tagged w/ Great Depression
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Fortune-teller or engineer of the collapse?
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Billionaire investor George Soros has a new prediction for America. While it might be as dire as it gets for the financial wiz, this bet concerns more than just the value of the buck. According to Soros, there's about to be an all-out class war.
Soros, 81, previously bet against the British pound in the early 90s and made $1 billion off its collapse. In the years since, he’s remained active in investing, but also in advocacy. He’s helped keep Wikipedia afloat thanks to impressive contributions and through donations to the Tides Center, has indirectly funded Adbusters, the Canadian anti-capitalist magazine that put Occupy Wall Street on the map.
Speaking to Newsweek recently, Soros neglected to acknowledge his past successes, but instead offered a word of warning: a period of “evil” is coming to the western world.
“I am not here to cheer you up. The situation is about as serious and difficult as I’ve experienced in my career,” Soros tells Newsweek. “We are facing an extremely difficult time, comparable in many ways to the 1930s, the Great Depression. We are facing now a general retrenchment in the developed world, which threatens to put us in a decade of more stagnation, or worse. The best-case scenario is a deflationary environment. The worst-case scenario is a collapse of the financial system.”
Soros goes on to compare the current state of the western world with what the Soviet Union was facing as communism crumbled. Although he would think that history would have taught the globe a thing or two about noticing trends, Soros says that, despite past events providing a perfect example of what is to come, the end of an empire seems imminent.
“The collapse of the Soviet system was a pretty extraordinary event, and we are currently experiencing something similar in the developed world, without fully realizing what’s happening,” adds Soros.
Soros goes on to say that as the crisis in the Eurozone only worsens, the American financial system will continue to be hit hard. On the way to a full-blown collapse, he cautions, Americans should expect society to alter accordingly. Riots will hit the streets, says Soros, and as a result, “It will be an excuse for cracking down and using strong-arm tactics to maintain law and order, which, carried to an extreme, could bring about a repressive political system, a society where individual liberty is much more constrained, which would be a break with the tradition of the United States.”Fortune-teller or engineer of the collapse?
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Billionaire investor George... more
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'In FDR’s First Hundred Days, politicians work day and night, shuffling papers at warp speed to pass legislation in a frenzy to get the economy moving. Some of what they do will work, some will fail, some will be called unconstitutional, but there is little legislative in-fighting by politicians blaming one another.'
http://veracitystew.com/2011/12/29/a-tale-of-two-americas/'In FDR’s First Hundred Days, politicians work day and night, shuffling... more
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Proof that not much has changed since this time for all of our supposed progress. The same problems with income disparity, class war, unemployment, and those who think problems can fix themselves or "trickle down" to others. And this is because we are still doing things the same way hoping for a different outcome. The same two party system, the same greed, the same campaign rhetoric, the same empty promises, the same catering to the 10 who can buy the country rather than keeping their oaths to the millions who make it work.
I posted this because I thought of the Bonus March after seeing Mayor Bloomberg's actions in NYC regarding the Americans occupying Zuccotti Park and the actions of others. Their Hoover mentality also reflects a time when we saw high unemployment, homelessness due to failing mortgages and the corrupt greed of those who then took advantage of the less fortunate. **That is why Americans are out in the parks now for those who seem to have forgotten their own history.**
This is not a just society. This is not a society that strives for equality. This is a society that thrives on the needs of the many being sacrificed for the wants of a few. And it is failing all of us, especially our children and all of us have had a hand in it because we continue to place trust in those who do not care about anything but continuing to cater to those 10. So we now see Americans taking a stand to make it right and hold those who will not take responsibility for their corrupt actions accountable. Just like veterans did when they held their Bonus March on Washington DC and built their shantytowns in the Capitol. And it was the right thing to do then and it is the right thing to do now.
So to all of the mayors in all of these cities, to the jackbooted Homeland Security Dept., to this administration that is silent on this, to those from the last USSC appointed administration who precipitated this and to all those who think that you are on the right side of history... history has already proven you wrong. Shame on you all for forgetting that.
We won't.Proof that not much has changed since this time for all of our supposed progress. The... more
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My grandparents all came to California from Oklahoma durring the dust bowl, with my infant mother in tow.
New Depression Era Blues, Musical tribute to Johnny Cash and Woody Guthrie
http://youtu.be/y_6Lshb-oxkMy grandparents all came to California from Oklahoma durring the dust bowl, with my... more
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During the death throes of Herbert Hoover’s presidency in June 1932, desperate bands of men traveled to Washington and set up camp within view of the Capitol. The first contingent journeyed all the way from Portland, Oregon, but others soon converged from all over—alone, in groups, with families—until their main Hooverville on the Anacostia River’s fetid mudflats swelled to a population as high as 20,000. The men, World War I veterans who could not find jobs, became known as the Bonus Army...
The echoes of our own Great Recession do not end there. Both parties were alarmed by this motley assemblage and its political rallies; the Secret Service infiltrated its ranks to root out radicals. But a good Communist was hard to find. The men were mostly middle-class, patriotic Americans. They kept their improvised hovels clean and maintained small gardens. Even so, good behavior by the Bonus Army did not prevent the U.S. Army’s hotheaded chief of staff, General Douglas MacArthur, from summoning an overwhelming force to evict it from Pennsylvania Avenue late that July
What’s as intriguing as Occupy Wall Street itself is that once again our Establishment, left, right, and center, did not see the wave coming or understand what it meant as it broke. Maybe it’s just human nature and the power of denial, or maybe it’s a stubborn strain of all-American optimism, but at each aftershock since the fall of Lehman Brothers, those at the top have preferred not to see what they didn’t want to see. And so for the first three weeks, the protests were alternately ignored, patronized, dismissed, and insulted by politicians and the mainstream news media as a neo-Woodstock for wannabe collegiate rebels without a cause—and not just in Fox-land.
Read the rest of this great Frank Rich piece at the above linkDuring the death throes of Herbert Hoover’s presidency in June 1932, desperate... more
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kvb1
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4 months ago
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FDR in 1937. Eerie times, them.
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What a year. Rage in London, Egypt, Athens, Damascus. All real. Just a metaphor in the new “Planet of the Apes” film? No, much more. Warning: More rage is dead ahead. Across our planet a new generation is filled with rage. High unemployment. Raging inflation. Dreams lost. Hope gone. While the super -rich get richer and richer.
Listen to that hissing: The fuse is rapidly burning, warning us. Wake up before the rage explodes in your face. This firestorm is endangering America’s future. From forces outside, yes. But far more deadly, from deep within our collective psyche. We have lost our moral compass. We are self-destructing.
Crackpot warning? No. This warning comes from the elite International Monetary Fund. A recent IMF report looked at “the causes of the two major U.S. economic crises over the past 100 years, the Great Depression of 1929 and the Great Recession of 2007,” writes Rana Foroohar, an economics editor at Time magazine.
“There are two remarkable similarities in the eras that preceded these crises. Both saw a sharp increase in income inequality and household-debt-to-income ratios.” And in each case, “as the poor and middle-class were squeezed, they tried to cope by borrowing to maintain their standard of living.”
But the rich “got richer, by lending, and looked for more places to invest, bidding up securities that eventually exploded in everyone’s face. In both eras, financial deregulation and loose monetary policies played roles in creating the bubble. But inequality itself — and the political pressure not to reverse it, but to hide it — was a crucial factor in the meltdown. The shrinking middle isn’t a symptom of the downturn. It’s the source of it.” Today the consequences of the meltdown still haunt us — there’s more to come.
(much more at link)What a year. Rage in London, Egypt, Athens, Damascus. All real. Just a metaphor in the... more
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It was an era that defined a generation. The Great Depression marked the bitter and abrupt end to the post-World War 1 bubble that left America giddy with promise in the 1920s. Near the end of the 1930s the country was beginning to recover from the crash, but many in small towns and rural areas were still poverty-stricken. These rare photographs are some of the few documenting those iconic years in colour. The photographs and captions are the property of the Library of Congress and were included in a 2006 exhibit Bound for Glory: America in Color. The images, by photographers of the Farm Security Administration/Office of War Information, shed a bleak new light on a world now gone with the wind.
http://members.beforeitsnews.com/story/646/734/Rare_Color_PHOTOS_of_the_Great_Depression.htmlIt was an era that defined a generation. The Great Depression marked the bitter and... more
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One of the quickest ways to bring down the U.S. economy would be to dramatically increase the price of oil. Oil is the lifeblood of our economic system. Without it, our entire economy would come to a grinding halt. Almost every type of economic activity in this country depends on oil, and even a small rise in the price of oil can have a dramatic impact on economic growth. That is why so many economists are incredibly alarmed about what is happening in the Middle East right now. The revolution in Libya caused the price of WTI crude to soar more than 7 dollars on Tuesday alone. It closed at $93.57 on Tuesday and Brent crude actually hit $108.57 a barrel before settling back to $105.78 at the end of the day. Some analysts are warning that we could even see 5 dollar gas in the United States by the end of the year if rioting spreads to other oil producing nations such as Saudi Arabia. With the Middle East in such a state of chaos right now it is hard to know exactly what is going to happen, but almost everyone agrees that if oil prices continue to rise at a rapid pace over the next several months it is going to have a devastating impact on economic growth all over the globe.
Right now the eyes of the world are on Libya. Libya is the 17th largest oil producer on the globe and it has the biggest proven oil reserves on the continent of Africa.
Libya only produces 2 percent of the oil in the world, but with global supplies so tight at the moment even a minor production disruption can have a dramatic impact on the price of oil.
Before this crisis, Libya was producing approximately 1.6 million barrels of oil per day. Now the rest of the world is wondering what may happen if revolution spreads to other major oil producing nations such as Kuwait (2.5 million barrels of oil per day) or Saudi Arabia.
Saudi Arabia produces 8.4 million barrels of oil a day. It produces more oil than anyone else in OPEC.
If revolution strikes in Saudi Arabia and a major production disruption happens it could be catastrophic for the global economy.
David Rosenberg, the chief economist at Gluskin Sheff & Associates, is warning that if there is major civil unrest in Saudi Arabia we could end up seeing oil go up to $200 a barrel….
“If Libya can spark a $10-a-barrel response, imagine what a similar uprising in Saudi Arabia could unleash. Do the math: we’d be talking about $200 oil.”
200 dollar oil?
Don’t laugh – it could happen.
In fact, if it does happen the global economy would probably go into cardiac arrest.
The truth is that if the flow of oil from Saudi Arabia gets disrupted there is not enough spare capacity from the rest of the globe to make up for it.
Paul Horsnell, the head of oil research at Barclays Capital, recently said that the world does not currently have enough spare capacity to be able to guarantee that an oil “price shock” will not happen….
“The world has only 4.5m barrels-per-day (bpd) of spare capacity, which is not comfortable.”
Horsnell also said that even in the midst of potential supply problems, the global demand for oil continues to grow at a very robust pace….
“In just two years, the world has grown so fast as to consume additional volume equal to the output of Iraq and Kuwait combined.”
For now, Saudi officials are saying all the right things. They say that there will be no revolution in Saudi Arabia and that there are not going to be any supply problems.
For example, Saudi Arabian Oil Minister Ali al-Naimi recently announcedthat the rest of the world should not worry because his country is definitely going to be able to make up for any shortage in the global supply of oil….
“What I would like you to convey to the market: right now there is absolutely no shortage of supply.”
But what happens if revolution comes to Saudi Arabia?
Suddenly the whole game would change.
But even with a peaceful Saudi Arabia the price of gasoline in the United States is already rising to alarming levels.
The average price of gasoline in the United States reached $3.14 a gallonlast week. This closely mirrors what happened back in 2008. Three years ago at this time the average price of gasoline was right around $3.13 a gallon.
Let’s certainly hope that we don’t see a repeat of what happened to oil prices back in mid-2008. The price of oil reached an all-time record of $147 a barrel and gas prices in the United States absolutely skyrocketed.
So how high will the price of gas in the U.S. go in 2011?
We haven’t even come close to 4 dollar gas yet, but a large number of analysts believe that it is coming this summer.
Is there even a possibility that we could see 5 dollar gas in America at some point in the next couple of years?
Well, there are some in the oil industry that are convinced that it could actually happen. Just consider the following quotes….
Darin Newsom, senior analyst at energy tracker DTN….
“If this thing escalates and there’s a good chance that there’d be a shift in supplies, $5 gas isn’t out of the question.”
Peter Beutel, president of energy adviser Cameron Hanover….
“If you are looking at the disruption of movement and production in countries such as Saudi Arabia and the UAE, you’re easily talking $5 gas.”
John Hofmeister, the former president of Shell Oil, on his belief that we could see 5 dollar gas by 2012….
“I’m predicting actually the worst outcome over the next two years which takes us to 2012 with higher gasoline prices.”
So why is everyone so concerned about gas prices?
Well, because it affects the price of almost everything else in the economy.
David Wyss, the chief economist at Standard & Poor’s, says that every extra dollar that is spent on gasoline is a dollar that will not be spent somewhere else….
“The money that you spend filling up your car is money you don’t have to spend at the shopping mall.”
Not only that, but when gasoline costs more it has a negative effect on economic growth. Almost all economic activities involve the use of oil in one form or another. When the price of oil starts getting really high it motivates people to start cutting back on many of those activities.
The truth is that our whole economic system is based on the ability to use massive amounts of very cheap oil. Now that the price of oil is rapidly rising again, many economists are becoming very alarmed.
FULL STORY HERE:
http://www.prisonplanet.com/5-dollar-gas-get-ready-to-pay-an-arm-and-a-leg-for-gasoline.htmlOne of the quickest ways to bring down the U.S. economy would be to dramatically... more
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Franklin D. Roosevelt was born January 30, 1882 and served as our 31st president. To me he was our greatest president at a time when such greatness and courage were needed. However, with all he did to help carry the nation through its darkest hours the one accomplishment I see as one of his greatest achievements was Warm Springs.
He being struck down by polio at the age of 39 was forced to dig deep within himself to find the strength and courage that I do believe made him the great leader he then became. It was through his personal struggle with polio and the lives he then enriched by building Warm Springs that prepared him to lead our country.
This is a video showing Warm Springs which still survives today as well as snippets of some of his speeches.
Happy Birthday to a great man.Franklin D. Roosevelt was born January 30, 1882 and served as our 31st president. To... more
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via:PewResearch.org
Were confirmation needed that the American public is in a sour mood, the 2010 midterm elections provided it. As both pre-election and post-election surveys made clear, Americans are not only strongly dissatisfied with the state of the economy and the direction in which the country is headed, but with government efforts to improve them. As the Pew Research Center's analysis of exit poll data concluded, "the outcome of this year's election represented a repudiation of the political status quo.... Fully 74% said they were either angry or dissatisfied with the federal government, and 73% disapproved of the job Congress is doing."
This outlook is in interesting contrast with many of the public's views during the Great Depression of the 1930s, not only on economic, political and social issues, but also on the role of government in addressing them.
Quite unlike today's public, what Depression-era Americans wanted from their government was, on many counts, more not less. And despite their far more dire economic straits, they remained more optimistic than today's public. Nor did average Americans then turn their ire upon their Groton-Harvard-educated president -- this despite his failure, over his first term in office, to bring a swift end to their hardship. FDR had his detractors but these tended to be fellow members of the social and economic elite.
Still, as now, the public had some reservations about the stretch of government power and found little consensus on specific policies with which to tackle the nation's troubles.
Optimistic 'Socialists'
Broadly representative measures of public opinion during the first years of the Depression are not available -- the Gallup organization did not begin its regular polling operations until 1935. And in its early years of polling, Gallup asked few questions directly comparable with today's more standardized sets. Moreover, its samples were heavily male, relatively well off and overwhelmingly white. However, a combined data set of Gallup polls for the years 1936 and1937, made available by the Roper Center, provides insight into the significant differences, but also notable similarities, between public opinion then and now.1
Bear in mind that while unemployment had receded from its 1933 peak, estimated at 24.9% by the economist Stanley Lebergott,2 it was still nearly 17% in 1936 and 14% in 1937.3 By contrast, today's unemployment situation is far less dismal. To be sure, despite substantial job gains in October, unemployment remains stubbornly high relative to the norm of recent decades and the ranks of the long-term unemployed have risen sharply in recent months. But the current 9.8% official government rate, as painful as it is to jobless workers and their families, remains far below the levels that prevailed during most of the 1930s.
Still, despite their far higher and longer-lasting record of unemployment, Depression-era Americans remained hopeful for the future. About half (50%) expected general business conditions to improve over the next six months, while only 29% expected a worsening. And fully 60% thought that opportunities for getting ahead were better (45%) or at least as good (15%) as in their father's day.
Today's public is far gloomier about the economic outlook: Only 35% in an October Pew Research Center survey expected better economic conditions by October 2011, while 16% expected a still weaker economy. The Reagan-era recession found the public somewhat more hopeful than at present, but less optimistic than in the 1930s.4 In November 1982, with unemployment at its recession peak of nearly 11%, Americans believed their personal financial situation would improve over the next year by a 41%-to-22% margin.
However, the most striking difference between the 1930s and the present day is that, by the standards of today's political parlance, average Americans of the mid-1930s revealed downright "socialistic" tendencies in many of their views about the proper role of government.
True, when asked to describe their political position, fewer than 2% of those surveyed were ready to describe themselves as "socialist" rather than as Republican, Democratic or independent. But by a lopsided margin of 54% to 34%, they expressed the opinion that if there were another depression (and fears of one were mounting), the government should follow the same spending pattern as FDR's administration had followed before.
more on this at http://figrd.blogspot.com
source: pewresearch.orgvia:PewResearch.org
Were confirmation needed that the American public is in a sour... more
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“The Butterfly Circus” is an award-winning, inspiring short film directed by Joshua Weigel, which recently won the $100,000 grand prize at the Doorpost Film Project. “The Butterfly Circus” is the touching tale of a circus that travels across America during the Great Depression. As the troupe travels through the devastated American landscape, it lifts the spirits of audiences along the way. During their travels they discover a man without limbs being exploited at a carnival sideshow, but after an intriguing encounter with the showman of The Butterfly Circus, he becomes driven to hope against everything he has ever believed.
This piece includes a number of color photographs, as well as the very inspirational short film.
http://disembedded.wordpress.com/2010/12/05/the-butterfly-circus-a-limbless-man-driven-to-hope/“The Butterfly Circus” is an award-winning, inspiring short film directed... more
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For about a decade and a half, crime rates in the United States have generally fallen. That is the good news. The bad news is that even during those “good” years, the United States still had the most car thefts, the most rapes and the most murders in the world. And even though the United States has the most people in prison in the entire world by a large margin, there are all kinds of signs that there are still enough criminals out there for crime to start moving back up again. Sure, there are some areas that are still recording small decreases in the crime rate, but there are other areas where the jump in crime statistics is more than a bit alarming. There are millions of Americans that have been out of work for over a year at this point, and when people lose everything that they have they tend to totally lose it. People get desperate when they lose their homes and they don’t have anything to eat. For example, police in Chesterfield, Virginia are investigating 16 separate incidents just this month in which thieves stole food or drinks from homes, cars and even people walking on the street. It wasn’t money that these crooks were after. They just wanted something to eat. As the economy gets even worse over the next couple of years, it is inevitable that we are going to start to see a lot more of this kind of thing. Frustration and anger are on the rise from coast to coast, and when people don’t feel like they have anything to live for they become very dangerous.
As mentioned at the beginning of the article, it is undeniable that violent crime rates are significantly lower than they were 15 or 20 years ago in many areas of the nation. An unprecedented standard of living fueled by our addiction to debt has kept most Americans fat, happy and generally sedated. However, there are indications that we are approaching a “turning point” – a moment when crime rates start to go up significantly once again.
In fact, there are some forms of crime (such as sexual crime against children) that are already at ridiculously high record-setting levels. For example, how in the world did we ever get to the point as a society where we have 400,000 registered sex predators running around?
As the economy continues to unravel, things are not going to get any better. In fact, people who are suffering are only going to become more desperate. Already, there are quite a few troubling signs out there. The following are 12 crime statistics that make you wonder what is happening to America….
#1 The murder rate in New York City has increased more than 15 percent in 2010, and the number of rapes has shot up from 943 in 2009 to 1075 so far this year.
#2 In the city of Detroit, crime has gotten so bad and the citizens are so frustrated by the lack of police assistance that they have resorted to forming their own organizations to fight back. One group, known as “Detroit 300″, was formed after a 90-year-old woman on Detroit’s northwest side was brutally raped in August.
#3 Crime in Miami Beach was up almost 11 percent during the first half of 2010.
#4 The murder rate in Tempe, Arizona is now the highest it has been in 10 years.
#5 Shoplifting is completely and totally out of control. According to the National Association of Shoplifting Prevention, every single day Americans steal more than $35 million worth of goods from retail stores.
#6 Today, there are approximately 400,00 registered sex offenders in the United States.
#7 U.S. authorities claim that there are now over 1 million members of criminal gangs operating inside the United States. According to federal statistics, these 1 million gang members are responsible for up to 80% of the violent crimes committed in the U.S. each year.
#8 The median age of the victims of imprisoned sex offenders in the United States is 13 years old.
#9 The crime rate in the San Diego school system is escalating out of control. The following is what San Diego School Police Chief Don Braun recently told the press about the current situation….
“Violent crime in schools has risen 31 percent. Property crime has risen 12 percent. Weapons violations (have gone up) almost 8 percent.”
#10 53 percent of all investigated burglaries in the states of California, New Mexico, Nevada, Arizona and Texas are perpetrated by illegal aliens.
#11 Law enforcement officials estimate that about 600,000 Americans and 65,000 Canadians are trading dirty child pictures online. They also say that the total profit from creating and trading these images is approximately two to three billion dollars every year.
#12 Each year, one out of every five people in the U.S. is victimized by crime. No other nation on the planet has a rate that is higher.
So will the police step in to protect us all as crime increases?
Well, unfortunately police forces all across the United States are being slashed because the money just isn’t there anymore.
So all of us may soon be facing much more crime with much fewer police to assist us.
For example, because of extreme budget cuts and police layoffs, Oakland, California Police Chief Anthony Batts has announced that there are a number of crimes that his department simply will no longer respond to due to a lack of resources. The following is a partial list of the crimes that police officers in Oakland will no longer be responding to….
burglary
theft
embezzlement
grand theft
grand theft: dog
identity theft
false information to peace officer
required to register as sex or arson offender
dump waste or offensive matter
loud music
possess forged notes
pass fictitious check
obtain money by false voucher
fraudulent use of access cards
stolen license plate
embezzlement by an employee
extortion
attempted extortion
false personification of other
injure telephone/power line
interfere with power line
unauthorized cable tv connection
vandalism
Not that Oakland wasn’t already a mess before all this, but now how long do you think it will be before total chaos and anarchy reigns on the streets of Oakland?
But this kind of thing is not just happening in Oakland.
The sheriff’s department in Ashtabula County, Ohio has been reduced from 112 deputies to 49 deputies, and now there is just one vehicle remaining to patrol all 720 square miles of the county.
So what in the world are the citizens of that county supposed to do to protect themselves?
Well, Judge Alfred Mackey said that the citizens of the county should do the following….
“Arm themselves.”
So is that where all of this is going?
Every man and woman for themselves?
The truth is that there are already many communities across the United States where it is simply not a good idea to go out of your home at night.
There has never been a bigger gang problem in U.S. history than we are facing today, there have never been more sex predators running around, and millions of Americans are going to become increasingly desperate as they lose their homes and can’t find jobs.
So how is crime where you live? Feel free to leave a comment with what you are seeing in your neighborhood….
http://www.prisonplanet.com/is-crime-making-a-comeback-12-crime-statistics-that-make-you-wonder-what-is-happening-to-america.htmlFor about a decade and a half, crime rates in the United States have generally fallen.... more
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The global economy has been on a recovery phase since the second half of 2009, after hitting a bottom in the first half 2009.
While it is important to keep an eye on the key financial news that comes out each month, it is even more important for investors to have a clear understanding about the overall corporate earnings trend.The global economy has been on a recovery phase since the second half of 2009, after... more
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Is it too late to press the powers? Or are they driving humanity to use violence? And what will it take?
ASK YOURSELF.Is it too late to press the powers? Or are they driving humanity to use violence? And... more
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Welcome to the corporate state!!!
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If so far the attention has been focused on European banks, as of now the action will focus on what happens in the U.S.. The Federation Deposit Insurance Corporate (FDIC), led by Sheila Bair, has increased to 840 the list of financial institutions on the brink of bankruptcy. This account suggests that banks in danger accumulated close to 410 300 million in assets and shows the giant black hole engulfing the finances of the United States.
To date, the FDIC has already rescued 118 banks and Friday, a total of eight entities had to be taken over by federal regulators, the average of what the agency involved each week. The problem is that at this rate, the FDIC itself is running out of resources. Only last week rescue cost the agency a total of 473.5 million dollars and we must remember that closed the last quarter of 2009 in the red, with almost 20 900 million dollars in negative.
To correct this situation, Blair decided to require banks under the control of the FDIC advance fees to be paid for these government-insured, ie able to raise about 45,000 million dollars. The fact is that this quantity should pay ransom for the next 36 months, in addition to plug the hole of the agency. With this rate of eight weekly interventions and a long road ahead, the number of bankruptcies will only increase. The embargoes continue to grow and the banks will inherit a number of impossible to sell houses. For the U.S., the crisis is still in its early stages.
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End Of ArticleIf so far the attention has been focused on European banks, as of now the action will... more
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