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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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.

Related posts:

  1. Britain Cannot Fund Social Security; Mull Retirement Increase Says IMFBy Alex Brummer of The Daily Mail Gordon Brown was warned last night to raise the retirement age above 65 and introduce NHS charges to tackle the soaring state deficit....
  2. OECD sees explosion in youth unemployment ahead; a lost generation“spells of unemployment while young often create permanent scars through its harmful effects on a number of outcomes — happiness, job satisfaction, wages and health — many years later. Moreover,...
  3. US Census Bureau report: 40 million living in povertyKate Randall WSWS September 30, 2009 The overall poverty rate in the US rose to 13.2 percent in 2008, as workers across all sectors of the economy became jobless and...
  4. UK Chancellor predicts steepest slump everNearly 12 years of incompetence of this government’s work and the cracks show in the economy of the United Kingdom, but we should lay the blame where it started: Margaret...
  5. Respected economist predicts US hyperinflation for 2011“In the US we don’t have a back up system. Zimbabwe had the worst hyperinflation anyone’s ever seen. But, they survived. They had an ongoing economy. That was because of...
  6. Corrupt IMF says high unemployment to persist“”The high degree of financial stress and the high degree of uncertainty all weigh against a speedy recovery in job creation,” the Washington Post quoted the IMF as saying.” “Unemployment...

This entry was posted on Tuesday, September 28th, 2010 at 6:07 pm and is filed under Deindustrialization. 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.

1 Comment

  1. September 10, 2014 @ 4:48 am


    -3-Mark B.Thanks, you write:”The financial coaslple of 2008 just revealed the truth about an already cored out economy.”Is Germany’s economy “cored out”?Also, with respect to loss of jobs and the argument by Stiglitz, please re-read this part:”The decline in manufacturing jobs has been dramatic from about a third of the workforce 60 years ago to less than a tenth of it today. The pace has quickened markedly during the past decade. There are two reasons for the decline. One is greater productivity the same dynamic that revolutionized agriculture and forced a majority of American farmers to look for work elsewhere. The other is globalization, which has sent millions of jobs overseas, to low-wage countries or those that have been investing more in infrastructure or technology. (As Greenwald has pointed out, most of the job loss in the 1990s was related to productivity increases, not to globalization.) Whatever the specific cause, the inevitable result is precisely the same as it was 80 years ago: a decline in income and jobs.”

    Posted by Oscar

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