Relevant articles: Planned Economy or Planned Destruction?
10 Signs that Obamacare Is Going to Wreck the U.S. Economy: "Americans are going to pay far more for health care, the quality of that care is going to go down, they are going to have to deal with far more medical red tape, and thousands upon thousands of U.S. employers are considering getting rid of the health plans that they offer to employees altogether due to Obamacare. ... To say that Obamacare is an 'economic catastrophe' would be a massive understatement."
High German Electricity Rates Coming to the USA? "Environmentalists have told us that we must reduce the escalating levels of CO2 or we risk a complete meltdown of our entire global ice cap and massive planetary destruction. Not only is the ice cap 60 percent larger this year but we have been in a cooling period for the past 16 years.
"Even the United Nation’s expert on global warming, the Intergovernmental Panel on Climate Change (IPCC), had to admit that their computer modeling predicting global warming Armageddon was wrong....
"Germany was one of the first European countries to jump on the wind and solar renewable energy bandwagon....Consequently...Germans were forced to pay the highest electricity rates in Europe. ...
"The renewable energy is generating so many tax surcharges, Germans can no longer keep up..."See Gullible Green sailors trapped in arctic
Obama [said] ...the Keystone Pipeline Might Only Create 50 Jobs: "[In contrast] ... The State Department also says the project could 'potentially support approximately 42,100 average annual jobs across the United States over a one-to-two-year period.' State said the employment would translate into about $2 billion in workers’ earnings, $3.3 billion in construction and materials costs and $67 million in state and local taxes. That sounds like real money..
Depositors Beware: Bail-In is now offcial E.U. policy: "When Dutch Finance Minister Jeroen Dijsselbloem told reporters on March 13, 2013, that the Cyprus deposit confiscation scheme would be the template for future European bank bailouts, the statement caused so much furor that he had to retract it. But the 'bail in' of depositor funds is now being made official E.U. policy....
"Who should bear the loss in the event of systemic collapse? The choices currently on the table are limited to taxpayers and bank creditors, including the largest class of creditor, the depositors. Imposing the losses on the profligate banks themselves would be more equitable, but if they have gambled away the money, they simply won’t have the funds."See Who Controls The Money?
Outright fraud at the U.S. Treasury: "The U.S. Treasury is currently engaged in a fraud running into the trillions of dollars.... The Republicans who currently command the House of Representatives, rightly anticipating that Mr. Obama’s massive vote-buying among those whom his party’s policies have imprisoned in permanent, cringing dependence upon Auntie Sam for everything from food stamps (getting on for 50 million claimants) to Obailoutcare, decided to show who was boss by setting a limit on the amount the U.S. Treasury was allowed to borrow..... That limit was – and is – $16.7 trillion.... It’s a whole lot.... But Obust just went on spending. By close of what passes for business Magressional limit rose to $16,699,396,000,000.00. ... By close of what once passed for business July 12, he had borrowed another $51 billion." See Planned Economy or Planned Destruction?
How The Bank For International Settlements Is Going To Help Bring Down The Global Economy: "A new set of regulations that most people have never even heard of that was developed by an immensely powerful central banking organization that most people do not even know exists is going to have a dramatic effect on the global financial system over the next several years....
"The Bank for International Settlements has been called 'the central bank for central banks', and it is headquartered in Basel, Switzerland. 58 major central banks (including the Federal Reserve) belong to the Bank for International Settlements, and the decisions made in Basel often have more of an impact on the direction of the global economy than anything the president of the United States or the U.S. Congress are doing."
World Bank Insider Blows Whistle on Corruption, Federal Reserve: "A former insider at the World Bank, ex-Senior Counsel Karen Hudes, says the global financial system is dominated by a small group of corrupt, power-hungry figures centered around the privately owned U.S. Federal Reserve. The network has seized control of the media to cover up its crimes.... Hudes said that when she tried to blow the whistle on multiple problems at the World Bank, she was fired....
"At the heart of the network, Hudes said, are 147 financial institutions and central banks — especially the Federal Reserve, which was created by Congress but is owned by essentially a cartel of private banks. ... The Fed...is at the very center of the network and the coverup....The shadowy but immensely powerful Bank for International Settlements serves as 'the club of these private central bankers.'” SeeThe Hidden Control of the Council on Foreign Relations (CFR)
We'll Kill the Dollar! "From Doug Hagmann of Canada Free Press comes a chilling account of what's in store for us if we continue to ignore the bare-faced warnings of the central power base.... In 2011, economist Kyle Bass interviewed a senior member of the Obama administration about its planned solutions for fixing the US economy and trade deficit.... Among the questions he asked was about U.S. exports and wages, but the question itself was not nearly as important as the response he received from this senior administration official. In fact, this single, seven word response clarifies everything, explains everything, and leaves little else to discuss: 'We're just going to kill the dollar.'"
Stockton Goes Bankrupt: “Precedent-Setting Implications”: "One of the most dangerous cities in America has just declared bankruptcy, leaving creditors out hundreds of millions of dollars. U.S. Bankruptcy Judge Christopher Klein said the bankruptcy declaration was needed to allow the city to continue to provide basic services. ...The city of nearly 300,000 people has become emblematic of government excess and the financial calamity that resulted when the nation’s housing bubble burst. ... The $900 million that Stockton owes to the California Public Employees’ Retirement System to cover pension promises is its biggest debt. ... By 2009 Stockton had accumulated nearly $1 billion in debt.... This is only the beginning."
"Yet in all these things we are more than conquerors through Him who loved us." Romans 8:39
Cyprus-Style “Bail-Ins” Are Proposed In The New 2013 Canadian Government Budget! "The politicians of the western world are coming after your bank accounts. In fact, Cyprus-style 'bail-ins' are actually proposed in the new Canadian government budget."
Killing the Dollar: G20 & IMF Push for Global Fed, Global Currency: "While headline stories about averting the dangers of an international “currency war” dominated news coverage of the recently concluded G20 meeting in Moscow, the real unreported story is that the global gathering of central bankers and finance ministers is pushing forward with their plan for “supersizing” the International Monetary Fund. The end goal is to transform the IMF into a global Federal Reserve, with the ability to flood the world with huge new volumes of loans and currency. It would also wield vast financial regulatory powers." See Who Controls The Money?
The Architects of Our Economic Demise : “Is there a conspiracy of global takeover, of a New World Order, of global governance that has been in the works since the United States gained independence from Great Britain? The honest answer is undeniable: yes.” – Doug Hagmann. See The Hidden Control of the Council on Foreign Relations [with its European branches]
Killing the Dollar: G20 & IMF Push for Global Fed, Global Currency: "While headline stories about averting the dangers of an international 'currency war' dominated news coverage of the recently concluded G20 meeting in Moscow, the real unreported story is that the global gathering of central bankers and finance ministers is pushing forward with their plan for 'supersizing' the International Monetary Fund. The end goal is to transform the IMF into a global Federal Reserve, with the ability to flood the world with huge new volumes of loans and currency. It would also wield vast financial regulatory powers." See Planned Economy or Planned Destruction?
[UK] Welfare State Cuts, More Tax, Higher Unemployment and a Bigger Deficit: "While they pretend to wish to protect the interests and wellbeing of the British people, they again pretend that they are powerless to prevent another influx of unwanted and unneeded 'workers' who will be arriving in January 2014 from Bulgaria and Romania - even when we have approximately 10 million people who are unemployed or on part-time hours. ....
"...if you drive wages lower by the importation of millions of people who will work for less... then you cannot expect the impoverished British people to spend in order to revitalise the economy."
Saxo Bank CEO Says Euro Is Doomed as Currency Woes Resurface: [Source: Bloomberg] "Lars Seier Christensen, co-chief executive officer of Danish bank Saxo Bank A/S, said the euro’s recent rally is illusory and the shared currency is set to fail because the continent hasn’t supported it with a fiscal union. 'The whole thing is doomed,' Christensen said yesterday in an interview at the bank’s Dubai office.” See The Hidden Control of the Council on Foreign Relations [with its European branches]
Retail Apocalypse: Why Are Major Retail Chains All Over America Collapsing? "If the economy is improving, then why are many of the largest retail chains in America closing hundreds of stores? When I was growing up, Sears, J.C. Penney, Best Buy and RadioShack were all considered to be unstoppable retail powerhouses. But now it is being projected that all of them will close hundreds of stores before the end of 2013. Even Wal-Mart is running into problems."
Who Controls The Money? An Unelected, Unaccountable Central Bank Of The World Secretly Does: "An immensely powerful international organization that most people have never even heard of secretly controls the money supply of the entire globe. It is called the Bank for International Settlements, and it is the central bank of central banks. It is located in Basel, Switzerland, but it also has branches in Hong Kong and Mexico City. It is essentially an unelected, unaccountable central bank of the world that has complete immunity from taxation and from national laws. ...'it is not accountable to any single national government'...
"The Bank for International Settlements is an organization that was founded by the global elite and it operates for the benefit of the global elite, and it is intended to be one of the key cornerstones of the emerging one world economic system." SeeThe emerging New World Order
Here's the real unemployment rate: "The real unemployment rate for December 2012 is closer to 23 percent, not the 7.8 percent reported by the Bureau of Labor Statistics.... Williams, author of the Shadow Government Statistics website, argues that the federal government manipulates the reporting of key economic data for political purposes.... Since 1994, however, the long-term discouraged workers, those who have been discouraged for more than one year, have been excluded from all government data."
Government Dependents Outnumber Those With Private Sector Jobs In 11 U.S. States: "An increasing number of Americans expect the government to take care of them from the cradle to the grave....Unfortunately, millions of good paying jobs continue to be shipped overseas and they aren’t coming back. We are even losing good jobs to our own prisoners. The United States has the largest prison population in the world by far, and the exploitation of that low wage labor pool has become a boom industry in America. Even Microsoft and Boeing are using prison labor now. [Check video]"
Video. Ann Barnhardt - The Economy Is Going To Implode (Full Length): Very interesting information -- a warning for all of us.
Fortune Mag Thinks 1000s Of Small Banks Could Close, Even More Companies Reported To Be Laying Off Workers Or Closing Outlets: "...the banks are not the only group at risk. ...the CEO of Papa John’s Pizza announced to the press that Obama’s second term and the full enforcement of Obamacare would likely force him to cut the hours of many workers and add costs to his operation. Those costs would be passed on to consumers." See Planned Economy or Planned Destruction?
Obamacare and the “Great Chase”: "Zane Tankel, CEO of Apple-Metro, which owns Applebee’s restaurants in the New York area [said he would] ...freeze hiring, stop building new restaurants and may fire employees in order to dodge the requirements of Obamacare. Obamacare requires a business, with 50 or more employees, to provide a health care plan by 2014.... 'Tankel said: '...that says we won’t build more restaurants. We won’t hire more people, exactly the opposite of what the President says.” See Victory in Christ
US Debt to Hit $16 Trillion on Tuesday as DNC Begins: "In an election already focused on domestic issues of jobs, spending and deficits, the $16 trillion number is likely to underscore just how much is at stake..."
Startling Evidence that Central Banks and Wall Street Insiders are Rapidly Preparing for Something BIG: "...more evidence has emerged that quiet preparations are being made for an imminent financial collapse. ...we are gathering clues and trying to figure out what the evidence is telling us..."
Eurozone rescue without growth means Finland could be first to leave: "The essence of the eurozone's financial problem lies in the discrepancy between northern and southern members. So why don't they just integrate their finances? Because that would mean the northern countries taking their share of the debts incurred by the southerners. Understandably, people in the north don't like this idea. They haven't enjoyed the benefits of government largesse – why should they now suffer the pain of higher taxes or interest costs to pay for it?... This is where the wizardry of modern
Is Obama intentionally destroying America? "Ordinary people – not just a small fringe group of zealots – are really afraid today. They see the country they adore being attacked at all levels; they see their freedoms under assault, their life savings genuinely in jeopardy... and a national financial crisis, born of world-historic national debt, this president will not help avert.
"...businesses are afraid to hire because of the uncertainties caused by new taxes and regulations.... Small businesses see an administration that not only is at war with the private sector but also appears to be on a mission to punish and obliterate our domestic energy sources and waste billions more in borrowed federal dollars on green energy projects doomed to fail." See Our Murdered Cities and the Freedom-Eaters
Obama spending $30M on struggling schools - in Arab kingdom: "Infuse millions of extra federal dollars into constructing modern facilities and renovating old ones, while deploying additional computer equipment – and new furniture – in schools.... in the Hashemite Kingdom of Jordan."
Video. WSB TV National Disgrace: "Apparently, America is spending millions for refurbishing mosques in the middle east and funding Internet service of Imans. In turn, they laugh at our foolishness and call us 'the great satan." [Eight months old but still relevant]
Half of Detroit’s Streetlights May Go Out as City Shrinks: "Detroit, whose 139 square miles contain 60 percent fewer residents than in 1950, will try to nudge them into a smaller living space by eliminating almost half its streetlights. As it is, 40 percent of the 88,000 streetlights are broken and the city, whose finances are to be overseen by an appointed board, can’t afford to fix them. ... Other U.S. cities have gone partially dark to save money....
"Detroit’s dwindling income and property-tax revenue have required residents to endure unreliable buses and strained police services throughout the city. ... A single, broken streetlight on the northeast side brings fear to Cynthia Perry....'I’m afraid coming in at night,' she said."
The liberal are trying to legislate free speech out of existence [ The history of censorship in the US]: "In 1910, when Congress was contemplating transferring the wealth of the American people to the same cabal of international bankers and industrialists who owned all of the central banks of the industrialized world, the money mafia realized it somehow needed to seize control of the media to prevent the fourth estate from warning the American people what was afoot. That fraud could not have been successfully promulgated without the help—or silence—of the media.... The money barons knew there was much truth to the adage that whomever controls the news controls the hearts and minds of the man on the streets."
58 Percent Of Americans Believe Economic Conditions in The United States will be Good a Year from Now: "There is nothing wrong with being optimistic, but there is something wrong with having blind faith that things are going to get better when all of the evidence is screaming at you that things are going to get worse.... Back in November 2008, 30.8 million Americans were on food stamps. Today, more than 46 million Americans are on food stamps."
UN moves to compensate the victims of terrorism: "People seriously injured or maimed by terrorist attacks across the world would be granted automatic legal rights to compensation and rehabilitation under far-reaching changes to rebalance international law in favour of victims....The report, drawn up by the UN's special rapporteur on counter-terrorism and human rights...will be welcomed by the UK government at a time when the international legal system faces criticism for doing too much to protect the rights of alleged supporters of terrorism."
That sounds kind and noble, but with all the financial corruption within the UN system, I wonder how this can work. In addition to the usual mismanagement, it will be especially costly for America.
A U.S. Senator Questions Fed on Chinese Bank Decision : "A Federal Reserve decision to let Chinese banks acquire U.S. lenders was challenged by Senator Bob Casey, who said it could open the way for Chinese government-run institutions to undercut U.S. banks." See Bowing to the Dragon? America's Perilous Partnership with China
H-1B Visas Take American Jobs: "Big companies prefer H-1B workers because they can pay them significantly less than Americans, never have to give them a raise or promotion, and have the unilateral power to deport them. H-1B workers don't dare to complain about working conditions or unpaid long hours, and can't quit to take a better job."
The Federal Reserve's Covert Bailout of Europe: "When is a loan between central banks not a loan? When it is a dollars-for-euros currency swap. ...The Fed was embarrassed by the revelations of its prior largess with foreign banks. It does not want the debt of foreign banks on its books. A currency swap with the ECB is not technically a loan." See Disinformation on the Rise
Obamacare’s inescapable death march: "Obamacare's costs are exploding.... The $900 billion bargain-basement 10-year cost estimate that Mr. Obama promised for his overhaul recently ballooned to $1.8 trillion....Welcome to the United States of Greece, where our $15.6 trillion national debt has surpassed the size of our total economy....The unfunded obligations of Medicare, Medicaid and Social Security are at least $50 trillion - probably closer to $75 trillion...."
Bernanke Claims that the Fed Has Averted a Second Great Depression by Bailing Out the Too Big To Fail Banks: "Unfortunately...all Bernanke did was kick the can a bit farther down the road. You can't fix a debt problem with more debt, and the debt bubble we are living in today is far larger than it was in 2008."
Video. Euro Currency Crisis: Trapped Inside an Economic Prison: "A decade ago, everybody said 'Once we've got the euro currency, it will bring us stability. Well I would suggest the decade of chaos, discord and misery for millions."
Summer jobs for foreigners crowd out Americans: "...the State Department is finally conducting a reevaluation of the program that every year brings more than 100,000 foreign college students to the U.S. to work in seasonal jobs....The State Department labels SWT [Summer Work Travel ] as 'cultural exchange' that ...wins friends among future world leaders.
"...as the program has boomed...it has denied a place in the workforce for many American young people, who are now suffering record levels of unemployment. ...[According to] a former State Department Foreign Service officer... 'it's wrong to have a program that allows foreign kids to come in and take jobs that American kids need.'" But it fits the global agenda: See Trading U.S. Rights for UN Rules
Debt Has Climbed $4.47T Since Obama Released First Budget—Calling for ‘A New Era of Responsibility’: "The federal debt has increased by $4.47 trillion since President Barack Obama released his first federal budget on Feb. 26, 2009.... At the close of business on Feb. 9, 2012, the national debt stood at $15.36 trillion ($15,355,838,921,022.16)." See Planned Economy or Planned Destruction?
47 Signs that China is Destroying America On the Global Economic Stage: "In 2011, our trade deficit with China was the largest trade deficit that one nation has had with another nation in the history of the world, and China has now accumulated more than 3 trillion dollars in foreign currency reserves. Every single day, we lose more jobs, more businesses and more of our national wealth to China. ... #7. China produced 19.8 percent of all the goods consumed in the world during 2010. The United States only produced 19.4 percent. #8. During 2010, we spent $365 billion on goods and services from China while they only spent $92 billion on goods and services from us."
Getting nowhere, very fast: "California has a huge state debt, and Washington has a huge national debt. But that does not discourage either Gov. Jerry Brown or President Barack Obama from wanting to launch a very costly high-speed rail system....While the Spanish government has been subsidizing the passengers on its high-speed rail system, the European Union has been subsidizing the Spanish government. Someone once said that government is the illusion that we can all live off somebody else."
Obama on Pace to Borrow $6.2Trillion in One Term—More Than All Presidents from Washington Through Clinton Combined: "President Barack Obama has been increasing the national debt during his presidency by an average of $4.24 billion per day ($4,240,506,004.34)..."
From Revolution to “Evolution”: "End of empire, an Occupy demand, is part of New Age visionary David Korten’s blueprint for a new economic order. Korten, Club of Rome member who delivered the 1992 Earth Summit keynote address, calls for the existing world economic order to be replaced with a system of bio-regions that are based upon the Earth Charter. The Charter seeks to combine economics with set of religious beliefs in order to achieve 'sustainability'.
"Korten believes that economic, environmental, and social collapse is necessary before the Earth Charter economy can take root. The person who drives a car, travels by air, wears nice clothes, has a diet which contains meat, or lives in climate controlled housing may as well consider themselves among the greedy.... Korten’s writings are similar to the UN Alliance of Civilizations’ (AoC) planning materials which envision an end of American sovereignty...." See Unity in an Anti-Christian World?
Shocking Charts And Statistics That Prove That America Is No Longer A Wealthy Nation: "Did you know that if you added up all forms of debt in the United States and divided it up equally that every single family in the country would owe more than $683,000?.... #1. During fiscal year 2011, the U.S. government spent 3.7 trillion dollars but it only brought in 2.4 trillion dollars ... #34. The U.S. national debt is now more than 5000 times larger than it was when the Federal Reserve was created back in 1913."
North Dakota Edges U.S. Closer to Energy Independence: "Williston, North Dakota is a dusty, prairie town...a stone’s throw from the Canadian border.... The city’s unemployment rate is close to zero. The majority of the jobs sport starting salaries north of $100,000 a year.... It’s a real honest-to-goodness Western boomtown....Need a job? Pack your bag and head on up. Just bring a place to live with you.....It’s all due to the 'Bakken Boom' – a revolution in shale oil and shale gas.... The Bakken formation is a 25,000 square mile chunk of rock.... Estimates for how much oil it contains vary, but the latest are north of 50 billion barrels."
Our government should appreciate North Dakota's rich oil fields. But does it? The next link suggests the opposite. After all, Obama has been declaring other oil fields off limits and is supporting Brazil's oil ventures.
Prepare for riots in euro collapse: "British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain. British ministers privately warned that the break-up of the euro... is now increasingly plausible. Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis. The Treasury confirmed earlier this month that contingency planning for a collapse is now under way."Obama proposes $100 billion U.S. loan for IMF: "The $100 billion is part of commitments made by Group of 20 countries at a London summit on April 2, which agreed to triple IMF [International Monetary Fund] resources to a total of $750 billion to help the IMF respond to crises in emerging market economies."
Bill Gates Urges Obama to Embrace Global Tax: "When Barack Obama was a senator, he proposed a Global Poverty Act to fulfill the U.N.’s Millennium Development Goals. The cost in additional foreign aid: $845 billion. On Thursday, as part of the G20 summit, Bill Gates, co-chair of the Bill & Melinda Gates Foundation, delivered a report on 'financing for development' that proposes global taxes on America and other 'rich' nations to make the Global Poverty Act a reality."
Around the World on $69 Million in Welfare Funds: Here is one reason we face a collapsing economy!
Vatican urges economic reforms, condemns collective greed: "The Vatican called on Monday for sweeping reforms of the world economy and the creation of a ethical, global authority to regulate financial markets.... An 18-page document from the Vatican's Justice and Peace department said the financial downturn had revealed behaviours like 'selfishness, collective greed and hoarding...adding that world economics needed an 'ethic of solidarity" among rich and poor nations.
"...the Vatican called on those who wanted to change economic structures to 'not be afraid to propose new ideas, even if they might destabilise pre-existing balances of power that prevail over the weakest.'... The Vatican called for the establishment of 'a supranational authority' with worldwide scope and 'universal jurisdiction' to guide economic policies and decisions. Such an authority should start with the United Nations..." See The U.N. Plan For Global Control
Obama now accused of destroying U.S. economy...on purpose! "...these radicals aim to remake the American financial system with massive government control. 'Red Army'...[exposes] the radical socialist network that seized political power in Washington over decades, shaped Obama's presidential agenda and threatens the very future of the U.S." See Trusting God as Freedom Fades
IMF Advisor: Could See Eurozone 'Meltdown' in 2 Or 3 Weeks: "If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world... it will spread everywhere because the global financial system is so interconnected."EU calls for global tax: "Flanked by German Chancellor Angela Merkel...European Commission President Jose Manuel Barroso said...'we will press for a global financial transaction tax.'...The idea has run into stiff resistance from Canada, the United States, Australia, China and others....The European Union is proposing a 0.1 percent tax in the EU on trading bonds and shares from 2014..." This issue has been discussed and dismissed repeatedly for many years. Such a tax might help the UN deal with its expenses but would certainly not help the global economy.
Coke CEO Says It’s Easier to do Business with Communist China Than With U.S.: "Coca-Cola CEO Muhtar Kent thinks U.S. corporations are at a disadvantage compared to those based elsewhere thanks to America’s labyrinthine tax code, he told the Financial Times in an interview published earlier this week....In the West, he said, 'we’re forgetting what really worked 20 years ago."
New Report Threatens Civil War, Collapse of International Trade and Sovereign Default if Euro Fails: "The Union Bank of Switzerland (UBS) has just released a report titled 'Euro Break Up—The Consequences,' wherein they predict the death of the euro and the long-term consequences should that occur....Germany, the most effective and prosperous of all the European countries, may be considering an exit from the euro.... [From UBS report:] 'Were a stronger country such as Germany to leave the Euro, the consequences would include corporate default, recapitalization of the banking system and collapse of international trade.'...
"It is without doubt that a German exodus would result in an almost instantaneous diminution in Europe’s fiscal and social stability. Who would replace them? What is especially discomforting about the report is that the UBS, an organization with an almost hegemonic influence over the world economy, has no faith in the system to which they are intimately attached. The UBS is the world’s second largest manager of private wealth assets and maintains over $2.68 trillion in assets....
"'The economic cost is, in many ways, the least of the concerns investors should have about a break-up. Fragmentation of the Euro would incur political costs. ...almost no modern fiat currency monetary unions have broken up without some form of authoritarian or military government, or civil war....When the unemployment consequences are factored in, it is virtually impossible to consider a break-up scenario without some serious social consequences.'"
U.S. Postal Service Faces Possible Default, Shutdown: "The problem has become dire enough that the agency is facing a $9.2 billion deficit, and may have to close down entirely without an influx of money to help pay off its debts. The $5.5 billion bill is to help cover the healthcare of future retirees, but the post office may run out of money to pay its current employees by early next year." Remember the old "Wells-Fargo Wagon a-comin' down the street..."? It may have been delayed at times, but at least it kept going.
Thomas Sowell: An Unusual Economy? "Some very sharp downturns in the American economy, such as in the early 1920s, were followed quickly by bouncing back to normal levels or beyond. The government did nothing -- and it worked.... [Today's unemployment rates] have been common for years in Western European welfare states that have followed policies similar to policies being followed currently by the Obama administration."
Global Meltdown: Is Paris Next? "Europe’s out-of-control debt poses far greater and more immediate risk to global markets than Standard & Poor’s U.S. downgrade. When U.S. exchanges began their plunge, investors flocked to U.S. Treasuries, a sign that there’s still a bit of optimism that America will pull through."
China chastises U.S. over debt: "China called on the United States to 'cure its addiction to debts' and 'learn to live within its means'.... 'China, the largest creditor of the world's sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets.'... 'If no substantial cuts were made to the U.S. gigantic military expenditure and bloated social welfare costs, the downgrade would prove to be only a prelude to more devastating credit rating cuts...'" See Planned Economy or Planned Destruction?
The Disappearing Recovery: "...from 1870 to 2008, the U.S. economy has had average GDP productivity growth of about 3% and about 2% on a per-person basis. Despite displacements—wars, depressions—we've always returned to this solid upward trend. From 1870 till recently, real income per person has increased by a factor of 12—'an ongoing miracle,' Prof. Lucas notes, 'mainly due to free-market capitalism.' ... 'If we're going to move to a European welfare state,' says Prof. Lucas, 'we're going to have to pay a European price.'...Among the many things any such drop in GDP will siphon away is America's relentless productive vitality."
CIA: U.S. finances at bottom of planet: "The United States ranks last among all nations in the world when it comes to its current account balance. [China tops the list]....The next closest nation to the U.S. is Spain, and though it's ranked at No. 190, its account balance is negative $66 billion, far less than the American figure. ...
"The CIA defines current account balance as 'a country's net trade in goods and services, plus net earnings from rents, interest, profits, and dividends, and net transfer payments (such as pension funds and worker remittances) to and from the rest of the world during the period specified.'
"Topping the list on the positive side is China, with an account balance of $272 billion. It's followed by Japan, Germany, Russia and Norway....Besides the U.S. and Spain at the bottom of the list, the remainder of the worst ten are Italy, France, Brazil, United Kingdom, Canada, Turkey, Australia and India. Greece, which has been making headlines for its financial problems...and has seen economic-related violence escalate..."
Obama plan: 'Spike' energy costs, kill 1.4 million jobs: "Even before he was elected president, Barack Obama warned he would 'bankrupt' the coal industry if necessary and purposefully spike Americans' utility bills in order to force the nation into using less and cleaner forms of energy. Now, industry partners warn, the White House is making good on that promise by issuing a new rule that will raise some Midwesterners' electricity bills over 23 percent by 2016 and cost an estimated 1.44 million jobs by 2020."
A Debt-Limit Election: "The nation's total debt, now $14.29 trillion.... is the product of our politics—of open elections and successive Congresses and presidencies, some of them Republican, sifting through all sorts of public wants.... Running alongside, the American people went to work every day and produced the tax revenue that enabled these wants to become history's biggest public budget....
"For [Democrats], the negotiation's numbers are irrelevant. What matters is protecting the principle of raising taxes to pay for public spending in the future....Now they're engulfed in the math of this spending-reduction nightmare with the safety valve of big taxes shut."
Video: Greece riots: 100,000 fight against harsh cuts in Athens financial crisis protests: "At least three people have been killed during protest in Greece, as rioters set fire to a bank building. Thousands are on the streets of Athens in opposition to harsh spending cuts which are part of a new austerity package aimed at saving Greece from bankruptcy."
Tycoon Says North Dakota Oil Field Will Yield 24 Billion Barrels, Among World’s Biggest: "Bakken. The name has become shorthand for the entire 8 million acre Williston Basin area of North Dakota and Montana. The United States Geological Service (USGS) made headlines in 2008 when it determined that the formation likely held 4.3 billion barrels of recoverable oil and gas equivalents. Already a kingsize hoard. That's nothing, says Hamm. He’s convinced that the recoverable bounty is more like 24 billion barrels."
The Collapse of Nations...By The hand of corrupt bankers: "...the US Treasury thus far has spent and borrowed about $100 billion from the federal pension accounts. Unless there is a vote on the cash debt extension prior to August 2nd, government will probably have borrowed some $250 billion to $300 billion. ...how will the funds be generated to fulfill the Treasury’s obligation to the pension fund? What happens if on August 2nd if legislation is not passed?" See Strength from God
Obama Administration Spends $17.4 Million to Explore Market for Carbon Credits: "Department of Agriculture (USDA) announced that it has awarded $17.4 million for pilot projects that will begin exploring how to establish a market for greenhouse gas (GHG) credits, a key component of a cap and trade system, to help reduce carbon and other emissions that apparently contribute to global warming....[Al Gore's] Greenhouse gas offsets, often called carbon credits, are a key component of a cap and trade system...."
Russia to Lower U.S. Debt Holdings: "Russia will likely continue lowering its U.S. debt holdings as Washington struggles to contain a budget deficit and bolster a tepid economic recovery, a top aide to President Dmitry Medvedev said Saturday....Russia's financial reserves—which stood at $528 billion as of June 10—are the world's third largest, after China and Japan's." See Deceit, Delusion and the Destruction of America
Obama's Co-Chair Concurs: We Face Most Predictable Economic Crisis in History In About 2 Years: "Simpson added that the tipping point 'will come when the rating agencies find out we have no plan' to seriously address federal spending and the national debt....
"'This debt and these deficits that we are incurring on an annual basis are like a cancer and they are truly going to destroy this country from within unless we have the common sense to do something about it,' said Bowles....“It may be two years, you know, maybe a little less, maybe a little more. But if our bankers over there in Asia begin to believe that we're not going to be solid on our debt, that we're not going to be able to meet our obligations, just stop and think for a minute what happens if they just stop buying our debt.'"See the opposition: The Grasp of Socialist International (SI)
China ratings house says US defaulting: report: "A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order.... The US government will run out of room to spend more on August 2 unless Congress bumps up the borrowing limit beyond $14.29 trillion -- but Republicans are refusing to support such a move until a deficit cutting deal is reached."
The Mexican Paradox: "Last week, gun battles between warring drug cartels in the central Mexican state of Michoacán lasted three days...and took an as-yet undetermined toll in lives.... Last year, Mexico tied Iraq, and was second only to Pakistan, in journalist fatalities....The decapitation of 27 Guatemalan farm hands by the Zetas gang two weeks ago. The 146 corpses discovered in April in mass graves in the state of Durango. The hanging in March of five victims....
"Yet a funny thing happened on the way to Mexico becoming another failed state. ...In 2010, a year when there were more than 15,000 drug-related killings (up by nearly 60% from the year before), the economy grew by 5.5%—the fastest rate in a decade. The Mexican peso appreciated against the dollar. Inflation was essentially flat....Twenty-two million tourists visited the country."
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Previous links on this topic at Economy 1 (2007-2008) and Economy 2 (2009-2010)