tagged w/ The New Depression
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From Rep. Michele Bachmann (R-MN) to Sean Hannity and Fox News to Chuck Norris to Alan Keyes (http://www.youtube.com/watch?v=lqkMfToY9Pk) more and more Republicans are calling for Civil War instead of new ideas to save their party. If the Democrats had done this 4 years ago would the Republicans have sat back and did nothing?From Rep. Michele Bachmann (R-MN) to Sean Hannity and Fox News to Chuck Norris to... more
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Clips from article:
By the end of 2009, two-thirds of the state's banks will be operating under cease-and-desist orders or other regulatory actions, Anaheim-based banking consultant Gary S. Findley predicts.
"There are more than 300 banks in California, and the reality is that more than a third of those are losing money," Trezza said.
What I gather from this is 1 in 3 banks are losing money and by the end of the year, 2 out of 3 banks will be in Failure mode in California.
And this is only California...
With approximately 8305 FDIC "insured" banks nationwide holding $14 trillion in assets the FDIC fund will not be able to handle a massive bank failure run.
Expect to see more TARPS and Son of TARPS in the near future.
I post this in hopes of opening the eyes of my fellow Citizens to the upcoming Dollar crisis.
Please read article at link and discuss-Clips from article:
By the end of 2009, two-thirds of the state's banks will be... more
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Another one bites the dust...
We are now 4 banks away from the total number of banks to fail LAST YEAR.
Interesting times are ahead.
Be prepared for the upcoming "Dollar Crisis"
Omni National Bank of Atlanta was seized by federal regulators, the 21st bank in the United States to fail this year. Omni National, with $956 million in assets and $796.8 million in deposits, was shut by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was named receiver. SunTrust Banks of Atlanta will operate the lender’s six branches and wind down the bank by April 27, the F.D.I.C. said.
The failed bank, which was opened in 2000 and owned by Omni Financial Services, had branches in Georgia, Illinois, Florida and Texas, and two loan offices in Alabama and Pennsylvania. Omni National customers must transfer accounts by April 27, or receive a check from SunTrust after the branches are closed, the F.D.I.C. said.
Please read article at link-Another one bites the dust...
We are now 4 banks away from the total number of... more
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WAKE UP AMERICA!!! or should I say remain asleep dreaming about paradise....
On 29 December 2008 the Wall Street Journal ran a piece about Igor Panarin, dean of the Russian Foreign Ministry’s diplomatic academy. A former KGB officer, Panarin made a splash by predicting that America will probably come under martial law by the end of 2009, and may fracture into several states by 2011. When this happens, says Panarin, Russia and China will become the mainstays of a new global order.WAKE UP AMERICA!!! or should I say remain asleep dreaming about paradise....
On 29... more
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taps65
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added this
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4 years ago
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3/19/2009 Ron Paul on House Floor
Check out my great playlists!
This website is filled with some great information that everybody needs to see before giving their grandchildren's liberties to the Federal government:
http://www.youtube.com/user/shanklinmike3/19/2009 Ron Paul on House Floor
Check out my great playlists!
This website is... more
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The Senate last night rubber stamped a nightmare domestic draft bill that legislates mandatory national service and creates an “army” of at least 7 million civilian enforcers working at the the behest of the government, while also containing language that threatens to ban free speech and the right to protest.
Last week, we reported on the House passage of the Generations Invigorating Volunteerism and Education Act, known as the GIVE Act, which was carried with a 321-105 margin vote.
The passage of such shocking legislation with barely a whimper from political activist groups goes to show how well the corporate media has performed in camouflaging the legislation with flowery characterizations of helpful volunteerismThe Senate last night rubber stamped a nightmare domestic draft bill that legislates... more
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I've been telling you for weeks to not be distracted by the "big news of the day" because it's usually just a smokescreen. But on Wednesday, I fell for it myselfI've been telling you for weeks to not be distracted by the "big news of the... more
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Rep. Rosa De Lauro whose husband Stan Greenburg (a political consultant) has Monsanto listed as one of his clients introduced this bill which is being rushed through Congress. Why? They are using current salmonella outbreaks as the justification for suddenly caring about the food we eat even though we have been getting poisoned by preservatives, additives, artificial sweeteners, high fructose mercury corn syrup, and now GMOS for years. Well, from what I have read of this and researched on it this bill with its vague language is nothing more than an attempt to do away with the competition to industrial agriculture: mainly, family farms and organic farming.
Think about it, who do you think they will ask for counsel on setting regulations? It won't be small organic farmers, it will be the big agribusiness companies like Monsanto, Syngenta, ADM, Cargill, etc. Remember, he who controls the food controls the masses.
This is a bill I believe must be stomped out. It is too vague and does not address the real problems regarding food safety. I urge you all to read the information enclosed and contact your Congressional representatives even if you think it will do no good. This bill simply must not pass.
And look at the timing of it. Just as I also posted right here a day or two ago about resistance to GMOs finally coming around in America as it is at fever pitch globally this is rushed through Congress to try to quell opposition. I am sorry, those of you who think Obama and this Congress have nothing but good intentions now. With this bill if it passes it will be proof that all of the words Obama stated on food policy were worthless.
And with the PR scene at the White House yesterday with the planting of a garden after reading this it seems like a total diversion. How many media outlets that carried that groundbreaking yesterday even mentioned this bill? The regulations alone will break many small organic farms in this country and with the FDA running the show with Monsanto and other agribusiness companies guiding them along, they will do all in their power to kill agriculture as we know it. Once they control that, they control you.
Please, read the bill, read the information, and stand up for your Democratic right to grow your own food in your own garden and to know what you are eating. This effects our health, our environment, our economy, our democracy, and our very way of life.
Thank you.
Also, read up on Codex Alimentarius which is slated to go into effect December 31st of this year. This effects your vitamins as well as health food supplements which will come under world control as your right to choose is slowly taken away.Rep. Rosa De Lauro whose husband Stan Greenburg (a political consultant) has Monsanto... more
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On September 17, the jury returned its verdict refusing to convict all nine defendants of any of the 161 federal tax crimes they had been charged with. One would think, “we the tax payers would want to hear that the IRS was defeated by the use of the true money.” To my knowledge, the results of this trial were never printed or broadcast by any of the major news media. Three days after the trial’s conclusion, the Las Vegas Review Journal ran its first and last story about the outcome and then only because of public pressure from interested parties who attended the trial.
Robert Kahre owns a family business and instead of using paper money he paid his workers with gold and silver coins minted by the United States government. He paid them based on the “face value” of the coins. If he paid a worker a dollar an hour he paid with a silver dollar, which states on the coin that it is “one dollar” regardless of today’s value. His wages were so low that he didn’t have to file W-2 income tax forms or withhold taxes or pay workman’s comp. This upset the IRS, which charged him and his family with 161 federal tax crimes.
Thank God we still have justice in this country. Let's hold onto it. It's worth more than money. Justice!On September 17, the jury returned its verdict refusing to convict all nine defendants... more
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WASHINGTON - Federal regulators on Friday seized control of two large institutions that provide wholesale financing for U.S. credit unions, a move they say was needed to stabilize the credit union system.
The National Credit Union Administration said it has taken over and put into conservatorship the two corporate credit unions, U.S. Central Federal Credit Union, based in Lenexa, Kansas, and Western Corporate Federal Credit Union, in San Dimas, California. U.S. Central has about $34 billion in assets while Western Corporate, known as WesCorp, has an estimated $23 billion in assets.
A conservatorship enables the government to operate a financial institution. Corporate credit unions provide financing and investment services to the much larger population of retail credit unions. Some of the 28 corporate credit unions in the U.S. have sustained steep losses on paper from the depressed value of the mortgage-linked securities they hold.
The NCUA, which oversees some 7,800 federally insured credit unions, said it "will continue to take any and all steps necessary to preserve a well-functioning system of corporate credit unions and to protect the assets of (retail credit unions) and their members during the ... financial market dislocation."
End of Excerpt
Source: MSNBC
Photo Source: WikipediaWASHINGTON - Federal regulators on Friday seized control of two large institutions... more
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A SPRAWLING "tent city" of the homeless that has drawn worldwide media attention as a symbol of US economic decline will be shut down Sacramento Mayor Kevin Johnson promised to first make alternative shelter space available for the estimated 150 men and women who inhabit the squalid encampment near the American River, at the edge of the city's downtown.
Mr Johnson, who toured the area with California Governor Arnold Schwarzenegger a day earlier, said he hoped to have the ramshackle settlement cleared of tents and debris in the next two to three weeks.
"We want to move as quickly as we can," he said, insisting the city was determined to treat the tent dwellers with compassion.
"They are people out there. We have to do whatever we can do," he said. "We as a city are not going to shy away from it. We're going to tackle it head-on."
Advocates for the homeless applauded the Mayor's action. Municipal authorities in Sacramento have been debating the fate of the tent city for weeks.A SPRAWLING "tent city" of the homeless that has drawn worldwide media... more
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This was on Beck's show. But there is a lot on YouTube about him. His words ring true today.
Join the Boston Tea Party by mailing the string/paper to the address at the white house below. They stopped the real tea because it was a polluter .
The White House has been inundated so lets take a minute to do our part and spread the word. At least we are doing something to send the message.
http://www.visitingdc.com/white-house/white-house-address.htmThis was on Beck's show. But there is a lot on YouTube about him. His words ring... more
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LUXEMBOURG (Reuters) - A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.
Currency specialist Avinash Persaud, a member of the panel of experts, told a Reuters Funds Summit in Luxembourg that the proposal was to create something like the old Ecu, or European currency unit, that was a hard-traded, weighted basket.
Persaud, chairman of consultants Intelligence Capital and a former currency chief at JPMorgan, said the recommendation would be one of a number delivered to the United Nations on March 25 by the U.N. Commission of Experts on International Financial Reform.
"It is a good moment to move to a shared reserve currency," he said.
Central banks hold their reserves in a variety of currencies and gold, but the dollar has dominated as the most convincing store of value -- though its rate has wavered in recent years as the United States ran up huge twin budget and external deficits.
Some analysts said news of the U.N. panel's recommendation extended dollar losses because it fed into concerns about the future of the greenback as the main global reserve currency, raising the chances of central bank sales of dollar holdingsLUXEMBOURG (Reuters) - A U.N. panel will next week recommend that the world ditch the... more
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these people are products of the raping of our treasury system. they have no bail out, they have no more alternatives- and they are living in a man made tent city. this community they have built is all they have to call there own. they live in packs for security and really have no where else to turn. in an even sadder turn most of these people are employed but just couldnt make the bills when our economy crashed. closing this place will not change the fact that whole families are going homeless and more daily - we need to pull together and help- we keep giving money to the rich and walking all over the people who truly need it and are affected by this economy, or depression - depending how one looks @ it.these people are products of the raping of our treasury system. they have no bail out,... more
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Global stocks traded higher, as did the dollar against the euro, Thursday after the Federal Reserve's surprise announcement it would buy $300 billion in US Treasurys in order to help the ailing economy.
But experts tell CNBC they have concerns over the Fed's latest move and that the current national balance sheet is a disaster.
Technically, the U.S. is already "bankrupt" because it has a debt that is almost four times the size of its economy, says Puru Saxena, CEO of Puru Saxena Wealth Management. He tells CNBC that the U.S. is at risk of hyperinflation
Stephen Roach, chairman for Asia at Morgan Stanley does not view the Fed's plan to buy $300 billion worth of long-dated government debt as a constructive sign for prospects going forward.
The Fed pumping money into Treasurys won't help, says Martin Weiss, president of Weiss Research. He also discusses what can be done to turn the US economy around.
America is arrogant to deny their similarity to Japan's economy, says Stephen Roach, chairman for Asia at Morgan Stanley. He tells CNBC that the US economy is in a "zero-interest rate" mode, like Japan.Global stocks traded higher, as did the dollar against the euro, Thursday after the... more
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The number of people without a job in Britain has topped two million - the highest it's been since 1971.
Last month alone, a record 138,000 signed on for benefits.
With shoppers and businesses spending far less money, job cuts have spread beyond the financial services and into construction, retail, manufacturing and other areas.
The figures come a day after a leaked International Monetary Fund document claimed Britain would take longer to recover from recession than any other major economy.
Life's not all bad though - here's a dalmatian riding a bike:
http://current.com/items/89837672/dalmation_riding_a_bike.htmThe number of people without a job in Britain has topped two million - the highest... more
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richjm
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added this
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4 years ago
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The effects of the recession. It's a bigger problem than you might think.
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Goldman Sachs is about to start lending money to its own executives because the financial crisis has left them short of cash.
In an indication that some have seen their personal wealth shrivel in recent months, Goldman is offering to lend money to around 1,000 staffers. The New York Times reported today that the bank is prepared to provide loans worth anything from a few thousand to hundreds of thousands of dollars.
The money is being offered because some Goldman employees face cash calls on their investments in some of the bank's own funds. These financial vehicles have invested in real estate and private equity and their value has plunged as the US economy has contracted. Employees who have invested in the funds are contractually obliged to put up more money if required – and the relatively meagre bonuses paid out in 2008 means some are struggling to meet their obligations.
Sources who spoke to the New York Times indicated that the loans were specifically aimed at assisting employees to meet their fund obligations and could not be used for other purposes. Goldman Sachs has not commented except to confirm the existence of the loan programme.
During the boom years, Goldman was famous for its remuneration policies, which were lavish even by the gilded standards of Wall Street. But much of this money appears to have gone back into its investment funds.
One former Goldman partner told the New York Times that a significant number of the bank's partners are now worth less than $5m (£3.6m) each, despite having enjoyed years of multimillion dollar bonuses.
Goldman was forced to give up its treasured investment-bank status last year, so that it could receive emergency funds from the Federal Reserve.
It is also one of many Wall Street firms to receive billions of dollars through the US banking bailout. These companies have been heavily criticised for continuing to pay bonuses for work done in 2008, a year punctuated by massive losses and writedowns across the banking sector.Goldman Sachs is about to start lending money to its own executives because the... more
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With any luck, the economy will never recover.
In a new essay in Arthur Magazine, author Douglas Rushkoff argues that we might be better off if we don't "bail out" the economy. He writes:
"In a perfect world, the stock market would decline another 70 or 80 percent along with the shuttering of about that fraction of our nation’s banks. Yes, unemployment would rise as hundreds of thousands of formerly well-paid brokers and bankers lost their jobs; but at least they would no longer be extracting wealth at our expense. They would need to be fed, but that would be a lot cheaper than keeping them in the luxurious conditions they’re enjoying now. Even Bernie Madoff costs us less in jail than he does on Park Avenue."
"Alas, I’m not being sarcastic. If you had spent the last decade, as I have, reviewing the way a centralized economic plan ravaged the real world over the past 500 years, you would appreciate the current financial meltdown for what it is: a comeuppance. This is the sound of the other shoe dropping; it’s what happens when the chickens come home to roost; it’s justice, equilibrium reasserting itself, and ultimately a good thing."
Click the link to read the rest.With any luck, the economy will never recover.
In a new essay in Arthur Magazine,... more
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The World Bank has cut its prediction for China's economic growth in 2009 from 7.5% to 6.5%, saying it could not "escape the impact of global weakness".
Falling demand for Chinese goods abroad is seen as the main reason for the cut.
But the bank added that China's economy was still holding up well compared to other countries, and remained a bright spot amid all the financial gloom.
Analysts are particularly worried about a slowdown in China, due to the threat of social unrest if the economy stallsThe World Bank has cut its prediction for China's economic growth in 2009 from... more
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