Is “discretionary income” rapidly becoming a thing of the past for most American families? Right now, there are a lot of signs that we are on the verge of a nightmarish consumer spending drought. Incomes are down, taxes are up, many large retail chains are deeply struggling because of the lack of customers, and at this point nearly a quarter of all Americans have more credit card debt than money [...]
Mayor Leighton put a 9 pm curfew in place. The city council has given him authority to declare martial law.
They declared martial law back in 1972 for hurricane Agnes and the resulting flooding. By all accounts this should be worse, so I’d be surprised if they did not follow through.
With the current state of affairs, this has the potential to have a much more ominous tone, I’d say it’s well [...]
Just image how many American Financial companies are insolvent at the moment and are being given “clean bills of heath.”
Auditors gave Banksia Securities a clean bill of health less than four weeks before its collapse last night, its latest accounts show.
The non-bank lender’s fall into receivers’ hands has left thousands of investors in limbo over the fate of about $660 million in investments.
On September 27, accountants signed off on accounts [...]
“September will undoubtedly be the crunch time,” one senior euro zone policymaker said. “In nearly 20 years of dealing with EU issues, I’ve never known a state of affairs like we are in now,” one euro zone diplomat said this week. “It really is a very, very difficult fix and it’s far from certain that we’ll be able to find the right way out of it.”
As Europe’s fight with the [...]
On Saturday The Times reported on an apparently growing phenomenon in Europe: “suicide by economic crisis,” people taking their own lives in despair over unemployment and business failure. It was a heartbreaking story. But I’m sure I wasn’t the only reader, especially among economists, wondering if the larger story isn’t so much about individuals as about the apparent determination of European leaders to commit economic suicide for the Continent as a whole.
It is high time for other agencies, in both the public and private sector, to step up to the plate. They should – indeed, must – use their better-suited instruments to help lift impediments to sustainable non-inflationary growth and job creation. In other words, it is about improving the prospects for higher economic activity and, therefore, “safe de-leveraging.”
This is not to say that central banks will no longer have an [...]
By Charles Passy
The bank branch is dead. Long live the bank branch?
Such is the strange state of affairs in the banking world. Faced with a challenging economic and regulatory environment, industry officials are saying they may not be able to sustain the vast network of branches they’ve built over the years. And the branches they do maintain may need to be reconfigured to meet the different demands of a changing [...]
Europe needs a radical change of course. Enough with bailouts!
It’s time to reinstate national autonomy – and responsibility – for determining financial policies and honoring treaties.
States Need to Get Out of Debt Alone
In recent years, one government leader and central banker after the next has violated the EU treaties that were supposed to serve as the euro’s mooring. Indeed, there have been a number of unprecedented examples, ranging from exceeding [...]
February 27, 2012
Over the last few years, the Second Amendment has experienced somewhat of a rebirth, thanks largely to a pair of Supreme Court decisions: District of Columbia v. Heller and McDonald v. Chicago.
In these seminal decisions, the Supreme Court affirmed the understanding of the Founding Fathers that there is indeed an individual right to keep and bear arms, a God-given right to protect oneself that is guaranteed [...]
February 5th, 2012
The creation of the euro zone may have given participants one currency, but it created other problems as well. One interest rate was supposed to fit all. Those sovereigns on the financial periphery of the 17 nations found low interest rates too good to be true. As a result, the borrowed funds they shouldn’t have borrowed to finance current debt, was thrown off by the economy. [...]
Iowa: The Meaningless Sideshow Begins | Matt Taibbi | Rolling Stone
But the ugly reality, as Dylan Ratigan continually points out, is that the candidate who raises the most money wins an astonishing 94% of the time in America.
That damning statistic just confirms what everyone who spends any time on the campaign trail knows, which is that the presidential race is not at all about ideas, but entirely about raising money.
The auctioned [...]
The global debt crisis, of course, is nothing new.
Since the dawn of time, men have been lending other men money (or other things of value) and not getting them back.
But it’s only recently that the solution to this state of affairs has gotten so complicated that even PhD economists can’t figure it out.
In most situations in which people or companies can’t pay their debts, a simple thing happens.
It’s called “bankruptcy.”
By Robert Powell, MarketWatch
BOSTON (MarketWatch) — There may not be enough worry dolls in the world right now. Indeed, consumer confidence is falling, the European debt crisis isn’t going away anytime soon, and the U.S. economy is stuck somewhere between neutral and first gear.
Investors always have something to worry about, but this time seems different. This time, even Alfred E. Neuman would be worried. People [...]
This might be all very well for NE Pa at one level, but an influx of new money is only one aspect of the whole story.
I’ve complained elsewhere about the comparatively-new coal seam gas extraction industry in Australia. It has two effects upon land which get little publicity, effects which I don’t see how Pennsylvania can escape.
(1) From the air affected land looks as though it has measles, [...]
Feels like 1/3 of downtown is deserted. The streets have potholes that can pop your tires or bust up the suspension. Fire, police and paramedics have been cut. You get propositioned by hookers when coming out of stores at mid day, while her pimp looks at you from across the street in a tinted out BMW or Mercedes.
Any jobs are located 1+ hours away and those [...]
With gold still near $1,640 and silver at $31, today King World News interviewed Ben Davies, CEO of Hinde Capital, to get his take on the crisis in Europe and where the gold market is headed. When asked about the situation in Europe, Davies responded, “Mervyn King stated on the television the other night that he believes the the financial situation is far greater than [...]
Submitted by No Labels Blogger on August 22, 2011
town hall meetings
Is your representative holding a public town hall meeting this August recess? No Labels called every office, and only 40% are scheduling open town hall meetings. It’s a sad sign of the state of affairs when our elected officials don’t have time to meet with their constituents.
No Labels activists spoke to all 430 current members of the House of [...]
Prophets of Doom DVD | | History
“Today’s world has troubles unique to its time in history, from the global financial crisis to technological meltdowns to full scale, computerized global war. Observing the convergence of such events, contemporary prophets have begun to emerge from obscurity to suggest that these conditions might be signs of the demise of the modern world. These men are historians as well, using all manner of information [...]
With continued volatility in both the gold and silver markets, today King World News interviewed John Embry, Chief Investment Strategist at the now $9 billion strong Sprott Asset Management. When asked about the current state of affairs Embry had this to say, “My honest opinion is that we have gone so far down the road that there is only two outcomes now. You can continue [...]
From Mike Krieger of KAM LP
Desolate and without purpose
Radiating from so many septic sources
Forming the fabric of a wayward people
Disappearing as the vestiges of our past
Scratched like tartan into virgin soil
A substrate for progress and disarray
A spreading network of broken dreams
Searching for a thoroughfare to take us away
Just a little tale from the streets of America
Sparkled promises paved with pathos and hysteria
Trenchant, weary native sons
Step back, step back
And see the [...]
Whenever I direct any blame for our economic woes towards the Baby Boom generation they react as expected. They blame the GI Generation for creating the welfare state. They declare that Generation X and the Millenials are just as greedy and self centered as the Boomers. Boomers are great at blaming, ridiculing and acting pompously, while taking no responsibility for their actions and more importantly [...]
by Zen Gardner
It’s been in the news a lot recently. It’s a pathetic statement of the state of affairs of today’s cryptocracy. It seems whistleblowers are not only being discouraged, and demonized, but disappeared. Actually, what’s new.
Forcibly removing any “dangerous opposition” has always been a fact of life in an evil, controlled world and extremely sad for the rest of us who witness this expected [...]
Nomura’s chief macroeconomist, Richard Koo, whose views we have often repeated on Zero Hedge, is out with his latest prediction which unfortunately has nothing good to say about the future of the US: “We have shownâ€”using the example of the Â¥2,000trn in output that was saved in Japan and the fact that the fiscal stimulus provided by World War II quickly pulled the worldâ€™s economies [...]
Iâ€™m getting tired of recovery talk, because there is no such thing.
The great depression was brought on with similar circumstances with an over speculation of US manufacturing at the time. The recent deep recession was brought on by a crash of the overall market and the false growth it was built on.
The great depression was different because the economy wasnâ€™t built on leverage [...]