctly bearish: Corporate officers and directors have been selling shares at a pace last seen just before the onset of the subprime malaise two years ago.
... (more) |
US credit shrinks at Great Depression rate prompting fears of double-dip recession
posted 09/16/2009, 12:06 PM (The Telegraph)
[Category: Economy]
 Professor Tim Congdon from International Monetary Research said US bank loans have fallen at an annual pace of almost 14pc in the three months to August (from $7,147bn to $6,886bn).
"There has been nothing like this in the USA since the 1930s," he said. "The rapid destruction of money balances is madness."
The M3 "broad" money supply, watched as an early warning signal for the economy a year or so later, has been falling at a 5pc annual rate.
... (more) |
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Sunday September 13th, 2009
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On anniversary, stock market closes at exact 9/11 level
posted 09/13/2009, 11:06 AM (Infowars)
[Category: Economy]
FDR famously said, “In politics, nothing happens by accident. If it happens, you can bet it was planned that way.”
Whether or not that mantra extends to business, everyday life or the ‘free’ market is up for debate, and perhaps subject to one’s personal convictions.
At any rate, the stock market, at the center of today’s economic crisis, closed on the eighth anniversary of 9/11 at nearly the exact same level the Dow Jones industrial average was at the day of that tr... (more) |
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Thursday September 10th, 2009
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Tuesday September 8th, 2009
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Rothschild to advise on Irish banking rejig
posted 09/08/2009, 12:10 AM (Reuters)
[Category: Economy]
LONDON, Sept 1 (Reuters) - The Irish government has appointed investment bank Rothschild to advise on the restructuring of the country's banking sector, a source close to the firm said on Tuesday.
"We will advise the Department of Finance on how to shape the banking system going forward, including the establishment of the National Asset Management Agency and any possible consolidation in the sector," the source said.
Bank of America Merrill Lynch (BAC.N) was hired ... (more) |
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Wednesday September 2nd, 2009
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The $531 Trillion Dollar Derivatives Time Bomb
posted 09/02/2009, 1:22 AM (Wise Up Journal)
[Category: Economy]
 Titanic Derivatives
What are derivatives? Some investors describe them as "dormant economic weapons of mass destruction". They essentially are large leveraged bets on top of stocks, bonds and commodities. Money can be made within months or seconds by betting if a stock will go up, down or even remain the same. With no credit rating you can place a bet worth double your account balance. Big time investors get greater leverage with these instantaneous loans.
... (more) |
Insider Report: Selling topped $53M in July
posted 09/02/2009, 1:21 AM (Boston Business Journal)
[Category: Economy]
Stock sales among Massachusetts’ corporate insiders — executives and directors running the state’s publicly traded companies — topped $53 million in July, dwarfing that same group’s purchases for the month, which totaled less than $5,000.
The lopsided insider activity came during a particularly buoyant stretch in the stock market, indicating that many well-heeled executives and directors were seizing an opportunity to cash out after months of poor returns.
The tradi... (more) |
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Saturday August 29th, 2009
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Racketeering 101: Bailed Out Banks Threaten Systemic Collapse If Fed Discloses Information
posted 08/29/2009, 10:34 PM (Zero Hedge)
[Category: Economy]
And so the guns come out blazing. The Clearing House Association, another name for all the banks that were bailed out over the past year with the generous contributions from all of you, dear taxpayers, are now threatening with another instance of complete systemic collapse if Bloomberg's lawsuit is allowed to proceed unchallenged, let alone if any of the "Audit The Fed" measures are actually implemented.
As a reminder, The Clearing House Association consists of A... (more) |
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Thursday August 27th, 2009
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Toxic Loans Topping 5% May Push 150 Banks to Point of No Return
posted 08/16/2009, 1:13 PM (Bloomberg)
[Category: Economy]
Aug. 14 (Bloomberg) -- More than 150 publicly traded U.S. lenders own nonperforming loans that equal 5 percent or more of their holdings, a level that former regulators say can wipe out a bank’s equity and threaten its survival.
The number of banks exceeding the threshold more than doubled in the year through June, according to data compiled by Bloomberg, as real estate and credit-card defaults surged. Almost 300 reported 3 percent or more of their loans were nonperforming, a ter... (more) |
Pay Raises Are the Worst in 33 Years
posted 08/16/2009, 1:13 PM (TIME Magazine)
[Category: Economy]
Feel like your company has been particularly stingy on the raises this year? You're not imagining it. For 2009, the typical non-hourly worker will see a 1.8% bump in salary, according to a survey by the human-resources consultancy Hewitt Associates. That increase, the smallest in at least 33 years, doesn't even keep up with inflation.
Yes, it's true, we're in a recession, and nearly 1 in 10 workers is unemployed. There are plenty of people willing to work for less money. But in ot... (more) |
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Tuesday August 11th, 2009
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Don't be fooled -- the recession is far from over
posted 08/11/2009, 10:27 PM (The Observer)
[Category: Economy]
It's over. Officials can tell historians how they grappled with the Great Crash of 2008. Labour can hope against all reason that the electorate will re-elect it for saving Britain. The rest of us can return to normal, which to the British means borrowing huge sums to gamble in the property market.
The bets turned sour last time, but why not take a flutter now? Or buy a new car? Or just stop worrying that the sociopath in human resources will call you in for a "little chat"? Reason... (more) |
Obama's Science Adviser Called for 'Zero Economic Growth'
posted 08/07/2009, 12:12 PM (CNS News)
[Category: Economy]
 At a time when it was popular among environmentalists to talk about capping pollutants, John Holdren was writing about placing “caps” on the U.S. economy itself--and working toward “zero economic growth.”
Holdren, who is now President Obama’s top adviser on science and technology policy, wrote in the 1970s that it would be “entirely logical” to cap the Gross National Product--the total productivity of the American economy.
“It is by now abundantly clear that the GN... (more) This is the real reason for the cap and trade bill. - Chris |
Economist: FDIC gearing up for bank closures
posted 07/10/2009, 3:28 PM (Washington Business Journal)
[Category: Economy]
The Federal Deposit Insurance Corp. is gearing up to handle a large number of bank failures expected as a result of bad mortgages, both in residential and commercial real estate, an economist said Tuesday.
“They know they’re going to take down a large number of banks and they can’t do it until they’re staffed up,” said Mark Dotzour, chief economist and director of research for the Real Estate Center at Texas A&M University.
Dotzour expects federal regulators to esta... (more) |
Apartment Vacancy at 22-Year High in U.S., Says Reis
posted 07/10/2009, 3:27 PM (Bloomberg)
[Category: Economy]
July 8 (Bloomberg) -- U.S. apartment vacancies rose to their highest in 22 years in the second quarter as job losses cut tenant demand and more units came to market.
Vacancies climbed to 7.5 percent from 6.1 percent a year earlier, New York-based real estate research firm Reis Inc. said today. The last time landlords had so much empty space was in 1987, when vacancies reached 7.6 percent as the Standard & Poor's 500 Index plummeted 23 percent in the last three months o... (more) |
Flashback: Emissions trading can be used to establish a new world order, become world reserve currency - Rothschild Vice Chairman
posted 07/07/2009, 4:46 PM (The Telegraph)
[Category: Economy]
 Simon Linnett, Executive Vice-Chairman of Rothschild, has called for a new international body, the World Environment Agency, to regulate carbon trading.
In a recently published paper, Trading Emissions, for the Social Market Foundation, Mr Linnett argues that the International problem of climate change demands an international solution.
Unless governments cede some of their sovereignty to a new world bo... (more) "When an individual receives an electricity bill, they will come to know what the cost of turning on the gas or a light was to the environment."
This is a mafia-style threat. - IL |
Energy bills 'too low' to combat climate change, Royal Society says
posted 07/07/2009, 4:46 PM (The Guardian)
[Category: Economy]
Consumers will need to pay more for energy if the UK is to have any chance of developing the technologies needed to tackle climate change, according to a group of leading scientists and engineers.
In a Royal Society study to be published today, the experts said that the government must put research into alternatives to fossil fuel much higher among its priorities, and argued that current policy in the area was "half-hearted".
"We have adapted to an energy price whic... (more) Quotes from top globalists:
"Complex technology of any sort is an assault on human dignity. It would be little short of disastrous for us to discover a source of clean, cheap, abundant energy, because of what we might do with it." - Amory Lovins, Rocky Mountain Institute
"The prospect of cheap fusion energy is the worst thing that could happen to the planet." - Jeremy Rifkin, Greenhouse Crisis Foundation
"Giving society cheap, abundant energy would be the equivalent of giving an idiot child a machine gun." - Prof Paul Ehrlich, Stanford University
"A massive campaign must be launched to de-develop the United States. De-development means bringing our economic system into line with the realities of ecology and the world resource situation." - Paul Ehrlich, Professor of Population Studies
"The only hope for the world is to make sure there is not another United States. We can't let other countries have the same number of cars, the amount of industrialization, we have in the US. We have to stop these Third World countries right where they are." - Michael Oppenheimer, Environmental Defense Fund
"The big threat to the planet is people: there are too many, doing too well economically and burning too much oil." – Sir James Lovelock, BBC Interview
"Global Sustainability requires the deliberate quest of poverty, reduced resource consumption and set levels of mortality control." - Professor Maurice King |
Smokers face $20 cigarette packs
posted 07/07/2009, 4:46 PM (AAP)
[Category: Economy]
CIGARETTES could cost more than $20 for a packet of 30 and come in plain wrapping if radical proposals now under consideration by the federal government are accepted.
The government is considering a cigarette tax hike and a ban on all remaining tobacco advertising and sponsorship in response to its yet-to-be-released Preventative Health Taskforce report.
The landmark report, now being examined by Health Minister Nicola Roxon, urges the government to slash smoking r... (more) |
Young women 'lured into bankruptcy by celebrity lifestyle'
posted 07/02/2009, 10:16 AM (The Telegraph)
[Category: Economy]
The research, based on figures that show the majority of bankrupts under 24 are now female, concluded that women succumb to the temptation for spending sprees as they assert their independence.
Last year 55 per cent of young bankrupts were female, compared to 48 per cent five years ago. In total, 1,560 women under 24 were declared bankrupt compared to 1,250 men in the same age group.
Many young women have become trapped in debt because they buy designer clothes and... (more) |
Cap and Trade Bill HR 2454 Will Lead to Capital Flight
posted 07/02/2009, 10:16 AM (Dr. Ron Paul)
[Category: Economy]
In my last column, I joked that with public spending out of control and the piling on of the international bailout bill, economic collapse seems to be the goal of Congress. It is getting harder to joke about such a thing however, as the non-partisan General Accounting Office (GAO) has estimated that the administration's health care plan would actually cost over a trillion dollars. This reality check may have given us a temporary reprieve on this particular disastrous policy, however an equally d... (more) |
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Wednesday June 24th, 2009
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Bank Rescue Costs EU States $5.3 Trillion, More Than German GDP
posted 06/24/2009, 6:15 AM (Bloomberg)
[Category: Economy]
 June 12 (Bloomberg) -- European governments have approved $5.3 trillion of aid, more than the annual gross domestic product of Germany, to support banks during the credit crunch, according to a European Union document.
The U.K. pledged 781.2 billion euros ($1.1 trillion) to restore confidence in its lenders, the most of any of the 27 EU members, according to a May 26 document prepared by officials from the European Commission, the European Central Bank and member states and obtain... (more) |
We have created a monster... banks with access to public funds
posted 06/22/2009, 11:31 PM (Sunday Herald)
[Category: Economy]
THE ECONOMY: an apology.
"Readers of the nation's press over the last six months might have been forgiven for believing that there was an economic recession. Headlines like: Doom Britain, It's Worse Than The Great Depression and Mothers Start Selling Children For Food might have led casual readers to conclude that Britain was in a very severe financial crisis. We would like to make it clear that there was not a jot or tittle of truth in these reports and that the British economy i... (more) |
Ron Paul Slams Federal Reserve’s New Dictatorial Powers
posted 06/22/2009, 11:31 PM (Infowars)
[Category: Economy]
Responding to the Obama administration's new regulatory reform plan, which will officially hand the Federal Reserve complete dictatorial control over the U.S. economy, Congressman Ron Paul told MSNBC that the Fed was now more powerful than Congress.
Paul emphasized that no amount of regulation could compensate for a financial system created and controlled by the Federal Reserve that was completely unstable to begin with.
"The regulations should be on the Fed... (more) |
New York Home Prices Forecast to Drop 40%
posted 06/22/2009, 11:29 PM (TIME Magazine)
[Category: Economy]
What's it feel like to survive one hurricane only to be told that another is on the way? New York City–area homeowners are in just that spot. After the region suffered the brunt of financial-industry cutbacks, the next big wave of woe could be a nor'easter of collapsing home prices. That's the forecast of an extensive new report on residential real estate by Deutsche Bank, which calls for home prices in metropolitan New York City (which includes Westchester, northern New Jersey and other nearby ... (more) |
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Wednesday June 10th, 2009
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Capping, Trading, and Stealing from our Children
posted 06/10/2009, 12:52 PM (The Heritage Foundation)
[Category: Economy]
Intergenerational theft. A complicated phrase that can simply be described as borrow money now, force our children and grandchildren to pay later. We've heard it with Social Security, Medicare and, most recently, with the massive stimulus spending bill.
We can now add cap and trade to the list. The Heritage Foundation's Center for Data Analysis found that the Waxman-Markey bill would increase inflation-adjusted federal debt by 26 percent.
Over the 2012-2035 timelin... (more) Look, it's really simple, this amounts to nothing more than a tax on what is essentially air, or in Newspeak: 'emissions'. If they really cared about the environment they would be talking about mass sterilization from plastics and genetically engineered food. - Chris
"We've got to ride this global warming issue. Even if the theory of global warming is wrong, we will be doing the right thing in terms of economic and environmental policy." - Timothy Wirth, President of the UN Foundation
"No matter if the science of global warming is all phony... climate change provides the greatest opportunity to bring about justice and equality in the world." - Christine Stewart, fmr Canadian Minister of the Environment |
Capping and trading our prosperity
posted 06/10/2009, 12:51 PM (The Orange County Register )
[Category: Economy]
The latest congressional proposal to save the Earth from harmless carbon dioxide by government shrinking everyone's carbon footprint has advanced in the House of Representatives, oblivious to its economy-stifling effects.
Meanwhile, Reuters reports, China is planning for climate change without mandatory caps. The House Energy and Commerce Committee rejected Republican requests to delay the U.S. cap until China and India adopt similar standards. "The big winners are China and India... (more) Waxman is going around bribing politicians by allowing certain "connected" big businesses in their state to simply not have to follow the law at all, they will be issued a massive amount of "free carbon credits," meanwhile all their smaller competitors will be going bankrupt due to this massive new tax. - Chris |
401(k)s Hit by Withdrawal Freezes
posted 05/09/2009, 2:27 AM (WallStreetJournal)
[Category: Economy]
Some investors in 401(k) retirement funds who are moving to grab their money are finding they can't.
Even with recent gains in stocks such as Monday's, the months of market turmoil have delivered a blow to some 401(k) participants: freezing their investments in certain plans. In some cases, individual investors can't withdraw money from certain retirement-plan options. In other cases, employers are having trouble getting rid of risky investments in 401(k) plans.
Whe... (more) |
IMF warns recession will be 'unusually long-lasting'
posted 04/20/2009, 11:15 PM (The Guardian)
[Category: Economy]
More than half of the world's countries have been plunged into recession by the credit crunch, a higher proportion than at any time since 1960, according to the International Monetary Fund, which warns today that the downturn is likely to be "unusually severe and long-lasting", and will starve developing countries of resources.
As the world's finance ministers prepare to descend on Washington for the IMF's spring meetings next week, it offers a stark warning to politicians who cla... (more) |
The Financial New World Order: Towards a Global Currency and World Government
posted 04/09/2009, 6:46 PM (Andrew G. Marshall)
[Category: Economy]
 Introduction
Following the 2009 G20 summit, plans were announced for implementing the creation of a new global currency to replace the US dollar’s role as the world reserve currency. Point 19 of the communiqué released by the G20 at the end of the Summit stated, “We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity.” SDRs, or Special Drawing Rights, are “a synthet... (more) |
Fed grows quickly amid crisis; balance sheet at $2 trillion
posted 04/06/2009, 6:54 AM (International Business Times)
[Category: Economy]
“[T]he balance sheet has more than doubled, from roughly $870 billion before the crisis to roughly $2 trillion now,” Bernanke said in a speech at the Credit Markets Symposium in Charlotte, North Carolina today.
He described three types of assets the Fed contains, noting the composition of the Reserve had changed significantly since the crisis began in late 2007, when it was nearly all Treasury securities.
The broad categories include:
1) Short-term cr... (more) |
G20 leaders begin talks to bury 'free' markets
posted 04/06/2009, 6:54 AM (The Times)
[Category: Economy]
G20 leaders and ministers sat down to hammer out new rules for world financial markets today after a warning from France and Germany that a London summit should declare an end to the unfettered capitalism that has plunged the global economy into recession.
Opening a plenary session at the G20 summit in Docklands, Gordon Brown told the assembled heads of state and government and their finance ministers that the draft communique already on the table "reflects a high degree of consen... (more) |
British celebrities' assets seized under draconian California law
posted 04/06/2009, 6:52 AM (The Telegraph)
[Category: Economy]
Celebrities including Kate Winslett, Dame Helen Mirren, Clive Owen, Sir Michael Caine and the Irish actor Colin Farrell have all fallen victim to legislation that allows California's state government to take possession of bank accounts, stocks and the contents of security deposit boxes if they are dormant for longer than three years.
Thousands of British citizens have been affected by the law, with more than 1,300 individuals from London alone believed to have assets claimed by th... (more) |
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Wednesday April 1st, 2009
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UN panel touts new global currency reserve system
posted 04/01/2009, 5:51 PM (AFP)
[Category: Economy]
A UN panel of expert economists pressed Thursday for a new global currency reserve scheme to replace the volatile, dollar-based system and for coordinated steps by rich countries to stimulate their economies.
"A new Global Reserve System -- what may be viewed as a greatly expanded SDR (Special Drawing Rights), with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations, could contribute to global stability, economic strength and global equity," th... (more) Note how this Stiglitz character is playing both sides. - IL |
Geithner Plan Will Rob US Taxpayers: Stiglitz
posted 04/01/2009, 5:51 PM (Reuters)
[Category: Economy]
The U.S. government plan to rid banks of toxic assets will rob American taxpayers by exposing them to too much risk and is unlikely to work as long as the economy remains weak, Nobel Prize-winning economist Joseph Stiglitz said on Tuesday.
"The Geithner plan is very badly flawed," Stiglitz told Reuters in an interview during a Credit Suisse Asian Investment Conference in Hong Kong.
U.S. Treasury Secretary Timothy Geithner's plan to wipe up to US$1 trillion in bad de... (more) |
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The Century of the Self: The Untold History of Controlling the Masses Through the Manipulation of Unconscious Desires
Operation Gladio: "One of the most secret programs that ever existed"
The Money Masters: How International Bankers Gained Control of America
Shocking H1N1 Swine Flu Vaccine Miscarriage Stories From Pregnant Women
Unbelievable: Government Hijacks Kids TV To Propagandize For Swine Flu Shots
Government Propaganda To Infest Network TV Shows 
One bank to rule them all: UN wants new global currency to replace dollar
The $531 Trillion Dollar Derivatives Time Bomb
German health expert's swine flu warning: Does virus vaccine increase the risk of cancer?
The Pentagon Wants Authority to Post Almost 400,000 Military Personnel in U.S.
Blackwater Founder Implicated in Murder
John Holdren, Obama's Science Czar: Forced abortions and mass sterilization needed to save the planet
Complete and Total Mind Control