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This is a devastating chart. Eurozone unemployment hits a brand new high of 12.1%. Click the chart to enlarge. Eurostat
What else can you say but that this is a total disaster. From the report: Eurostat estimates that 26.521 million men and women in the EU27, of whom 19.211 million were in the euro area, were unemployed in March 2013. Compared with February 2013, the number of persons unemployed increased by 69 000 in the EU27 [...] By Michael The stock market is not crashing yet, but there are lots of other market crashes happening in the financial world right now. Just like we saw back in 2008, it is taking stocks a little bit of extra time to catch up with economic reality. But almost everywhere else you look, there are signs that a financial avalanche has begun. Bitcoins are crashing, gold and silver are plunging, the [...] 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, [...] So now the Prez will influence the NFL?? I’m a big football fan, but I have to tell you if I had a son, I’d have to think long and hard before I let him play football. And I think that those of us who love the sport are going to have to wrestle with the fact that it will probably change gradually to try to reduce some of the violence. [...] by Michael There is a clear consensus among the global elite that overpopulation is the primary cause of the most important problems that the world is facing and that something desperately needs to be done about it. They truly believe that humans are a plague upon the earth and that we will literally destroy the planet if we are left to our own devices. To the elite, everything from global warming to [...] By Michael Do you believe that economic trouble is coming in 2013? If so, you have a lot of company. According to a brand new Gallup poll that was just released, 65 percent of Americans believe that 2013 will be a year of “economic difficulty” while only 33 percent of Americans believe that 2013 will be a year of “economic prosperity”. Gallup has been asking this question for a lot of years, and the percentage [...] By Michael Will this be the last normal holiday season that Americans ever experience? To many Americans, such a notion would be absolutely inconceivable. After all, in the affluent areas of the country restaurants and malls are absolutely packed. Beautiful holiday decorations are seemingly everywhere this time of the year and children all over the United States are breathlessly awaiting the arrival of Santa Claus. Even though poverty is exploding to unprecedented levels, [...] By Michael Will this be the last normal holiday season that Americans ever experience? To many Americans, such a notion would be absolutely inconceivable. After all, in the affluent areas of the country restaurants and malls are absolutely packed. Beautiful holiday decorations are seemingly everywhere this time of the year and children all over the United States are breathlessly awaiting the arrival of Santa Claus. Even though poverty is exploding to unprecedented levels, [...] By Michael For decades, the mainstream media in the United States was accustomed to being able to tell the American people what to think. Unfortunately for them, a whole lot of Americans are starting to break free from that paradigm and think for themselves. A Gallup survey from earlier this year found that 60 percent of all Americans “have little or no trust” in the mainstream media. More people than ever [...] Why a recession may be coming no matter what fiscal-cliff deal is reached
How will the fiscal cliff talks end? Will the leaders reach a last-minute deal, saving the economy from disaster, like a script of a typical television drama? Spoiler alert: We could already be in a recession. This is not the conventional wisdom. The common narrative goes some like talks look ugly, but in the end things will get resolved [...] Matt Ferner The Rocky Mountain High just got a whole lot higher. On Tuesday night, Amendment 64 — the measure which sought the legalization of marijuana for recreational use by adults — was passed by Colorado voters, making Colorado the first state to end marijuana prohibition in the United States. With about 36 percent of precincts reporting at the time of publishing, 9News and Fox31 report that Amendment 64 [...] by Michael If you are just starting to prepare for Hurricane Sandy, the truth is that you are already too late. Most of the essential supplies have already been stripped from store shelves. If you don’t have an emergency generator, you might be without power for quite some time. It is being estimated that up to 10 million people could lose power during this storm, and it is already being projected that [...] Fungal contamination may be in all drugs made New England Compounding Pharmacy after 5/21. Oct. 15, 2012 — More patients — not just those who got steroid shots — will be getting calls from their doctors warning them they might have a dangerous fungal infection. The FDA now suspects fungal contamination is possible in all of the supposedly sterile products made by the New England Compounding Pharmacy (NECC) on or after May [...] The New York Post reported Egyptian-American columnist Mona Eltahawy has been arrested for defacing an anti-Muslim ad in the New York subway system. The video shows her spraying pink paint on the ad while a supporter of the ad tries to block her. She’s a journalist for censorship. Eltahawy, a former Reuters correspondent, has been a recent favorite of CNN and MSNBC’s weekend morning shows to discuss Egypt, and she often smears [...] With austerity supposedly destroying standards of living (that no real austerity has actually been implemented is a different matter entirely) across Europe’s insolvent periphery, the only recourse said broke countries (here’s looking at you Mario Monti and Mariano Rajoy) have is to desperately attempt to shame those countries who have money such as Germany, Austria, Finland and the Netherlands, aka Europe’s AAA club, into shoveling more and more and more cash into the bottomless [...] Goldman’s ex-employee Mario Draghi is in a box: he knows he has to do something, but he also knows his options are very limited politically and financially. Yet he has no choice but to escalate and mustsurprise markets with a forceful intervention as per his words last week or else. What does that leave him? Well, according to Goldman’s Huw Pill, nothing short of pulling a BOJ and announcing on Thursday that [...] by Michael
The U.S. economy is in a massive amount of trouble. There aren’t enough jobs. There isn’t enough money to go around. Business activity is slowing down again. Household wealth has been falling. Food prices have been rising. Many state and local governments all over the country are flat broke and are drowning in debt. The federal government has been rolling up unprecedented amounts of debt in an attempt to keep things [...] Warren Buffett co-hosted Bloomberg TV’s “In the Loop” with Betty Liu this morning, where he discussed the U.S. economy, JPMorgan, Wells Fargo, Bank of America and other Berkshire Hathaway holdings. On JPMorgan, Buffett said, “I’ve had enough mistakes of my own that I’m very forgiving when something like that happens” and advice to Jamie Dimon is to “keep your head down.” Buffett said that Wells Fargo has “a sensational mortgage operation.”
Buffett went [...] The “Oracle of Omaha” Warren Buffett, the CEO and chairman of Berkshire Hathaway, was just on CNBC’s “Squawk Box” from Sun Valley, Idaho talking about the U.S. and global economy and the deficit.
During the interview, he said the U.S. economy is slowing down, but it’s not headed downward. He also said that Europe is starting to slip “pretty fast.” The famed 81-year-old investor was later joined on set by Alan Simpson and [...] House Republican leaders are forging ahead with plans to hold a vote Wednesday on a full repeal of President Obama’s health care law, after launching debate on the repeal measure Tuesday nearly two weeks after the Supreme Court upheld most of the law as constitutional. Wednesday will mark the chamber’s second vote to repeal the Affordable Care Act in full, though this attempt is being given no greater chance of passing [...] In advance of Republican presidential candidate Mitt Romney’s speech Wednesday to the NAACP, a liberal group headed by a former New York Times reporter and ex-Media Matter executive have produced a video “satire” that claims blacks don’t like Romney, who they dub so white he makes “Wonder Bread look like pumpernickel.” The YouTube from “The Message,” an online “media hub,” is described as a satirical video of Romney getting advice on [...] by Phoenix Capital Research
Everyone in the media is viewing the latest announcements out of the EU Summit as game-changers.
They are not.
One facet of the deal is that ESM/ EFSF loans to troubled countries will not subordinate private bondholders holdings. While this does serve the purpose of allowing private bondholders to feel that should a country default, they might get their money back sooner (as opposed to what happened in Greece)… it doesn’t change [...] Watch out, moviegoers! After soda ban proposal, NYC officials set sights on popcorn and milk shakes.Watch out, moviegoers — Nanny York City is taking aim at yet another of life’s gluttonous pleasures. On the heels of Mayor Michael Bloomberg’s call for a ban on jumbo-sized sodas and other sugary drinks, city officials are now considering restrictions on treats ranging from popcorn to milkshakes. At a meeting Tuesday, members of the New York City Board of Health expressed support for Bloomberg’s proposal. They then started brainstorming other ways [...] |
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