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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welfare benefits detour

“It’s a horribly complicated system, and most people didn’t pay attention,” Mr. McDermott said of the need for quick Congressional renewal.

Too bad the sheep still “don’t get it” because what we are witnessing is a process that started some time ago — the elimination of the middle class throughout the world (redistribution of the wealth…. to the rich of course). Next will be the crashing of the worlds economies so a new cashless system can be introduced, and yes, freedoms for the sheep have no place in this new system.

In a few weeks, Christmas will be over and Walmart and others will begin laying off people, cutting hours, wages and benefits of those who still work for them etc. Some retailers will decide if it is viable to remain in business, or cut back on operations/go bankrupt in the new year. Seasonal industries like construction etc. won’t start up until Spring so there will be little to no job growth there. It may take a while for employers to begin hiring a lot of people again because they have come to realize that they can make money with less people doing the work and as long as there are a surplus of unemployed workers to replace those who have jobs still, they can exploit the ones they have to the max in order to save even more money. And when the dust settles, what kinds of jobs will be created?

The oil industry may get better for a time but what happens a few years down the road when the majority of cars on the road use electric or some other kinds of fuel to run? Or when more people use other means to heat their homes besides natural gas? In the new economy, you either get Walmart and McDonald’s type jobs or highly technical jobs that require multiple university degrees and lots of specific experience to do them. But even the lower end jobs won’t be as plentiful if people do not have and spend money on things other than their basic needs. Even if some of those companies make record profits, it doesn’t mean they will hire a lot mroe people or pay the ones they have much more unless they have to because they can’t ever make too much money. The current economic system may be working well for greedy corporate executives and bankers, but certainly not for the average person, so things will have to change at some point!

‘Glitch’ could cut jobless benefits for a million
By Erik Eckholm New York Times

About one million laid-off workers will see their unemployment benefits end in January unless Congress acts quickly to renew existing federally paid extensions, according to a new report and legislators and state officials.

The record-long extension of emergency benefits that was hastily signed into law on Nov. 6 was widely praised as an essential lifeline for the hundreds of thousands of Americans who had spent a year or more in fruitless searches for jobs.

The new law provided up to 14 weeks of federally paid aid to unemployed people who had exhausted existing state and federal limits, benefits that already ranged up to 79 weeks in many states. And for the majority of states with particularly high unemployment, it added on an additional six weeks of payments, bring the potential total to 99 weeks.


Caseworkers Fear For Their Safety
UPDATED: 5:56 pm EST November 16, 2009 ClickOnDetroit.com

LANSING, Mich. — Michigan caseworkers who deal with food stamps and other aid programs say they have never been so overwhelmed — or so worried about their safety.

Some clients have begun taking their anger out on the very people who are offering help.

One frustrated client hurled a piece of concrete through the window of a welfare agency. Another threw her car keys at a worker before being escorted away.

The dismal economy has caused record demand for food assistance and public health care, forcing impoverished clients to wait hours for help in crowded office buildings. To make matters worse, a troublesome new computer system is also causing delays.

The state says it is short 700 full-time field workers. It will be tough to bring in reinforcements given Michigan’s budget problems.

Related posts:

  1. More than 1 Million Jobless lose benefits March 1 2010“Right now, the 1.2 million workers who will lose benefits in March are being held hostage by partisan attempts to delay and block this critical legislation,” said Christine Owens, executive...
  2. Update: Jobless benefits denied to 1+ million AmericansThey did it! The government of your nation did it! They just turned their backs on over a million people on unemployment and denied the extensions! Congress, in the most...
  3. Jobless rate reaches 9.8 percent in SeptemberCHRISTOPHER S. RUGABER (AP) The U.S. unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected. The report shows...
  4. Unemployment benefits are opium for masses“The length of these benefits is unprecedented, they are already over three times longer than the longest previous extension of benefits. The benefits are also larger, with health insurance also...
  5. 1.5 Million Californian workers lose unemployment benefits“Some 200,000 jobless Californians have already lost their unemployment benefits, and that figure is expected to rise to 1.5 million by the end of the year without an extension from...
  6. 23 states report higher unemployment for SeptemberMeasuring unemployment is an art which can lead to highly variable rates. Unsurprisingly, the U.S. government uses a method that excludes millions of Americans who seek employment. The lower rate...

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