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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dollar drop

“The dollar fell after more Americans than expected filed applications for unemployment benefits last week, signaling concern the recovery in the world’s biggest economy is slowing.” — SfGate

The US is in denial. They are struggling with a faltering economy and looking for solutions while ignoring the source of the problem and that problem is the lack of manufacturing. For the last 30 years, they have watched as jobs were sent overseas and did nothing. There was a time when 90 percent of everything sold in the US was made in the US. People had jobs and spent their money on American goods that supported American workers. Now they work in low paying service jobs and buy Chinese products. If this situation is not corrected, the US economic picture will not improve.

The special factors are double dip and government hasn’t fixed the problem of government debt and the fact that peoples incomes on average are shrinking. Make $80k, loose the job, make $60k at the new one with less benefits, then loose that one and make $30k with no benefits.

Why invest in the US? Future taxes on $14.5 trillion isn’t going to be an easy swallow. To a large degree, government is making the problem worse. By bailing our rich cats, it does not help your average Joe. More tax greed is a real threat. It is why Reagonomics worked and Obamanomics is on the biggest skid in US history.

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Worse yet, no abatement. China is in fact propping up the world economy, if it falters look out. Government can only redistribute wealth, it cannot create it. Government economists and economic advisers should be run off like vermin. Ignoring reality is just causing more bad news.

Jobs dilemma puts policymakers between a rock and a hard place By Steven Thomma McClatchy Newspapers

Just in time for the fall election campaigns, a new report Thursday showed jobless claims jumping unexpectedly, providing new fuel for the debate over what economic, fiscal and political path might lead the way to recovery.

First-time filings for unemployment benefits rose last week by 12,000, reaching 500,000 for the week, the highest level since last November. Economists had expected the claims to drop.

At the same time, a new nonpartisan update on the federal budget noted that one way to create jobs and boost the economy would be to extend some of the Bush-era tax cuts, which now are set to expire Dec. 31. The Congressional Budget Office said that extending some tax reductions and other tax measures would knock nearly a full percentage point off the unemployment rate next year, but at the cost of higher budget deficits and debt.

The two reports served as a stark reminder that jobs and the economy will dominate debate in Washington this fall as Congress weighs whether to extend the Bush-era tax cuts and the campaigns begin for control of Congress.

President Barack Obama, who told an audience in Wisconsin just days ago that “we’re headed in the right direction” on the economy, said the jobs report underscored the need for Congress to pass a bill that would help small business by easing credit.

He stressed that the bill would be offset and not add to the budget deficit, and blamed Republicans for blocking it.

Related posts:

  1. Unemployment: the unreported truth and emergency unemployment claimsThe vision victory channel talks about how the emergency unemployment claims data shows that the people who ran out of benefits has went from 5.6 million to 5.9 million in...
  2. Dow Drops Over 200 PointsBy: Cindy Perman Writer Stocks tumbled Thursday after a disappointing ISM report on manufacturing piled on to worries about the economic recovery. The Dow Jones Industrial Average lost 203 points, or...
  3. IEA warns rising oil prices threaten economic recovery, if there ever was one“Oil is one of the most important inputs to the economy. If the oil prices go up much higher than what we have been seeing in the markets, this would...
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This entry was posted on Friday, August 20th, 2010 at 8:26 am and is filed under Poverty. 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. February 4, 2011 @ 11:05 pm


    I agree with the gentleman about overall job creation. However, we still have a energy crisis staring us in the face. Gasoline and diesel is rising again. It is $3.20 a gallon for gas where I am in Ohio. If the energy crisis is not solved, we are still looking at major economic havoc. We need to create and economy that we had before the Great Industrial Revolution that didn’t require energy. Our Industrial base, according to the government, isn’t going to come back. So, people who don’t have college degrees or trades will be stuck in low income jobs or no job at all. There are even a good amount of college people out of work s well. Since the building industry is all but dead, trades people can’t find work unless it is in maintenance work, and those are not readily available. People are going to have to find a way to become self employed or become farmers again. Don’t look for Big Business or the government to give you a job anymore.

    Posted by James

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