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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detroit 1930s

“In the 50′s and 60′s anybody could walk into a job; there weren’t the armies of unemployed men living in their parents basements; they could easily walk into any number of jobs .. Young people today have plenty of work ethic, they are just not valued at all, treated as disposable bits of garbage to be thrown out at the first possible moment.” — Paul, North America

When people analyze the economy they should analyze what the trend has been and ask: is it easier for common people to make a living nowadays and feel more secure with a brighter future looking into retirement than 10 years ago ? or 20 years ago ? are we as a community and individual people better off than before or the other way around ?

A frequent reader (Paul, from Canada) provides some insight as to what times were like just a few decades ago:

“In the 50′s and 60′s anybody could walk into a job; there werent the armies of unemployed men living in their parents basements; they could easily walk into any number of jobs.. I started working in 1978 which was the tail end of the golden age. We used to work 9-5 with an hour break, no overtime. By the time I was outsourced to Bangalore in January of this year I was gone 60 hours a week and on-call 24-7 and was supposed to be grateful to have any job at all.   People older than 65 have absolutely no concept of today’s work environment where you are shown the door 10 years before your retirement date, expected to work huge amounts of free overtime and basically treated as a commodity. My father raised 5 kids and had a stay at home wife; today it would take 3 full-time incomes to buy the same house and accomplish the same thing. He used to work 1 day of overtime a year doing inventory and complained endlessly about it. Of course he retired to a fully indexed pension something, that I will never see. Young people today have plenty of work ethic, they are just not valued at all, treated as disposable bits of garbage to be thrown out at the first possible moment.”

Times have change drastically – look at the trend:
  • In the 1960s and 1920s, 1 full-time job provided income that was good enough to raise a family.
  • During the 80′s the whole workforce picture started to change.  Indeed, by that time families needed 2 full time incomes and part-time incomes were starting to replace full-times ( wages , benefits and job security started to drop)
  • During the 1990′s manufacturing and productive jobs started to dissapear, replaced by service and non-productive jobs. Incomes were stagnant since the 80′s and purchasing power diluted. Consumerism started to be fed with a debt economy pushed by our monetary system ( Banks ) and Corporatism.

During the last decade of 2000 people have been enslaved with debt ( some or many by their own doing ) , poverty levels have increased in the US to 15% of the population and 11.8% in Canada , less full-times being replaced by part-times and contract based jobs, at any time companies “re-structure” and give workers a pink slip no matter how well the job has been done or no matter the years of ” loyalty” or no matter your age … no matter if there is no reason other than the Company wanting to increase its “profits “.

IMF fears ‘social explosion’ from world jobs crisis by Ambrose Prichard

“The labour market is in dire straits. The Great Recession has left behind a waste land of unemployment,” said Dominique Strauss-Kahn, the IMF’s chief, at an Oslo jobs summit with the International Labour Federation (ILO).

He said a double-dip recession remains unlikely but stressed that the world has not yet escaped a deeper social crisis. He called it a grave error to think the West was safe again after teetering so close to the abyss last year. “We are not safe,” he said.

A joint IMF-ILO report said 30m jobs had been lost since the crisis, three quarters in richer economies. Global unemployment has reached 210m. “The Great Recession has left gaping wounds. High and long-lasting unemployment represents a risk to the stability of existing democracies,” it said.

The study cited evidence that victims of recession in their early twenties suffer lifetime damage and lose faith in public institutions. A new twist is an apparent decline in the “employment intensity of growth” as rebounding output requires fewer extra workers. As such, it may be hard to re-absorb those laid off even if recovery gathers pace. The world must create 45m jobs a year for the next decade just to tread water.

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