Your number one source for news about the coming economic depression

“Up to 60,000 police officer jobs could be lost in the next five years as the government seeks to eliminate the national debt, according to research published today.”
What are some solutions to this budget crisis? make the existing officers more effective. Stop the theatrics involved in a pulling over a motorist to issue a [...]

Madrid mayor Alberto Ruiz Gallardon criticised unions for not living up to a binding agreement to provide at least 50 per cent service. “They do not have the right to do what they are doing to all the people of Madrid. I think we are in an emergency situation now in Madrid,” he told [...]

“The US has heavily criticized German austerity measures in recent days. Now, Germany’s finance minister has fired back, warning against becoming addicted to deficit spending and noting that history has made the country extremely wary of national debt and inflation.”
In a culture whose economy is predicated on ‘consumption’, any ‘austerity’ measures can only further dampen [...]

“Investors should be preparing for a financial “cliff-edge” as the Eurozone and the US prepare for “monster” money printing exercises, according to RBS.” –MM
In a note to investors last week, RBS head of European rates strategy Andrew Roberts tells investors to move to government bonds and gold in preparation for a second global dip.
He says: [...]

“Mr Monks, now head of the European TUC, said: ‘I had a discussion with Barroso last Friday about what can be done for Greece, Spain, Portugal and the rest and his message was blunt: “Look, if they do not carry out these austerity packages, these countries could virtually disappear in the way that we know [...]

“You can’t take a country that’s over-borrowed and make it more creditworthy by lending it more money,” he said. “They’re throwing Greece further and further and further in the hole by not addressing the problem directly and properly.” Asked when a Greek default could happen, Weinberg answered: “at High-Frequency, we are advising people to [...]

“According to several reports, a spokesman for the new prime minister of Hungary, a member of the European Union that does not use the euro currency, said that talk of a Hungarian default is not “an exaggeration.”

Hungary truly is a welfare state. It’s a nation of 10 million that has three million pensioners. Besides money [...]

“Europe’s top job-creator only two years ago, Spain now has the region’s highest unemployment rate, at just over 20 percent, and is the slowest of the major economies to emerge from the global recession. Meanwhile, the ratings agency dealt a blow to state efforts to shore up confidence in its finances by cutting the [...]

“”I’m very concerned we’re headed down the same path as Greece,” Rep. Cathy McMorris Rodgers, R-Wash., told Fox News. “Greece found itself in a situation where its public debt was 113 percent of its GDP. They had taken on all this debt, expanded programs and America is headed down the same path.” — Cathy McMorris

The [...]

“A rumor that Spain will ask for 280 billion euros of aid money in order to deal with its debt is running in the past few hours in trade rooms. This is what’s bringing down the Euro.”

It appears that bailing out Greece wil not be enough to save the European community as Spain is another [...]

“Papaconstantinou confirmed Sunday that the government would tighten its belt significantly, despite the protests. “The expenses of the public sector will go down very considerably,” he said. Prime Minister George Papandreou earlier Sunday tried to rally the country behind the government. “We will do everything possible. We are planning very serious changes,” Papandreou [...]

The whole “cut them loose” argument regarding Greece’s gargantuan moutain of debt and its inability to pay the interest is ignorance. Looking back in recent history (2002 to present) when Argentina defaulted on its mountainous debt, 20 percent of the Italian pension system went with it and hundreds of thousands of Europeans lost a significant [...]

“The International Monetary Fund (IMF) has proposed new taxes on financial institutions to cover the costs of future potential bailouts, leaked documents show.”

According to the IMF proposals circulated to the Group of 20 advanced and developing countries on Tuesday, the measures would see all institutions pay a bank levy as well as a further [...]

“This was all inflation dependent financing. If the Federal Reserve and the rest of the world continued to inflate, cheap money would have bailed these projects out. With the Fed halting money printing, there are not enough dollars to support this debt structure.”

The Greeks are in a real pickle, but it is one they will [...]

Many marchers carried banners that said, “Working people should not be made to pay for the crisis that we did not create.”

Their government, the banks and the people are to blame, but it seems that the people are getting all of the flak.
The government: They are choosing to borrow from the big banks who will [...]

Greece’s national strike has turned violent with demonstrators running pitched battles with the police in central Athens.

In the context of the developing story of Greece’s pending debt default, we should be reminded of what German Chancellor Angela Merkel stated recently in respect to the Greek financial situation – and others in the EU who are [...]