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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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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