Coming Financial Crisis Worse Than ’29?

[FootballDad]

Great job by Obama!

Yes, for Obama a total success. And completely by design.

 

[Don Wassall]

The current depression (and collapse of the financial system) began during the Bush administration. If nothing else, the control of the U.S. government and economy by banksters and assorted "others" has been fully and openly illustrated since, not that it was a secret before. The idea that theRepublicrat puppets in the White Housesomehow "run" the economy as part of their job description, is quaint but irrelevant.

 

[Westside]

I would not give a rats ass of the current dire econonic situation we, the United States are in................but, I am as well as most of CF's members are in the same ship. That is why it is imperative that we help elect a President and more house members that will change course and avoid the iceburg that will sink all of us.

 

[Don Wassall]

Just as with the Caste System, things can only be changed from the bottom up, not the top down. That's why Americans are trained to focus on national elections rather than local ones, where theyand their friendscould be active and actually make a difference. Barring Ron Paul getting the GOP nod, the 2012 presidential election and its aftermathwill be as meaningless and frustrating as all the other ones.

 

[whiteathlete33]

What kind of "recovery" are we actually in? Only a few parts of the economy have improved somewhat like manufacturing. With all the stimulus money pumped in of course the economy would improve slightly.

To me the biggest indicator of the dire situation we are in is new home construction. It's down to about 50 percent of previous levels.

 

[whiteathlete33]

Get a load of this BS! These aren't farmers! These are greedy millionares who have weeded out the little man and family farms. They make their money by hiring these third world scumbags for lower pay and off the books. I'm sure quite a few Americans who are desperate would take these jobs!

MonJun6, 3:59pmET</ABBR>
<H1 id=yn-title>Twin immigration laws create labor crisis for American farmers</H1><CITE id=yn-author>By Liz Goodwin</CITE>
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<DIV ="byline"><CITE ="vcard">By Liz Goodwin liz Goodwin </CITE>â€" <ABBR title=2011-06-06T12:59:21-0700 ="timedate">MonJun6, 3:59pmET</ABBR>
<DIV ="yn-story-">

Georgia, Alabama, and Utah are the first states to follow in the footsteps of Arizona, passing laws that expand the power of local police to check the immigration status of residents. Legislators who back the new laws say they're sending a message that they want illegal immigrants to leave their states, and that the federal government should do more to stop illegal immigration.


Apparently, migrant farm workers have listened, at least in Georgia.


The Georgia Fruit and Vegetable Growers Association told CNN that after Gov. Nathan Deal signed a law modeled after Arizona's SB1070 in May, farm workers have fled the area. Some farmers lost as much as 50 percent of their workforce, they say. (The law is already being challenged in court; Arizona's similar SB 1070 has been blocked by two higher courts.)





Fifth-generation Georgia farmer Gary Paulktold local paper The Daily Journal that he has only been able to find half of the 300 workers he needs to pick his blueberry fields, and that's after hiking wages 20 percent. Another farmer said he had to switch to (less efficient) machines when he couldn't find enough workers for his fields this spring.


"A lot of migrant workers who may have migrated to Georgia are avoiding the place," says Agriculture Coalition for Immigration Reform Chair Craig Regelbrugge."The field reports are pointing to significant loss of crops."


Gov. Deal is now pushing to recruit native-born Georgians to fill the gaps, arguing that the high unemployment rate should make that possible. Nationally, about 85 percent of all agriculture workers are foreign-born, and as many as 70 to 75 percent are undocumented.


Industry insiders tell The Lookout that politicians shouldn't hold their breath while waiting for Americans to flock to farm jobs.


"Our economists have estimated that in the U.S. economy there are 10 million-plus people who work at wages lower than what they could make in agriculture because they aren't attracted to the work," American Farm Bureau Federation government relations director Paul Schlegel said.He says the long hours, irregular employment and physical demands of farm jobs mean Americans would rather work elsewhere for less.


Diana Tellefson, the director of the United Farm Workers union, says when her organization asked Americans to sign up for farm jobs last year--via a dedicated Internet campaign that Stephen Colbert publicized on his show--thousands responded, but only 11 people accepted the offer.


The campaign, called "Take Our Jobs," originated as a few Arizona farm workers' response to politicians who said they wanted to pass tougher legislation so that illegal immigrants don't take citizens' jobs.


"Few citizens express interest, in large part because this is hard, tough work," Agriculture Secretary Tom Vilsak said, according to the AP. "Our broken immigration system offers little hope for producers to do the right thing."


Anti-illegal immigration groups like FAIRargue that if illegal immigration goes down, wages would go up for farm jobs, and then native-born Americans and legal immigrants would want them. Farmers say they can't afford to pay more.


Around the country, states are considering a cocktail of measures that both sanction employees who hire undocumented workers and empower local cops to question people about their immigration status. Arizona's employer sanctions law was recently upheld by the Supreme Court, which means many more states may soon adopt similar measures. Agricultural advocates say their business is uniquely dependent on migrant labor, and these laws could put them out of business.


Georgia's new E-verify law--which will require all employers to ensure their workers are documented--may have the most direct effect on farmers. But Regelbrugge says it's the state's law that expands police authority to question immigrants about their status that seems to be most spooking migrant workers themselves.


"What's really happening is there is a climate of fear, there is a climate of concern that--whether the law calls for it or not--racial profiling will happen," he says. The law forbids officers from racial profiling when they choose who to screen for immigration status.


Regelbrugge says there are also signs of farm labor shortages in Florida, Georgia, Michigan and California. It's unclear what exactly is causing the dearth of workers, but he speculates that increased border security has kept some migrants who would have returned to Mexico after the picking season in the United States, where they have then moved into other industries. Tougher borders also mean fewer migrant workers are willing to risk coming into the United States to replace them.


While there's a federal visa program, H2a, to recruit foreign seasonal farm workers, farmers describe it as overlybureaucraticand too expensive. Among other things, it requires farmers to provide free housing that passes federal inspections for workers, when they say some seasonal workers on the border prefer to commute home and do not want to live on the farm. In a survey, 92 percent of Georgian farmers said they don't use the H2a visa program.


Nationally, Schlegel says the Farm Bureau is most focused on an e-verify law that will be proposed in Congress this year. The group is asking that the agricultural industry be excepted from any proposed employer sanctions law.


"There's an increasing level of anxiety on the impact it will have on labor availability," Schlegel says of state-by-state enforcement laws.


(Workers in a Salinas, California strawberry field: Gosia Wozniacka/AP)


Other popular Yahoo! News stories: Edited by: whiteathlete33

 

[Truthteller]

Get a load of this BS! These aren't farmers! These are greedy millionares who have weeded out the little man and family farms. They make their money by hiring these third world scumbags for lower pay and off the books. I'm sure quite a few Americans who are desperate would take these jobs!

Consider the source WA33. Looking at her Twitter account, it's fairly safe to say this is just another clueless, liberal (perhapspart Jewish -- ala Chelsea Handler?) woman who walks in lock step with the Marxist agenda and is very proud of it.

http://twitter.com/#!/lizcgoodwin

Expecting her to think logically, and realize we can't keep importing Mexican peasants to do jobs when we havea true unemployment rate of over 20%** and states like Cali and Nevada going broke,is like expecting a dog todrive a car. I'm sure it's possible in someones fantasy world, but I wouldn't hold my breath waiting for the day a canine is tailing me on the road. Believe me, if the ding-bat wasn't from a fairly rich family, she'd probably be a veteranporn whore receiving salacious messages from her hero Anthony Weiner, considering the the dearth of jobs in this nation, particularly for young people.


** http://www.shadowstats.com/alternate_data/unemployment-charts

 

[DixieDestroyer]

Decline and fall of the American empire

The economic powerhouse of the 20th century emerged stronger from the Depression. But faced with cultural decay, structural weaknesses and reliance on finance, can the US do it again?

o Larry Elliott, Economics editor
o The Guardian, Monday 6 June 2011

Two men walking along a dusty depression-era road, USA
Dust-bowl refugees walk towards Los Angeles during the Great Depression. House prices have now fallen further than in the 1930s. Photograph: Bettmann/Corbis

America clocked up a record last week. The latest drop in house prices meant that the cost of real estate has fallen by 33% since the peak â€" even bigger than the 31% slide seen when John Steinbeck was writing The Grapes of Wrath.

Unemployment has not returned to Great Depression levels but at 9.1% of the workforce it is still at levels that will have nerves jangling in the White House. The last president to be re-elected with unemployment above 7.2% was Franklin Delano Roosevelt.

The US is a country with serious problems. Getting on for one in six depend on government food stamps to ensure they have enough to eat. The budget, which was in surplus little more than a decade ago, now has a deficit of Greek-style proportions. There is policy paralysis in Washington.

The assumption is that the problems can be easily solved because the US is the biggest economy on the planet, the only country with global military reach, the lucky possessor of the world's reserve currency, and a nation with a proud record of re-inventing itself once in every generation or so.

All this is true and more. US universities are superb, attracting the best brains from around the world. It is a country that pushes the frontiers of technology. So, it may be that the US is about to emerge stronger than ever from the long nightmare of the sub-prime mortgage crisis. The strong financial position of American companies could unleash a wave of new investment over the next couple of years.

Let me put an alternative hypothesis. America in 2011 is Rome in 200AD or Britain on the eve of the first world war: an empire at the zenith of its power but with cracks beginning to show.

The experience of both Rome and Britain suggests that it is hard to stop the rot once it has set in, so here are the a few of the warning signs of trouble ahead: military overstretch, a widening gulf between rich and poor, a hollowed-out economy, citizens using debt to live beyond their means, and once-effective policies no longer working. The high levels of violent crime, epidemic of obesity, addiction to pornography and excessive use of energy may be telling us something: the US is in an advanced state of cultural decadence.

Empires decline for many different reasons but certain factors recur. There is an initial reluctance to admit that there is much to fret about, and there is the arrival of a challenger (or several challengers) to the settled international order. In Spain's case, the rival was Britain. In Britain's case, it was America. In America's case, the threat comes from China.

Britain's decline was extremely rapid after 1914. By 1945, the UK was a bit player in the bipolar world dominated by the US and the Soviet Union, and sterling â€" the heart of the 19th-century gold standard â€" was rapidly losing its lustre as a reserve currency. There had been concerns, voiced as far back as the 1851 Great Exhibition, that the hungrier, more efficient producers in Germany and the US threatened Britain's industrial hegemony. But no serious policy action was taken. In the second half of the 19th century there was a subtle shift in the economy, from the north of England to the south, from manufacturing to finance, from making things to living off investment income. By 1914, the writing was on the wall.

In two important respects, the US today differs from Britain a century ago. It is much bigger, which means that it benefits from continent-wide economies of scale, and it has a presence in the industries that will be strategically important in the first half of the 21st century. Britain in 1914 was over-reliant on coal and shipbuilding, industries that struggled between the world wars, and had failed to grasp early enough the importance of emerging new technologies.

Even so, there are parallels. There has been a long-term shift of emphasis in the US economy away from manufacturing and towards finance. There is a growing challenge from producers in other parts of the world.
Frenzy

Now consider the stark contrast between this economic recovery and the pattern of previous cycles. Traditionally, a US economic recovery sees unemployment coming down smartly as lower interest rates encourage consumers to spend and the construction industry to build more homes. This time, it has been different. There was a building frenzy during the bubble years, which left an overhang of supply even before plunging prices and rising unemployment led to a blitz of foreclosures.

America has more homes than it knows what to do with, and that state of affairs is not going to change for years.

Over the past couple of months, there has been a steady drip-feed of poor economic news that has dented hopes of a sustained recovery. Optimism has now been replaced by concern that the United States could be heading for the dreaded double-dip recession.

In the real estate market, which is the symptom of America's deep-seated economic malaise, the double dip has already arrived. Tax breaks to homeowners provided only a temporary respite for a falling market and millions of Americans are living in homes worth less than they paid for them. The latest figures show that more than 28% of homes with a mortgage are in negative equity. Unsurprisingly, that has made Americans far more cautious about spending money. Rising commodity prices exacerbate the problem, since they push up inflation and reduce the spending power of wages and salaries.

Macro-economic policy has proved less effective than normal. That's not for want of trying, though. The US has had zero short-term interest rates for well over two years. It has had two big doses of quantitative easing, the second of which is now ending. Its budget deficit is so big it has led to warnings from the credit-rating agencies, in spite of the dollar's reserve currency status. And Washington has adopted a policy of benign neglect towards the currency, despite the strong-dollar rhetoric, in the hope that cheaper exports will make up for the squeeze on consumer spending.

Policy, as ever, is geared towards growth because the great existential fear of the Fed, the Treasury and whoever occupies the White House is a return to the 1930s. Back then, the economic malaise could be largely attributed to deflationary economic policies that deepened the recession caused by the popping of the 1920s stock market bubble. The feeble response to today's growth medicine suggests that the US is structurally far weaker than it was in the 1930s. Tackling these weaknesses will require breaking finance's stranglehold over the economy and measures to boost ordinary families' spending power and so cut their reliance on debt. It will require an amnesty for the housing market. Above all, America must rediscover the qualities that originally made it great. That will not be easy.

http://www.guardian.co.uk/business/2011/jun/06/us-economy-decline-recovery-challenges

Edited by: DixieDestroyer

 

[Don Wassall]

Unlike White Americans, the Greeks haven't been neutered:
The Greek Government has hired Foreign Workers to Clean out the Underground Tunnel Leading from the Parliament to the Sea Port of Piraeus in Preparation for an Evacuation of allMPs

http://coveringdelta.wordpress.com/2011/06/13/the-greek-government-has-hired-foreign-workers-to-clean-out-the-underground-tunnel-leading-from-the-parliament-to-the-sea-port-of-piraeus-in-preparation-for-an-evacuation-of-all-mps/

 

[DixieDestroyer]

The PTB targeting of the (shrinking) middle class continues...


Your Well-Paid, Middle-Class Job Is in Danger

by Ruth Mantell
Thursday, June 16, 2011MarketWatch


Some highly-paid workers may find they need to switch careers.

The job market is changing, and it's not just manufacturing jobs that are disappearing. Even some highly-paid workers may find themselves needing to re-tool their skills in the years ahead.

The ongoing movement of jobs to countries where labor is cheaper, plus the development of new technologies, may mean fewer opportunities for some well-paid positions in the U.S. over the next decade, said Larry Katz, an economist at Harvard University.

"Employment growth has stopped, or even declined, among many middle-class jobs that are high wage" and don't require a college degree, Katz said.

"A lot of traditional middle-class, upper-middle-class jobs have been disappearing. If you look at general managers and middle-management jobs, those are ones that have been in decline and will decline further," he said.

[Click here to find an online degree program]

Workers making about $40,000 to $80,000 a year constitute the bulk of labor costs for many companies, and these workers may be on the chopping block, said Jeffrey Joerres, chief executive of ManpowerGroup, a Milwaukee-based staffing services firm.

"That's your middle class," Joerres said. "Companies are finding ways to reduce the number of people in those areas, and change the jobs to make them more simple, to reduce the skill that is required."

Changes in the Health-Care Field

Kevin Hallock, director of the Institute for Compensation Studies at Cornell University, cited radiologists as an example of a well-paid worker that could be hit by technology and cheap global labor.

"I suspect that we will see fewer radiologists in the U.S. than we have in the past since I understand there is little reason for a radiologist to be in the same place as a patient," Hallock said. "A radiologist can read a Terre Haute X-ray as easily in India as she can in Indiana."

However, fewer opportunities do not necessarily translate into the disappearance of an entire field.

"A lot of medical diagnostic work will be done overseas. You can have the initial diagnostic done elsewhere, and have a domestic supervising physician," said David Autor, an economist at Massachusetts Institute of Technology.

"Medical costs are a huge issue, and there's enormous incentive to find ways to reduce these costs. The internationalization of medical services will be one of the important ways that costs will potentially be slowed," he said.

Software can also cut down on workers needed to sort through paperwork, such as legal documents, Autor said.

"You digitize all of those documents, and a piece of software reads them and catalogs them," Autor said. "There is a lot of legal work that is essentially increasingly subject to automation, and that will affect the opportunity set for lawyers."

Computer programming is also becoming a commodity, Katz said.

"What used to be good programming jobs, or routine legal work, these are things that are easily broken into parts, and done in other places," Katz said.

Good News, for Some

However, not all is doom and gloom. Among the 20 fastest growing occupations from the U.S. Labor Department's employment projections for 2008 to 2018, 11 earn at least $10,000 more than the national annual median wage of $32,390 in May of 2008.

Examples of these workers are biomedical engineers, network systems and data communications analysts, and financial examiners.

Meanwhile, more than half of the 20 occupations with the fastest projected decline -- think sewing machine operators, photographic processing machine operators and file clerks -- were below the national median wage. Read the Labor Department's report.

Here are the 10 fastest growing occupations from 2008 to 2018, and their median wages, according to the Labor Department:

"¢ Biomedical engineers, median wages of $77,400

"¢ Network systems and data communications analysts, $71,100

"¢ Home health aides, $20,460

"¢ Personal and home care aides, $19,180

"¢ Financial examiners, $70,930

"¢ Medical scientists, except epidemiologists, $72,590

"¢ Physician assistants, $81,230

"¢ Skin care specialists, $28,730

"¢ Biochemists and biophysicists, $82,840

"¢ Athletic trainers, $39,640

Here are the 10 fastest declining occupations:

"¢ Textile bleaching and dyeing machine operators and tenders, $23,680

"¢ Textile winding, twisting, and drawing out machine setters, operators, and tenders, $23,970

"¢ Textile knitting and weaving machine setters, operators, and tenders, $25,400

"¢ Shoe machine operators and tenders, $25,090

"¢ Extruding and forming machine setters, operators, and tenders, synthetic and glass fibers, $31,160

"¢ Sewing machine operators, $19,870

"¢ Semiconductor processors, $32,230

"¢ Textile cutting machine setters, operators, and tenders, $22,620

"¢ Postal Service mail sorters, processors, and processing machine operators, $50,020

"¢ Fabric menders, except garment, $28,470

Adaptation Is Key

Workers with diminishing prospects will need to evolve, experts said.

"Lots of people can transform themselves," Katz said. "People with a good set of flexible skills will be able to adapt. Creativity and flexibility will continue to be greatly valued. People with a certain specific set of vocational skills are going to have a tougher time without some new training."

While technology may replace some workers, it also creates opportunities to use new skills.

"Some types of engineers won't be doing the type of engineering they are doing now if someone comes up with a technology that makes what they do obsolete," Hallock said. "But they are likely to do something related."

To succeed, a worker should "be an active learner," Manpower's Joerres said.

"Taking on responsibility for invention and innovation gives you a better chance of remaining in a position than the person to your right or to your left," Joerres said.

http://finance.yahoo.com/career-work/article/112950/middle-class-jobs-danger-marketwatch

Edited by: DixieDestroyer

 

[white is right]

Some of those jobs are semi-skilled at best. Sewing Machine operators tend to be female new immigrants earning a shade above minimum wage. The blue collar skilled jobs that are disappearing are trades where machines replace the workers or the machine being repaired is now redundant. Ie the neighborhood tv repairman. My father's old profession of printer has been virtually phased out by Print Shop and programs similar to that. Edited by: white is right

 

[Jimmy Chitwood]

will a summary of the bad news surprise, anyone? i think not ...

The Economic Collapse blog posted a good summary of the US national debt situation. here islikely thekey quote:

"If we do raise the debt ceiling, that will 'kick the can down the road' a little bit farther. However, world financial markets will still crash eventually and our eventual economic nightmare will be even worse. Well, can't we just 'inflate our way' out of debt? No, unfortunately things are just not that easy. If we try to inflate our way out of debt, interest rates will likely rise just as quickly as inflation does, and that would be absolutely catastrophic."

and, what will likely surprise even fewer people here ... The Daily Bell reports: Federal Reserve 'Embeds' Employees in Banks

 

[Jimmy Chitwood]

Top 5 places not to be when the dollar collapses.
themain bits:

1. Israel- This Anglo-American beach head into the Middle East was first conceived by the most powerful family in the world,the Rothschilds,in 1917. The Balfour Declaration said that there will be a Zionist Israel years before World War two and the eventual establishment of Israel. Israel has not been a good neighbor to its Muslim nations and has always had the two biggest bullies on the block at it's back. When the dollar collapses,the United States will have much to much on its plate both domestically and internationally to worry about such a non-strategic piece of land. This will leave Israel very weak at a time when tensions will be high. This very thin strip of desert land will not be able to with stand the economic reality of importing its food and fuel or the political reality of being surrounded by Muslims.


2. Southern California- The land of Fruits and Nuts turns into Battlefield Los Angeles. 20 million people packed into an area that has no water and thus food is not good to say the least. Throw on top of the huge wealth disparities and the proximity to a narco state and this does not bode well. We have seen riots for Rodney King,what will happen when the dollar is destroyed and food an fuel stop coming into this area. People will get desperate and do crazy things,especially when a huge proportion of its citizens are on anti depressants. If food and fuel cannot get in,what about Zolfot? At a time when people's world are falling apart they lack the ability to deal with this new paradigm. If people come off of these drugs too fast they suffer psychotic breaks and you will have thousands of shootings or suicides.
3. England- The Land of the Big Brother and former Empire of world wide slave and drug trade will suffer heavily. The stiff upper lip that their the British Elite ingrained into their sheeple will not work anymore as the British population explodes. The human character will sacrifice and unite for a foreign enemy,but not if the enemy has always been the Elite. The Anglo-American Empire may pull off another false flag to distract it's population on another Emmanuel Goldstein like in 1984,but I feel this collapse will happen before they pull it off. This will make all eyes point at the British Elite as solely responsible for this catastrophe. We have seen massive riots for soccer matches with hooligans. What will happen when this island with very little food and fuel gets cut off?


4. New York City- Another large urban area living too high on the dollar hog. NYC is the area I moved out of in 2008. There is little doubt that all of the wealth in New York,New Jersey and Connecticut is derivative off of Wall Street wealth. The savings and investments of the whole nation and much of the world flows through this financial capital. As the world wakes up to the massive financial fraud,this will lead to the destruction of capital like we have never seen before. This will have tremendous effects on the regional economy as people driving in Mercedes suddenly wonder where their next meal is coming from.


5. Washington D.C.- The political collapse of the Federal Government will wreck havoc on the hugely inflated local economy. As more and more states find it necessary to assert their natural control,the Federal Government will suddenly loose power and importance as the whole world suffers from a Global Hurricane Katrina. The money that they create and spend,will become worthless and the government minions pensions will evaporate. Millions that once relied on the ability to force others to send their money to them,will learn that the real power has always been at the most local level. Massive decentralization will be the answer to globalization gone mad. Local families and communities will forgo sending money and power out of their community,as they will care about their next meal and keeping warm.

 

[Jimmy Chitwood]

George Soros - "There is no 'Plan B"

Bazillionaire financier George Soros, in a recent panel discussion in Europe, suggests we're in serious trouble:
<BLOCKQUOTE>


Let's face it: we are on the verge of an economic collapse which starts, let's say, in Greece but could easily spread. The financial system remains extremely vulnerable"¦


We are on the edge of collapse and that is the time to recognize the need for change.


"¦


There is no plan B at the moment. That is why the authorities are sticking to the status quo and insisting on preserving the existing arrangements instead of recognizing there are fundamental flaws that need to be corrected.


Via: The Daily Crux, Economic Policy Journal, Reuters</BLOCKQUOTE>


Considering that Mr. Soros was one of the biggest proponents of "change"Â￾ in the 2008 election, we find it amusing that he says it's time to recognize change now. We were under the impression Mr. Soros and his conglomerate of Obama supporters implemented said change two years ago.


We've previously opined that "change"Â￾ is something that we humans vehemently object to until we are at the very precipice of disaster.


Guess what? We're back here once again.


Mr. Soros is an extremely large global financial player, so when he speaks, we ought to listen. In his book The Crash of 2008 and What It Means Soros outlined several steps with how to deal with the economic catastrophe that swept the world.


Among other things, he noted that government needed to manipulate the price of oil at or around $80 per barrel in order to implement alternative energy initiatives. More importantly, he strongly pushed for monetary easing, saying that the deflationary deleveraging of the system in 2008 required governments and central banks to first induce the opposite of what's happening in the economy (print lots of money) and then reduce it (to avoid hyperinflation). The idea was to implement a stabilizing effect.


The problem, as Mr. Soros himself points out in his book, is that once we inject the economy with massive amounts of money through quantitative easing and the like, it would be extremely difficult to pull back on the gas to induce its opposite. This is where the hyperinflationary danger comes from.


Essentially this pulling back, combined with regulation and policy changes, was "Plan B."Â￾ But, given that Mr. Soros now agrees nothing has been done to fundamentally change the underlying causes for this crisis, we are about to re-collapse into a scenario potentially worse than what we saw in 2008.


We can cite horrific economic numbers that include the millions of unemployed Americans, record breaking food stamp participation, consumer sentiment, home sales, collapsing GDP, food and energy inflation, and our ever increasing national debt as evidence of how much worse things are now than in 2008.


Today, however, we have one specific chart, provided by Zero Hedge, that should solidify the fact this economy is about to roll over:

Manufacturing in this country has absolutely, without a doubt, and unarguably, COLLAPSED.
It's worse than what we saw in 2008.
Expect this data to be buried much like the recent New York Times story that reported our economy was falling apart.
We are, without a doubt, and regardless of the data machinations being propagated in the halls of our government, in another technical recession.
Moreover, this is just the next phase within the Greater Depression.
The scary thing? Most people have absolutely no clue.

 

[Carolina Speed]

JC, correct me if I'm wrong, but didn't H.Ross Perot predict this impending doom over 20 years ago? Remember, hesaidmanufacturing in this country would go down like a big sucking noise! With the passage of trade laws such as, NAFTA, CAFTA, etc. has ruined manufacturing in this country!You're right in that most people don't have a clue.


What's worse is most of our politicians on both sides supported these trade laws and now we see the effects on the middle to upper middle class, now sendingmillions into thedesperation of relying on the government that is breaking the country.

Two of the worse things to ever happen: letting our government try to run business(free enterprise) and now the government supporting millions who feel they have no other choice.

When common sense is not used, this is what happens and now it seems we're in a free-fall into socialism, I guess you could say we are already there!

 

[jaxvid]

JC, correct me if I'm wrong, but didn't H. Ross Perot predict this impending doom over 20 years ago? Remember, he said manufacturing in this country would go down like a big sucking noise! With the passage of trade laws such as, NAFTA, CAFTA, etc. has ruined manufacturing in this country! You're right in that most people don't have a clue.
<div></div>
<div> </div>
<div>What's worse is most of our politicians on both sides supported these trade laws and now we see the effects on the middle to upper middle class, now sending millions into the desperation of relying on the government that is breaking the country.</div>
<div> </div>
<div>Two of the worse things to ever happen: letting our government try to run business(free enterprise) and now the government supporting millions who feel they have no other choice.</div>
<div> </div>
<div>When common sense is not used, this is what happens and now it seems we're in a free-fall into socialism, I guess you could say we are already there!</div>

I remember Ross Perot well. I thought he was a little crazy but otherwise supported him, in what turned out to be the virtual end of US dominance, he "debated" Al Gore on Larry King's show over "free trade". I was, at the time, a libertarian free trader ( I have since returned to sanity) and was in the unenviable position of supporting Al Gore on the issue.

In one of the most embarassing public spectacles I have ever seen Gore thoroughly routed Ross Perot who was unable to make even the most feeble defenses of his position. It was almost as if he wanted to lose, and who knows, maybe he did.

It was the last nail in the coffin for american economic strength. With both the Repubs (as "free market" supporters) and the Dems (PC commies) supporting the trade agreements, they were rushed through congress, became law, and accelerated the downward spiral of the country until we have the situation today, a nation on the brink of disaster.

I think Perot was right. I wish he could have made a better case, but the sucking sound did happen, and I wonder who could refute that today. It probably would not have made a difference if he had "won" the debate or been elected but for sure things have devolved at a faster pace.

As Peter Brimlow says: it's all going to end in tears.

 

[mattharper]

So when do you guys predict the world is going to end?

 

[Carolina Speed]

jaxvid,I thought everyone on CF was insane anyway, LOL, but I'm glad you're back, politicallyspeaking.

The only person speaking the truth about what it would take to get this country back was Donald Trump, but like Ross Perot before him,most peoplethink he's nuts. But as it turned out Perots' predictions came true.

I guess someone got to him(Trump) and he abruptly quit while I believe doing well in the early polls?

It's a shame, he would have made things interesting.

BTW, many people mistake crazy, nuts, etc. for truth and common sense?

 

[Don Wassall]

Perot was actually leading in the polls until he suddenly quit the race, claiming that George Bush Sr. was behind a conspiracy to kill his daughter. He later got back in the race but many who had supported him previously were reluctant to get behind him again, for good reason.

Perotdefinitely was a strange one. He exploited the one "loophole" in the carefully constructed U.S. political system otherwise designed to shut out all "third" parties and independents from meaningful participation, namely that an extremely wealthy individual can payto overcomethe arduous and grossly discriminatory ballot access laws that exist for anyone not a Democrat or Republican, and also buy national air time.

Perot was great fodder for comedians. Dana Carvey's imitation of him was hilarious.

 

[Jimmy Chitwood]

courtesy of Lew Rockwell's site: Failed Bank List

i won't copy the loooooooooong chart, but suffice it to say,"Get your money out."

The FDIC's list of failed banks keeps growing.



The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. Failed Financial Institution Contact Search displays point of contact information related to failed banks.

This list includes banks which have failed since October 1, 2000. To search for banks that failed prior to those on this page, visit this link: Failures and Assistance Transactions

Failed Bank List â€" CSV file (Updated on Mondays. Also opens in Excel â€" Excel Help)

 

[Jimmy Chitwood]

wanna guess the ethnicity of the newest high priestess of the IMF?

even ifshe comes from France,she still beez a heeb. Lagarde wins IMF top job, presses Greece on crisis.

oh, and two more "pure coincidences" i'm sure that were involved: 1) she replaces a tribesman. and 2) her only rival in the selection process was another tribesman. who'd a thunk it?

Edited by: Jimmy Chitwood

 

[DixieDestroyer]

'World economy at stake' in Greek austerity vote

Jun 28 11:25 AM US/Eastern

Masked protestors hurl stones during clashes with riot police during a gene...

Chart showing break-down of Greece's 2010 rescue package and austerity meas...

Communist-affiliated unionists rally toward the Greek parliament. Europe ha...

Europe ramped up pressure on the Greek parliament Tuesday to approve drastic austerity measures, warning that it would otherwise face a swift debt default that would rock the world economy.

As Greek police clashed with protesters ahead of this week's vote, Brussels told Greece that no "Plan B" would be waiting if it failed to pass the measures demanded by creditors in return for loans needed to keep Athens afloat.

"There are decisive moments and the coming hours will be decisive, crucial for the Greek people, but also for the eurozone and the stability of the world economy," EU president Herman Van Rompuy told the European parliament.

Prodding Greek politicians to "take their responsibilities," Van Rompuy said "the more unanimity there is, the more unity there is, the better for the people of Greece and our future."

European Union economic affairs commissioner Olli Rehn said Greece was facing a "critical juncture," and that "both the future of the country and financial stability in Europe are at stake.

"I trust that the Greek political leaders are fully aware of the responsibility that lies on their shoulders to avoid default," he said.

"The only way to avoid immediate default is for Parliament to endorse the revised economic programme."

Rehn slapped down speculation that Europe was working on a contingency plan in case Greek lawmakers reject 28.4 billion euros ($41 billion) in budget cuts and tax rises as well as a 50-billion-euro privatisation programme.

"To those who speculate about other options, let me say this clearly -- there is no Plan B to avoid default," he said.

A high-ranking European official, speaking on condition of anonymity, has said that a Plan B was in the works, stressing that "the next step is not a default of Greece."

German Finance Minister Wolfgang Schaeuble said in a newspaper interview published on Sunday that the eurozone must be "prepared for the worst" and would cope even if Athens defaulted on its debt.

EU officials reiterated that the austerity measures were a pre-condition for the EU and International Monetary Fund to release 12 billion euros from last year's 110-billion-euro bailout, which Athens needs by July to avoid collapse.

"They must be approved if the next tranche of financial assistance is to be released," Rehn said.

"The European Union continues to be ready to support Greece but Europe can only help Greece if Greece helps itself," he said.

Eurozone finance ministers hold a special meeting on Sunday when, depending on the Athens vote, they will decide to unblock the loans and devise a second bailout, which could also amount to 110 billion euros.

Tensions mounted in the streets of Athens meanwhile as a general strike turned ugly, with anti-riot police firing tear gas at 10,000 protesters outside parliament after youths hurled firebombs ahead of the key votes on Wednesday and Thursday.

Socialist Prime Minister George Papandreou, who has a five-seat majority in parliament, pleaded on Monday with lawmakers to back the measures but the conservative opposition has criticised the plan.

European competition commissioner Joaquin Almunia joined the chorus of concern, saying in a speech in London that Europe was "going through a period of acute crisis.

"The fiscal crisis in Greece is threatening to destabilise other euro area economies and even the proper functioning of the European monetary union, with serious implications for the growth outlook in large parts of Europe and beyond," he said.


http://www.breitbart.com/article.php?id=CNG.3b02f123e5e8f2fa854702eda5c5a2b0.1a1&show_article=1

Edited by: DixieDestroyer

 

[waterbed]

the role of pc and white guilt in financial crises

Thanks don for helping with my account!

When we look at poor countries we some things they have in common ,for example a lot of corruption with lot of racism and Indivuastic people that can't work great together.It could be that they aren't selected the way white people where in order to survive they had to be good cooperators and had greater survive chance.The racism in poor countries is easily seeen becuase they still have uncountable amount of tribes that want to kill eachother.White tribes had some wars but mixed with eacother this is why you see the light hair-light coulour eyes that some white tribes had mutation for in every white country.the only differnce is the %, this is also true for white tribes.All whites are mulitple tribes only depeding on country the % from certain tribe is differnt.

I think white guilt orginated in that white people often focus on what goed bad to and evaluated how to improve.
they saw that a lot of wars were becuase of race and saw a lot of places were poor.
they feeled bad for that non white people and looked if they did something wrong too.
they focues a lot on bad things and were on nuanced about white being bad, and maked the white role big to explain the differnce in economy etc.
But in fact slavery( were lots of races had a part in couldn't be called really a white bad thing.also if native americans had guns too they would have used them too.also native americans were maybe not even the firsst and they killed people too.Hitler was bad but Mao non white has more kills on his name also the white/mongoid stalin more.Hilter went paranoia when the jewish housebass were his father worked for kicked him in the winter out of the house, and his father was freezen to dead, after that he radicalized.Also if sub saharan africans had the know how of us whites I dont want to know how many sub saharan africnas were still left.If you take in that if you know a lot you can do a lot of great but also bad things then espacially whites haven't done so much bad things.Also some think that we maked blacks kill eacother and maked the borders of countries there.let say we did ,did we dutch were still killing the germans if the border was abit differnt ?, knowing specific PURE whitre tribes dont'even existed anymore.
I think white are great but we can make bad things bigger then they are( maybe in evolution that was needed to improve.)


the extreme left created political correctness and tought it would be better for equalty to praice all non white accomplicent and talk bad about white ones becuase they see non white as the underdogg(becuase countries they come from are poor not so long ago also east asian countries were all poor and didn't copy well of us, now they did and its a great quality of them)
They also thinked that Nationalsm is only bad and has no fuction.but they forget you can be nationalst without hating.
Espacially pure racism you see only in poor non white countries alot.White racist are non likley to hate purely the differnces in looks but more so they dont like the culture behing those features.
Now whites have no pirde 99%.they nearly all think that everythinhg whites have accompliced is racist. and that everywhere were whites are overreprsendant is racist.They also have often in countries that is mostly white no much nationalism anymnore becuase of all this.
Nationalism can have fucntions but political correct people think not.
A lot of poor countries look natiolistic but they arent becuase they kill people of other tribes insame countrie also the rich kings don't care.
only there hate is bigger for other countires but that doesn't make them nationalistic.
A countrie with great nationaism was U.S.they liked to make new start were proud of imporvement and had great group national feeling.
Nationalsm is great for building up a countrie and improve
when you don't have a feeling for a countrie you are more likely to do things that hurt the countrie for example:take so much money away from goverment and banks that you have influece on economic crises.Also a non group feel but Indivualistic feel is not great for development the countrie.

A lot of my assumptions could be wrong but I think that of course behing oher factors.Political correct extrem left wing have influece on Ecomic crises besides being a feeder of a lot of hatred from non whites against whites and hurting whites direct and indirectly.

In holland we didn't select immigrant on salary work etc for.altrough Hans janmaat said exaclty the probelms we have know but was demonized.I am not anti jew but I checked and the most influce of de winter etc. were mostly jews that were working so hard in media so nearly everyone tought he was racist.)

We have a lot of problmes with berbers, with 2 reasons. they most primitive and strongest believers in Islam come here.In islam they say: if you kill a non muslim for jihad you kill not the person just the body( like a non muslim is just a walking idiot).the most primitive feel superior above the dutch just for believing in Allah.If you combinate that with that they learn only PC anti white in school you get a deadly ****till.

 

[Quiet Speed]

Video worth passing around to family and friends who are still suffering from some sort of ostrich effect:

http://www.youtube.com/watch?v=b3-vwYJiD8g&feature=related

 

[Michael]

An article entitled "Long overdue lay offs could worsen Obama Depression."

When the housing bubble finally popped, the resulting minority subprime mortgage crisis cost banks an estimated 1.5 trillion dollars. People like Barack Obama had filed lawsuits on behalf of ACORN to force banks to make loans to totally unqualified Blacks and Latinos. Whenever government forces banks or industry to do something (like loan money to minorities or hire a certain percentage of minorities), there’s a great danger of wholesale disaster.

Having destroyed the private sector and slashed tax revenue thereby, now the so-called public sector is starting to get hit with mass lay offs. Democrats as well as Republicans are now standing in that line watching their 99 weeks of benefits dwindle.

http://www.davidduke.com/general/long-overdue-lay-offs-could-worsen-obama-depression_24207.html