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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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

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Content By: The Coming Depression Editorial Staff (dates cited below)
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“The global recession created an “export shock” for Germany as world trade fell by about a quarter.”

One reader submitted that prices have increased dramatically in the United Kingdom over the last 2 years, but since two months ago the price of bread, rice, flour and milk have increased to 35% (for rice). Things are not good. British government claims of low inflation, but this is not true at all. So far we have seen the price of bread rise a penny or two for the last 8 weeks. Bread increased by 20%, cheese, milk and even meat has increased. By my calculations all increased by 20% on average. So how do the governments claim inflation is at 2%?

20% is the minimum in the last six months (and not a whole year) Many people have been helping others to hold a budget for many people and many help to organize a bunch of people who have trouble saving money. I work for the council in the UK and my job is to teach some families how to spend and how to save. I keep tab on the exact prices of all the supermarkets and we know exactly how much they have increased. Government figures are completely false and there is no end right now with this price increase.


Poehl Says German Euro Rescue Would Be Pandora’s Box

You can read more here.

Richard Howard, a managing director for global markets at Dallas-based Hayman, said Germany may opt to shore up its own economy, Europe’s biggest, rather than bail out fellow euro nations such as Austria, Italy and Spain as their banks sag under the weight of bad debts. That might lead to defaults and compel Germany to renounce the euro, he said.

“A bailout of a debtor country from a surplus country like Germany would be like opening the box of Pandora,” former Bundesbank President Karl Otto Poehl said in London yesterday. “It’s a very dangerous course that we will enter” and “I’m very much against it, many people in Germany are against it, but the political pressure will increase,” Karl Otto Poehl said.

UK Still in Recession
You can read more here.

Official figures released today show that the UK economy shrank yet again in the last quarter killing off any hopes that the recession had ceased.

Statistics show that the UK economy shrank by 0.4% in the quarter last quarter (between July and September) making it a record sixth consecutive quarter of recession.

Experts had previous predicted that the economy would grow thus officially ending the recession although official figures now show the UK is still firmly in the grip of the longest period of decline/recession since official records (ONS) begin in 1955.

The UK economy shrank by 0.4 per cent between July and September – a record sixth successive quarter of recession, the Office for National Statistics said.

Experts predicted that the economy would grow by 0.2 per cent but today’s figures leave the UK in the grip of the longest period of continuous decline since ONS records began in 1955.

Adding insult to injury these statistics make a mockery of Gordon Brown’s claims that Britain is best placed to withstand a credit crunch after European countries including France and Germany officially exited recession earlier this year.

Recession: It’s not over
You can read more here.
By any account, the third quarter contraction of 0.4 per cent is bad, very bad. Britain’s recession is now the longest since demobilisation after the Second World War. The 1980s recession was marginally deeper. Compared with the return to growth in the second quarter in Japan, Germany and France, and the expectations of a strong US third quarter, the UK appears to be the G7 laggard.

Germany’s Recession vs. America’s: Doing Worse, but Feeling Better
You can read more here.

uly 28, 2009 —
The world recession that began in the U.S. is hitting Germany much harder than us, due to a collapse in world trade that has damaged an economy that Germans constantly refer to as “the World Export Champion.” Their economy will have shrunk by about 8% by the time it bottoms, whereas America’s GDP should fall less than 4% from its peak. Intriguingly, the German public and elites feel much better about their situation than Americans do about ours. The key question is whether this represents: a justified faith in a system that works well for them; government measures that delay the pain; German complacency; or some combination of these factors.

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