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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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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