Your number one source for news about the coming economic depression

“At the news conference Booker also quoted as saying, “Call me Mr. Scrooge, if you want, but they’ll be no Christmas decorations around the city.”
The average taxpayer sees government waste every day, yet the politicians are blind to it.
It’s not a matter of cutting a hundred million here and there. It’s a matter of stopping [...]

“.. just last week, the United Nations released a report concluding that the dollar should no longer be the world’s reserve currency because it is not stable enough. The dollar is down 5% over the past month, and even currency traders don’t see it as a safe haven any more.”
The US dollar would almost certainly [...]

One of the fundamental problems is that the central government, the central bank, and the commercial banking sector are the three essential components to “managing” an economy. The first two inherently have to manage for the long-term and in the interest of stability. The third is a shareholder driven, profit maximization, quarterly return oriented, private [...]

A plan in the works to save money in Concord, Massachusetts. Residents can keep their lights on, but they’ll have to pay a monthly fee. It’s become a hot topic in the town of 17,000. David Ropeik: “Government can’t afford now the basic kinds of things that we thought government basically did.”
It’s no wonder [...]

“We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will [...]

“Some 200,000 jobless Californians have already lost their unemployment benefits, and that figure is expected to rise to 1.5 million by the end of the year without an extension from Congress. California’s unemployment rate stands at 12.4 percent, among the highest in the nation.
California’s unemployed will also feel the pinch. Cheryl Hunt, a tech support [...]

“One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks.”

The sorry spectacle of Conservative cabinet ministers flying around the world defending banks from a tax to cover their next, [...]

Our world has changed and most do not realize it. Money, the almighty purveyor of our well-being has absolutely no value unless someone says it does. It used to be tied to gold, a tangible physical element. You could not print more money unless you had gold to back it. However, in 1971, the US [...]

“Greenspan, as the macro economic parent of the US Fed’s basic approach, is the most easily visible part of the history. He’s not the sole agent, however, of a culture which was basically raised to steal and misrepresent assets” — Paul Wallis

This is all so ridiculous! Most of these people grilling Greenspan don’t even [...]

The key driver for state bankruptcy and currency collapse is the amount a country owes or is liable to foreigners

The only reason that people who work for a living support a government is that they expect their government who collect a percentage of their incomes through payroll deductions expect their government to provide them with [...]

“According to a spokeswoman, the bank changed the status of the bulk of its consumer checking accounts last year to take advantage of an FDIC policy to provide unlimited account protection to certain types of accounts. When Citi transferred the accounts back to their original status, it triggered the notification of the seven-day requirement,” states [...]

State Controller John Chiang issued a stern warning Friday about California’s cash reserves, telling legislative leaders and Gov. Arnold Schwarzenegger they must act on nearly $9 billion in budget cuts the governor is seeking by March — or the state will run out of cash to pay its bills. — Denis C. Theriault Mercury News

Without [...]

“And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.” — Thomas Jefferson

Spending is bad when it’s on credit and made frivolous on non-essential [...]

“Sam’s has been the relative laggard, and it has lagged relative to its direct competitors, Costco and the smaller BJ’s (Wholesale Club),” said Craig Johnson, president of retail consultancy Customer Growth Partners.

It would be adviseable to point out that as a corporate model Wal-mart is evil incarnate. For decades they have been spreading across the [...]

First it was they are doing “God’s Work” and I wondered if they meant Lord of the Flies then Obama called all the Fat Cat Bankers to the White House to act like he was dressing them down but besides failing miserably and helping our government bring our country to the brink of collapse and [...]

“U.S. think tank RAND Corporation … has submitted [to the Pentagon] an evaluation report assessing the wage a war to shift the feasibility of the current economic crisis.”
All bets are on that war will be launched with China because of the looming debt the United States owes them. Either they default on debt (China will [...]

“The cost of money just got a lot more expensive for everyone.” — Citizens Bank commentary

Now, just as Bear Stearns was a harbinger of a string of failures of overly leveraged investment banks, the concern is that Dubai could be the canary in the coal mine for heavily indebted countries. The debts of everyone, including [...]

This “idea” that an economy must be based on debt and “lent money at interest” is absurd. A monetary system would work well with usury outlawed. In this scenerio, it operate exactly like the stock market: when a lender makes a loan to a borrower to the lender gets some “stock” in the profits that [...]

“You know, it doesn’t take a rocket scientist to figure out that if you keep borrowing and borrowing in order to consume now, eventually you crash and burn,” said Martin Eakes, chief executive for the Center for Responsible Lending.

Credit cards are an integral part of our entire society. Everything from on-line purchases, subscriptions, hotel reservations [...]

“The American consumer will no longer be able to serve as the motor for the world economy,” said Soros, 79.

One reader wrote in:
What if the financial system itself is a scam?
I’m 62 years old and for my lifetime I have heard that the cookie jar is empty.
That the poor could not be helped because there [...]