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Saturday, August 27, 2011

The Economic Situation Is Set To Get Much Worse

A new batch of economic figures released this week confirms a renewed economic downturn, amidst an intensified assault on jobs and living conditions internationally.

The Organization for Economic Cooperation and Development (OECD) said the gross domestic product of its member countries grew by only 0.2 percent in the second quarter of this year, dropping from 0.3 percent in the first quarter.
Growth has slowed for four consecutive quarters, hitting the lowest level in two years.

The OECD’s 34 members include the UK, Russia, Japan, Canada, the United States and most countries in the Eurozone. Most of the member nations separately announced their growth figures earlier this month. German economic growth all but collapsed, expanding only 0.1 percent in the second quarter, compared to 1.3 percent in the first.

The Japanese economy shrank 0.3 percent, after contracting .9 percent in the first quarter. The French economy stopped growing completely, after an expansion of 0.9 percent. The United Kingdom grew just 0.2 percent, after expanding 0.5 percent in the first quarter.

Three years after the financial crash of 2008, none of the problems that have plunged the world economy into a recession, resulting in the destruction of millions of jobs, have been resolved. The bailout of the financial system has transferred the bad assets of the banks onto government balance sheets, and the ruling class is responding through brutal austerity measures and intensified exploitation. - Economic growth stalls amidst debt crisis, austerity

Greek Bailout in Trouble


Multisource political news, world news, and entertainment news analysis by Newsy.com

Saturday, August 20, 2011

US streets full of formerly middle class

Fear Grips Global Markets

Global fears of another US Recession have sent stocks tumbling again on Wall Street. Europe's own issues with debt and dealing with it also weighed in on equity issues around the world.


Saturday, August 13, 2011

Bad Economy Rocks Hollywood!

Halting tentpole movies is certainly is happening with more regularity in Hollywood lately. Universal recently halted production on a version of At The Mountains Of Madness that Guillermo del Toro was going to direct with Tom Cruise starring, and it also halted an adaptation of King's The Dark Tower that Ron Howard, Brian Grazer, and Akiva Goldsman were ready to do, in a trilogy of movies and two limited run TV series. And just this week, DreamWorks halted Southpaw, a boxing drama that has Eminem set to star in his first role since 2002's 8 Mile with Antoine Fuqua directing. It's clear that studios are making their bets more shrewdly, particularly with the economic uncertainty that has rocked the stock prices of parent companies of film studios. Even if it means bruised feelings from stars, directors and producers accustomed to having it their way. -SHOCKER! Disney Halts 'The Lone Ranger' With Johnny Depp And Gore Verbinski

Friday, August 12, 2011

Nothing compared to what is coming

A lot of people like to blame the increasingly bizarre behavior of the American people on the economy, but the reality is that things are not nearly as bad as they are eventually going to be. Yes, the U.S. "Misery Index" recently hit a 28-year high. Tens of millions of American families are deeply suffering. Unemployment is rampant and unprecedented numbers of Americans have been getting kicked out of their homes.

But that is nothing compared to what is coming.

So what is America going to look like when true economic suffering comes along?

-20 Signs That The Fabric Of American Society Is Coming Apart At The Seams

Will the Federal Reserve Make a Move for QE3?

Many analysts believe - while the Fed didn't offer up QE3 in its statement Tuesday - there's a complicit wink and nod which says, it's on its way.


Multisource political news, world news, and entertainment news analysis by Newsy.com




"The US fiscal position is a disaster if we include the unfunded liabilities and some kind of default will occur," he [Marc Faber] predicted.

He went on to explain that there are two ways that can lead to default: 1) Not paying interest and restructuring debt or 2) repaying the debt and the interest in a depreciated currency. Faber argues that the US Dollar is losing more value in terms of purchasing power than other currencies.-'I Can Smell QE3, QE4 and Many More,' Says Marc Faber


Wednesday, August 10, 2011

Spreading Concerns

Concerns about European debt issues have rocked the markets for some time now, though the fears have mainly been limited to smaller, so-called peripheral economies, such as Greece and Portugal.

However, analysts said the emergence of new worries that the region's biggest economies may also be vulnerable has fanned fears further.

"As the economies get larger, the chances to bail them out are going to get slimmer," said Mr Robinson.

On Wednesday, France's Cac share index ended down 5.5% despite the French government's assurance that its credit rating was not under threat.

While ratings agencies Moody's, Standard & Poor's and Fitch reaffirmed France's AAA credit rating, analysts said investors remained skepitcal about the country's financial health and the stability of its banking sector.

Shares of French lender Societe Generale fell as much as 20% after it was forced to "categorically" deny it was under financial pressure. The shares ended 15% lower.

"I think there's concern about just how much Greek debt French banks really do hold and how much the European Central Bank is willing to backstop all this," said Bret Barker of TCW.-Asian stocks are mixed on growth and Europe debt fears

Tuesday, August 9, 2011

Paradise Lost

If you asked Joe Six Pack if our society continues to be based on freedom and liberty, he would probably recollect his 9th grade American History teacher and respond "Yes, of course." If you were to ask him if our society was now based on a Stalinesque model of central planning, a totalitarian system in which the Government claimed all power, and there were no freedoms that the government did not allow, he would probably say, "No way." Joe hasn't got a clue. Hey, believe me. I've been trying to get across to Mr. Six Pack for years. He has been issued blinders by the state. He hasn't got a clue.

It appears to me that the markets are rigged. All games that can be rigged will be rigged, sooner or later. The Fed, working in league with the U.S. Government, rigs the U.S. markets. But don't think for a second that the Fed has some kind of monopoly on a situation where rapacity pervades honest reason. All markets are rigged. Central bankers, the world over, are primarily involved in fleecing the people. The fact that the Fed is the most powerful of the Central Bankers, and that they are primarily responsible for perfecting the insidious contrivance called inflation, has not kept the rest of Central Bankers of the world from entering into a game of "catch up". As far as they are concerned, there is only one motive, and that motive is economic world domination. Which Central Bankers will dominate will depend on which ones end up with the most. That's just the nature of absolute corruption. That is the reason that whole world is currently strapped with a fiat system. The ability to create money, out of thin air, provides for absolute economic power. Absolute power equals absolute corruption. It's as simple as that. By rigging the markets, through various forms of intervention, the central bankers have set up a scheme whereby the wealth of the world could be siphoned off at will.

The reason that this fiat system has become so all pervasive in the world is the lure of an uncapped, unending source of credit that is availed to all governments who are willing to play the Central Banker's game.

-Johnny Silver Bear: Paradise Lost

Sunday, August 7, 2011

Greenback’s status as the world’s reserve currency is set to wane

In comments emailed to CNBC, Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible.”-Dollar to Be 'Discarded' by World: China Rating Agency

America-by-the-Numbers: Jobs, Jobs, Jobs, Jobs, Jobs

How can the unemployment rate go down while the number of people working also goes down?

Collapse Crisis Escalates

Economy Terminally Ill

Amidst the continuing debate over the debt ceiling, with the deadline looming, CNNMoney reports the “worst week of 2011” for stocks, citing stagnant growth numbers for the second quarter.

Analysts at one bank, the Zurich, Switzerland-based Credit Suisse, have even predicted that, if the federal government defaults on its payments, U.S. stock prices “could tumble 30% over the following six months to a year.” Given the varied doomsday scenarios currently circulating in both the news cycle and the markets — accompanied as they are by a healthy dose of esoteric financial and economic jargon — it’s easy to feel confused and overwhelmed.

And while market anarchists don’t all agree on the niceties of economic doctrine, our internal controversies haven’t stopped us from citing plenty of evidence to demonstrate why the state ought to be removed from the markets altogether. Rather than promoting order, predictability and stability in the economic system, the state’s coercive palisades cause the kinds of market volatility we see today.

Prices in a genuine free market, one without the ruling class’s needless restrictions on consensual arrangements, would signal to investors and consumers where their labor and resources ought to be directed — to those activities that fulfill a substantive, economic need or demand.

Were the price of a particular good or service distended with the addition of rents, real competition would drive that price away from the exploitative levels only possible due to state-created conditions of monopoly. Without arbitrary legal commands to enforce what economist C. Ford Runge describes as the “right[] to exclude others from a stream of rents,” then, today’s privileged corporate giants would soon wither.

The labor hours currently tied up in feathering the nests of the power elite would be freed to propel the new economy. The societal wealth and resources that are today dissipated in the inefficiencies of the corporatist economy could be invested in the sorts of endeavors that free human beings really want.

Instead of a society wherein the masses serve as cogs in institutions that serve only the very few, the free market would necessarily breed more just and efficient social structures. Today, we live and work in an environment where Washington and Wall Street parasites connive together to limit our options for profit.

Through volumes of laws and regulations, the chances for free exchange and association are suffocated, rendering us a captive market for price gouging corporate giants. Just like the state itself, state-protected economic actors have no incentive but to squander resources and produce garbage products; they have no fear that true competition from below will impel them toward economical methods and thus no need to adopt them.

Resources under statism therefore gather in institutions that neither desire nor are able to serve the public at large — to be understood not as an organism in itself, but as the aggregate of individuals’ freely made choices. What we’re witnessing in the stock market is that, without the sensory and responsive functions of price in a freed market, the economy will always be terminally ill.

An economy based on mutual respect between sovereign individuals, on trade and cooperation, is the pathway to the solution and the solution itself. The state and the corporate economy profit from our ingrained attitudes; they win when we fail to dispute the myth that the financial elite supports the free market.

They don’t want to compete with the fluidity and logic of authentic social power, of an economic system that allocates resources not through the circumscriptions of privilege but through voluntary exchange.

-by David S. D'Amato The Terminally Ill Economy under Creative Commons

Saturday, August 6, 2011

Global Economy Shaking

The collapse in stock markets represents clouds piling up in the global economy’s sky. Firstly, the U.S. economy is stagnating and the huge cuts that are following the deal between the Democrats and Republicans in Congress to raise the debt ceiling threaten to strangle an already weak recovery.

"What was unthinkable six months ago, the U.S. running the risk of falling into recession in 2012, is a thought that more and more now consider. It is this insight that makes the entire ground shake," Businessweek wrote on 5 August.

Secondly, the debt crisis is deepening. The EU leaders had hoped that the crisis settlement in July - new loans to Greece, reduced interest rates on emergency loans and longer maturities, and some debt relief for Greece - would give some respite. But these measures have not calmed the financial markets.-US recovery strangled and European debt crisis deepening