Economic Collapse Destruction Of America By Proxy | Gerald Celente Trends Blog: When will Americans wake up and see that this country is being decimated by a group of tyrants?? When will Americans wake up and realize the government has been infiltrated by a ruthless oligarchy that is sabotaging the mechanisms that make this country run for the people?? What will it take, another false flag attack that kills even more innocent Americans by that evil group of traitors, criminals, and NWO ?? Why are Americans cowarding when we all know damned well it was them that did 911?? Obama will never take responsability for this economy. When he is relected in 2012 and the economy is still on the skids in 2013 or 2014 he will keep refering to "the problem he inherited".Bush, Obama, et al, are ALL owned by Corporations. They don't care about you, me, and all of us. They only care about power, and the benefits they get from it.
Showing posts with label Economic Collapse. Show all posts
Showing posts with label Economic Collapse. Show all posts
Friday, December 23, 2011
Monday, December 19, 2011
50 Economic Numbers From 2011 That Are Almost Too Crazy To Believe
50 Economic Numbers From 2011 That Are Almost Too Crazy To Believe: If we do not educate the American people about how deathly ill the U.S. economy has become, then they will just keep falling for the same old lies that our politicians keep telling them. Just "tweaking" things here and there is not going to fix this economy. We truly do need a fundamental change in direction. America is consuming far more wealth than it is producing and our debt is absolutely exploding. If we stay on this current path, an economic collapse is inevitable. Hopefully the crazy economic numbers from 2011 that I have included in this article will be shocking enough to wake some people up.
At this time of the year, a lot of families get together, and in most homes the conversation usually gets around to politics at some point.
The following are 50 economic numbers from 2011 that are almost too crazy to believe....
#1 A staggering 48 percent of all Americans are either considered to be "low income" or are living in poverty.
#2 Approximately 57 percent of all children in the United States are living in homes that are either considered to be "low income" or impoverished.
#3 If the number of Americans that "wanted jobs" was the same today as it was back in 2007, the "official" unemployment rate put out by the U.S. government would be up to 11 percent.
#4 The average amount of time that a worker stays unemployed in the United States is now over 40 weeks.
#5 One recent survey found that 77 percent of all U.S. small businesses do not plan to hire any more workers.
#6 There are fewer payroll jobs in the United States today than there were back in 2000 even though we have added 30 million extra people to the population since then.
#7 Since December 2007, median household income in the United States has declined by a total of 6.8% once you account for inflation.
#8 According to the Bureau of Labor Statistics, 16.6 million Americans were self-employed back in December 2006. Today, that number has shrunk to 14.5 million.
#9 A Gallup poll from earlier this year found that approximately one out of every five Americans that do have a job consider themselves to be underemployed.
#10 According to author Paul Osterman, about 20 percent of all U.S. adults are currently working jobs that pay poverty-level wages.
#11 Back in 1980, less than 30% of all jobs in the United States were low income jobs. Today, more than 40% of all jobs in the United States are low income jobs.
#12 Back in 1969, 95 percent of all men between the ages of 25 and 54 had a job. In July, only 81.2 percent of men in that age group had a job.
#13 One recent survey found that one out of every three Americans would not be able to make a mortgage or rent payment next month if they suddenly lost their current job.
#14 The Federal Reserve recently announced that the total net worth of U.S. households declined by 4.1 percent in the 3rd quarter of 2011 alone.
#15 According to a recent study conducted by the BlackRock Investment Institute, the ratio of household debt to personal income in the United States is now 154 percent.
#16 As the economy has slowed down, so has the number of marriages. According to a Pew Research Center analysis, only 51 percent of all Americans that are at least 18 years old are currently married. Back in 1960, 72 percent of all U.S. adults were married.
#17 The U.S. Postal Service has lost more than 5 billion dollars over the past year.
#18 In Stockton, California home prices have declined 64 percent from where they were at when the housing market peaked.
#19 Nevada has had the highest foreclosure rate in the nation for 59 months in a row.
#20 If you can believe it, the median price of a home in Detroit is now just $6000.
#21 According to the U.S. Census Bureau, 18 percent of all homes in the state of Florida are sitting vacant. That figure is 63 percent larger than it was just ten years ago.
#22 New home construction in the United States is on pace to set a brand new all-time record low in 2011.
#23 As I have written about previously, 19 percent of all American men between the ages of 25 and 34 are now living with their parents.
#24 Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.
#25 According to the Bureau of Economic Analysis, health care costs accounted for just 9.5% of all personal consumption back in 1980. Today they account for approximately 16.3%.
#26 One study found that approximately 41 percent of all working age Americans either have medical bill problems or are currently paying off medical debt.
#27 If you can believe it, one out of every seven Americans has at least 10 credit cards.
#28 The United States spends about 4 dollars on goods and services from China for every one dollar that China spends on goods and services from the United States.
#29 It is being projected that the U.S. trade deficit for 2011 will be 558.2 billion dollars.
#30 The retirement crisis in the United States just continues to get worse. According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.
#31 Today, one out of every six elderly Americans lives below the federal poverty line.
#32 According to a study that was just released, CEO pay at America's biggest companies rose by 36.5% in just one recent 12 month period.
#33 Today, the "too big to fail" banks are larger than ever. The total assets of the six largest U.S. banks increased by 39 percent between September 30, 2006 and September 30, 2011.
#34 The six heirs of Wal-Mart founder Sam Walton have a net worth that is roughly equal to the bottom 30 percent of all Americans combined.
#35 According to an analysis of Census Bureau data done by the Pew Research Center, the median net worth for households led by someone 65 years of age or older is 47 times greater than the median net worth for households led by someone under the age of 35.
#36 If you can believe it, 37 percent of all U.S. households that are led by someone under the age of 35 have a net worth of zero or less than zero.
#37 A higher percentage of Americans is living in extreme poverty (6.7%) than has ever been measured before.
#38 Child homelessness in the United States is now 33 percent higher than it was back in 2007.
#39 Since 2007, the number of children living in poverty in the state of California has increased by 30 percent.
#40 Sadly, child poverty is absolutely exploding all over America. According to the National Center for Children in Poverty, 36.4% of all children that live in Philadelphia are living in poverty, 40.1% of all children that live in Atlanta are living in poverty, 52.6% of all children that live in Cleveland are living in poverty and 53.6% of all children that live in Detroit are living in poverty.
#41 Today, one out of every seven Americans is on food stamps and one out of every four American children is on food stamps.
#42 In 1980, government transfer payments accounted for just 11.7% of all income. Today, government transfer payments account for more than 18 percent of all income.
#43 A staggering 48.5% of all Americans live in a household that receives some form of government benefits. Back in 1983, that number was below 30 percent.
#44 Right now, spending by the federal government accounts for about 24 percent of GDP. Back in 2001, it accounted for just 18 percent.
#45 For fiscal year 2011, the U.S. federal government had a budget deficit of nearly 1.3 trillion dollars. That was the third year in a row that our budget deficit has topped one trillion dollars.
#46 If Bill Gates gave every single penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for about 15 days.
#47 Amazingly, the U.S. government has now accumulated a total debt of 15 trillion dollars. When Barack Obama first took office the national debt was just 10.6 trillion dollars.
#48 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.
#49 The U.S. national debt has been increasing by an average of more than 4 billion dollars per day since the beginning of the Obama administration.
#50 During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.
At this time of the year, a lot of families get together, and in most homes the conversation usually gets around to politics at some point.
The following are 50 economic numbers from 2011 that are almost too crazy to believe....
#1 A staggering 48 percent of all Americans are either considered to be "low income" or are living in poverty.
#2 Approximately 57 percent of all children in the United States are living in homes that are either considered to be "low income" or impoverished.
#3 If the number of Americans that "wanted jobs" was the same today as it was back in 2007, the "official" unemployment rate put out by the U.S. government would be up to 11 percent.
#4 The average amount of time that a worker stays unemployed in the United States is now over 40 weeks.
#5 One recent survey found that 77 percent of all U.S. small businesses do not plan to hire any more workers.
#6 There are fewer payroll jobs in the United States today than there were back in 2000 even though we have added 30 million extra people to the population since then.
#7 Since December 2007, median household income in the United States has declined by a total of 6.8% once you account for inflation.
#8 According to the Bureau of Labor Statistics, 16.6 million Americans were self-employed back in December 2006. Today, that number has shrunk to 14.5 million.
#9 A Gallup poll from earlier this year found that approximately one out of every five Americans that do have a job consider themselves to be underemployed.
#10 According to author Paul Osterman, about 20 percent of all U.S. adults are currently working jobs that pay poverty-level wages.
#11 Back in 1980, less than 30% of all jobs in the United States were low income jobs. Today, more than 40% of all jobs in the United States are low income jobs.
#12 Back in 1969, 95 percent of all men between the ages of 25 and 54 had a job. In July, only 81.2 percent of men in that age group had a job.
#13 One recent survey found that one out of every three Americans would not be able to make a mortgage or rent payment next month if they suddenly lost their current job.
#14 The Federal Reserve recently announced that the total net worth of U.S. households declined by 4.1 percent in the 3rd quarter of 2011 alone.
#15 According to a recent study conducted by the BlackRock Investment Institute, the ratio of household debt to personal income in the United States is now 154 percent.
#16 As the economy has slowed down, so has the number of marriages. According to a Pew Research Center analysis, only 51 percent of all Americans that are at least 18 years old are currently married. Back in 1960, 72 percent of all U.S. adults were married.
#17 The U.S. Postal Service has lost more than 5 billion dollars over the past year.
#18 In Stockton, California home prices have declined 64 percent from where they were at when the housing market peaked.
#19 Nevada has had the highest foreclosure rate in the nation for 59 months in a row.
#20 If you can believe it, the median price of a home in Detroit is now just $6000.
#21 According to the U.S. Census Bureau, 18 percent of all homes in the state of Florida are sitting vacant. That figure is 63 percent larger than it was just ten years ago.
#22 New home construction in the United States is on pace to set a brand new all-time record low in 2011.
#23 As I have written about previously, 19 percent of all American men between the ages of 25 and 34 are now living with their parents.
#24 Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.
#25 According to the Bureau of Economic Analysis, health care costs accounted for just 9.5% of all personal consumption back in 1980. Today they account for approximately 16.3%.
#26 One study found that approximately 41 percent of all working age Americans either have medical bill problems or are currently paying off medical debt.
#27 If you can believe it, one out of every seven Americans has at least 10 credit cards.
#28 The United States spends about 4 dollars on goods and services from China for every one dollar that China spends on goods and services from the United States.
#29 It is being projected that the U.S. trade deficit for 2011 will be 558.2 billion dollars.
#30 The retirement crisis in the United States just continues to get worse. According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.
#31 Today, one out of every six elderly Americans lives below the federal poverty line.
#32 According to a study that was just released, CEO pay at America's biggest companies rose by 36.5% in just one recent 12 month period.
#33 Today, the "too big to fail" banks are larger than ever. The total assets of the six largest U.S. banks increased by 39 percent between September 30, 2006 and September 30, 2011.
#34 The six heirs of Wal-Mart founder Sam Walton have a net worth that is roughly equal to the bottom 30 percent of all Americans combined.
#35 According to an analysis of Census Bureau data done by the Pew Research Center, the median net worth for households led by someone 65 years of age or older is 47 times greater than the median net worth for households led by someone under the age of 35.
#36 If you can believe it, 37 percent of all U.S. households that are led by someone under the age of 35 have a net worth of zero or less than zero.
#37 A higher percentage of Americans is living in extreme poverty (6.7%) than has ever been measured before.
#38 Child homelessness in the United States is now 33 percent higher than it was back in 2007.
#39 Since 2007, the number of children living in poverty in the state of California has increased by 30 percent.
#40 Sadly, child poverty is absolutely exploding all over America. According to the National Center for Children in Poverty, 36.4% of all children that live in Philadelphia are living in poverty, 40.1% of all children that live in Atlanta are living in poverty, 52.6% of all children that live in Cleveland are living in poverty and 53.6% of all children that live in Detroit are living in poverty.
#41 Today, one out of every seven Americans is on food stamps and one out of every four American children is on food stamps.
#42 In 1980, government transfer payments accounted for just 11.7% of all income. Today, government transfer payments account for more than 18 percent of all income.
#43 A staggering 48.5% of all Americans live in a household that receives some form of government benefits. Back in 1983, that number was below 30 percent.
#44 Right now, spending by the federal government accounts for about 24 percent of GDP. Back in 2001, it accounted for just 18 percent.
#45 For fiscal year 2011, the U.S. federal government had a budget deficit of nearly 1.3 trillion dollars. That was the third year in a row that our budget deficit has topped one trillion dollars.
#46 If Bill Gates gave every single penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for about 15 days.
#47 Amazingly, the U.S. government has now accumulated a total debt of 15 trillion dollars. When Barack Obama first took office the national debt was just 10.6 trillion dollars.
#48 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.
#49 The U.S. national debt has been increasing by an average of more than 4 billion dollars per day since the beginning of the Obama administration.
#50 During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.
Monday, October 10, 2011
Cliff High of Webbot : a Mega Tsunami to hit America | Gerald Celente Trends Blog
Cliff High of Webbot : a Mega Tsunami to hit America | Gerald Celente Trends Blog: Here are some of the highlights of what they see coming: * No warfare between Israel and Iran, at least not until November. * Six very large earthquakes are yet to come during the rest of 2010. * A major tipping point will occur between November 8th – 11th, 2010, followed by a 2-3 month release period. This tipping point appears to be US-centric, and could be a dramatic world-changing event like 9-11 that will have rippling after-effects. The collapse of the dollar might occur in November. * From July 8th, 2010 onward, civil unrest will take place, possibly driven by food prices skyrocketing, and the devaluation of the dollar. * A second depression, triggered by mass layoffs, bankruptcies, and the popping of the "derivatives bubble," will see people moving out of cities.
Sunday, October 9, 2011
What Is The Best Place To Live In The United States To Prepare For The Coming Economic Collapse?
What Is The Best Place To Live In The United States To Prepare For The Coming Economic Collapse?: What is the best place to live in the United States? I get asked that question all the time. My answer can be summed up in two words: it depends. The truth is that the answer is going to be different for each person. All of us have different goals and different needs. If you have a very strong network of family and friends where you live right now, you might want to think twice before moving hundreds or thousands of miles away. If you have a great job where you live right now, you might want to hold on to it. You should not just assume that you are going to be able to pick up and move to another part of the country and be able to get a similar job right away. The United States is in the midst of a very serious economic decline right now, and wherever you live you are going to have to provide for your family.
California and Bust | Business | Vanity Fair
With so much happening in the united states it is hard to imagine what our world will look like with the shit hits the fan!
California and Bust | Business | Vanity Fair: California and Bust
The smart money says the U.S. economy will splinter, with some states thriving, some states not, and all eyes are on California as the nightmare scenario. After a hair-raising visit with former governor Arnold Schwarzenegger, who explains why the Golden State has cratered, Michael Lewis goes where the buck literally stops—the local level, where the likes of San Jose mayor Chuck Reed and Vallejo fire chief Paige Meyer are trying to avert even worse catastrophes and rethink what it means to be a society.
California and Bust | Business | Vanity Fair: California and Bust
The smart money says the U.S. economy will splinter, with some states thriving, some states not, and all eyes are on California as the nightmare scenario. After a hair-raising visit with former governor Arnold Schwarzenegger, who explains why the Golden State has cratered, Michael Lewis goes where the buck literally stops—the local level, where the likes of San Jose mayor Chuck Reed and Vallejo fire chief Paige Meyer are trying to avert even worse catastrophes and rethink what it means to be a society.
Civil Unrest & Economic Collapse with John Rubino | Gerald Celente Trends Blog
John Rubino explains what is going on in our country in a way you can understand.
Civil Unrest & Economic Collapse with John Rubino | Gerald Celente Trends Blog: INFLATE OR DIE!!!! Fiat currencies return to their true intrinsic value which is zero. Apparently Helicopter Ben didn't get the message yet because he testified that he didn't know why the price of gold is going up. THAT IS FREAKIN SCARY PEOPLE!!! We have policy makers that do not know what money is. It looks as though America is going to get a very expensive education. One that will involve great pain for those who have their heads up their asses.
Part Two: http://www.youtube.com/watch?v=MUeefmdce1c&list=PLA5D76292591F9EF8&feature=player_embedded
Civil Unrest & Economic Collapse with John Rubino | Gerald Celente Trends Blog: INFLATE OR DIE!!!! Fiat currencies return to their true intrinsic value which is zero. Apparently Helicopter Ben didn't get the message yet because he testified that he didn't know why the price of gold is going up. THAT IS FREAKIN SCARY PEOPLE!!! We have policy makers that do not know what money is. It looks as though America is going to get a very expensive education. One that will involve great pain for those who have their heads up their asses.
Part Two: http://www.youtube.com/watch?v=MUeefmdce1c&list=PLA5D76292591F9EF8&feature=player_embedded
Monday, September 26, 2011
» America and Europe: Saving the Rich and Losing the Economy Alex Jones' Infowars: There's a war on for your mind!
» America and Europe: Saving the Rich and Losing the Economy Alex Jones' Infowars: There's a war on for your mind!: Economic policy failed for three reasons: (1) policymakers focused on enabling offshoring corporations to move middle class jobs, and the consumer demand, tax base, GDP, and careers associated with the jobs, to foreign countries, such as China and India, where labor is inexpensive; (2) policymakers permitted financial deregulation that unleashed fraud and debt leverage on a scale previously unimaginable; (3) policymakers responded to the resulting financial crisis by imposing austerity on the population and running the printing press in order to bail out banks and prevent any losses to the banks regardless of the cost to national economies and innocent parties.
Is The U.S. Government Stockpiling Food In Anticipation Of A Major Economic Crisis? | Before It's News
Is The U.S. Government Stockpiling Food In Anticipation Of A Major Economic Crisis? | Before It's News: Is the U.S. government stockpiling huge amounts of food and supplies in anticipation that something bad is about to happen? Is something about to cause a major economic crisis that will require large quantities of emergency food? For a while, I have been hearing things about the government storing food through the grapevine and I have not been sure what to think about those rumors. Well, today I received a phone call that blew me away. I debated for quite a while before I decided whether or not to share this information with you all. Normally I do not like to talk about anything unless I am able to prove it by pointing to an article in the mainstream media. But the source of the information that I am about to share with you is rock solid. I cannot reveal his name, so you will just have to trust me on that. Hopefully the following information will be one more "dot" as we all try to connect the dots about what is really going on out there.
How will America look like after the Collapse ? | Gerald Celente Trends Blog
How will America look like after the Collapse ? | Gerald Celente Trends Blog: How will America look like after the Collapse ?
How will America look like after the Collapse ? America is going to collapse, not just financially, but also politically and societally. This is a mathematical certainty. In this video I outline the basic facts that make the utter collapse of the dollar inevitable. My purpose is not to scare you, but to motivate you to prepare. Are you prepared for the economic collapse of America? The unprecedented economic prosperity that we have enjoyed for decades is coming to an end. The world is becoming a very unstable place. The greatest debt bubble in the history of the world is about to burst. I hope that you are getting prepared for what is ahead.
How will America look like after the Collapse ? America is going to collapse, not just financially, but also politically and societally. This is a mathematical certainty. In this video I outline the basic facts that make the utter collapse of the dollar inevitable. My purpose is not to scare you, but to motivate you to prepare. Are you prepared for the economic collapse of America? The unprecedented economic prosperity that we have enjoyed for decades is coming to an end. The world is becoming a very unstable place. The greatest debt bubble in the history of the world is about to burst. I hope that you are getting prepared for what is ahead.
Sunday, September 25, 2011
America is a Republic NOT A Democracy !!!! | Gerald Celente Trends Blog
America is a Republic NOT A Democracy !!!! | Gerald Celente Trends Blog: America is a Republic NOT A Democracy !!!!
A magnificent Documentary created by the John Birch Society. It is narrated by John McManus and clearly points to America as being a Republic, NOT a Democracy.America is a Republic not a Democracy Article 4 Section 4 of the US Constitution The United States shall guarantee to every State in this Union a Republican Form of Government, and shall protect each of them against Invasion; and on Application of the Legislature, or of the Executive (when the Legislature cannot be convened) against domestic Violence.
A magnificent Documentary created by the John Birch Society. It is narrated by John McManus and clearly points to America as being a Republic, NOT a Democracy.America is a Republic not a Democracy Article 4 Section 4 of the US Constitution The United States shall guarantee to every State in this Union a Republican Form of Government, and shall protect each of them against Invasion; and on Application of the Legislature, or of the Executive (when the Legislature cannot be convened) against domestic Violence.
Saturday, September 24, 2011
3rd UPDATE: Geithner: World Economy In 2nd Slowdown Of Recovery - WSJ.com
3rd UPDATE: Geithner: World Economy In 2nd Slowdown Of Recovery - WSJ.com: WASHINGTON (Dow Jones)--The world economy is in the "second slowdown of this recovery" and more needs to be done about the European debt crisis before it becomes more severe, Treasury Secretary Timothy Geithner said Saturday.
Thursday, August 11, 2011
» Analysis of Financial Terrorism in America Alex Jones' Infowars: There's a war on for your mind!
» Analysis of Financial Terrorism in America Alex Jones' Infowars: There's a war on for your mind!
The American public has sustained intensive economic attacks across broad segments of the population. While the attacks have been increasingly severe in scale over the past four years, they have been implemented with technocratic precision. They have been incrementally applied thus far, successfully keeping the population passive and avoiding any large-scale civilian unrest, while effectively reducing living standards for the majority of the population. As you will see in this report, the 55 million Americans that have been hit the hardest have thus far acquiesced due to temporary financial assistance, such as food stamps and extended unemployment benefits.
The American public has sustained intensive economic attacks across broad segments of the population. While the attacks have been increasingly severe in scale over the past four years, they have been implemented with technocratic precision. They have been incrementally applied thus far, successfully keeping the population passive and avoiding any large-scale civilian unrest, while effectively reducing living standards for the majority of the population. As you will see in this report, the 55 million Americans that have been hit the hardest have thus far acquiesced due to temporary financial assistance, such as food stamps and extended unemployment benefits.
Wednesday, August 10, 2011
Bernanke Gets Hammered, Tells Truth About US Economy
August 3, 2011
Yes, this is from the Onion. But in this surreal, centrally planned by none other than Ben Bernanke reality, the mirror in mirror effect is extremely disturbing.
Drunken Ben Bernanke Tells Everyone At Neighborhood Bar How Screwed U.S. Economy Really Is
SEWARD, NE—Claiming he wasn’t afraid to let everyone in attendance know about “the real mess we’re in,” Federal Reserve chairman Ben Bernanke reportedly got drunk Tuesday and told everyone at Elwood’s Corner Tavern about how absolutely fucked the U.S. economy actually is.
Bernanke, who sources confirmed was “totally sloshed,” arrived at the drinking establishment at approximately 5:30 p.m., ensconced himself upon a bar stool, and consumed several bottles of Miller High Life and a half-dozen shots of whiskey while loudly proclaiming to any patron who would listen that the economic outlook was “pretty goddamned awful if you want the God’s honest truth.”
“Look, they don’t want anyone except for the Washington, D.C. bigwigs to know how bad shit really is,” said Bernanke, slurring his words as he spoke. “Mounting debt exacerbated—and not relieved—by unchecked consumption, spiraling interest rates, and the grim realities of an inevitable worldwide energy crisis are projected to leave our entire economy in the shitter for, like, a generation, man, I’m telling you.”
“And hell, as long as we’re being honest, I might as well tell you that a truer estimate of the U.S. unemployment rate is actually up around 16 percent, with a 0.7 percent annual rate of economic growth if we’re lucky—if we’re lucky,” continued Bernanke, nearly knocking a full beer over while gesturing with his hands. “Of course, if everybody knew that, it would likely cripple financial markets across the entire fucking globe, even in various emerging economies with self- sustaining growth.”
After launching into an extended 45-minute diatribe about shortsighted moves by “those bastards in Congress” that could potentially exacerbate the nation’s already deeply troublesome budget imbalance, the Federal Reserve chairman reportedly bought a round of tequila shots for two customers he had just met who were seated on either side of him, announcing, “I love these guys.”
Numerous bar patrons slowly nodded in agreement as Bernanke went on to suggest the United States could pass three or four more stimulus packages and “it wouldn’t even matter.”
“You think that’s going to create long-term economic growth, let alone promote job creation?” Bernanke said. “We’re way beyond that, my friend. There are no jobs, okay? There’s nothing. I think that calls for another drink, don’t you?”
While using beer bottles and pretzel sticks in an attempt to explain to the bartender the importance of infusing $650 billion into the bond market, the inebriated Fed chairman nearly fell off his stool and had to be held up by the patron sitting next to him.
Another bargoer confirmed Bernanke stood about 2 inches from her face and sprayed her with saliva, claiming inflation was going to “totally screw” consumer confidence and then asking if he could bum a smoke.
Read full article
U.S. outlook casts shadow over world economy: Reuters poll
BANGALORE |
(Reuters) - The chances of another U.S. recession are rising and
Europe's recovery is also at risk, according to the latest Reuters poll,
taken during the worst stock market selloff since the nadir of the
financial crisis.The latest survey of more than 200 economists, published four years to the day that credit markets first started to dry up, showed analysts cutting forecasts for U.S. growth, a reflection of widespread concern the global economy is slowing rapidly.
Punishing losses in world financial markets, culminating in widespread carnage in risky assets this week following Standard & Poor's downgrade of U.S. sovereign debt, suggest sentiment has soured -- and decisively.
"The world doesn't look particularly rosy at the moment. There's no question about that," said Mark Miller, senior international economist at Lloyds Banking Group.
"The equity market reaction over the last few days is a particular concern. It doesn't point toward a strong pickup in investment activity, which is needed in many countries."
World stocks, as measured by the MSCI, crashed into a bear market on Tuesday, falling 20 percent since May after days of punishing losses that have wiped away trillions of dollars in company equity around the globe.
While economists are still clinging to hopes for better days, the consensus for 2.3 annualized U.S. growth in the current quarter -- slashed from 3.1 percent -- will not be enough to turn around the moribund labor market.
The forecasts come just hours before the Federal Reserve -- now expected to hold rates near zero through this year and next -- meets to set policy.
But investors and market speculators hoping for a third round of bond purchases, or quantitative easing (QE3), after $2.3 trillion already doled out, may be disappointed.
The poll found there is only a 30 percent chance that will happen, even though the probability that the world's largest economy sinks into a second recession has risen to one-in-four, from one-in-five just a month ago.
Seven of 40 economists now see at least a 50 percent chance of more QE, compared with just one of 46 in a poll taken two months ago.
Earlier on Tuesday, China reported industrial output growth, the engine of the world's second-largest economy, slowed in July while inflation unexpectedly shot up, a reminder that all is not well in Asia either.
Prospects for Europe are darkening too, even though Germany, the continent's largest economy, has remained a bulwark of economic and fiscal strength through the recovery.
But economists seem even more reluctant to acknowledge that a sovereign debt crisis that started in Athens, spread to Dublin and Lisbon and is now circling Madrid and threatening Rome, will do much more than delay a broader euro zone recovery.
While the latest euro zone purchasing managers' indexes suggest the recovery, led by France and Germany, is grinding to a halt, the Reuters consensus merely slipped to 0.3 percent growth from 0.4 percent for the current quarter.
And while a majority of euro zone money market traders polled by Reuters on Monday said it was a bad idea for the European Central Bank to begin raising interest rates in April, economists still see one more hike, to 1.75 percent, this year.
For Britain, where the capital's police cells are full and other cities across the country are reeling from the worst riots in decades, the economic outlook is also turning down, particularly for 2012, when London hosts the Olympic games.
That is also when the government's planned dramatic spending cuts, to plug a huge hole in the budget thanks to British bank bailouts and the deepest recession since World War Two, will be in full swing.
Economists still see 0.5 percent growth in the current quarter, following a nine-month period of essentially no growth. But economists have pushed back the timing of the first rate hike by one quarter for the fourth straight month.
The first move up in the Bank Rate, which the Bank of England has held at a more than 300-year low of 0.5 percent since early 2009, is not expected until the second quarter of next year.
The chances of a second round of QE in Britain rose to 30 percent this month, from 25 percent a few weeks ago and 20 percent about a month ago. The BoE completed the first 200 billion pounds of purchases early last year.
"It is looking ever more likely that a further round of QE will take place," said Rob Harbron at CEBR, an independent forecasting company.
Japan, still reeling from its worst natural disaster since World War Two and a persisting nuclear crisis, is set to emerge from recession in the current quarter.
Economists have generally been more optimistic on Japan's prospects because of an expected reconstruction boost.
But a strong yen -- which due to its safe-haven status is now trading close to a post-war high against the dollar set in March, despite intervention by the Japanese authorities -- is likely to hamper its export-reliant economy.
(Polling and analysis by the Bangalore Polling Unit, Jason Lange in Washington, Kaori Kaneko in Tokyo, Andy Bruce and Jonathan Cable in London; Writing by Ross Finley; Editing by Susan Fenton)
Monday, August 8, 2011
Dow Bloodbath Could Herald “Great Depression”
Dow Bloodbath Could Herald “Great Depression”
Paul Joseph Watson
Prison Planet.com
Friday, August 5, 2011
Why it takes a dramatic fall in the stock market for the establishment media to admit something that’s been painfully obvious in almost every other sector of the economy for the last 2 years goes right to the heart of the split between Wall Street and Main Street.
Rising unemployment, crumbling house prices, record food stamp usage, and the soaring price of gold as a barometer of dollar depreciation are three key reasons why contrarians have been warning all along that the economy was in fact getting worse and that talk of a “recovery” was deluded at best and crazy at worst.
For refusing to go along with the happy clappers by putting the blinkers on when it comes to the real measurements of economic health and not the phony, casino-style stock market, people like Gerald Celente and Max Keiser were accused of engaging in “pessimism porn” even as their forecasts played out.
Americans who believed the propaganda about the non-existent “recovery” and failed to move their assets into safe havens will feel stabbed in the back now that the Old Gray Lady finally admits the 2008 recession never really ended. But it really serves them right for placing trust in an establishment that has lost all credibility.
Under the headline, Time to Say It: Double Dip Recession May Be Happening, Floyd Norris highlights how the recession was significantly deeper than we were first told, and the so-called “recovery” was notably overestimated.
“Last week the government announced its annual revision to the numbers for the last several years. New government surveys indicated Americans had spent less than previously estimated in 2009 and 2010 on a wide range of things, including food, clothing and computers. Tax returns showed Americans even cut back on gambling. The recession now appears to have been deeper — a top-to-bottom fall of 5.1 percent — and the recovery even less impressive. The economy is still smaller than it was in 2007,” writes Norris.
But Peter Morici, a professor at the University of Maryland business school and former chief economist for the U.S. International Trade Commission, went further, warning of a crisis to rival the fallout of 1929.
“If we go down a second time, it will be the Great Depression,” he said. “Last time (during the long recession) you didn’t see armies of men roaming the country looking for work. Next time the (extended) unemployment benefits will be tapped out, public employees will be laid off; we will see some really bad things.”
Yesterday’s stock market plunge, which is being repeated in Asian and European markets so far today, will precipitate what the Federal Reserve and Ben Bernanke were planning all along – QE3 – which could represent a terminal blow for the already stricken U.S. dollar. Helicopter Ben will flood the money supply with more fake greenbacks, the artificially inflated stock market will briefly rally once more, and all the suckers will plough all their money back in only to get burned again later down the line.
Smart and sober realists who doggedly stuck to the unspectacular but reliable safe havens of gold, silver and other stores of wealth, will once again preserve the value of their assets.
As Marc Faber told Bloomberg yesterday, ” “Stocks will be dropping 30%, then rallying 20%, and dropping another 30% – that’s going to be the pattern. And whoever can’t live with that shouldn’t be buying equities at all.”
Faber warns “there is a case to be ultrabearish about everything, and markets are going to go lower,” adding that next week will give us a clearer picture of exactly how much enthusiasm Bernanke has for hammering the final nail in the dollar’s coffin with the launch of QE3.
*********************
Paul Joseph Watson is the editor and writer for Prison Planet.com. He is the author of Order Out Of Chaos. Watson is also a regular fill-in host for The Alex Jones Show.
Tuesday, August 17, 2010
Deceptive Economic Statistics: While the economists lied the US economy died
Wherever one looks — food stamps, home foreclosures, bankrupted states, mounting joblessness — the message to long-suffering Americans from “their government” is the same: go eat cake, while we fight wars for Israel that enrich the military/security complex, and while we bail out banksters whose annual incomes are in the tens of millions of dollars and up.
It is impossible to get any truth out of the US government about anything. If private companies used US government accounting, the executives would be prosecuted, convicted, and incarcerated.
“Our government” is committed to fighting wars to enrich the military/security complex and Israel’s territorial expansion at the expense of cuts in Social Security and Medicare. All most members of Congress, especially Republicans, want to do is to pay for the pointless wars by cutting Social Security and Medicare.
Deceptive Economic Statistics: While the economists lied the US economy died
It is impossible to get any truth out of the US government about anything. If private companies used US government accounting, the executives would be prosecuted, convicted, and incarcerated.
“Our government” is committed to fighting wars to enrich the military/security complex and Israel’s territorial expansion at the expense of cuts in Social Security and Medicare. All most members of Congress, especially Republicans, want to do is to pay for the pointless wars by cutting Social Security and Medicare.
Deceptive Economic Statistics: While the economists lied the US economy died
The Ecstasy of Empire
Let’s get real. Here is what the government is likely to do. Once Washington realize that the dollar is at risk and that they can no longer finance their wars by borrowing abroad, the government will either levy a tax on private pensions on the grounds that the pensions have accumulated tax-deferred, or the government will require pension fund managers to purchase Treasury debt with our pensions. This will buy the government a bit more time while pension accounts are loaded up with worthless paper.
The Ecstasy of Empire
The Ecstasy of Empire
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