Economic News: This ride ain’t over

OECD warning of sharper slowdown – BBC 6/4/08


Second Great Depression in Detroit – Depression2.TV (great site!)


Central bank body warns of Great Depression – Banking Times, UK 6/9/08

“The Bank for International Settlements (BIS), the organisation that fosters cooperation between central banks, has warned that the credit crisis could lead world economies into a crash on a scale not seen since the 1930s.”


Advanced Imperialism: A Phase of Capitalism – Global Research 6/25/08


We just accelerated a little more: IMF knocks on Uncle Sam’s door – Age, Australia 6/30/08


Think the Economy Is Bad? Wait Till the States Cut Back – NYTimes 6/1/08


Russia blames U.S. for global financial crisis – Reuters/Yahoo 6/7/08


Failing Infrastructure and Fantastic Military Budgets – WUFYS 6/23/08


AIG’s Connelly: “Crisis of Capitalism is upon us” – Naked Capitalism 6/16/08


The Shrinking Influence of the US Federal Reserve – Der Spiegel, Germany 6/26/08


Bush administration wants to give Federal Reserve more power – AP/Yahoo 6/19/08

Just linking to this AP headline may violate the AP’s incredibly aggressive assertion of usage rights


Barclays warns of a financial storm as Federal Reserve’s credibility crumbles – Telegraph, UK 6/28/08

EXCERPTS: “Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall “below zero”…Barclays Capital said in its closely-watched Global Outlook that US headline inflation would hit 5.5pc by August and the Fed will have to raise interest rates six times by the end of next year to prevent a wage-spiral. If it hesitates, the bond markets will take matters into their own hands. “This is the first test for central banks in 30 years and they have fluffed it. They have zero credibility, and the Fed is negative if that’s possible. It has lost all credibility,” said Mr Bond.”


Stage Two of the Mortgage Collapse: $500 Billion in Pay Option ARMs Meet the Piper in 2008 with 60 Percent Being in California. – DoctorHousing Bubble 6/14/08

Very straightforward reading with incredible graphs


The de facto nationalization of the housing bust – Economic Populist 6/13/08


Why Fair Trade May Be Our Only Hope – Alternet 6/12/08


Credit crunch forcing US middle classes to live in their cars – Guardian, UK 6/26/08


Alternatives to Free Trade: Fair Trade and Beyond – Global Research 6/22/08


Bringing Down Bear Stearns – Vanity Fair August ’08 edition


Video of Assistant Treasury Secretary for Economic Policy Phillip Swagel sweating bullets over his spin job assignment – Washington Post 7/4/08

EXCERPT: “Swagel came out for his monthly economic briefing yesterday, 90 minutes after the Labor Department reported that the country had shed jobs in June for the sixth straight month.
Does this mean the economy is worse than the Bush administration expected?
“We shouldn’t, in a sense, be surprised when the data are, are, soft,” Swagel managed to say.
Does the economy need another stimulus package?
“I-it seems, you know, it seems like that’s, that’s enough, uh, enough.”
What might trigger another round of economic stimulus?
“I don’t, I guess I don’t have an answer, I mean, you know, beyond saying we look at all the data and, um — so, my usual line.”


Behind the falsification of US economic data – Global Research 6/5/08


The Sham of our Current Unemployment Rate Numbers: Lessons from the Great Depression: Part X. Data Mining. – Doctor Housing Bubble 5/30/08


The Pentagon Strangles Our Economy: Why the US has gone broke – Alternet 4/26/08

EXCERPT: “There are three broad aspects to the U.S. debt crisis. First, in the current fiscal year – 2008 we are spending insane amounts of money on “defense” projects that bear no relation to the national security of the U.S. We are also keeping the income tax burdens on the richest segment of the population at strikingly low levels.”
“Second, we continue to believe that we can compensate for the accelerating erosion of our base and our loss of jobs to foreign countries through massive military expenditures — “military Keynesianism” – which I discuss in detail in my book Nemesis: The Last Days of the American Republic. By that, I mean the mistaken belief that public policies focused on frequent wars, huge expenditures on weapons and munitions, and large standing armies can indefinitely sustain a wealthy capitalist economy. The opposite is actually true.”
“Third, in our devotion to militarism – despite our limited resources, we are failing to invest in our social infrastructure and other requirements for the long-term health of the U.S. These are what economists call opportunity costs, things not done because we spent our money on something else. Our public education system has deteriorated alarmingly. We have failed to provide health care to all our citizens and neglected our responsibilities as the world’s number one polluter. Most important, we have lost our competitiveness as a manufacturer for civilian needs, an infinitely more efficient use of scarce resources than arms manufacturing.”


Hidden oil subsidies ‘need to end’ – Raw Story 7/3/08


A direct hurricane hit could push oil to $150 / barrel – AP/Tulsa World 5/30/08

Sounds like they’re planning another direct hit this season….


10 tough questions on oil and gas prices – Nieman Watchdog 5/5/08


An ominous warning that the rapid rise in oil prices has only just begun – Independent, UK 6/12/08

“The chief executive of the world’s largest energy company has issued the most dire warning yet about the soaring the price of oil, predicting that it will hit $250 per barrel “in the foreseeable future”. The forecast from Alexey Miller, the head of the Kremlin-owned gas giant Gazprom, would herald the arrival of £2-per-litre petrol and send shockwaves through the economy.”


The Militarization and Annexation of North America: The Security and Prosperity Partnership (SPP) unmasked – Global Research 7/19/07


Future of North America: Vancouver 2010, coronation of the North American ‘Community’ – Global Research 3/15/08


French company to open nuclear plant in US – AP/CNN 5/23/08


Chinese firms bargain hunting in the US – LA Times 5/5/08


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