Spanish Riots Underway over Austerity Measures
Spanish workers blocked streets and railways in Madrid on Friday in protests against new austerity measures they said hurt ordinary people more than the bankers and politicians blamed for the country’s economic crisis.
Spain is set to pass the deepest budget reductions in thirty years on Friday, including a second round of wage cuts for civil servants.
Traffic was blocked in central Madrid for hours as hundreds ofpublic workers - many wearing t-shirts, either black in [...]
In an article published in 1985 warning about potential health dangers posed by the methanol from aspartame, I stated that the scientific literature contained no studies addressing the critical question as to whether aspartame or methanol would cause birth defects. I was incorrect in saying that, but only because I was purposefully prevented from seeing a key FDA memo dated September 11, 1978 describing the details of birth defects and [...]
What is the biggest economic problem that the United States is facing? Very simply, our biggest problem is that we have way too much debt. Over the past 30 years, household debt, corporate debt and government debt have all grown much faster than our GDP has. But no nation on earth has ever been able to expand debt much faster than national output indefinitely. All debt bubbles eventually burst. [...]
Total US national income per person rose by 99.3% over the 30 years from 1969 to 2009. Why then have incomes for most Americans been stagnant or falling? Why do American families now need two incomes to have the standard of living they used to have with just one? Why aren’t today’s young adults making twice as much as their parents did were when they first entered the labor market [...]
With gold and silver trading strong, today King World News interviewed legendary value investor Jean Marie Eveillard, who oversees $50 billion at First Eagle Funds. When asked about his thoughts on where we are today, Eveillard stated, “I think the long-term secular case for gold is still in place. Some people say after an eleven or twelve year bull market, aren’t we in a bubble? There is nothing to say [...]
by Henry Blodget
Well, it’s deja vu all over again.
The path forward is the same today after the market crashing as it was a year ago: the Fed will monetize our massive liabilities and distribute those losses through the global financial system via the dollar reserve currency (the soon to be former reserve currency). Through inflation they’ll devalue the American standard of living by half over the [...]
Average Hourly Earnings in 2008 Dollars:
1972 = $20.06
2008 = $18.52
A 7.6% decrease.
The Gap Between the Richest and the Poorest has grown.
Gap Between the Share of Capital Income earned by the top 1% and the bottom 80%:
1980 = 10%
2003 = 56%
A 5.6 times increase.
The Probably of Moving Up from the Bottom 40% to the Top 40%:
1945 = 12%
1958 =Â 6%
1990 =Â 3%
2000 =Â 2%
Income Increase/DÂecreases from 1990 to 2005:
CEO = [...]
If a politician gets elected by the poor on a promise to eliminate poverty, wouldnâ€™t fulfilling his promise destroy his voting base? Wouldnâ€™t he rather benefit from the growing numbers of poor people? Isnâ€™t this an obvious conflict of interests?
* If all cultures are equal, why doesnâ€™t UNESCO organize International Cannibalism Week festivals?
* Why do those demanding â€œequal pay for equal workâ€ never protest [...]
#1 As of December 28th, the U.S. national debt was $13,877,230,355,933.00.
#2 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.
#3 If the federal government began repaying the national debt at a rate of $10 million dollars a day it would take approximately 3,800 [...]
It predicts total scroomage, here:
…for a penny.
Yes, that’s right. This scroom screed can be yours for a mere Lincoln 90% zinc penny.
Oops, Rasputin almost forgot to mention the date of this tome of doom:
Nearly thirty years ago.
And Ras WAS the proud owner of a copy.
In it, Mr. Casey recommended to avoid stocks and pile into whips and spoons.
Hmmm, how did that advice work out for [...]
“All or nothing” thesis; my own strategy, that produced 5% to 7% returns, has failed miserably. I am still down 3% from two years ago, and it is because the correlations between various measures has just been evaporating. It no longer makes as much difference what a company is actually worth or whether it is good quality or all bullshit rhetoric. Even Gold seems to be getting unhinged as a [...]
by Robert A. Hall
I’m 63. Except for one semester in college when jobs were scarce and a six-month period when I was between jobs but job-hunting every day, I’ve worked hardsince I was 18. Despite some health challenges, I still put in 50-hour weeks, and haven’t called in sick in seven or eight years. I make a good salary, but I didn’t inherit my job or my income, and I [...]
FIRST, the GDP is not there for comparison to our deficits and debt. The GDP is the WHOLE country’s income, NOT the government. They only get the tax and duty revenue. That’s like saying to the bank, I make X but my company makes Y, base my loan on Y!
SECOND, we currently SPEND 50% MORE than we take in.
So, let’s say we as a country make $100,000 a year. We [...]