December 1 , 2012
City of Detroit – Layoffs Coming Feb 2013?
Resolution Copper Mining – up to 400
Update: Clinton Community College NY – 10
Celgard – 40
EnerSys Energy Products – 100
AM General – Confirms Layoffs, About 100?
Update: AT&T – 106 Landline Techs. in CT
City of Steubenville Ohio – 12 Layoff Notices
Cumberland Pharmaceuticals – 1/3 of its Salesforce
U.S. Steel Corp.McKeesport Tubular Plant – 142
Worldwide Flight Services in 51 in Honolulu
Orange Township Ohio – 22 Layoff Notices
Scentsy – 19
O’Hare Airport – 300 Janitor Jobs Cuts Possible
Glendale Adventist Medical Center – 21
The ones who control $5.6 trillion aren’t feeling optimistic. They’ve parked that money in low yield, limited access savings accounts at commercial banks.
As the chart below shows, rapid, dramatic shifts, characterized by massive inflows of cash into such savings accounts usually coincide with times of great monetary stress: the three biggest episodes in history to date have been the 2008 Lehman failure, the August 2011 Debt Ceiling Crisis and associated US downgrade, and the May 2009 First Greek failure and bailout.
02 dec 02 0420
The largest ever weekly inflow, ~ $132 billion, occurred just 2 weeks ago.
Do these insiders know something we don’t?
**Our Economy Is In Big Trouble: Business Sales Is Slowing At An Increasing Rate, US Consumer Makes, Spends Less In October, Real Income Falls For Third Month, And Deflation Started in Europe Will Soon To Overtake The US**
Fiscal Cliff Creeps Closer With No Signs of Optimism
from Yahoo News:
“Absurd” — that’s the word one top Republican Hill aide used to describe the plan that Treasury Secretary Timothy Geithner presented to GOP leaders yesterday to avoid the fiscal cliff.
And an aide to House Speaker Boehner described the White House’s offer as “completely unrealistic” and “a break with reality.”
Meanwhile, a top Democratic insider complained to ABC’s Jonathan Karl that “the Republicans have taken to screaming at us.”
- Highlights of the Approaching Fiscal Cliff
- Rep. Carter: Democrats Must Include Spending Cuts to Avoid Fiscal Cliff
- Tea Party Congressmen Show Flexibility on Tax Rates
- Sessions: Geithner Hasn’t Offered a Budget Plan
- Krauthammer: Obama’s Tax Deal Worse than Lee’s Terms at Appomattox
- McConnell: Obama’s Budget Plan Gave Me ‘Burst of Laughter’
- ‘Black Swan’ Author Taleb: Fiscal Cliff Is Good for the US
- Gingrich to Boehner: ‘Break the Cliff Down Into Foothills’
- Howard Dean: Let’s Go Over the Fiscal Cliff
- Hoekstra: Democrats Have No Incentive to Avert Fiscal Cliff
Europe Is Heading Into An Economic Depression
Europe is not just heading into another recession. The truth is that Europe is heading into a full-blown depression. The economy of the EU is actually larger than the U.S. economy, and we are watching it melt down right in front of our eyes. Things just continue to get worse in Europe, and yet somehow the authorities over in Europe just keep insisting that everything is going to be “just fine”. Well, everything is not “just fine” over in Europe right now. Unemployment in the eurozone has just hit another brand new record high. In some nations in Europe, the unemployment rate is already significantly higher than anything the United States experienced during the Great Depression of the 1930s. Europe is a continent that is collapsing under the weight of its own debt, and this is just the beginning. A lot more pain is on the way. Officials over in Europe are trying to hold the European financial system together with duct tape and prayers, but it could literally fall apart at any moment. Europe has a much larger banking system than the United States does, so when a financial collapse happens in Europe, it is going to be very significant for the entire globe. Sadly, most Americans do not even pay attention to much of anything that is happening in Europe. They tend to think that the United States is the center of the universe and that as long as we are fine that everything will be okay. Well, all of those people who are not paying attention need to wake up. First of all, the U.S. economy is most definitely in decline. Secondly, the European economy is imploding right in front of our eyes and Europe is going to end up dragging the entire globe down with it.
The following are 11 facts that show that Europe is heading into an economic depression…
1. The economies of 17 out of the 27 countries in the EU have contracted for at least two consecutive quarters.
2. Unemployment in the eurozone has hit a brand new all-time record high of 11.7 percent.
3. The unemployment rate in Portugal is now up to 16.3 percent. A year ago it was just 13.7 percent.
4. The unemployment rate in Greece is now up to 25.4 percent. A year ago it was just 18.4 percent.
5. The unemployment rate in Spain has hit a brand new all-time record high of 26.2 percent. How much higher can it possibly go? This is already higher than the unemployment rate in the United States ever reached during the Great Depression of the 1930s.
9 Reasons To Be Bearish This Week
1. Fiscal Cliff: Weekly Bias – Neutral To Negative
Fiscal cliff news remains the most likely market driver this week, assuming no major surprises related to the EU debt crisis. That’s because the fiscal cliff is ‘only’ a recession threat. The EU crisis is an economic and market collapse threat.
2-3. EU: Weekly Bias – Neutral To Negative
There are two kinds of EU data to watch this week and beyond
Default Threat Related News
EU Calendar Events: Bias Neutral To Negative
- Spanish and Italian manufacturing and services PMIs
- Spanish and French 10 year bond auctions
- ECB and BOE monthly rate statements and press conferences
- German factory orders and industrial production
4-5. US Events
Monthly Jobs Reports (NFP and Unemployment) & Related Reports
Global PMI Day: It’s Going To Be An Enormous Week For The US Economy
The first week of every month is always a busy one for economic data. You have Global PMI day (which is at the start of every month) and you get key data like construction spending, non-farm payrolls, and auto sales.
This month is no exception, and in fact it should be even more intense than normal because there will be so much interest in the fiscal cliff negotiations (even if markets are not quite sure that they matter much yet).
For the globe as a whole, things really start Sunday night, when we get our first PMI readings from Asia.
You can find the full schedule here, but the basic gist is that South Korean PMI (the infamous canary in the coalmine) comes out at 7:01 PM ET Sunday night, while China comes out at 8:45 PM. Other countries will report throughout the night and then we get the European numbers around 3 AM Monday morning, giving us a key look at how the European situation is shaping up.
Collapse Is What Is Really Taking Place Around The World
After a wild week of trading, King World News is pleased to share with its global readers the kind of interview you will never see in the mainstream media. This piece lays out the harsh reality of what is really taking place around the world, not the sugar-coated version you see on TV and read in the papers.
Fasten your seat belts, here is what Egon von Greyerz, founder of Matterhorn Asset Management in Switzerland, had this to say: “Eric, I’m looking around the world and what is happening in France is quite amazing. We all know Hollande is in charge and he is now threatening French steel producer ArcelorMittal. Business is weak and they are looking to lay off some employees.”