US, world headed for 25 year depression: Jim Rickards

US, world headed for 25 year depression: Jim Rickards

“When I use the phrase 25 year depression, it sounds extreme but it’s not. We had a 30 year depression in the United States from about 1870 to 1900…The Great Depression lasted from about 1929 to 1940. The U.S. is in a depression today.” Well, it's been in the works for

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Canadian banking haven myth exposed

Canadian banking haven myth exposed

"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 Conservat

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Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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Content By: The Coming Depression Editorial Staff (dates cited below)
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chinese communism

“I am absolutely concerned,” Donegan said.

The day the masses were fearing would never appear seems have just materialized by the reality of the giant tiger on the other side of the world beginning to awaken. Since 1994 China has pegged its currency to the US dollar in attempts to siphon manufacturing and industrial bases from the United States, where in 2005 it switched to a tightly banded currency regime, but for all intents and purposes, still a currency peg.

Now that China has bought all the US treasuries it can buy without feeling more nervous of not seeing any return on default, they have essentially cancelled their willingness to continue funding the rising United States national debt through the purchase of treasury bonds. The planned deal, according to mainstream economists, was that the economic alignment would be fixed so that China would be the producer of goods for the US, and the US would purchase these goods with investments sold to the Chinese in the form of treasury bills.

This may have seemed like a good idea at the time, but as soon as the US started piling up more debt, and as soon as the mortgage lending and economic crisis took hold, it became less and less palatable for our pending Asian overlords to continue purchasing increasingly worthless US dollars.

US admiral concerned about China military buildup
By JEREMIAH MARQUEZ (AP) – 1 day ago

HONG KONG — A U.S. Navy admiral expressed new concern Friday over China’s military buildup and urged Beijing to be clearer about its intentions.
With China’s military growing at an “unprecedented rate,” the U.S. wants to ensure that expansion doesn’t destabilize the region, Rear Adm. Kevin Donegan told reporters on a visit to the Chinese territory of Hong Kong.

Excerpt

“When we see a military growing at that rate, we’re interested in transparency and the understanding of the uses of that military,” said Donegan, commander of the USS George Washington aircraft carrier strike group, a key part of the U.S. Pacific Fleet.

Donegan’s comments come as a top Chinese general visits the United States on a mission to strengthen trust between the two militaries and dispel U.S. concerns about the growth of the People’s Liberation Army.

Xu Caihou, the PLA’s second-highest ranking officer, told President Barack Obama on Wednesday that ties between the two countries’ militaries play “an important role in enhancing strategic mutual trust and deepening their pragmatic cooperation,” according to Chinese media reports.

China has boosted military spending by more than 10 percent annually for almost two decades, and the official figure of $71 billion this year is thought by many analysts to represent only a portion of total defense spending. It still amounts to only a fraction of U.S. defense spending.

Excerpt

“I am absolutely concerned,” Donegan said. He went on to say, “When a navy is doing that, we just want to make sure it’s transparent enough so those in the region understand what they’re doing.”

At the same time, Donegan described positive exchanges between the two militaries that he said he hoped would continue, including a visit by five Chinese army generals aboard the George Washington during its call in Hong Kong this week.

Ties between the two militaries have been repeatedly roiled by China’s objections to U.S. arms sales to Taiwan, claimed by Beijing as its own territory, as well as Chinese efforts to disrupt Navy surveillance missions off its shores.

A series of confrontations involving vessels from the two navies has raised concerns over China’s rising determination to defend what it sees as its territorial interests in the South China Sea, where the U.S. has long operated as the major international power.

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