his article says, “The US encounters its most sluggish growth levels since the Great Depression.” Huffington as a source is most credible.
Has it occurred to anyone that we might be in a later, greater depression that has been hidden by liquidity and MSM MOPE, but is in fact unfolding?
Remember what I told you on more than one occasion, “If you could have lied in 1930 at the level of government would the Great Depression have occurred?” I answered “Yes, later and GREATER.”
That is exactly where we are. We are in the MOPEd, “Later and Greater Depression” right now. That is why QE must go to infinity or the house of cards falls. That is the substance in this article. It is not counties but rather countries.
This is why gold must balance the balance sheets of the worst deficit-debt offenders. Just like the why of QE, there simply is no other tool.
Census: Record 1 In 3 Counties Now Dying Off, Hit By Aging Population, Weakened Local Economies
Michigan has a striking explanation for the drop.
It appears paying more for gasoline and higher taxes trumps the exuberance of the equity markets as UMich Consumer Sentiment crashed in February. Printing at 71.8 on expectations of 78.0 this is the biggest miss on record based on Bloomberg data.
Federal Minimum Wage 1968-2012 (graphic: NELP)
Washington has increased the federal minimum wage more than 20 times since it was created during the Great Depression. But those bumps have not been sufficient to keep the wage law current with inflation.
As a result, today’s minimum wage of $7.25 (set in 2009) is actually lower than it was in 1956, after factoring in rising prices over the decades, according to a recent reportfrom the Congressional Research Service (CRS).
Fifty-seven years ago, the minimum wage was officially $1/hour. But its “real value” based on 2013 dollars would have been $8.39.
When the same thing conversion is made for the current wage of $7.25, its real value is only $7.80.
Today billionaire Eric Sprott told King World News that the current financial system will end in ruin. Sprott also stated, “It’s unfortunate for those of us in the precious metals sector that, in essence, we are fighting the Fed all of the time … but I have no doubt that we will win.” This is the first in a series of interviews with Sprott that will be released today which reveals, despite mainstream propaganda, the reality of the increasingly desperate situation Western central planners face. Below is what Sprott, who is Chairman of Sprott Asset Management, had to say.
Eric King: “Dr. Paul Craig Roberts (Former Assistant Secretary of the US Treasury – interview to be released in a couple of hours on KWN) spoke with King World News earlier today about the fact that the Fed has produced a perfect storm which could consume the US and perhaps the entire Western world. What’s in front of us, the financial collapse, can you talk about how you see that playing out?
Sprott: “My concern early on about the financial system was leverage in the banking system, that the banks were levered 20/1. By interpretation this means that for every dollar of assets there is 5 cents of capital, and if that dollar goes down by 5 cents there is no capital.
That’s before we even get into the derivatives which are out there, and would take that ratio from 20/1 to probably 50/1 or even higher, which means you can only lose 2% of your money before there is no capital. And I think it’s this huge derivatives book that is just going to blow up one day.
There is $1 quadrillion of derivatives out there, which is a number that bears no relationship to world GDP….
‘Nazi Germany’ is the phrase that immediately comes to mind from the recent reports that the US is planning to allow spy agencies to monitor every citizen’s finances.
When you read a sentence like, “The Obama administration is drawing up plans to give all US spy agencies full access to a massive database that contains financial data on American citizens and others who bank in the country,” the pieces begin to fall into place. Remember how last year we learned that hedge funds hire former and active CIA agents to do research (read: espionage) to give them an edge?
Tempest In A Towering Inferno: JPM’s Head CIO Trader: “Things Like This, It’s Like The Twin Towers Falling Down”
On April 13, 2012 Jamie Dimon described the situation at the CIO as massively overblown and said it was just “a tempest in a teapot.” A few days later, the head CIO trader, Javier Martin-Artajo, when speaking to the former JPM Chief Investment Officer, Ina Drew, had a less sanguine description: “and, and, you know, things like this, it’s like the twin towers falling down.”(highlighted below) Let’s agree to disagree and just compromise on “tempest in a towering inferno.” But that’s not the point of this post. The point is in the same transcript we learn that it was none other than Ina Drew who told Artejo that “it would be helpful, if appropriate, to get, to start getting a little bit of that mark back” and instructed the Spaniard to go ahead and “tweak” the daily P&L on the CIO portfolio by “an extra basis point.” Nothing like your supervisor telling you to fudge marks just to demonstrate that the “curve is starting to trend.”