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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dinosaur federal worker

“You could always count on your increase,” said Danielle Swain of Manassas, an analyst for the foreign export service of the Agriculture Department who is nervous about the cut to her commuter-rail subsidy. “If you don’t get a bonus, this is all you get. They’re picking on the government because they assume we sit around and don’t do anything. Well, it’s not true.” — by Lisa Rein and Perry Bacon Jr.

President Obama on Monday announced a two-year pay freeze for most of the 1.9 million civilians who work for the federal government, as he tried to address concerns over a mushrooming deficit and placate Republicans who have targeted the workforce for big cuts.

“Getting this deficit under control is going to require some broad sacrifices, and that sacrifice must be shared by the employees of the federal government,” Obama said in a White House speech. He called federal workers “patriots who love their country” and said the cut is not just “a line item on a federal ledger.” But he said he is asking federal workers to sacrifice for the country as “they’ve always done.”

The president’s proposal comes just before a fiscal commission he appointed is scheduled to issue a final report Wednesday on how to staunch deficit spending. The panel’s leadership has recommended a three-year pay freeze for most federal workers. Source

paycheques compared usa public private 2010

The Real Deal

This “save” is nothing but a drop in the bucket. It’s a disgrace to the employees. It shows a lack of respect to the employees. It is symbolic only. A person who “serves” their country must personally and financially contribute to reducing the deficit? Why must one citizen be forced to contribute financially based solely on their employment choice?

A person who chose private employment doesn’t have to take a pay freeze. I think a persons pay should not be tied to whether the Government has a surplus or deficit. However, if it must be tied to the financial results of the Government, then in good times, you would expect the opposite. A huge pay increase. Indeed, it’s all about votes.

What about the financial market? Why doesn’t the government start taking away from the banks and financial institutions what they stole from the workers? These CEO’s and executives have ruined the middle class. People have lost their jobs, houses and lives, but these executives have made millions on behalf of the common workers well being. If you put a stop to the crony capitalism (greed) and you will put a stop to the down fall of our society and to the debt of north America and other nations. The middle class is what keeps our society going, not these greedy executives.

Canada in same boat

It can’t happen soon enough in Canada at all government levels. In Ottawa their municipal employees are the most over-paid, with the provincial following and the federal bringing up the rear so to speak. All are over-compensated when compared to individuals in the private sector who actually contribute positively to the nation’s GDP. Public employees are what’s called ‘overhead’ in any private company which means that they provide necessary but non-moneymaking services. This needs to be constantly monitored to ensure that it doesn’t grow too large

These austerity measures show us two things:

1) Hundreds of thousands of American families are going to have less money to spend for 2 years, which will damage the economy.

2) America must be in a financial crisis if they need to introduce “austerity measures” like Europe, which will erode investor confidence and damage the economy even further. If the US government is in such financial straits, it signals consumers to stop buying, businesses to stop spending, and foreign investors to stop investing.

Federal employees are among the hundreds of thousands of Americans who took on more mortgage than they could handle, and are fighting off foreclosure. Some of those employees were depending on their raises, and now they’re going to lose their homes.

All of this to potentially save $60 billion over 10 years (less than $20 per capita per year), during which time the government is expected to run a deficit of $9 trillion. It’s a drop in the bucket that will cost the American economy far more than $60 billion over that period, and could cost hundreds of employees their homes. And all of this to make a political statement?

Unlike Canada, where the ruling party must vote the way the Prime Minister tells them to, Congress is not obliged to go along with Obama’s plan. This plan will fail to make it through Congress, for all the right reasons, and Obama will look like an idiot. He should fire whoever gave him this advice.

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