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As unemployment rate tops 9.8 percent 27 million hit by US jobs crisis

December 4th, 2010
Categories: News, Economic, Politics

Link: http://wsws.org/articles/2010/dec2010/jobs-d04.shtml

The US unemployment rate rose to 9.8 percent in November, the highest in seven months, and an indication that the economic slump that was triggered by the September 2008 Wall Street crash has far from run its course. November was the 19th consecutive month that more than 9 percent of the labor force were out of work, the longest span since the federal government began reporting such figures after World War II.

Germany accuses US over 'missing' Afghan funds, US cables show

December 4th, 2010
Categories: News, Economic, Politics, Police State

Link: http://www.informationclearinghouse.info/article26993.htm

Berlin claims that €50m contribution disappeared into US treasury coffers with 15% 'administrative fee' taken by army. The US military has been charging its allies a 15% handling fee on hundreds of millions of dollars being raised internationally to build up the Afghan army. Germany has threatened to cancel contributions.

South Korean trade deal signed: Bend over America!

December 4th, 2010
Categories: News, Economic, Politics

Link: http://ppjg.wordpress.com/2010/12/04/south-korean-trade-deal-signed-bend-over-america/

It appears we are caught in the middle of a nightmare from which we are unable to wake. While the president insists we must accept the global economy, we can see the devastating effects of this system of global banking, mounting famine and starvation, the concentration of wealth in the hands of a few and the massive decline in wages and the standard of living here in the US. If this is what a global economy does, and if unlawful trade agreements are constructed to facilitate this, I say we reject it totally; it is killing us all.

Banksters Seek To Block Ron Paul

December 3rd, 2010
Categories: News, Economic, Politics, Police State

Link: http://www.lewrockwell.com/blog/lewrw/archives/72053.html

Robert Wenzel reports on the scheming of big banks and their Republican leadership to stop Ron Paul from getting the monetary policy subcommittee chairmanship.

Jamie Dimon: Becoming Too Big to Save - Creating Fiscal Disaster

December 3rd, 2010
Categories: News, Zionism, Economic

Link: http://www.truth-out.org/jamie-dimon-becoming-too-big-to-save-creating-fiscal-disaster65641

Roger Lowenstein profiles Jamie Dimon, head of JP Morgan Chase. The piece, titled “Jamie Dimon: America’s Least-Hated Banker,” is generally sympathetic, but in every significant detail it confirms that Mr. Dimon is now – without question – our most dangerous banker. Mr. Dimon is not dangerous because he is in any narrow sense incompetent. On the contrary, Mr. Dimon is very good at getting what he wants. And now he wants to run a bigger, more interconnected, and more global bank that – if it were to fail – would cause great chaos around the world.

The cause of Ireland's crisis

December 3rd, 2010
Categories: News, Economic, Politics

Link: http://socialistworker.org/2010/12/03/cause-of-the-ireland-crisis

The European Union and International Monetary Fund are providing a multibillion-dollar "rescue" of the Irish economy--on the condition that the Irish working class pay the price through slashed social programs and increased regressive taxes. The established political parties seem prepared to push through these measures that will cut working-class living standards, but there is building resistance from below. On November 27, more than 100,000 people took to the streets of Dublin for an inspiring demonstration against austerity.

Angela Merkel warned that Germany could abandon the euro

December 3rd, 2010
Categories: News, Economic

Link: http://www.guardian.co.uk/world/2010/dec/03/angela-merkel-germany-abandon-euro

Angela Merkel Angela Merkel at the EU summit on 28 October. According to witnesses, during an discussion with the Greek prime minister at dinner, she said: "If this is the sort of club the euro is becoming, perhaps Germany should leave." Photograph: Olivier Hoslet/EPA

A Foreclosure Story, The Borrower and the Billionaire

December 2nd, 2010
Categories: News, Economic, Politics

Link: http://www.counterpunch.org/hudson12022010.html

The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis, written by Michael W. Hudson. They’re not the same person. The book’s author, Michael W. Hudson, is a reporter at the nonprofit Center for Public Integrity. In fact, the two are so often mistaken for each other – same name, similar subject matter – that they recently wrote a piece together to help dispel the confusion and share their ideas about how people help themselves to other people’s money. In this excerpt adapted from The Monster, Michael W. Hudson writes about the nation’s largest subprime lending empire through the fortunes of its owner and one of its customers.

The Big Economic Story, and Why Obama Isn’t Telling It

December 2nd, 2010
Categories: News, Economic, Politics

Link: http://www.commondreams.org/headline/2010/12/02-0

"Unless the President and Democrats explain why the economy still stinks for most Americans and offer a plan to fix it, the Republican explanation and solution – it’s big government’s fault, and all we need do is shrink it – will prevail," argues Robert Reich. A. Big government, bureaucrats, and the cultural and intellectual elites who back them. B. Big business, Wall Street, and the powerful and privileged who represent them. These are the two competing stories Americans are telling one another. Yes, I know: It’s more complicated than this. In reality, the lousy economy is due to insufficient demand – the result of the nation’s almost unprecedented concentration of income at the top. The very rich don’t spend as much of their income

Europe's missing billions

December 2nd, 2010
Categories: News, Economic

Link: http://english.aljazeera.net/programmes/peopleandpower/2010/12/20101217753800140.html

Europe is in the middle of its worst financial crisis for decades, and many are feeling the pain as people across the continent demonstrate against government cuts. As unemployment grows, public services are slashed and billions of Euros go to bailing out the banks, and the continent's hard pressed taxpayers are being asked to embrace austerity and contribute more.

Want JP Morgan to crash? Buy silver

December 2nd, 2010
Categories: News, Economic

Link: http://www.guardian.co.uk/commentisfree/2010/dec/02/jp-morgan-silver-short-selling-crash

The campaign to buy silver and force JP Morgan into bankruptcy could work, because of the liabilities accrued by its short-selling. JP Morgan is sitting on what is estimated to be 3.3bn ounce short position in silver.' For decades, the world's banking system has been on a fiat currency standard that has led to banks that are "too big to fail". They have overreached their remit of providing loans and have leeched into the political system, using our money to change the political agenda in ways that boost bank management's compensation over the interests of their depositors.

Meet the Billionaire Couple Who Took Over California's Water Supply

December 2nd, 2010
Categories: News, Environment, Economic

Link: http://www.alternet.org/water/149061/meet_the_billionaire_couple_who_took_over_california%27s_water_supply/

A newcomer arriving into California’s San Joaquin Valley – the most lucrative and industrialized agricultural region in the United States – might think that the entire place is burning. On the horizon in all directions the brown hue of the air suggests a distant fire. As the traveler advances along, say, Highway 99, the fire appears to peel away, a deep stain floating off in the distance, as if forever clinging to the edges of the sky.

Release: Fed Disclosure Lifts Veil of Secrecy, Sanders Says

December 1st, 2010
Categories: News, Economic, Politics

Link: http://sanders.senate.gov/newsroom/news/?id=2169cdbb-b7c8-41f8-bef2-77c3ff5ce4ab

Calling the revelations "jaw dropping," Sen. Bernie Sanders (I-Vt.) said today's disclosure by the Federal Reserve that it gave banks and other institutions an estimated $3.3 trillion in emergency loans and other assistance during the financial crisis "begins to lift the veil of secrecy at the Fed." The estimated $3.3 trillion in liquidity and more than $9 trillion in short-term loans and other financial arrangements dwarf the $700 billion Treasury Department bank bailout out signed into law under President George W. Bush.

It’s The Bankers Or Us

December 1st, 2010
Categories: News, Economic

Link: http://www.infowars.com/its-the-bankers-or-us/

The Austerity Hammer Starts to Fall on United States as Debt Consumes Europe Problem, Reaction, Solution: Derivatives, Crash, Too Big To Fail, Bailout, Nationalization, Budget Crisis, Privatization, Debt Slavery, Austerity, Evaporating Pensions, Central Banks, Big Government, World Government. It’s been quite a saga, but this economic crisis has been planned sabotage by design. The age of the Offshore Global Cartel is the age of economic warfare with the wealthy Western world. The 3rd World has largely already been brought to its knees. The remaining vestiges of national sovereignty must be eliminated and the middle class consumer society must be swept back to the feudal age by way of a tidal wave looting of living standards, cut wages & pensions, and the bread and circuses of cheap plastic goods and entertainment. The upper middle classes, the array of independent businesses, remaining lone giants and other true competition to the New World Order mafia economy system must be consolidated or dominated.

France joins Ireland in ‘raiding national pension fund’

November 30th, 2010
Categories: News, Economic, Politics

Link: http://bellaciao.org/en/spip.php?article20347

France has reportedly passed a law to use the assets in its €36 billion national reserve pension fund to pay off welfare system debts, as Ireland tapped its own reserve pension fund to supplement an EU-IMF bailout. The assets of the French pension fund, the Fonds de réserve pour les retraites, have been moved into the agency in charge of refinancing the country’s social debt, Cades, Financial News reported.

Federal Reserve Conjures - and Redefines - Money

November 29th, 2010
Categories: News, Economic

Link: http://www.ipsnews.net/news.asp?idnews=53706

The private central bank of the United States, the Federal Reserve, has begun purchasing $600 billion of long-term U.S. Treasury Bonds, essentially subsidising the federal deficit for the year. Many economists say the significance of this new role for the Federal Reserve cannot be overstated, especially because the agency is literally creating money at the stroke of a keyboard.

The Stench of US Economic Decay Grows Stronger, When Will Oppressed Americans Take to the Streets?

November 29th, 2010
Categories: News, Economic

Link: http://www.counterpunch.org/roberts11292010.html

On Thanksgiving eve the English-language China Daily and People’s Daily Online reported that Russia and China have concluded an agreement to abandon the use of the US dollar in their bilateral trade and to use their own currencies in its place. The Russians and Chinese said that they had taken this step in order to insulate their economies from the risks that have undermined their confidence in the US dollar as world reserve currency. When will opressed sheep take to the streets?

Bric: The new world order - Video

November 29th, 2010
Categories: News, World, Economic

Link: http://english.aljazeera.net/programmes/empire/2010/04/2010428124457451637.html

While most countries struggle economically, Brazil, Russia, India and China are booming. Although Bric started life as just a clever acronym dreamt up by a Goldman Sachs economist, it might be time to start getting accustomed to hearing about Bric in its fullest political expression. According to some, these four countries could - in around two decades - become the dominant powers in the world.

Why Poverty Spreads Across America

November 28th, 2010
Categories: News, Economic

Link: http://uruknet.com/?p=m72297&hd=&size=1&l=e

Pockets of poverty, like the sores of some malignant disease, are spreading across America, as its states and cities go broke and bankrupt. "Camden, New Jersey, stands as a warning of what huge pockets of America could turn into," The Nation magazine reports in its Nov. 22nd issue. In fact, it has already happened, it is happening all over, and there is no signal on the horizon that poverty and blight will not continue to spread. It is not that Americans are lazy and shiftless; rather, they are reeling from betrayal---for they have been betrayed both by their employers, who have shown not an ounce of loyalty to their work forces, and they have been betrayed by their Federal government, which has lied the nation into costly criminal wars.

Tax the Rich: A Deficit Plan That Doesn't Hit We, The People

November 27th, 2010
Categories: News, Economic

Link: http://www.truth-out.org/tax-rich-a-deficit-plan-that-doesnt-hit-we-the-people65449

Here is MY deficit-reduction plan. This plan does not reflect the views of anyone but myself -- and maybe half the population. Unlike deficit plans from the "serious people" in DC, this one doesn't annihilate the poor and gut Social Security and the middle class while passing even more of the benefits of our society up to a few at the top. 1) Restore pre-Reagan top tax rates. We didn't have massive deficits until we reduced the top tax rates.

Thousands Protest Against Irish Bailout

November 27th, 2010
Categories: News, Economic

Link: http://www.commondreams.org/headline/2010/11/27

More than 100,000 Irish citizens took to the streets of Dublin today to protest against the international bailout and four years of austerity. Thousands of demonstrators march through Dublin to protest against budget cuts and an EU-IMF bailout. Despite overnight snow storms and freezing temperatures, huge crowds have gathered in O'Connell Street to demonstrate against the cuts aimed at driving down Ireland's colossal national debt. Why should the Irish people pay for the thievery of the banks in America?

24/7 Consumerism is Killing Us

November 26th, 2010
Categories: News, Environment, Economic

Link: http://www.commondreams.org/view/2010/11/26-5

County Executive Steve Levy wants to force stores to shut down between noon and 5 p.m. on Thanksgiving Day and has proposed a law forcing them to close or face penalties of up to $1,500. I think he's right. There are no days off any more, and it's making us sick as a society. I don't mean physically ill (though there's likely a connection there, too); I'm talking about every other kind of wellness: spiritual, emotional and - yes - even moral health and well-being.

ILLEGAL Gold Accounting By US Government! - Video

November 25th, 2010
Categories: News, Economic

Next Up: a "Flat Tax" for the Rich

November 25th, 2010
Categories: News, Economic, Politics

Link: http://www.counterpunch.org/hudson11252010.html

In diametric opposition to Adam Smith and other putative “founding fathers” of “free market” neoliberalism, the super-rich want to shift taxes off “free lunch” economic rent – off interest, dividends, rents and capital gains – onto wage-earners. This tax shift already has been underway for the past thirty years. It has doubled the proportion of the returns to wealth (interest, dividends, rents and capital gains) enjoyed by the wealthiest 1 per cent, from a reported one-third in 1979 to an estimated two-thirds of the U.S. total today.

Austerity on steroids

November 24th, 2010
Categories: News, Economic, Politics

Link: http://socialistworker.org/2010/11/24/austerity-steroids

The economic unraveling of Ireland highlights the severity of the financial crisis--and the increasingly severe government cutbacks that will be used to pay for it. FIRST, THE government devotes enormous sums to bailing out the banks. That causes budget deficits to balloon. Then the government imposes austerity by cutting wages, raising regressive taxes and slashing social spending. Take away from the people to provide obscene profits for the bankers. When will humanity stand up to them?

Memo to Ireland: "Tell the EU and the IMF to 'Shove It'"

November 24th, 2010
Categories: News, Economic

Link: http://www.informationclearinghouse.info/article26909.htm

Imagine that Yasser Arafat had succeeded in ending Israeli occupation and establishing a Palestinian state in the West Bank and Gaza. Now imagine that 10 or 15 years later, new Palestinian president, Mahmoud Abbas, agreed to hand over control of his country's budget to the IMF so his people's future would be controlled by outsiders. Do you think Palestinians would praise Abbas as a patriot or denounce him as a traitor?

China, Russia quit dollar on bilateral trade

November 24th, 2010
Categories: News, Economic

Link: http://english.peopledaily.com.cn/90001/90778/90859/7208907.html

China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday in St. Petersburg.

Bankers dictate brutal cuts as part of EU-IMF bailout of Ireland

November 23rd, 2010
Categories: News, Economic, Politics

Link: http://wsws.org/articles/2010/nov2010/irel-n23.shtml

Following weeks of intense pressure from international money markets and European institutions, the Irish government has officially applied for a bailout package of up to €90 billion from the European Union and the International Monetary Fund.

Avoid US route: Indian minister says American way is 'recipe for disaster'

November 23rd, 2010
Categories: News, Economic

Link: http://www.guardian.co.uk/world/2010/nov/23/india-environment-american-way-disaster

The Indian environment minister, Jairam Ramesh, has attacked the growing Indian taste for the American lifestyle, which he called the "most unsustainable in the world today".

Ten Ideas to Starve the Wall Street Beast A Citizen's Counter Strategy

November 23rd, 2010
Categories: News, Economic

Link: http://www.counterpunch.org/martens11232010.html

Dialogue on the economic crisis has focused on symptoms: bailouts, corruption on Wall Street, collapse in housing prices, intractable unemployment, Federal Reserve monetary policy. Most people have been socialized to silence on the topic of the disease itself: debilitating wealth concentration. We hear little on the overwhelming argument that wealth concentration is the root cause of the lingering crisis because within milliseconds of the words escaping into the public arena, screams of “Socialist! Socialist!” proliferate; an army of right wing talk radio buffoons fill the airwaves with dire warnings of the growing communist threat of wealth redistribution; Rick Santelli spazzes out on CNBC; and the Tea Partiers figuratively (or literally) stomp on us.

Crisis of Fiat Currencies: US Dollar Surpluses Converted into Gold China, Russia, Iran are Dumping the Dollar

November 22nd, 2010
Categories: News, Economic

Link: http://globalresearch.ca/index.php?context=va&aid=22031

Something is going on that your government does not want you to know about. Very few journalists have written about it and little or nothing has appeared in the mainstream media. The story could be one of major stories of our time. Western powers have tried to destroy gold as a backing for currencies for many years. Presently the major media won’t touch the story and that is understandable. The privately owned so called Federal Reserve bank is creating billions, or perhaps trillions, more dollars while the countries of the world are dumping trillions of paper dollars and buying gold and silver. America must start another major war in order to economically survive. America is addicted to war because America gets it’s sustenance off the teat of the banker class who profit most from war. The wealthy of the world see the banker class manipulating their American and South Korean pawns into another war for profit and they too want to profit from war and death. This is why the dollar, which is backed by nothing is now going up in value as gold and silver faultier. Behold the great foolishness of greed. America’s despotic rulers have miscalculated the resolve and anger of the Asian peoples. The American government has been warned by China of a new missile, which they have created just for the purpose of hitting Aircraft carriers. They have warned the American government not to send another Aircraft carrier into the South China Sea. But those in control of the American people do not live in America and to them the American people are little better than cattle, animals to be sacrificed for the profit and power of war.

Brazil's Capitalist Invasion Builds Socialism 'à la Venezuela'

November 20th, 2010
Categories: News, Economic, Politics

Link: http://www.counterpunch.org/cockburn11192010.html

CARACAS, Bridges, railroads, petrochemicals, steel mills, electricity, aqueducts, agriculture, meat-processing plants, ship building and even cable cars: Brazil's powerful entrepreneurial arm is reaching towards the Caribbean, via Venezuela, where the Hugo Chávez government is working to build what it calls "21st century socialism."

Is America In Danger Of Turning Into One Gigantic Hellhole?

November 17th, 2010
Categories: News, Economic, Police State

Link: http://endoftheamericandream.com/archives/is-america-in-danger-of-turning-into-one-gigantic-hellhole

What in the world is happening to America? Are there still places in America where liberty and freedom are respected, where taxes are low, where regulations are not suffocating, where the people are friendly and where Americans can be free to live an independent lifestyle? In a previous article entitled "What Is The Best U.S. State To Move To If You Want To Insulate Yourself From The Coming Economic Meltdown?", I asked readers what they thought were some of the best places in America to move to for people wishing to ride out the coming economic collapse. Well, the response was overwhelmingly negative. Readers were even highly negative about states that have been very popular for "independent thinking" Americans to move to such as Montana, Idaho, Alaska, Washington and Colorado. So are there any "good" places in America left? Or is America in danger of turning into one gigantic hellhole?

Banksters Move to Gut Aspects of Financial Reform Bill

November 17th, 2010
Categories: News, Economic

Link: http://blendzpolitik.blogspot.com/2010/11/banksters-move-to-gut-aspects-of.html

Now that the game of political musical chairs is over and Republicans will control the House next year, the banksters are busy at work whittling away at provisions contained in the financial regulation bill pushed through Congress earlier this year by the Democrats. As should be expected, the corporate media is mostly mum, although McClatchy ran with a story.

Lost and Found - Video

November 16th, 2010
Categories: News, Economic

Link: http://english.aljazeera.net/programmes/witness/2010/11/201011166511982384.html

About 700,000 Americans are homeless and the number of mentally ill people living on the streets is growing. According to the US' substance abuse and mental health services sdministration "as many as 700,000 Americans are homeless on any given night. An estimated 20 to 25 per cent of these people have a serious mental illness". The number of people who are homeless in the US has always been a stunning statistic that seems to run counter to the promise of the American Dream. In the past two years, compounded by the deep recession, it is a statistic that has only gotten substantially worse.

GEAB N°49 is available! Warning Global systemic crisis – First quarter 2011: Breach of the critical threshold of global geopolitical dislocation

November 16th, 2010
Categories: News, Economic

Link: http://www.leap2020.eu/geab-n-49-is-available-warning-global-systemic-crisis-first-quarter-2011-breach-of-the-critical-threshold-of-global_a5458.html

As the LEAP/E2020 team anticipated in its open letter to the G20 leaders published in the international edition of the Financial Times of 24 March 2009, on the eve of the London Summit, the question of a fundamental reform of the international monetary system is central to any attempt to solve the current crisis. But sadly, as was demonstrated again at the failure of the G20 summit in Seoul, the window of opportunity for achieving such a reform peaceably closed at the end of summer 2009 and will not open again before 2012/2013 (1). The world is indeed in the throes of the global geopolitical dislocation that we had announced as beginning at the end of 2009 and which can be seen, less than a year later, in the proliferation of movements, the economic woes, the fiscal deficits, the monetary disagreements, all setting the scene for major geopolitical shocks.

EU rescue plans are sideshow compared with US-China currency war

November 12th, 2010
Categories: News, Economic

Link: http://www.guardian.co.uk/politics/blog/2010/nov/12/eu-rescue-plans-sideshow-us-china-currency-war

China holds all those dollars while the US holds the key to what they will be worth. It is a Mexican stand-off in which we could all be hurt. George Osborne did his best to be cheerful about progress at the G20 summit negotiations in Seoul on Radio 4's Today programme this morning. Good. It's what chancellors of the exchequer are paid to do. The BBC itself helped him by leading its bulletins on the relatively trivial matter of the EU budget battle.

Currency 'wars' dominate G20 summit

November 12th, 2010
Categories: News, Economic

Link: http://english.aljazeera.net/focus/2010/11/20101111135923477349.html

I always cringe when I read references to 'war' in the sports pages. It was a 'war on the pitch', a 'war on the court'. Now we have 'a war' in the financial pages of the newspapers and you can thank Brazil for that. By most accounts, it was recently the Brazilian finance ministry that first coined 'currency war' in relation to the monetary face-off between China and the US taking place at the G20 in Seoul. The 'currency war' term has stuck. Now Brazil is going to try to act as unofficial mediator between the two superpowers.

G-20 rejection leaves U.S. to go it alone

November 12th, 2010
Categories: News, Economic, Politics

Link: http://www.latimes.com/news/nationworld/world/sc-dc-g20-summit-20101112,0,4056342.story

G-20 summit leaders refused to assist the U.S. when they rejected a U.S. proposal to set limits on trade surpluses and deficits, and also turned down a U.S. effort to force China to raise the value of its currency.

Shocking State Fair Scandal, Wage Theft Epidemic, Spur Nationwide Protests - Video

November 12th, 2010
Categories: News, Economic, Politics

Link: http://www.commondreams.org/headline/2010/11/12-6

Activists in more than 30 cities, organized by Interfaith Worker Justice and backed by labor groups, are staging a National Day of Action Against Wage Theft on November 18. "As the crisis for working families in the economy has deepened, so too has the crisis of wage theft," says Interfaith Worker Justice (IWJ) Executive Director Kim Bobo, perhaps the country's leading reformer addressing the ongoing scandal.

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