Your number one source for news about the coming economic depression

“.. just last week, the United Nations released a report concluding that the dollar should no longer be the world’s reserve currency because it is not stable enough. The dollar is down 5% over the past month, and even currency traders don’t see it as a safe haven any more.”
The US dollar would almost certainly [...]

“The result of currency devaluations can be boiled down prosaically: savers get screwed. Remember, it is the Baby Boomers who have the largest accumulation of savings- either in the form of savings accounts, bonds, or home equity- and therefore, the most to lose from a devaluation. ” Contrarian
Governments seem to forget that one must [...]

“You certainly don’t need a college to gain knowledge. For example, there’s an outfit called The Teaching Company that hires the very best professors in the world in all sorts of subjects to deliver superb audio courses.”
Unfortunately for students, this year proved very difficult in the job market with record unemployment levels among students. [...]

“The reason that consumers are not spending more money has nothing to do with attitudes. The reason that most consumers aren’t spending is the same reason that homeless people aren’t spending much money: They don’t have any money.” — Dean Barker, Counterpunch
Credit cards are the bane of Western society’s existence. Perhaps they are a [...]

“Mr Monks, now head of the European TUC, said: ‘I had a discussion with Barroso last Friday about what can be done for Greece, Spain, Portugal and the rest and his message was blunt: “Look, if they do not carry out these austerity packages, these countries could virtually disappear in the way that we know [...]

“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 Conservative cabinet ministers flying around the world defending banks from a tax to cover their next, [...]

“That’s an incredible surge,” Adrian Aguirre, an economist at Caracas-based Bancaribe SA, said in a telephone interview. “The fact that food prices rose by more than 11 percent is something we’ve never seen in the last decade.”

Consumer prices rose 5.2 percent in April from March, according to the central bank’s benchmark Caracas price index, released [...]

“People have looked at Greece over the last three to four months and now they’re focusing their attention on Spain and its banking sector,” said Aroop Chatterjee. Tensions on the Korea peninsula also buoyed the dollar and yen after South Korea’s Yonhap news agency said North Korean leader Kim Jong-il had told his troops [...]

“”I’m very concerned we’re headed down the same path as Greece,” Rep. Cathy McMorris Rodgers, R-Wash., told Fox News. “Greece found itself in a situation where its public debt was 113 percent of its GDP. They had taken on all this debt, expanded programs and America is headed down the same path.” — Cathy McMorris

The [...]

“The Bank of Montreal has been hit by a huge mortgage fraud in Alberta that may cost it $30 million, a report said. The bank is suing hundreds of people in connection with the scam, including lawyers, mortgage brokers and four of its employees, CBC News said, citing legal documents.”

The case may be the [...]

“Papaconstantinou confirmed Sunday that the government would tighten its belt significantly, despite the protests. “The expenses of the public sector will go down very considerably,” he said. Prime Minister George Papandreou earlier Sunday tried to rally the country behind the government. “We will do everything possible. We are planning very serious changes,” Papandreou [...]

“Goldman Sachs are scum– that’s the bottom line. They have basically co-opted the government; they’ve co-opted the Treasury Department; the Federal Reserve functionality; they’ve co-opted the Obama administration. Barack Obama dances to Goldman Sachs tune.” — Max Keiser

Just remember, Hank Paulson [former CEO of Goldman Sachs then Secretary Treasury USA] took Congress hostage– took them [...]

“No laws are more basic than the laws of arithmetic: For fiscal sustainability, whatever level of spending is chosen, revenues must be sufficient to sustain that spending in the long run,” Bernanke told the commission, which was established by Obama in February to give recommendations on ways of balancing the federal budget.”

Washington needs to find [...]

“Who are they trying to kid?” Bittner says. “Are they trying to make you think it’s better so you’ll go out and spend?”

Well, yes. The nation’s fragile consumer confidence, which sank to a record low about a year ago, could keep the fledgling economic recovery stuck in first gear, says Ken Goldstein, an economist at [...]

“This was all inflation dependent financing. If the Federal Reserve and the rest of the world continued to inflate, cheap money would have bailed these projects out. With the Fed halting money printing, there are not enough dollars to support this debt structure.”

The Greeks are in a real pickle, but it is one they will [...]

“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 with all investors.”

It should be very very obvious that all future [...]

“I just picked up tax documents from my CPA. California require me to pay 30% of my estimated tax for the year on 04/15/10 and another 50% by 06-15-10. The balance of 20% is due on 01-15-11.”

California’s debt situation is an example of where it should be made illegal or unconstitutional for a government to [...]

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 is “by far the greatest financial crisis, globally, ever” — including the 1930s [...]

“The legislation would put the government on track for a national debt of $14.3 trillion—equal to about $45,000 for every American—and provide a vivid reminder of the United States’ dire fiscal straits. New estimates released by the Congressional Budget Office on Tuesday show that the U.S. this year could run a deficit matching last year’s [...]

“… a House Republican charged that a whistleblower had alerted Congress to specific documents provide “troubling details” of Bernanke’s role in the AIG bailout.” — Ryan Grim

This new startling revelation that Ben Bernanke somehow had ulterior motives for bailing out big banks is really nothing new when we consider how the banking system is structured [...]