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by WashingtonsBlog Have As Many People Lost their Homes as During the Great Depression? The San Francisco Chronicle notes that it is difficult to keep track of foreclosure rates now … let alone during the Great Depression: Foreclosure rates of the late 2000s are often compared with those of the Great Depression, which took place through the first half of the 1930s. However, there were no public or private agencies keeping track of foreclosure rates at [...] Pope Francis on Thursday called on world leaders to put an end to the “cult of money” and to do more to help the poor, warning that insecurity was rising in many regions of the world and the “joy of life” was diminishing in developed countries. “The worship of the golden calf of old has found a new and heartless image in the cult of money and the dictatorship of an [...] Subprime 2.0 – Auto Loan Deliquency Balances Rise 24% YoY As we warned six weeks ago, the Fed’s ZIRP side-effects have driven auto-lenders to scrape the bottom of the subprime-lending barrel once again (loans to subprime borrowers +18% YoY). It seems, based on the Fed’s latest data, that this over-exuberant lending is coming back to bite once again as delinquent balances surge 23.9% year-over-year (though optimistically Experian reflects “obviously, we never want to see [...] FORMER prime minister Nawaz Sharif has claimed victory in Pakistan’s historic elections, declaring “we are the change” and promising to lift the country out of its economic crisis. In a swipe at his closest rival Imran Khan, whose party conceded defeat overall but looked set to capture some 40 seats to become the nation’s second largest party, Mr Sharif also claimed to have captured the youth mandate. As counting continued into early [...] What are the economic problems caused by QE?
Falling real wages
This is an issue I have updated on regularly where the UK has seen a fall of approximately 8 per cent so far (they are still falling) in the real or inflation adjusted level of wages over the credit crunch period. So the increase in demand that QE is supposed to provide has clashed with a fall in demand as we [...] Pushed by its European creditors amid its crippling economic crisis, Greece began this week to do something it hasn’t done in more than 100 years: fire public-sector workers en masse. Following weeks of tough negotiations with its lenders – the “troika” of the International Monetary Fund, theEuropean Union, and the European Central Bank – the Greek government started laying off public-sector workers in an effort to implement the austerity that the troika has demanded. The first [...] Please make me chaste, but not yet. This famous prayer by St Augustine has been the defining characteristic of the policy response in advanced countries to the economic crisis ever since it began nearly six years ago. by Jeremy Warner, The Telegraph: Throughout, policymakers have attempted to ease the pain of the adjustment by reinforcing many of the things that made the economy ill in the first place; pre-existing structural deficits have been [...] Latest Global Economic Slowdown Confirmed After Disappointing Chinese, German PMI Data If there was any debate about the global economic contraction, driven largely due to pundits confusing manipulated stock market levitation with this anachronistic thing called the “economy” and fundamentals for the fourth year in a row, all doubts were removed after this morning’s manufacturing PMI data out of China, which as reported previously was a big disappointment (sending the Composite firmly into [...] By Michael Do you think that you know how to prepare for the collapse of the economy? If so, are you putting that knowledge into action? In America today, people are more concerned about the possibility of an economic collapse than ever before. It has been estimated that there are now three million preppers in the United States. But the truth that nobody really knows the actual number, because a lot of preppers [...] from The Daily Bell: Stagnant Wages and Speculation Triggered the Crisis … There’s been a lot of debate about just what is at the root of the current economic crisis. Some people have called it a banking crisis. Some people have called it a regulatory crisis. Some people are trying to say it’s a debt crisis. Well, there’s another line of thought, which is: the underlying issue is that in fact it’s [...] by WashingtonsBlog
Instead of Changing their Behavior to Prevent Another Crisis, the Powers-That-Be Double Down On the Strategies that Caused the Financial Crisis In the First Place Liberals blame deregulation and reckless Wall Street greed for the economic crisis. Conservatives blame bad government policy. Now, the D.C. politicians are doing the exact same things which got us into the crisis in the first place. For example, they are: Pushing banks to make home loans to people [...] Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis Chancellor George Osborne and the outgoing head of the Bank of England, Sir Mervyn King, will hail the abolition of the Financial Services Authority, the watchdog set up by Gordon Brown in 1997. The Bank is once again taking sole charge of regulating lenders and protecting and enhancing financial stability. But the watchdog failed to prevent [...] Stunning: Europe’s Economic Crisis Is Now Worse Than The Great Depression [CHART] From Paul Krugman: The trajectory of Europe’s real GDP per capita today vs. its real GDP per capita back during The Great Depression. No commentary necessary.
Paul Krugman
(Via @brianmlucey)
Europe Suffered Three Disasters In Just The Last Month Europe should be really happy that March is over. It was a disastrous month.
There were three main stories; all of them bad. Italy can’t form a government. Italy’s [...] Cyprus Isn’t Over, It’s Still a ‘Disaster for All of Us’ – Steve Forbes Steve Forbes – “Because the idea’s out there that now in a crisis politicians won’t hesitate to seize any asset they can lay their hands on. So it just guarantees more fear in the future when a crisis comes, which it will come.” http://finance.yahoo.com/blogs/daily-ticker/cyprus-isn-t-over-still-disaster-us-steve-125721871.html BofA: ‘Banks Will Never Look The Same Post-Cyprus’ Mikkelsen says that because of this, at BofA, [...] CNBC host Larry Kudlow is a throwback to an 80s-style supply-side conservatism, which has maintained that any interference in the free market is damaging, the dollar should be strong, and inflation is the primary evil against which the Fed should be on guard. Throughout the economic crisis, he’s criticized the lax policies of Bernanke. Here in late November he wrote for The National Review Gold Slams Bernanke, worrying that a sagging dollar would lead [...] Will 2013 Be 2008 All Over Again? In 2013, we are receiving the same banker and mass media propaganda that we heard in 2008. The stock markets are okay, economies are recovering, blah, blah, blah. However, do any of the facts support the propaganda? For example, this “bullish” US stock market has not even recovered to the levels of October, 2007. And even, if more QE, more HFT low-trading volume rigging [...] by GoldCore
Today’s AM fix was USD 1,593.25, EUR 1,219.39 and GBP 1,051.23 per ounce. Gold was marginally higher yesterday and silver marginally lower. Gold rose just 20 cents and closed at $1,588.50/oz. Silver fell 15 cents to close at $28.75/oz. Silver is trading at $28.80/oz, €22.40/oz and £19.20/oz. Platinum rose to $1,587.25/oz, palladium to $771.00/oz and rhodium stayed at $1,250/oz. Gold [...] By Michael The mainstream media is absolutely giddy that the U.S. unemployment rate has hit a “four-year low” of 7.7 percent. But is unemployment in the United States actually going down? After all, you would think that it should be. The Obama administration has “borrowed” more than 6 trillion dollars from future generations of Americans, interest rates have been pushed to all-time lows, and the Federal Reserve has been wildly printing [...] Roubini: Correction in second half Dr. Doom says U.S. fiscal drag will eventually catch up with the stock market in the second half of 2013. Dollar rally just getting started: Societe Generale Faber: Rally will end ‘badly’ Is It Really 2007 Again? Don’t Lose Sight of The Macro Message: U.S. Personal Income Fell $505.5 Billion, Sales Plunge, French Unemployment Rises Again to Highest Since 1999, Fitch Downgrades Italy, China’s Economic Crisis Looming, Dollar Breaks 10-year Falling [...] By Michael Reckless money printing by Federal Reserve Chairman Ben Bernanke has pumped up the Dow to a brand new all-time high. So what comes next? Will the Dow go even higher? Hopefully it will. In fact, it would be great if the Dow was able to hit 15,000 before it finally came crashing down. That would give all of us some more time to prepare for the nightmarish economic crisis that [...] |
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TICK, TICK … BOOM! The European Project Is Crashing To Earth: IMF BLOCKS TROIKA DEAL!!! Every Half Hour, New Demands Are Made! CYPRUS CHURCH CLAIMS IMMEDIATE EURO EXIT – SPIEGEL! A Potential Bankruptcy Just 48 Hours Away!
zerohedge‏@zerohedge5 min
Nicosia official says Cyprus not in reach of deal with troika, blames IMF
A senior Cypriot official suggested late on Saturday that his government was not close to an agreement with the troika over a range of measures aimed at securing a 10-billion-euro bailout for his country.
“We are not in touching distance of an agreement,” the official, who preferred to remain anonymous, told the Cyprus News Agency.
According to the news [...]