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.
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".
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.
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.
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."
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?
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.
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.
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.
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.
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 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.
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.
Regulators closed three banks in the United States on Friday, bringing the number of closures this year to 146. The Federal Deposit Insurance Corp has said it expects bank closures to peak this year after 140 closures in 2009. The bulk of this year's closures have been smaller institutions, each with less than a billion dollars in assets.
SEOUL — President Obama’s hopes of emerging from his Asia trip with the twin victories of a free trade agreement with South Korea and a unified approach to spurring global economic growth ran into resistance on all fronts yesterday, putting Obama at odds with his key allies and largest trading partners.
Household debt shrank by about 1 percent, or $100 billion, in the third quarter, according to a report released yesterday by the Federal Reserve Bank of New York. That means in the two years since the bottom dropped out of the economy, about $1 trillion, or 7.9 percent of consumer buying power, has been sucked out of the US economy.
A "grave recession" in the world economy may lie ahead, with a profusion of new barriers to trade and capital flows, if the Group of 20 major economies (G20) fail to come up with solutions to the present crisis. The G20 will probably begin to suffer "progressive fragmentation" at its Nov. 11-12 summit in Seoul, because it is based on "unsustainable coalitions" and there are insurmountable conflicts between members, according to Fernando Cardim, a professor at the Federal University of Rio de Janeiro. Only "a remarkable diplomatic initiative" at this point could bring about the common understanding needed for "a collective solution," which would be the only way out of the global economic crisis, he said. "Perhaps the vision of the abyss" will stimulate a spirit of cooperation among government leaders, the Brazilian professor added.
Business Exchange Buzz up! Digg Print Email Federal Reserve Governor Kevin Warsh said he’s concerned the central bank’s expansion of record stimulus may spark too much inflation, fail to aid growth and delay any plans to reduce U.S. indebtedness.
If we cannot trust what the government tells us about weapons of mass destruction, terrorist events, and the reasons for its wars and bailouts, can we trust the government’s statement last Friday that the US economy gained 151,000 payroll jobs during October? Apparently not. After examining the government’s report, statistician John Williams (shadowstats.com) reported that the jobs were “phantom jobs” created by “concurrent seasonal factor adjustments.” In other words, the 151,000 jobs cannot be found in the unadjusted underlying data. The jobs were the product of seasonal adjustments concocted by the BLS.
In statements and interviews over the weekend, Democratic President Barack Obama and leading congressional Republicans voiced support for significant cuts in domestic social spending and an extension of Bush administration tax breaks for the wealthy. Obama embraced both deficit reduction and an extension of the tax cuts in his weekly radio and Internet address Saturday and in a long interview on the CBS television program “60 Minutes” broadcast Sunday evening. “The campaign season is over,” Obama said in his radio address, offering an olive branch to the incoming Republican majority in the House of Representatives. “It’s time to focus on our shared responsibilities and work together.”
The Ship of Fools & The Rocks of Short-Term Economic PlanningI guess if you’re gonna go down, you might as well do it with style. And I guess if you can’t do it with style, you might as well do it with irony. -Even if it is of the comedic sort. And even if the joke’s on you.
Grocery store owners William and Esperanza Casco were making enough money to stay current on their mortgage, but when JPMorgan Chase & Co. offered a plan that reduced their payments, they figured they could use the extra cash and signed up. The Cascos say they never missed a subsequent payment, so they were horrified when the bank decided the smaller payments weren't enough and foreclosed on their modest Long Beach home.
The Federal Reserve is now trying to figure out ways to boost inflation expectations… so that Americans are encouraged to spend more before their money is worth less. Unfortunately, not only will their money soon be worth less, it will literally become worthless! Words:
Regulators shut down four more banks Friday, bringing the 2010 total to 143, topping the 140 shuttered last year and the most in a year since the savings-and-loan crisis two decades ago.
Today the financial world was buzzing with excitement because there was one moderately good piece of news for the U.S. economy. U.S. employers added 151,000 jobs during the month of October and the unemployment rate remained unchanged at 9.6%. This is certainly welcome news, but these days it seems as though there are at least ten pieces of bad economic news for every hopeful economic signal.
John Allison, who for two decades served as chairman and CEO of BB&T, the nation's 10th largest bank, told CNSNews.com it is a “mathematical certainty” that the United States government will go bankrupt unless it dramatically changes its fiscal direction. Allison likened what he sees as the predictable future bankruptcy of the United States to the problems at Fannie Mae and Freddie Mac, whose insolvency he also said was foreseeable to those who studied their business practices and financial situation.
Within a decade, a loaf of wheat bread may cost $23 in a grocery store in the United States, and a 32-oz package of sugar might run $62. A 64-oz container of Minute Maid Orange Juice, meanwhile, could set you back $45.71. This is all according to a new report released Friday by the National Inflation Association which warns consumers about the coming wave of food price inflation that's about to strike the western world.
The nine PRIVATE Banks that OWN the (so-called) "Federal Reserve" aren't going to "buy" a (near) Trillion in U.S.Government Bonds using any "money" of their own! Their "purchase" is a FRAUD! At a cost to the "Federal Reserve" Banksters of only ink, paper and labor, our Treasury's hired printing presses will print off a TRILLION in "Federal Reserve" paper "Dollars" - backed by nothing but thin air!
Despite the sharp rise in food prices, annual input price inflation - manufacturers' raw material costs - slowed to 8% from 8.7% Rising wheat costs have pushed up wholesale food prices. Photograph: Graham Turner for the Guardian Soaring wheat and other commodity costs on world markets have pushed up UK wholesale food prices at the fastest rate in two years, official figures showed this morning.
The Federal Reserve will pump $600 billion more into the US economy and keep interest rates at historical low levels. The short-term impact of the Fed’s move, known as quantitative easing, has been a jump in stock prices across the globe. Many nations, however, have accused the United States of waging a currency war by devaluing the dollar. We speak to former Wall Street economist and University of Missouri professor Michael Hudson. "The object of warfare is to take over a country’s land, raw materials and assets, and grab them," Hudson says. "In the past, that used to be done militarily by invading them. But today you can do it financially simply by creating credit, which is what the Federal Reserve has done."
The inverse silver lining to today's jobs report that will be lost in the shuffle of what is perceived as a good NFP (despite consistent initial jobless claims of around 450K, which means that either there is a massive data error, or the rate of job creation has somehow surged) is that labor force participation has now dropped to the lowest rate it has been since 1984, at 64.5%.
Oil jumped above $87 a barrel Friday in Asia, reaching its highest since early May, as the Federal Reserve's plan to buy $600 billion of Treasury bonds to stimulate the U.S. economy continued to send a tide of cash into stocks and commodities. Benchmark crude for December delivery was up 37 cents at $86.86 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange after earlier reaching $87.22. The contract climbed $1.80 to settle at $86.49 on Thursday.
China, Germany and Brazil warned the Federal Reserve's move to inject money into the U.S. economy might harm the rest of the world, though Beijing said Friday the tactic was understandable because of the slow recovery. China's central bank chief said the debate about the Fed's attempt to spur growth by pumping $600 billion into the economy through purchases of Treasury bonds highlighted the need to reform the global financial system.
Federal Reserve policies have put the US dollar the risk of crashing, which will hammer consumers through higher prices, strategist Axel Merk told CNBC. Investors should brace for a much weaker dollar [.DXY 76.585 0.705 (+0.93%) ] by diversifying out of the greenback and into currencies of other countries, said Merk, chairman and chief investment officer of Merk Investments, of Portland, Maine.
Deep beneath Vegas’s glittering lights lies a sinister labyrinth inhabited by poisonous spiders and a man nicknamed The Troll who wields an iron bar. But astonishingly, the 200 miles of flood tunnels are also home to 1,000 people who eke out a living in the strip’s dark underbelly.
The Associated Press's Robin Hindery reported on October 29, 2010 that the AP had found a remarkable fact: communities across the U.S. have been raising their local property taxes. The AP surveyed 39 states and studied 2,387 revenue measures that came before town, city, and county voters. In most of those elections, voters favored measures that raised their own property tax rates. Voters wanted to support their local schools and other services provided by local governments. The AP began Hindery's story as follows: “Forget all the talk about voters being fed up with high taxes.”
The United States' homeownership rate remained at its lowest in more than a decade, hampered by a rise in foreclosures and weak demand for housing.
The Obama administration is singing a different tune about foreclosures. A year ago, officials focused on stemming the foreclosure tide. Now they are touting the need for foreclosures to rebuild the housing market.
Europe is seeing some of the largest demonstrations since World War II, with labor agitation being the major trademark. The reasons for this labor unrest are easy to see. Let’s look at several facts, starting with unemployment. Europe has always had lower unemployment than the United States. No longer. Since 1982, unemployment (as an average of the EU-15) has been higher in the European Union than in the United States. Actually, unemployment had already started to rise in Europe by the late 1970s, coinciding with the first steps by the EU-15 countries to construct what they later called the European Union. One consequence of forming this Union was higher unemployment, and from that time, unemployment has increased, eventually exceeding that in the United States.
The campaign for the midterm US election Tuesday is coming to an end under the shadow of an intractable and deepening economic crisis and the evident inability of the Obama administration to develop any policies to overcome it. All 435 seats in the House of Representatives, 36 of the 100 seats in the Senate and governorships in 39 of the 50 states are at stake. The Democratic Party, which holds a 59-41 edge in the Senate and a 255-178 edge in the House, is expected to lose a significant number of seats in both houses, with media projections of a Republican takeover of the House but not the Senate.
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