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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military budget cuts

“Even if we were to return to the funding levels we’ve had in recent years, we cannot continue to sustain viable operations in all 56 armories across the state,” Bunting said. “This is a challenging time requiring difficult choices.”

Kan. National Guard to close 18 armories

By John Milburn – The Associated Press
Posted : Wednesday Nov 25, 2009 14:43:08 EST

TOPEKA, Kan. — The latest round of state budget cuts have prompted the head of Kansas’ National Guard to do his own version of base realignment and closure.

Maj. Gen. Tod Bunting plans to close 18 of the state’s 56 National Guard armories. The moves will save nearly $157,000 in the fiscal year that ends June 30, and more than $260,000 in the following year.

“Even if we were to return to the funding levels we’ve had in recent years, we cannot continue to sustain viable operations in all 56 armories across the state,” Bunting said. “This is a challenging time requiring difficult choices.”

Bunting, the state’s adjutant general, won’t announce which armories will close until December, giving time to meet with communities and notify National Guard members. He has been operating the Guard’s armories with only 65 percent of the money necessary to keep them functioning for some time, he said.

The changes mean that 19 full-time National Guard soldiers will be reassigned to other armories, while 678 soldiers will be forced to go to other locations for regular drills. The closures and consolidation of people and equipment is expected to be complete by June 30, 2010.

The changes only affect Army National Guard facilities and not any of the Air National Guard locations at McConnell Air Force Base in Wichita, Forbes Field in Topeka or Smoky Hill Air National Guard Range in Salina.

The adjutant general said that it isn’t likely that any of the armories would be reopened in the coming years as state revenues rebound and that additional closures and consolidations may be required. He gave similar statements to legislators when testifying in October during hearings.

“They will only be done as these were, after careful consideration of the impact of our mission, public safety capabilities and long-term sustainability,” Bunting said.

Pentagon facing 2010 budget cuts
By RokDrop.com

With warnings coming from the Obama administration of a 2010 defense budget that will have only a modest $14 billion increase over current funding, lawmakers are coming to realize that the Defense Department’s long-range personnel and weapons programs are unsustainable.

Something has to give, and the likelihood is that it will be a combination of reigning in spending on personnel programs — including the possibility of smaller military and civilian pay raises — and a mix of cancellations, reductions and revisions in weapons programs, according to two congressional experts on the defense budget who testified Wednesday before the House Budget Committee.

The Obama White House is not expected to deliver a detailed 2010 federal budget to Congress until April, but a blueprint drawn up by the Office of Management and Budget proposes a 2010 defense budget of about $527 billion, or 8 percent more than the current budget. That does not include supplemental funding for combat operations in Iraq and Afghanistan.

An 8 percent increase might seem large at a time of widespread economic crisis in the U.S., but the $14 billion increase falls far short of the $584 billion budget drawn up last fall by the Joint Chiefs in what has become more of a wish list than a formal budget plan.

Stephen Daggett, a defense policy and budget specialist with the Congressional Research Service, said it is hard for some people to understand how the defense budget can be short of money given dramatic increases over the years.

“CRS’s analysis, quite bluntly, is that the budget seems tight because the cost of almost everything we have been doing in defense has been accelerating upward too fast even for growing budgets to keep up,” he said.

Personnel expenses, he said, are a prime example. After adjusting for inflation, the average cost of an active-duty service member is 45 percent higher today than in 1998, he said. And, he added, that doesn’t even include health care costs, which have grown by an average of 7 percent annually. In the defense budget, health care costs are funded out of operation and maintenance accounts, not personnel accounts.

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