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)
Copyright: include link to this article on top of reproduction if you use it.
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harmonized sales tax stop sign

“An overwhelming majority of people in Ontario and British Columbia oppose the HST, with most believing the biggest winners from the new tax will be the provincial and federal governments, according to results of the latest poll.” Van Sun

July 1st, Canada’s “independence day,” is around the corner (actually it’s tomorrow), but there’s not much of a reason to celebrate for the populations of Ontario and British Columbia who are about to see a wallop of a tax increase in their daily living purchases. Going along with the British tradition of taxing its colonies to death, the government of Canada (the federal government in particular) has foisted a “harmonized sales tax’ down the throats of the above mentioned provinces. It effectively raises taxation by at least 8 percent on goods and services consume daily with few exceptions. Indeed, this has to be one of the worst times to introduce a new tax considering that we’re teetering upon the precipice of an economic depression.

With increased consumption taxes, fewer people will want to go into small business, to work as unpaid tax collectors for the government. Many former & present small business owners will abdicate from opening further businesses. Of course, this will encourage Corporations who are quite willing to fill the void & extort taxes from their employees & customers. So, what you get with this sort of consumption tax, is greater intrusion by the State, & by Corporations like Timbits & WalMart into the private & public domains, plus increased servitude of labor & productivity to Corporate Entities. This is the Corporate Collective, the new feudalism. The alchemy of the Corporate interface reduces labor to a “cost” or liability of doing business. And we all know how Corporate Fictions like to keep their “wage costs” down so they can funnel more profits to their shareholders. Note how in recent history, the Corporate interface has gradually displaced your local merchant interface. These heavily capitalized & resource rich Entities, like Marks & WalMart, muscle in on & displace local small business initiative. In the market place, earned capital & the borrowing power of the average man, are no match for that of a Corporate System.

Besides, it’s easier for the Corporate State to deal with one Corporate Employer, to which IT farms out 18,000 employees (an “employee” is the property of the government) than it is for IT to deal with 18,000 independent merchants. So, the State just loves Corporations for their rate & convenience of “compliance.” In fact, this IS the tyranny of the Corporate Collective – “convenience.”

The most reductionist aspect of Corporations is, no employee owns his/her own labor or wages. Wages to the Corporation are “costs” & deemed rewards rather compensation.

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Corporations used to pay 50% of the taxes in countries like Canada and the US. Now they pay less than 20%, and people wonder why their government has no money. Tax breaks are just a race to the bottom; they’re not a real engine of growth. If Country A cuts its corporate taxes by 10% to attract business from Country B, Country B will just do the same and both will end up back where they started but both with government significantly more starved for cash than they used to be.

Globalization has allowed corporations to play countries against one another for too long; that’s why it’s time for global taxes that all corporations on earth pay equally. Then they can compete on true competitive advantage factors. The best place to start in terms of a global corporation tax is a tax on carbon emissions and energy use. That will help put governments back into the black and more importantly help our planet earth before it’s too late (which it almost already is).

Even the most oblivious moronic simpleton on the planet can see that there is no recovery. There is a deferred and deepened recession. This is something people who lived in Ontario when Bob Rae was Premier will be all to familiar with. During his 5 years in office Canada went through a recession and Rae vowed to “spend” his way out of it. At the end of 5 years Ontario had a $5 billion debt and the recession was really bad. I know $5 billion doesn’t sound like much, but back then it was a lot – before borrowing became the thing to do.

The only people that think they can borrow – and make no mistake about it that is what governments around the world are doing – your way to prosperity are dumb people. Unfortunately a lot of these people go in to politics. Actually, perhaps they are not as dumb as we think. They actually get their orders from their masters at the Club of Rome, Trilateral Commission, and Bilderberg groups. This was admitted.

So let me lay it out for you. As soon as the government stops spending the recession will come back. Only it will be much worse and much longer because now not only do we need to live through the normal economic contraction we also need to raise taxes and cut spending to pay for the foolish “stimulus” spending.

To make it 100% clear, stimulus spending never has and never will solve the problem of economic retraction – instead stimulus spending will make it longer, deeper, and worse. The bright side is maybe, if its long enough, you won’t have to pay your share, that can be paid by your children, and their children – and if you think that is a good idea you should be ashamed of yourself.

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This entry was posted on Wednesday, June 30th, 2010 at 9:29 pm and is filed under North America. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1 Comment

  1. July 7, 2010 @ 3:59 pm
    Posted by Robert

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