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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Real reason for electricity blackouts hitting southern US

Real reason for electricity blackouts hitting southern US

“Large oil companies have for a decade artificially shorted the gasoline market to drive up prices,” said FTCR president Jamie Court. “Oil companies know they can make more money by making less gasoline.” The following article was written by Paul Joseph Watson. He is t

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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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Canadian government admits recovery never happened

Canadian government admits recovery never happened

“Not only did their stimulus fail to create the jobs of tomorrow, it also failed to protect the jobs of today,” Scott Brison, the opposition Liberal Party’s spokesman for finance issues, said by telephone. "Most of us were shaking our heads in disbelief early last year w

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How Western society is brainwashed and crumbling

How Western society is brainwashed and crumbling

"The cultural embrace of illusion, and the celebrity culture that has risen up around it, have accompanied a growing system of casino capitalism, with its complicated and unregulated deals of turning debt into magical assets, to create fictional wealth for us, and vast wealth f

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Will we see double digit interest rates from the 1980s?

Will we see double digit interest rates from the 1980s?

"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

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Greenspan: credit crunch “by far the greatest financial crisis”

Greenspan: credit crunch by far the greatest financial crisis

Greenspan said that while the economy was in worse shape in the Great Depression, the recent financial crisis was potentially more harmful than that in the 1930s because “never had short-term credit literally withdrawn.” Greenspan just said that the current credit crunch

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world debt rankings

Let’s talk a bit about these supposedly broke governments that have been reaching insolvency, and in cases like Iceland in 2006 and Argentina in 2001, have declared bankruptcy. It seems to most, as it would to anyone not ideologically retarded, that for all the public “brokeness” going on, there is always enough money for a bailout for some big bosses. Indeed, there’s never a shortage of money (or credit; whatever you want to call it) when it comes to buying up some big boss’ bad debt, or fleecing the public purse to provide him (them) with a fat tax cut so they can “create jobs” (see: off shore, low wage).

Funnier still, there never seems to be a shortage to pay for militaries to go fight wars so the boss(es) can make (or defend) profits in somebody else’s country. Now, you might think the above quite “natural”, but down here in reality we call that a “massive subsidy.”

So, again, using their undeterred by the boss’s propaganda and threatening posture vision, it may be hard to for public sector workers to swallow making the necessary cuts to save the government budgets. It might for a bit of the old divide and rule strategy. You know the one: pit the overpaid, lazy public sector worker against the realistic, hardworking (generally non-union) worker, while the boss makes off with the big money.

world debt rankings

Getting back to Iceland’s bankruptcy in 2008, we see that it could have been worse. Argentina had adopted neo-liberal out-of-control capitalism before they headed straight to a total economic collapse. Ecuador was swindled by the IMF to nationalized its electric utility, the electric rates shot through the roof, people had less to spend for essentials which both caused further poverty and suppressed the economy and on top of that the government no longer had the revenues so it eventually either had to cut services or raise taxes to offset this. In many developing countries, IMF and the World Bank swindled them to open their borders to subsidized US agricultural dumping which decimated their local production, making them highly dependant on food imports and on agro-industrial oligarchy (ADM, etc). Monsanto’s been polluting the world gene pool with patented crop genes. The name of the game is suppressing autonomy of local populations and making them dependant on oligarchies for vital ressources like water, energy, food, money.

Credit Suisse Declares the U.S. a Riskier Investment Than Indonesia
By Megan Carpentier 2/12/10 1:47 PM Washington Independent

Amid fears that Switzerland might come to an agreement with the United States on banking privacy and tax evasion disclosures, Credit Suisse issued a report identifying those countries it determined to have the highest risks of default on their sovereign debts. Number 16 on the list was the United States, based primarily on its 2009 budget deficits and government debt.

Countries ranked less likely to default include corruptocracy Kazakhstan, less-than-reform-minded Indonesia, the debt-ridden Philippines and violence-ridden Colombia. By comparison, U.S. Treasuries prices are up today despite a new issuance this week.

Handy sovereign risk table

Posted by Paul Murphy on Feb 10 16:48.

Looks like Credit Suisse has jonied the conspiracy trying to undermine Spain.

Here’s a ranking of countries by perceived risk, taking into account things like current account balances, public and private debt, and CDS spreads. It comes from a note on the impact of sovereign risk on European banks, published on Wednesday by Jagdeep Kalsi, which you will find in the usual place.

Somehow the CS man has managed to rank Spain above the likes of Latvia, Ireland, Ukraine, Romania and Turkey in terms of riskiness.

Amid fears that Switzerland might come to an agreement with the United States on banking privacy and tax evasion disclosures, Credit Suisse issued a report identifying those countries it determined to have the highest risks of default on their sovereign debts. Number 16 on the list was the United States, based primarily on its 2009 budget deficits and government debt.

Countries ranked less likely to default include corruptocracy Kazakhstan, less-than-reform-minded Indonesia, the debt-ridden Philippines and violence-ridden Colombia. By comparison, U.S. Treasuries prices are up today despite a new issuance this week.

Related posts:

  1. All countries on path to bankruptcyThe 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...
  2. Pakistan on verge of bankruptcy“The ratings agency Standard and Poor’s has given Pakistan’s sovereign debt a grade of CCC +, which stands only a few notches above the default level. The agency gave warning...
  3. Eight European Countries Charging Off A Sovereign Debt Cliff In 2010Half of the Eurozone’s sixteen economies are at risk of becoming ‘unsustainable’, essentially bankrupt. After driving a wedge between Japan and the US,driving a wedge between the EU and the...
  4. 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...
  5. King warns countries will take protectionist measures“If we end up 12 months from now with countries taking protectionist measures, everyone will suffer. I think the absolute imperative for this weekend [at the G20] is a clear...
  6. Dubai 'canary in coal mine' as depression deepens“The market reaction shows how vulnerable some economies are to the aftermath of the debt binge. This highlights how fragile confidence is.” Gerard Lyons, chief economist. This just shows the...

This entry was posted on Saturday, February 13th, 2010 at 9:04 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.

2 Comments

  1. May 3, 2010 @ 4:17 am


    Thank You for bringing up this List. It was expected next considering the onslaught of news for the last two years. First we had the Foreclosure of Houses, Then Banks Closed, naturally the closure of Countries will follow. Any one looking for a soluton ? Here is the Man: Ron Paul – Cut Spending, End the Income Tax, Bring the Troops Home! http://youtu.be/aFULB0Vv_YE?a

    Posted by David Jeremiah
  2. March 15, 2011 @ 11:26 am


    Dear Sirs,

    I would like very much to know (1) how the final ranking was calculates and (2) if every indicator was given the same weight to.

    Best Regards

    Gertrudes Mendonça

    Posted by gertrudes mendonca

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