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Saturday, July 30, 2011

Wednesday, July 27, 2011

Bachmann Says No

Bachmann met voters in the Des Moines suburb of Ankeny, Iowa, Tuesday to reiterate her position on the debt ceiling. The congresswoman has vehemently refused to vote in favor of raising it from $14.3 trillion to $16.7 trillion, and said she will continue to do so, amid talk of conditions under which the debt would be raised, as opposed to if it will actually happen or not.
“We need to change the premise here,” she said. “We need a fundamental restructuring of the economy."


Friday, July 22, 2011

Social Crisis!

The economic crisis manifests itself in virtually every facet of working class living conditions in the US. New state budgets include devastating cuts to basic social programs, even as the job and housing markets continue to worsen and need grows.

17,000 apply for 1,800 jobs in Louisville, Kentucky.

In the span of a few days, 16,837 people lined up at the Kentucky Office of Employment & Training last week to apply for 1,800 openings at Ford’s Louisville Assembly Plant. The company will select applications to review through a lottery process.

The positions, many nightshift line jobs assembling the Escape SUV beginning in the fall, will pay only $15.51 per hour—half that previously earned by autoworkers in the US. Benefits will not begin for new hires until after eight months on the job. Steven Stone, the United Auto Workers chairman at the Louisville plant, defended the wages. He commented to the Louisville Courier-Journal, “Those are good jobs even though they are ‘two tier.’ ” The Louisville plant is among the first in the country to implement the two-tier system.

The line-up is similar to a 2009 run on job openings at General Electric’s Louisville plant, when 10,000 applicants vied for 90 positions. Kentucky is attractive to corporations concentrated in the Midwest because of its “business friendly” tax structure and low wages. Louisville has higher than 10 percent unemployment and widespread poverty.

-Notes on the US social crisis

Thursday, July 21, 2011

Americans are using credit cards to pay for basic necessities

Consumers in the U.S. are increasingly using credit cards to pay for basic necessities as income gains fail to keep pace with rising food and fuel prices.

U.S. Consumers Relying on Credit for Basic Necessities

Wednesday, July 20, 2011

The United States of Greater Germany

Homebuyers and firms are facing higher lending costs thanks to the spiralling debt crisis across Europe.
In a dramatic warning, the Bank of England said the risks posed by turmoil in the eurozone pose a substantial threat to the UK.
The Bank said the funding costs faced by UK banks were being pushed up because of the risks of economic collapse on the Continent.

Euro meltdown: Debt crisis threatens interest rates, says Bank of England

China's Future

Very rapidly, China is beginning to encounter the same economic pressures as the U.S. Some are simply the natural outgrowth of China's supercharged development. Others are being brought about by policy errors – similar, in fact, to those made by the West before the 2008 financial crisis.

-Is China facing an American future?

Wednesday, July 13, 2011

More Stimulus, Please!

Federal Reserve Chairman Ben Bernanke told Congress Wednesday that a new stimulus program is in the works that will entail additional asset purchases, the clearest indication yet that the central bank is contemplating another round of monetary easing.-Bernanke: Fed May Launch New Round of Stimulus

Well, what a surprise! Of course, Bernanke doesn't have much else in his pathetic little bag of tricks. We knew this was coming. Get ready for more Fed induced inflation (higher prices on everything for you and me, in other words, an indirect tax on our incomes) and an even bigger collapse when it finally arrives.

Sunday, July 10, 2011

Debt Deflation

In this edition of On the Edge, Max Keiser interviews Steve Keen, economist and author of the book Debunking Economics.

He says that debts have spiraled out of control and the reason is shadow banking system. The program touches on the correlation between the US-EU debt crisis and the worsening Greek economy.

Monday, July 4, 2011

United States of Gloom

With the United States mired in three foreign wars, beaten down by an economy that shows few signs of emerging from deep recession and deeply disillusioned with President Barack Obama, his Republican challengers and Congress, the mood is dark.

The last comparable Fourth of July was probably in 1980, when there was a recession, skyrocketing petrol prices and an Iranian hostage crisis, with 53 Americans being held in Tehran.

Frank Luntz, perhaps America’s pre-eminent pollster, argues that his countrymen are much more downbeat now than in 1980. “The assumption with the Carter years was that it was a failure of the elites, not the system. We thought the people in charge screwed up. We didn’t blame ourselves.” Remarkably, many Americans think things will only get worse and the good times will never return.

Down on the Fourth of July: the United States of gloom

Bringing Home The Bacon At Six Dollars A Pound?

Bacon prices are expected to soar this summer — just in time for peak BLT (bacon lettuce and tomato sandwich) season.

The Crisis We Should Be Panicking About: Bacon Prices

Further obstacle to the second bail-out for Greece

....S&P on Monday became the first agency to warn that a plan, pushed by France and endorsed by Germany, for banks to roll over their holdings of Greek debt into new bonds would constitute a “selective default”.

ECB will continue to accept Greek debt

Sunday, July 3, 2011

Charts of the Coming Depression

You don’t have to be a conservative or a liberal, or anything at all, to understand that America is about to be flattened by a tidal wave of debt.

4 Little Charts Show the Coming Depression