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Broader Measure of U.S. Unemployment Stands at 17.5%
For all the pain caused by the Great Recession, the job market still was not in as bad shape as it had been during the depths of the early 1980s recession — until now.
Read article...What Is Money? Part 13: Exported Inflation
If you think people are confused about monetary affairs inside the borders of the nation they live in, you should listen to their explanations of money outside the country, beginning with the idea of “money outside the country.”
Read article...Senator Sanders Introduces Bill to Break Up the Too Big to Fails
Sanders’ legislation would give the Secretary of the Treasury ultimate decision-making power.
Read article...How Safe Is Your Safe-Deposit Box?
A “Good Morning America” investigation found some states aggressively seize property that isn’t really unclaimed and then use the money — your money — to balance their budgets.
Read article...Unemployment in U.S. Jumps to 10.2%, Payrolls Fall
The unemployment rate in the U.S. soared to a 26-year high of 10.2 percent in October and employers cut more jobs than forecast.
Read article...As of yesterday, The Feds Changed the Rules
Something profound just happened to the way the Federal Reserve (Treasury et al) and the Bank of England are going to distribute national debt. What better place to but debt but a bullied domestic bank. Eventually the Federal Reserve/Treasury/Executive bank will force all domestic savings into zero return Treasury instruments. This is the only place where debt can be placed at this time.
Read article...Reed Apologizes for Glass Steagall Repeal, Building Citigroup
John S. Reed, who helped engineer the merger that created Citigroup Inc., apologized for his role in building a company that has taken $45 billion in direct U.S. aid and said banks that big should be divided into separate parts.
Read article...George Soros Lauds Chinese Model Of Goverment – Wants Global Governance Under UN Security Council
China’s economy will be the first to emerge from the financial crisis, and its model will soon take the leading position among the world’s economies, leaving behind the current leader the United States. This forecast was announced on Monday by leading financier George Soros.
Read article...Deficits Funded With Monetization And Hyperinflation
Almost all the excessive hedge fund de-leveraging is over. Banks have continued to hold 40 to 1 leveraged positions, because they cannot exit them without a major economic recovery without going bankrupt.
Read article...Four Reasons Hyperinflation Hasn’t Hit the US… Yet
Everything we know about classic economic theory suggests the US economy should be experiencing Zimbabwe-like hyperinflation right now, thanks to the nearly $2.2 trillion the US Federal Reserve has pumped into the system.
Read article...Roubini Says Rogers’s Forecast of $2,000 Gold ‘Utter Nonsense’
Nouriel Roubini, the economist who predicted the global economic crisis, said a forecast by investor Jim Rogers that gold will double to at least $2,000 an ounce is “utter nonsense.”
Read article...Gold Spells Trouble for Greenback: Charts
The value of gold and silver are on the rise, but this spells trouble for the declining dollar index which could push as low as 66 points, according to Chris Zwermann, strategist from Zwermann Financial.
Read article...Gold rushes to record high above $1,090/oz
Spot gold ran to a record high above $1,090 per ounce on Wednesday, latching on to a weaker dollar with continued support from the IMF’s sale of gold to India’s central bank.
Read article...Currency crisis on way, says investor
Jim Rogers, the international investor and chairman of Rogers Holdings, has warned of a currency crisis within the next couple of years.
Read article...Mortgage Crisis Shows that Government Regulation Doesn’t Work
Headlines like this drive me nuts: Mortgage Crisis Shows Why Financial Regulation is Needed. Yes, regulation is needed. Market regulation, that is.
Read article...India, China, Russia and Some EU Central Banks Buying Gold
India’s central bank is buying 200 metric tons of gold from the IMF.
Read article...RBS, Lloyds Get $51 Billion in Second Bank Bailout
Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc will receive 31.3 billion pounds ($51 billion) in a second bailout from the U.K. taxpayer as the two banks agreed to cap bonuses.
Read article...What Is Money? Part 11: The Great Default
The governments of every major nation are going to default on their debts. There are two relevant questions: (1) How? (2) When?
Read article...Delaware beats Switzerland as most secretive financial center
Move over Switzerland. The tiny state of Delaware beats the Alpine country in a contest for the most secretive financial jurisdiction, a tax justice rights group said on Saturday.
Read article...McClatchy: How Goldman secretly bet on the U.S. housing crash
In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.
Read article...CIT files for 5th largest U.S. bankruptcy
CIT Group Inc., one of the nation’s leading funders of small and medium-sized businesses, filed for the fifth largest bankruptcy by assets in U.S. history Sunday as part of a reorganization plan that has the support of an overwhelming majority of debtholders.
Read article...Stiglitz Says U.S. Recession ‘Nowhere Near’ End After GDP Jump
Nobel Prize-winning economist Joseph E. Stiglitz said the U.S. recession is “nowhere near” an end and the economy’s third-quarter growth rate of 3.5 percent, the first expansion in more than a year, won’t carry into 2010.
Read article...Breaking Up The Too Big to Fails Will NOT Harm America’s Ability to Compete with Foreign Banks
I have previously debunked numerous false arguments used to defend the too big to fails. See this and this.
Read article...Federal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says
Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been “gutted” while moving toward a possible vote in the Democratic-controlled House.
Read article...Ron Paul: Let the dollar prove itself
A growing number of Americans are becoming aware of the Federal Reserve System, what it is, how it has precipitated our financial crisis, and how it continues to pursue policies that delay economic recovery and weaken the dollar.
Read article...We Can’t Solve Our Problems With More of the Same
In his latest C4L video, Congressman Paul reports on a recent House Foreign Affairs Committee hearing concerning Iran as well as a House Financial Services Committee hearing on financial regulations, and addresses the GDP.
Read article...Dow Drops Over 200 points
Stocks tumbled Friday afternoon, erasing most of the previous session’s big gains. Financials and energy shares were among the hardest hit.
Read article...“Money Multipliers Have Collapsed Everywhere…Confidence Is Missing. I Don’t See Any Way To Stabilise M3 In Such Circumstances”
Former officials are often more honest than current ones, since they aren’t under pressure to spread happy talk.
Read article...Peter Schiff On Phony GDP Growth (Video)
The US government has a technology, called a printing press… that allows it to produce as many US dollars as it wishes at essentially no cost.” – Ben Bernanke
Read article...Bankers Expect Rising Bonus Pay to Break Records in Global Poll
In Washington and on Main Street, politicians and voters are railing against Wall Street’s multi- million-dollar pay packages.
Read article...U.S. Home Vacancies Rise to 18.8 Million on Defaults
About 18.8 million homes stood empty in the U.S. during the third quarter as banks seized properties from delinquent borrowers and new home sales fell in September.
Read article...Malpass Says U.S. Economy Will Slow, Enter ‘Gloomy Period’
Economic growth in the U.S. will slow after the rebound in the third quarter and enter “a very gloomy period” of high unemployment, said economist David Malpass, president of Encima Global in New York.
Read article...Stealth Inflation
Over the past two years, the federal government and the Federal Reserve have dispersed trillions of public dollars, run up enormous deficits, and kept interest rates at zero.
Read article...Should We Give the Fed More Power … Or Less?
Congress is suggesting that the Fed be given more powers, making it the chief risk regulator of the entire banking system.
Read article...What Is Money? Part 10: When Money Dies
Bottom line: “When money dies, so do people.” Hyperinflation in a modern urban nation would kill people. I think it would kill a lot of people.
Read article...Former Chairman of Citigroup: Restore Glass-Steagall
The former chairman of Citigroup, John S. Reed, wrote a letter to the editor of the New York Times calling for a reinstatement of Glass-Steagall.
Read article...Tax refugees staging escape from New York
New Yorkers are fleeing the state and city in alarming numbers — and costing a fortune in lost tax dollars, a new study shows.
Read article...Geithner sees dollar’s reign lasting ‘long time’
US Treasury Secretary Timothy Geithner said Tuesday the dollar would keep its status as the world’s main reserve currency a “long time.”
Read article...Marc Faber, Dollar Will Eventually Go to Value of Zero
Marc Faber, publisher of the Gloom, Boom & Doom Report, appeared on Bloomberg today, expanding his view on the inflation/deflation, strong and weak US dollar debate.
Read article...Galbraith: Fed is Unlawfully Withholding Information from Congress
The Federal Reserve is unlawfully withholding information from Congress.
Read article...FDIC Head Sheila Bair Tells Protesters: “It’s Time to Put an End to the ‘Too Big to Fail’ Doctrine… No More Bailouts!”
This is without doubt the most important populist moment so far this year.
Read article...Grayson calls Fed adviser ‘K street whore’
Alan Grayson, Florida Democrat, has a reputation for inflammatory rhetoric, but he took it even further when showing his disdain for Federal Reserve senior adviser Linda Robertson by calling her a “K Street whore” in a recent radio interview.
Read article...McDonald’s Closes in Iceland After Krona Collapse
Iceland’s McDonald’s Corp. restaurants will be closed at the end of the month after the collapse of the krona eroded profits at the fast-food chain, McDonald’s franchise holder Lyst ehf said.
Read article...China Expert Urges FX Reserves Shift; Dollar Falls
The dollar should remain the principal currency in China’s $2.27 trillion stockpile of foreign exchange reserves, but the share of the euro and yen should increase, according to an opinion piece in Monday’s Financial News, a paper published by the People’s Bank of China.
Read article...Indiana: 500 Applicants for One $13 Per Hour Job Before Company Pulled Ad
As soon as the job opening was posted on the afternoon of Friday, July 10, the deluge began.
Read article...Capitalism, Socialism or Fascism?
What is the current American economy: capitalism, socialism or fascism?
Read article...Protesters storm big bankers meet, chant ‘we’ll be back’ as police escort them out
The annual American Bankers Association meeting in Chicago is not going as planned.
Read article...Russia to sell 20-50 T gold in 2009 – source
Russia plans to sell as much as 50 tonnes of gold this year to help plug a budget deficit in the first major bullion sale by its precious metals repository since the fall of the Soviet Union, a high level source told Reuters.
Read article...More Stress Test Shenanigans
Should we be reassured by the new round of stress tests?
Read article...TARP Inspector General Says Banking System Now Possibly Worse
CNN’s Lauren Kornreich reports today that Neil Barofsky, the special inspector general for TARP, is saying that the federal government’s actions may have put the country in more danger.
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