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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Small muds riot in detroit

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.


The price of food in the United States has risen 28% over the past year. The truckers who bring the food to the markets; many are going bankrupt. That has even been on television. The excess costs are being passed along to the populace. It is slowly ratcheting up. Soon the poorer people will be living on beans and bread. And even the bread will become scarcer. Famines are going to become alot more common. Food shortage will be felt worldwide, includeing the U.S. Those who can AFFORD it, will not be hungry for a while. But to the average American, it is going to become uncomfortable. They will first have to cut off their cable to save $. That is actually already beginning.

The corn being grown in this country is genetically altered now and being grown in large part to service biofuel. A can of corn will have doubled in price by this summer from last summer. A large can off coffee now costs $13.99 at the grocery store (verified it this week). Some sales are offered for it at less but in general coffee will not cost alot more. Drip by drip (no pun intended) and day by day, the food becomes more expensive.

Food Riots are Coming to the U.S.
Binoy Kampmark Counterpunch May 11, 2008

There is a time for food, and a time for ethical appraisals. This was the case even before Bertolt Brecht gave life to that expression in Die Driegroschen Oper. The time for a reasoned, coherent understanding for the growing food crisis is not just overdue, but seemingly past. Robert Zoellick of the World Bank, an organization often dedicated to flouting, rather than achieving its claimed goal of poverty reduction, stated the problem in Davos in January this year. ‘Hunger and malnutrition are the forgotten Millennium Development Goal.’

Global food prices have gone through the roof, terrifying the 3 billion or so people who live off less than $2 a day. This should terrify everybody else. In November, the UN Food and Agricultural Organization reported that food prices had suffered a 18 percent inflation in China, 13 percent in Indonesia and Pakistan, and 10 percent or more in Latin America, Russia and India. The devil in the detail is even more distressing: a doubling in the price of wheat, a twenty percent increase in the price of rice, an increase by half in maize prices.

Finger pointing is not always instructive. In this case, it may be. The US and various European countries are moving food crops into the bio-fuel business, itself an environmentally unsound business. This, in addition to encouraging developing countries to not merely ‘liberalize’ their agricultural sectors, but specialize in exporting specific cash crops (cotton, cocoa), has done wonders to precipitate the shortages. Consumption in developing economies, added to the vicissitudes of climate change, water availability, and rising fertilizer costs, are others.

Political stability is being undermined. Food shortages are proving endemic. Food riots are becoming common. Riots have been sparked in Cameroon, Egypt, Burkina Faso, Uzbekistan and Yemen. There have been riots over spiraling grain prices in Mauritania and Senegal. In Mexico City, mass protests were sparked by a price hike in tortillas. In Haiti, biscuits are being made from a mud compound. The Somali capital Mogadishu bore witness to the deaths of five people.

You can read more of this article from Counterpunch

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This entry was posted on Thursday, November 19th, 2009 at 8:49 pm 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. July 9, 2010 @ 12:15 pm


    My BS security on my computer tells me you are “dangerous” site. I told them to bug off as I can clearly see you are telling too much truth about what an asshole place America has become under this Obama. Keep up the good work.

    Posted by William

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