US Economic News Round-Up: Increasing discussion of economic collapse, statistics

25 Signs That Almost Everyone Is Expecting An Economic Collapse In 2010

Most people paying attention to the news know things are very bad and getting worse, but this article references the major institutions that are preparing for total economic collapse.

20 More Signs Of A Full-On Economic Collapse

“It’s Over” For US Economy: Buffett Partner

Bernanke delivers blunt warning on U.S. debt

With uncharacteristic bluntness, Federal Reserve Chairman Ben S. Bernanke warned Congress on Wednesday that the United States could soon face a debt crisis like the one in Greece, and declared that the central bank will not help legislators by printing money to pay for the ballooning federal debt.

National debt seen heading for crisis level

With ferocious speed, the financial crisis, recession and efforts to combat the recession have swung the U.S. debt from worrisome to ruinous, promising to handcuff the administration.

Lost amid last month’s passage of the new health care law, the Congressional Budget Office issued a report showing that within this decade, President Obama’s own budget sends the U.S. government to a potential tipping point where the debt reaches 90 percent of gross domestic product.

No one is advocating big tax increases or spending cuts before a recovery takes hold. The problem is that deficits will not reverse even after a full recovery.

U.S. posts 19th straight monthly budget deficit

The United States posted an $82.69 billion deficit in April, nearly four times the $20.91 billion shortfall registered in April 2009 and the largest on record for that month

Chapman Predicts ‘Major Financial and Social Mayhem’ Before November Elections

Historian warns of sudden collapse of American ‘empire’

Harvard professor and prolific author Niall Ferguson opened the 2010 Aspen Ideas Festival Monday with a stark warning about the increasing prospect of the American “empire” suddenly collapsing due to the country’s rising debt level.

“I think this is a problem that is going to go live really soon,” Ferguson said. “In that sense, I mean within the next two years. Because the whole thing, fiscally and other ways, is very near the edge of chaos. And we’ve seen already in Greece what happens when the bond market loses faith in your fiscal policy.”

Collapse in Living Standards in America: More Poverty By Any Measure

15 million unemployed, homelessness has increased by 50 percent in some cities

Dollar Devaluation and Destruction of America Pick Up Steam

Central Banks Start to Abandon U.S. Dollar

California on ‘verge of system failure’

Case files piling up by the thousands, phones ringing off the hook, forced midweek courthouse closings and occasional brawls as frustrated citizens queue for hours to pay parking fines.

Bankruptcy talk spreads among Calif. muni officials

Los Angeles on the Brink of Bankruptcy

The latest tale of financial crisis in California is playing out in Los Angeles. The city faces a budget shortfall approaching a billion dollars, and unless it can find a remedy soon, it may be insolvent by midsummer.

Freddie Mac asks for additional $10,000,000,000 bailout

States of Crisis for 46 Governments Facing Greek-Style Deficits

Debt Dynamite Dominoes: The Coming Financial Catastrophe

Doomsday is here for the state of Illinois

To become solvent, the state must enact the largest tax-increase package in Illinois history, whack another $2 billion from already starved government programs and wrest major financial concessions from the state’s unionized work force, a nonpartisan government watchdog contends.

Tent Slums Spring Up in America

Roads to Ruin: Towns Rip Up the Pavement

The 18 States Facing The Most Brutal Austerity Cuts

America’s new debtor prison: Jail time being given to those who owe

What Do the Hungry Eat?


Debt Saturation: Each Dollar of New Debt Now Subtracts 45 Cents from GDP

Click through for plenty of chart doom

15 Years Ago, the Combined Assets of the 6 Biggest Banks Totaled 17% of GDP… By 2006, 55% … Now, 63%

Six Banks Control 60% of Gross National Product

Actually, The Unemployment Ratio Is 41%

The broadest measure of unemployment is the Civilian Employment-Population Ratio, which is exactly what it sounds like: the ratio of employed civilians to the total population. It stands right around 59%, which is the lowest its been since the early 80s.

The Real Unemployment Rate: 21.5%

Nearly 20 percent of U.S. workers underemployed

World’s Billionaires Grew 50 Percent Richer in 2009

US Super-rich Get Five Times More Income Than In 1995

Percentage of GDP to External Debt: Default is Inevitable

Consumer Bankruptcies Up 14 Percent In First Half Of 2010

Commercial Mortgage Default Rate in U.S. More Than Doubles

Millions of Unemployed Face Years Without Jobs

More than half of Detroit’s homeless at risk of dying on streets

Food-stamp tally nears 40 million, sets record

U.S. Government Now 96.5% of the Mortgage Market Q1, 2010

More Than 1 In 5 American Children Are Now Living Below The Poverty Line

1 in 4 American children are on food stamps.

Half a Dozen States Are Delaying Tax Refund Checks

Quarter Of American Bridges Declared Structurally Deficient or Functionally Obsolete


Central Banks, Currency Wars & Global Governance – Bankrupting Countries for Fun & Profit

Head of IMF Proposes New Reserve Currency

Nobel Prize-Winning Economist: Federal Reserve System is Corrupt and Undermines Democracy

Joseph Stiglitz – former head economist at the International Monetary Fund (IMF) and a nobel-prize winner – said yesterday that the very structure of the Federal Reserve system is so fraught with conflicts that it is “corrupt” and undermines democracy.

Most decorated US Marine General: Purpose of all US wars is billions for insiders’ profits

Smedley Butler was the most honored man in Marine Corps history. He wrote and spoke that the purpose of US wars is millions and billions in profits for America’s leading “bankers, industrialists, and speculators.” War is a “racket:” a deception whereby its purpose of blood money from American taxpayers to “insiders” is always disguised as noble and necessary ventures to keep Americans propagandized into paying again and again.

Sovereign Debt and the Economic Crisis: When Countries are Bankrupt…

IMF “Economic Medicine” Comes to America

Video: How The Fed Is Destroying The Dollar

Video: How the Federal Reserve Created the US Recession

The Science and History of Money

This video production explains in simple and straight forward language (with supporting animated visuals) the true nature of money and the dysfunctional and undemocratic nature of the global banking system, describing the history of money, the process of money creation and the dire consequences of compound interest.

Central Banking in Crisis: Some Twenty Countries on the Verge of Insolvency

What is important more than anything else are jobs and those who create them cannot easily borrow money. At the same time free trade, globalization, offshoring and outsourcing kill our jobs and fill the coffers of transnational conglomerates that keep their profits tax-free offshore. You cannot do that. While this transpires your Congress stuffs their pockets with cash from elitists who own them.

The troubles we see in Europe are but a reflection of what is going on worldwide. This leads us to the conclusion that Americans and others are being systematically betrayed by their legislators. – A problem that can be remedied in November by removing almost all of them.

Leading Chinese Economists Urge Government To Dump U.S. Treasuries, Buy Gold

Chinese rating agency strips Western nations of AAA status

China’s leading credit rating agency has stripped America, Britain, Germany and France of their AAA ratings, accusing Anglo-Saxon competitors of ideological bias in favour of the West.

Calm before the Storm? The Dollar versus the Yuan: America and China Engage in a “Currency War”

US money supply plunges at 1930s pace as Obama eyes fresh stimulus

The M3 money supply in the United States is contracting at an accelerating rate that now matches the average decline seen from 1929 to 1933, despite near zero interest rates and the biggest fiscal blitz in history.

China’s Currency Manipulation: About to Cause a Global Explosion?

IMF’s Global Taxes Can Only Be Enforced Through Global Government

The Economic Crisis in the UK: Inflation and Debt Default Bankruptcy

IRS Says It Needs More ‘Resources’ to Implement Tax Provisions of New Law

The Tax Attack on America

After-tax incentives could drop 15 percent or more over the next few years, lifting the top tax rates on ordinary income to 45 percent from 35 percent, and to 25 percent from 15 percent on capital gains. Why in the world would we want to tax those who are most likely to invest, save, and take risks in an economy that desperately needs all three?

15 Mind-Blowing Facts About Wealth And Inequality In America

The Bailout of Big American Banks Has Cost Trillions More Than We’ve Been Told

Citizens Of Illinois Get Slapped With Staggering 33% Income Tax Hike To Fill Deficit

Cities Find New Ways To Reach Into Your Wallet

U.S. Taxpayers on Hook for $5 Trillion of Fannie, Freddie Debt …

Virginia Hands Out 6996 Traffic Tickets In One Weekend In An Effort To Raise Revenue For The State Government

Last Saturday and Sunday state troopers were ordered to absolutely saturate Interstate 95 and Interstate 81 and to issue as many traffic tickets as humanly possible during those two days. Why? Well, it turns out that the state of Virginia has a 2.2 billion dollar budget deficit that they are trying to deal with, and so they need to find some quick sources of cash.

States Bristle as Investors Make Wagers on Defaults

As U.S. cities and towns wrestle with financial problems, investors are finding a new way to profit on their misery: by buying derivatives that essentially bet municipalities will default.

Goldman bet $35m against California

The IMF Destroys Iceland and Latvia

Britian: Fake Storefronts Soothe Consumers During Recession

Soros warns Europe of disintegration

The US Economic System: How and Why It Got This Bad and Where It’s Going

Exposing Our Enemy: Meet the Economic Elite

This is who ‘they’ are.

The Economic Elite vs. the People of the United States of America: Part I

Senator Majority Leader Harry Reid: Taxes are Voluntary in America

2010 Food Crisis for Dummies

Not just for dummies; this is a must-read 

Economic Black Hole: 20 Reasons Why The U.S. Economy Is Dying And Is Simply Not Going To Recover

“Modern Money Mechanics” by Federal Reserve…Explained

This video series (7 parts) goes page-by-page of “Modern Money Mechanics,” a pamphlet by the Federal Reserve of Chicago, no longer in print but available on the internet, which describes “the basic process of money creation in a ‘fractional reserve’ banking system.

Economic Crisis: The Sovereign Debt Bubble

Global Insolvency: How will the US Service its Debt?

Such unbridled greed came close to bringing down the entire financial system, which American taxpayers have been allowed to pick up the bill for. After all this we see absolutely no regulation in sight and the SEC and the CFTC continue to protect the titans of Wall Street as government looks on in total disinterest. This, of course, omits the Executive Order borne criminality, which has turned our free markets into controlled and manipulated fascist markets. People say what can I do? You can start by throwing almost every incumbent out of office and buy pressing the Senate relentlessly to pass the bill that includes an audit and investigation of the Fed.

Is a U.S. Default Inevitable?

Backing up Blankfein’s plea of ignorance and incomprehension is this: The crisis killed Lehman Brothers and would have killed every one of them had not the Treasury and Fed, neither of which saw it coming, either, intervened with hundreds of billions in bailout cash.  Yet there were those who warned a housing bubble was being created like the dot-com bubble; others who predicted the Empire of Debt was coming down. As, today, there are those warning that the United States, with consecutive deficits running 10 percent of gross domestic product, is risking an eventual default on its national debt.

Federal Reserve Made Record Profit in 2009: Report

Federal Reserve Seeks to Protect U.S. Bailout Secrets

Former Mexican foreign minister calls for ‘North American union’, unified currency

Nobel economist Stiglitz: “US privatized profits, socialized losses is not capitalism.” It’s fascism

Joseph Stiglitz understands half the US economic disaster when he explains current policy is “no way to run an economy that’s going to work,” “there’s moral hazard everywhere,” and newly-invented and unregulated financial markets have only increased risk, not decreased it.

Spying for Dollars: Military Contractors and Security Firms Reap Huge Profits

Actual Bloomberg Headline: “Secret Banking Cabal Emerges From AIG Shadows”

Willem Buiter warns of massive dollar collapse

Americans must prepare themselves for a massive collapse in the dollar as investors around the world dump their US assets, a former Bank of England policymaker has warned.

All Hell Could Break Loose Because of the Huge Government Debt

The United States faces projected 10-year federal budget deficits that seriously threaten its bond market, exchange rate, economy, and the economic future of every American worker and family. Those risks are exacerbated by the context of those deficits: a low household-savings rate, even after recent increases; large funding requirements for federal debt maturities every year; heavy overweighting of dollar-denominated assets in foreign portfolios; worsened fiscal prospects in the decades after the current 10-year budget period; and competing claims for capital to fund deficits in other countries.

How Goldman Sachs Helped Greece to Mask its True Debt

How Goldman Sachs Made Tens Of Billions Of Dollars From The Economic Collapse Of America In Four Easy Steps

Step 1: Sell mortgage-related securities that are absolute junk to trusting clients at vastly overinflated prices.

Step 2: Bet against those same mortgage-related securities and make massive bets against the U.S. housing market so that your firm will make massive profits when the U.S. economy collapses.

Step 3: Have ex-Goldman executives in key positions of power in the U.S. government so that bailout money can be funneled to entities such as AIG that Goldman has made these bets with so that they can get paid after they win their bets.

Step 4: Collect the profits – Goldman Sachs is having their “most successful year” and will end up reporting approximately $50 billion in revenue for 2009.


Sobering Facts About the Failing US Economy

The Geography of Recession

An interesting graphical representation of the recession playing out from January 2007 through December 2009.

Fitch: U.S. State and Federal Debt to Hit 94% of GDP

It is mathematically impossible to pay off the federal debt.  U.S. citizens should embrace Ecuadors’ example and proclaim the debt illegitimate.

Congress passes record debt hike

Obama Signs Law Raising Public Debt Limit from $12.4 Trillion to $14.3 Trillion

It Is Now Mathematically Impossible To Pay Off The U.S. National Debt

Two Dozen States’ Unemployment Funds in the Red, Nine More Within Six Months

Cash-strapped US running out of unemployment money

More and More States on Budget Brink

Across the nation, state tax collections in the first three quarters of 2009 posted their steepest decline in at least 46 years, according to a report this month from the public policy research arm of the State University of New York.  At least 30 states raised taxes in their most recently completed fiscal year — which ended in most cases in mid-2009. Even more cut services. All told, states raised $117 billion to fill last year’s budget gaps, the Pew Center on the States estimates.

25 State Unemployment Funds Bankrupt; Credit Card Defaults at Record Levels; Look on the Bright Side

 The unemployment insurance system is in crisis. A record 20 million Americans collected unemployment benefits last year, and so far 25 states have run out of funds and been forced to borrow from the federal government, raise taxes or cut benefits. Using near real-time data on states’ revenues and the benefits they pay out, we’ve estimated how long their trust funds will hold up.  And while states’ poor fiscal planning is a serious topic on its own, our unemployment insurance tracker also follows the increasing human toll: so far businesses in 36 states face tax increases this year, ranging from a few dollars per worker to more than a thousand. Six states have moved to cut, freeze or otherwise restrict benefits, a number that is likely to increase.

Chris Christie declares fiscal ‘state of emergency,’ paving way for N.J. spending cuts

Calling New Jersey on “the edge of bankruptcy,” Gov. Chris Christie today declared a fiscal emergency, seizing broad powers to freeze aid to more than 500 school districts and cut from higher education, hospitals and the Public Advocate.

Along with eliminating programs “that sounded good in theory but failed in practice” across state departments, Christie is cutting $475 million in aid to school districts, $62 million in aid to colleges and $12 million to hospital charity care.

Five Million Workers to Exhaust Unemployment Benefits by June

One in Seven U.S. Mortgages In Foreclosure or Delinquent

Number of New Yorkers at risk of losing their home to foreclosure surges, new statistics show

Dallas/Fort Worth quarterly foreclosure postings jump 22%

Study: Hunger in America jumps ‘unprecedented’ 46 percent

U.S. state pension funds have $1 trillion shortfall: Pew

Credit Suisse Declares the U.S. a Riskier Investment Than Indonesia

Previously: US Economic Tailspin: States going bankrupt, unable to provide services

Economic News Round-Up: A slow, downward spiral for the dollar

Congress Approves $636.3 Billion for Defense in Fiscal 2010

DoD To Add $100B to 2011-15 Spending  

U.S. National Debt Tops Debt Limit

The latest calculation of the National Debt as posted by the Treasury Department has – at least numerically – exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.  The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the National Debt at nearly $12.135 trillion.  A senior Treasury official told CBS News that the department has some “extraordinary accounting tools” it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.

Senate votes to raise federal debt limit by $290 billion

CHINA: ‘The world does not have Money to buy more US Treasuries’

ALBA Alliance Forgoes US Dollar

Gulf petro-powers to launch currency in latest threat to dollar hegemony

Calls rise for new global currency

‘Basket’ should replace U.S. dollar as reserve currency, IMF says

The imperative of greater global currency stability means the world can no longer rely, as it has done since the end of the gold standard, on a currency issued by a single country, the head of the IMF said on Tuesday.

2010: The Year of Severe Economic Contraction

Graphic: Here Is Why The Dollar Is Now Effectively Worthless

HR 3996, the Automatic Bailout Bill of 2009

Current And Former IMF Heads Call For New Global Currency

$4.8 trillion – Interest on U.S. debt

US public debt tops $12 trillion for first time ever

Belly up: 10 states face imminent bankruptcy

Ten states are facing imminent bankruptcy, confounding any possibility of economic recovery as tax revenues continue to decline and unemployment increases nationwide, Jerome Corsi’s Red Alert reports.  Those states in fiscal peril include California, Arizona, Rhode Island, Michigan, Oregon, Nevada, Florida, New Jersey, Illinois and Wisconsin.

Going hungry in the USA

Almost 15 percent of US households are “food insecure”. Last year, nearly 17 million children, or 22.5 per cent, lived in households in which food at times was scarce – 4 million children more than the year before. And the number of youngsters who sometimes went hungry rose from nearly 700,000 to almost 1.1 million.

The Silent Hunger Crisis, One-Sixth of all of Humanity is Malnourished  

RELATED: Economic Analysis: Global Currency, Hyperinflation, Fiat Money and More

Economic Analysis: Global Currency, Hyperinflation, Fiat Money and More

Graphic: Here Is Why The Dollar Is Now Effectively Worthless

The Role of Money Creation in Economic Development

Video: The Dollar Bubble

The following documentary was created by the National Inflation Association. In it you’ll see how dollar inflation has adversely affected the United States and how our country is headed for a total financial collapse…

World Wide Military Expenditures

Top 100 Defense Contractors

Inverting the Economic Order

An excerpt from an excellent Wendell Berry article on revising the priorities of the economy.

Ron Paul Warns Of Secret Plans To Create International Central Bank

Congressman Ron Paul’s “Free Competition in Currency Act” Won’t Solve the Problem But Raises Vital Issues

Half Of US Debt Is Owed to Fed

Video: The Fed Copies Weimar Hyperinflation

Hyperinflation Special Report by John Williams of Shadow Government Statistics

Potential For Fed To Hyperinflate

We believe the Fed will opt for letting the system run into hyperinflation. All signs tell us they cannot risk allowing the undertow of deflation to take over the economy. The system cannot stand such a withdrawal of funds. They also must depend on assistance from Congress in supplying a second stimulus plan. That would probably be $400 to $800 billion. A lack of such funding would send the economy and the stock market into a tailspin. Even with such funding the economy cannot expect any growth to speak of and at best a sideways movement for perhaps a year.

Federal Reserve – Enemy of America

No other topic is more important and explains better the demise of America, than the saga of the Federal Reserve. To any objective citizen the conclusion is self evident. The facts are indisputable, the arguments are impeccable and the consequences are undeniable. So why will the public avoid facing the ultimate crisis of national survival?

Fiat Currency Money Printing Leading to Decentralization and Operational Secession

A History of Money and Banking Secrets That Banks Don’t Want Published

The Silent Hunger Crisis, One-Sixth of all of Humanity is Malnourished

Worlwide Corporate Control of Agriculture: The New Farm Owners

The Critical Unraveling of U.S. Society

A great summary and call to action

RELATED: Economic News Round-Up: A slow, downward spiral for the dollar

Economic News & Analysis From The Fringe: Lessons from history, thinking outside the box and doing things differently

FDIC to require banks to prepay $45 billion to cover failures  – Washington Post 11/13/09

US monetary system: Robber Baron-era design makes US debt peons forever. You knew that, right?  – Examiner 11/13/09

Nine states suffer Californian fiscal disease  – Financial Times 11/11/09

Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin join California as the most troubled US states, the Pew Center says.

For residents, fiscal problems have meant higher taxes, layoffs of state workers, longer waits for public services, more crowded classrooms and less support for the poor. They also may hurt the national economy, since the 10 states account for more than a third of the US population and economic output, the report says. Tax increases and spending cuts, the main ways of balancing state budgets after sharp declines in tax revenue, can slow the overall recovery.

Each of these United States will declare bankruptcy within the next few years.  It’s the only logical result, when you actually examine the design of the system.

CNBC – Dollar Will be Utterly Destroyed, Global Currency, New World Order  – CNBC / YouTube 11/10/09

Bailout overseer Elizabeth Warren: banks recklessly gamble knowing US taxpayers will pay losses  – Examiner 11/10/09

Criminal Rothschilds How International Central Bankers Control  – 911 Inside Job.net 11/4/09

“If my sons did not want wars, there would be none.” ~ Gutle Schnaper, Mayer Amschel Rothschilds wife

I am one of those who do not believe the national debt is a national blessing… it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country
Andrew Jackson, Letter to L. H. Coleman of Warrenton, N.C., 29 April 1824

Breaking up ‘too big to fail’ firms  – Politico 11/5/09

Rep. Kanjorski proposes power to dismantle firms “too big to fail” even if they’re not financially at risk.

Take the Power to Create Credit Away from the Giant Banks and Give It Back to the People  – Prison Planet 11/5/09

Bill gives Fed new power to police risk  – Politico 11/10/09

Ron Paul: Bill To Audit Fed Would Pass Tomorrow If It Was Given The Opportunity  – Prison Planet 11/13/09

Forget the Audit: Just Go Ahead & Abolish the Federal Reserve  – American Free Press 11/6/09

Understanding how nations create money and how the US can reclaim $1 trillion/year from banksters  – Examiner 11/7/09

Below is a concise and lucid explanation of how nations create money by economist John Hotson. This topic is at the heart of our economic problems, and required understanding for competent citizenry.

I’m among many writers who document that Americans are transferring unprecedented amounts of their hard-earned money to the oligarchy controlling our banks and casino-capitalism “investment” institutions. The solution is structurally simple for the public benefit of conservatively $1 trillion every year, and has been advocated by many of America’s sharpest historical minds. States can take control of their financial problems through state-owned banks; ending interest payments on their debt and earning profit by providing 2% mortgages for the good of the public.

The Record of the Federal Reserve  – Bush Stole 04 via WRH 11/7/09

Greenspan Admits The Federal Reserve Is Above The Law & Answers To No One  – video via Bush Stole 04

What Is Money? Part 11: The Great Default – Prison Planet 11/2/09

Collection of Federal Reserve Bank Scam and Monetary System Videos  – Bush Stole 04.com

A History of Money and Banking Secrets That Banks Don’t Want Published  – Bush Stole 04 11/10/09

To start with a history of money and debt, we must go back many years ago when people used to trade their wares for the things they wanted and needed.  In place of money or Federal Reserve Notes, you could trade a well made pistol for a cow, which you could eat or trade a remainder of for other items like clothing.  It didn’t take long for people to realize there needed to be a more efficient means of trade. If you were a farmer, it was too difficult to carry baskets of fresh corn around to trade for a new horse. And, the person selling the horse might not want any corn at all.

Quantitative Easing Has Been A Monetary Failure; Persistent Deflation Means More Fed Intervention Coming Soon  – Prison Planet 11/13/09

Reed Apologizes for Glass Steagall Repeal, Building Citigroup  – Prison Planet 11/6/09

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.

“I’m sorry,” Reed, 70, said in an interview yesterday. “These are people I love and care about. You could imagine emotionally it’s not easy to see what’s happened.”

The Role of Gold in the World Monetary System  – Global Research 11/5/09

Gold Spells Trouble for Greenback: Charts  – CNBC 11/4/09

Estulin: G-20 Meeting in Scotland this Week about Dumping U.S. Dollar  – DProgram 11/3/09

Britain and U.S. Clash at G-20 on Tax to Insure Against Crises  – NYTimes 11/7/09

Gordon Brown of Britain told G-20 finance ministers that the world needed a system to force banks, not taxpayers, to cover future bailouts.

Rising Military Expenditure: The Coming U.S. Budget Attack  – Global Research 11/7/09

Dollar Will be Utterly Destroyed: Global Currency, New World Order  – InfoWars 11/7/09

The dollar will get “utterly destroyed” and become “virtually worthless”, said Damon Vickers, chief investment officer of Nine Points Capital Partners. Due to the huge wage disparities between the United States and emerging markets like China, Vickers said that may resolve itself in some type of a global currency crisis.

Russia Joins Dollar Interventionists, Shifts Position Diametrically As It Now Plans To Buy Gold  – IStock Analyst 11/10/09

China Pledges $10 Billion to Africa  – NYTimes 11/7/09

Is China headed toward collapse?  – Prison Planet 11/12/09

International Monetary Fund sells 200 tons of gold to India  – Raw Story 11/3/09

Broader Measure of U.S. Unemployment Stands at 17.5%  – NYTimes 11/7/09

Study: In US, 90 percent of black children will be fed by food stamps – Prison Planet 11/3/09

Delaware Beats Switzerland as Most Secretive Financial Center  – Reuters via Cryptogon 11/2/09

Jonathan May, Economic Hitman  – Google Video

Jonathan May formerly worked for the International Monetary Fund in England. In the early 1980s he came to America with a plan to release Americans from debt to the banking system by employing the same “credit creating” system used by international banking. The law governing this system is the Uniform Commercial Code (UCC). May was initially successful. Eventually, however, he was targeted and imprisoned by the banking system.

Report: 237 millionaires in Congress  – Politico 11/6/09

JPMorgan to Pay $75 Million in Alabama Case  – NYTimes 11/5/09

The Securities and Exchange Commission said that JPMorgan Chase had agreed to pay $75 million and forfeit $647 million in termination fees to settle civil charges that its securities firm had engaged in an “unlawful payment scheme” in Jefferson County.

FBI Arrests Former Galleon Office Worker, 13 Others  – Bloomberg 11/5/09

Craig Drimal, who according to court documents worked at Manhattan-based Galleon, wasn’t an employee of the firm. Also arrested were Zvi Goffer, Arthur Cutillo, Jason Goldfarb, Emanuel Goffer, David Plate and Michael Kimelman. Charges against the men include conspiracy and fraud, according to documents filed in New York federal court. Names of the other seven defendants weren’t immediately available.

CIT Bankruptcy: Taxpayers Stiffed on Company’s Bailout Billions While Execs Reap Bonuses  – OpEd News 11/6/09

CIT files for 5th largest U.S. bankruptcy – Prison Planet 11/2/09

The Color of Money: MoneyGram settles charges of abetting fraud   – Washington Post 11/7/09

In one of the largest consumer payouts of its type, MoneyGram International has agreed to fork over $18 million to the Federal Trade Commission to settle charges that it knowingly allowed con artists to use its operation to swindle U.S. consumers out of millions of dollars

Profit ‘Not Satanic,’ Barclays Says, After Goldman Invokes Jesus  – Bloomberg via Cryptogon 11/7/09