The Economy

Europe still on ropes as interest rates rise

Police crackdowns at Occupy sites stir debate

The American Civil Liberties Union has filed lawsuits – and in some instances, won temporary restraining orders – on behalf of Occupy activists in such places as Nashville, Oakland, Calif., and Trenton, N.J.

#NOV17 – #OccupyWallStreet To Shutdown Wall Street On International Day of Action

Occupy Wall Street calls for shutdown of Wall Street and NYC subways on the Nov 17th international day of mass non-violent action with over 400 events scheduled nationwide.

UPDATE: State of Seized Library

We’re getting our first report back from the folks who went to the Sanitation Garage. Mayor Bloomberg’s office tweeted: “Property from #Zuccotti, incl #OWS library, safely stored @ 57th St Sanit Garage; can be picked up Weds” But it turns out, not surprisingly, that this was a lie. Our folks on the ground say:

Pension agency for 44M may seek bailout

The federal agency that insures pensions for one in seven Americans ran the largest deficit last year in its 37-year history.
The Pension Benefit Guaranty Corp. said Tuesday that it ran a $26 billion imbalance for the budget year that ended Sept. 30.

The agency has been battered by the weak economy, which has brought more bankruptcies and failed pension plans.

Its pension obligations rose by $4.5 billion. The PBGC also earned less money in the stock market, which helps to fund pension plans. Returns were $3.6 billion, half what it earned the previous year.

Joshua Gotbaum, the agency director, says taxpayers may have to bail out the agency “eventually” if Congress doesn’t raise companies’ insurance premiums. He didn’t give a timeframe.

Post office near default? Losses mount to $5.1B

The U.S. Postal Service said Tuesday it has lost $5.1 billion in the past year, pushing it closer to imminent default on a multibillion-dollar payment and to future bankruptcy as the weak economy and increased Internet use drive down mail volume.
The financial losses for the year ended Sept. 30 came despite deep cuts of more than 130,000 jobs in recent years and the closing of some smaller local post offices.

Young jobseekers told to work without pay or lose unemployment benefits

Britain’s young unemployed are being sent to work for supermarkets and budget stores for up to two months for no pay and no guarantee of a job, the Guardian can reveal.

Under the government’s work experience programme young jobseekers are exempted from national minimum wage laws for up to eight weeks and are being offered placements in Tesco, Poundland, Argos, Sainsbury’s and a multitude of other big name businesses.

Work without pay? Sounds like slavery to me! And all these big companies getting this free labor means they don’t have to hire paid labor! So this is going to increase the jobless problem!

Meltdown – The Men Who Crashed the World

Judge grants Occupy Toronto temporary reprieve

A lawyer for Occupy Toronto protesters has secured an injunction to stop the midnight eviction of those still camped out at the city’s St. James Park.

Judge David Brown granted a temporary stay of the city’s eviction notice, which would have allowed authorities to force occupiers out as of midnight Tuesday.

Brown will hear arguments for and against the city’s plan on Friday, meaning protesters will not be forced out of the park in the meantime. The judge is expected to deliver a verdict by 6 p.m. ET Saturday.

Patrick Swayze’s advice to Occupy Wall Street. Be nice. Until it’s time not to be nice.

THE OCCUPIERS FIGHT BACK ~~ PHOTOS FROM THE SCENE

HELL NO, WE WON’T GO!

OWS protesters reclaim Zuccotti Park

Occupy Wall Street’s encampment is gone, but the movement lives on. No one knows, however, just how long it can survive without a literal place to call home. Police cleared Zuccotti Park in lower Manhattan early Tuesday and although protesters are being allowed to return, they can bring only a small bag with them. No tents or sleeping bags are being allowed.

Human Action – The Economics of War

Ron Paul “We Have To Cut Spending! That For Me Is Top Of The List”

 

‘Alarm bells should be ringing for France': Fears for Eurozone’s second-largest economy as borrowing costs soar

Eurozone bond markets suffered from a mass sell-off yesterday – with previously healthy economies finding themselves sucked into the debt crisis.

The yield on French government bonds climbed to 3.63 per cent. With the German equivalent at just 1.75 per cent, the difference between what it costs Paris and Berlin to borrow is at its highest level since the euro was established in 1999.

And an influential report added to market nerves with a claim that the French economy is the 17-member eurozone’s second biggest but only the 13th healthiest.

Double whammy as youth jobless breaks 1m barrier for first time and economic growth forecasts are slashed

U.S. spends $32 million to make eight 30,000-pound bombs

The US Air Force has a new 30,000-pound bomb in its arsenal designed to penetrate targets buried deep underground, a spokesman said Tuesday.

The Air Force could not say how many of the conventional bombs have been delivered so far, but the MOP is seen as a weapon made for going after underground bunkers and tunnels in North Korea or Iran.

The MOP bomb, with more than 5,000 pounds (or nearly 2.5 tons) of explosives, is supposed to fit on a B-2 stealth bomber to strike at underground sites hiding weapons of mass destruction.

I find myself exasperated by the prospects of war, war, and more war as the ultimate expression of US Federal government’s power and policy, while we have homeless Vets sleeping in our streets, and our infrastructure crumbles around us.

What this country needs, and right the heck now, is a Department of Peace, to provide the White House, Pentagon, Congress, and State Department with logical,reasonable, intelligent tactics through which to accomplish geopolitical goals without firing a single shot.
I would also add, that this approach would be far less burdensome to the national debt.

That this government is so fixated on bigger, more expensive weapons, while ignoring the real needs and concerns of the American people, will come back to haunt it, and in a very tangible way, at some point; that cannot help but happen.

The “Occupy movement” is just a quiet whisper, of what may well be coming from a thoroughly fed-up American citizenry which understands clearly, it has no real representation in this country.

Elderly woman, priest pepper-sprayed during Occupy protest

Ron Paul “The Super Congress Will Not Contemplate Maybe We Spend Too Much Overseas”

 


Eurozone crisis stokes tension between Britain and Germany

Tensions between Germany and Britain over how to handle the crisis in the eurozone deepened after allies of the German chancellor, Angela Merkel, claimed she would not allow the UK to “get away” with its refusal to back a European financial transactions tax.

Occupy Wall Street – interviews and images from October 2011

#OccupyWallStreet – This Is What Revolution Looks Like

Chris Hedges lays out the progression of Occupy Wall Street and makes clear that we are now entering into the final phase of the start of a revolution against the elite.

Seattle City Council Unanimously Supports Occupy Movement and Votes to Stand Up to Big Banks

The Seattle City Council on Monday unanimously adopted a resolution in support of Occupy Seattle that calls on the city to examine its banking and investment practices, home-foreclosure patterns and the financing of local elections.

The resolution was a grab bag of proposals meant to provide a local response to the concentration of wealth and abuses in the financial sector that the Occupy Wall Street protest and its regional offspring have called attention to in encampments and rallies around the country this fall.

Steal $4,367 in food stamps to feed family: 3 years in prison // Steal $3 Million in mortgage fraud: 2 years in prison

Last week, a federal court in Mississippi sentenced a key figure in a $3 million mortgage fraud scheme to two and a half years in federal prison. Just a few days earlier, however, a Mississippi federal judge imposed a significantly harsher sentence on a woman who lied on her benefits applications in order to receive just $4,367 in food stamps to help feed her family:

Homeland Security Coordinated 18-City Police Crackdown on Occupy Protest

Remember when people were freaking out over the Patriot Act and Homeland Security and all this other conveniently ready-to-go post-9/11 police state stuff, because it would obviously be just a matter of time before the whole apparatus was turned against non-Muslim Americans when they started getting complain-y about the social injustice and economic injustice and income inequality and endless recession and permanent unemployment? That day is now, and has been for some time. But it’s also now confirmed that it’s now, as some Justice Department official screwed up and admitted that the Department of Homeland Security coordinated the riot-cop raids on a dozen major #Occupy Wall Street demonstration camps nationwide yesterday and today.

The message from the Occupy movement is a simple one, “We the people of the United States of America will no longer pay for Washington’s mistakes, or Wall Street’s crimes.” It is clear that in the aftermath of APEC, Obama has realized that other nations from whom he needs to borrow more money to float the Federal Reserve Ponzi scheme along are listening to that message. Nobody wants to loan the US any more money, and they are starting to worry that the money they have already loaned the US Government may be at risk.

The only thing of value the US Government has to repay those trillions in debts is the enforced slave labor of the American people, work product taken without compensation, extracted as taxes.

But the nations; creditors are getting nervous. The slaves are starting to say they do not have to pay back debts incurred without their permission! Obama got to hear that from the Asian creditors here in Honolulu.

So the message has gone out to the Gestapo Department of Homeland Security; flog the slaves back into their pens and let the rest of the world see you flog the slaves back into their pens. Because if the rest of the world cannot be convinced that Americans no longer have a free choice regarding the repayment of debts not of their own making, then foreign investors will flee Wall Street, foreign loans to the United States Government will be called in, and the whole almost 100 year-old pyramid scheme will collapse.

That is why Obama ordered DHS to crush the Occupy movement while he is down in Australia maintaining his political distance. Obama has to convince creditors that Americans have been returned to their proper place as indentured slaves whose labor backs the Federal Reserve Notes, and moreover, that we are resigned to live the rest of our lives and condemn our future generations to similar serfdom.

Fannie, Freddie execs score $100 million payday

Mortgage finance giants Fannie Mae and Freddie Mac received the biggest federal bailout of the financial crisis. And nearly $100 million of those tax dollars went to lucrative pay packages for top executives, filings show.

The top five executives at Fannie Mae received $33.3 million in 2009 and 2010, while the top five at Freddie Mac received $28.1 million. And each company has set pay targets of as much as $17 million for its top managers for 2011.

That’s a total of $95.4 million, which will essentially be coming from taxpayers, who have been keeping the mortgage finance giants alive with regular quarterly cash infusions since the Federal Home Finance Agency (FHFA) took control of the companies in September 2008.

I have to wonder; with Fannie Mae asking for yet more taxpayer bailouts this year, Mortgage giant Fannie Mae is asking the federal government for $7.8 billion in aid to covers its losses in the July-September quarter. The government-controlled company said Tuesday that it lost $7.6 billion in the third quarter. Low mortgage rates reduced profits and declining home prices caused more defaults on loans it had guaranteed. Read more: http://www.azcentral.com/business/realestate/articles/2011/11/08/20111108fannie-mae-loss-widens-asks-taxpayers-b.html#ixzz1dsigCUBR, how the hell can its management begin to justify these exorbitant salaries? The quick answer is, if they have not been able to begin to turn around these losses in 3 years, it is just not going to happen.

So, are Fannie and Freddie “too big to fail”?!? Not in my book!

It’s All About Gold Now

Greg Hunter
USA Watchdog

At first blush, it appears that nothing of any importance came of the meeting of the 20 leading economies of the world, but that is not the case. It was widely reported the G20 came up with the idea that Germany might put up its gold reserves to back a bailout fund called the European Financial Stability Facility or EFSF…

Occupy Wall St.: Retired Philly police captain shows up in uniform in solidarity at Zucotti

A retired Philadelphia police officer has appeared at Zuccotti Park to show his solidarity with the protesters, and the Occupy Wall Street movement a day after police rousted and evicted the two-month old encampment. Upon his arrival in full police chief uniform, the officer quickly drew the attention of some of New York’s finest, who approached him to see what he was all about.
He was almost arrested on the spot for becoming “confrontational.”

The crackdown on Occupy protests and the criminalization of dissent

Throughout the United States, city administrations are moving to break up encampments of the Occupy protests, trampling underfoot the constitutionally protected right of assembly.

Police cleared out the Occupy camp in Oakland, California in a predawn raid on Monday, resulting in 32 arrests. This followed the shutting down of the Portland, Oregon encampment, in which 50 people were arrested. Last week, police used truncheons to hit unarmed students attempting to set up a camp at the University of California, Berkeley.

According to one tally, there have been over 3,600 arrests at Occupy protests, mostly in the United States, including 943 in New York City, 370 in Tucson, 352 in Chicago, 206 in Oakland and 153 in Boston.

Amazing video of violence at #OccupySeattle Unprovoked assault by police

Marine Sgt Thomas had a run-in with non-uniformed NYPD officer

at Zuccotti Park Nov 15

Michael Moore Says Obama’s DOJ & DHS Are Coordinating The Destruction The Occupy Movement http://t.co/7FAEDcc0

NYPD using unnecessary violence on peaceful protestors who had just been evicted from Liberty Square. http://ning.it/t4XRoK

 

Citi Chief Economist Willem Buiter: A Spanish Or Italian Default Could Happen In A Few Short Days

Citi’s Willem Buiter whose succinct analysis a few weeks ago sealed the coffin of the worthless EFSF, has just come out with another knock out punch this morning after telling Bloomberg TV what everyone else knows is true, but is terrified to say out loud: namely that, “time is running out fast.” He adds: ” I think we have maybe a few months — it could be weeks, it could be days — before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it.

Please, as reasonably soon as possible, if you can: look at putting what assets you can into gold, silver, and precious metals now.

The excrement may well be very close to being circulated by the ventilation system in the Western banking system, and the whole, fragile business may be coming down soon like an intricate, but unsustainable, house of cards.

Fed Now Largest Owner of U.S. Gov’t Debt—Surpassing China

At the close of business on Tuesday, the debt of the federal government exceeded $15 trillion for the first time–with the largest single owner of the publicly held portion of that debt being the Federal Reserve.

In its latest monthly report, the Federal Reserve said that as of Sept. 28, it owned $1.665 trillion in U.S. Treasury securities. That was more than double the $812 billion in U.S. Treasury securities the Fed said it owned as of Sept. 29, 2010.

the last paragraph above simply describes a book-keeping trick, which is intended to deceive. IT is NOT “intragovernmental debt”, because the Federal Reserve is no more ” a Federal” governmental entity than is Federal Express.

Colbert: “Look at these vicious students attacking these billy clubs with their soft jab-able bellies!”

Stephen Colbert On Berkely Police Violence

Occupy U.C. Berkeley
When U.C. Berkeley student protesters refuse to leave the campus, the university resorts to having them forcibly removed by baton-wielding police.

Obama Prosecuting Fewer Financial Crimes Than Under Either Bush Presidency

George W. Bush, George H. Bush, and Clinton Each Prosecuted Financial Crime More Aggressively than Obama
Top economists and financial experts agree that our economy will never recover unless Wall Street fraud is prosecuted.

But the government has more or less made it official policy not to prosecute fraud, and instead to do everything necessary to cover up for Wall Street.

Occupiers Occupied: The Hijacking of the First Amendment

A funny thing happened to the First Amendment on its way to the public forum. According to the Supreme Court, money is now speech and corporations are now people. But when real people without money assemble to express their dissatisfaction with the political consequences of this, they’re treated as public nuisances and evicted.

U.S. stocks slammed by warning on banks

U.S. stocks fell hard Wednesday after Fitch Ratings signaled trouble for U.S. banks should Europe’s debt trouble worsen, with the crisis overseas continuing to dominate on Wall Street.

How is that ‘globalism’ thing working out for you now?

“Political language is designed to make lies sound truthful and murder respectable, and to give appearance of solidity to pure wind.” – George Orwell

$15,OOO,OOO,OOO,OOOBAMA! – It’s Official: Total US Debt Passes $15 Trillion

… not counting the $47 trillion (maybe more) borrowed and spent to cover the  losses caused by the mortgage-backed securities fraud.

#Rahmageddon – #OccupyChicago – #N17 – will be a massive demonstration of solidarity and action.

Rahm’s answer to Chicago crime, poverty, and massive foreclosure problems is “Austerity”.

The Coming Interest Armageddon

Homeland Security Coordinated 18-City Police Crackdown on Occupy Protest

ccording to Oakland Mayor Jean, 18 cities coordinated police crack downs on Occupy protests.

Wonkette reports that Homeland Security likely organized the crack downs:

Remember when people were freaking out over the Patriot Act and Homeland Security and all this other conveniently ready-to-go post-9/11 police state stuff, because it would obviously be just a matter of time before the whole apparatus was turned against non-Muslim Americans when they started getting complain-y about the social injustice and economic injustice and income inequality and endless recession and permanent unemployment?

“You’re going to see what a Molotov cocktail can do to Macy’s”

After being driven from Zuccotti Park the Occupy Wall Street demonstrators are planning for what they call “a national day of direct action”. This day of action is set to take place tomorrow(Thursday)…

 

Lew Rockwell on “Crazy Keynesianism” and the Police State

Occupy Wall Street after spreading across the country over the last 60 days, in protest of inequality and bank bailouts, to name a few issues, has seen a crackdown. Zuccotti Park, home of Occupy Wall Street was cleared out early this morning by riot police. Yesterday, hundreds of police in riot gear dismantled Occupy Oakland camp, arresting protesters. As for the movement, it continues as protesters march on in New York and in Northern California on the campus of UC Berkeley. As for the response from authorities, if you were an investor, would you wish you could go long police raids? Well we’re pretty sure you can’t, so who stands to benefit from this? We speak to Lew Rockwell, chairman of the Ludwig von Mises Institute.

NYPD deliberately kept reporters and legal observers away during Zuccotti Park raid

There is, for instance, the case of City Councilman Ydanis Rodriguez (D-Washington Heights), who rushed to Zuccotti Park when the raid started and was arrested for disorderly conduct and resisting arrest.

Several people detained with him told me Rodriguez was bleeding badly from a gash in his forehead. Still, by 6 p.m., he had not been arraigned and his lawyer, Leo Glickman, had not been allowed to see him.

“We’re not asking for special treatment,” Glickman said. “We’re asking for him to be treated like everyone else — and he’s not . . . It’s an effort to silence him and silence this protest.”

This entry was posted in Economy, Latest News and tagged , . Bookmark the permalink.