The Economy

THOUGHT FOR THE DAY!

“To announce that there must be NO criticism of the President, or that we are to stand by the President Right or Wrong, is not only UNPATRIOTIC and SERVILE, but is Morally TREASONABLE to the American Public.” — Former Republican President, Theodore Roosevelt

Life after Collapse + Alternative Energy + The Idiocy of Bankers and Government

 

There is a lot of potential technology out there, but the oil cartels are still dominating our politics, they don’t want anything else to come in there and so the US government took almost 100 trillion dollars of money that they could have used to make a better nation and they spent it to basically keep the WallST ceo’s from going to jail. Now had they let those guys go to jail like they did in Iceland and they had taken that same 100 trillion dollars on pure research for energy and new space programs and whatever… they could have bought thorium cycle reactors for every major city in the USA.

Burger burden: UN proposes junk food tax

Such a “sin tax” should be introduced for all kinds of snacks, sodas and hamburgers in all parts of the world to help the estimated billion people who suffer from undernourishment, as well as another billion who remain overweight or obese, the UN insists.

Has your petrol price been going up lately here in Australia. Don’t forget the unthinking and obedient US slave the Australian government has imposed sanctions on Iran, a country which has never done Australia any harm. 

Iran oil ban to hit 10 main crude importers hardest: Article

According to the article, main importers of Iran’s crude including China, India, Japan, South Korea, Turkey, Italy, Spain, Greece, South Africa and France will be adversely affected by any disruption in Tehran’s oil exports.

The article says when European Union (EU) sanctions are put into place on July 1, nearly 600,000 barrels of oil per day will come off the market as a result of which the price of Brent Crude would rise to about USD 138 per barrel.

“But it’s worth it, really, because it will make Israel happy, and you don’t want to make Israel unhappy, right?” — Official White Horse Souse

Biderman: Fed Helping Wall Street and Corporate America Rig the Stock Market

And other markets as well.

There will be a ‘reversion to the mean’ and a return to the primary trends. And if it happens precipitously, it will shake the nation.

The problem with the Fed’s ‘stimulus’ is that it is a blunt instrument, and is largely channeled by those with their hands on the financial throttle into their own pockets, and not into the productive efforts of the real economy.

‘Modern Monetary Theory’ merely shifts the money printing power from the Fed directly into the hands of the Treasury and the politicians.

This is not Keynesianism but crony capitalism. Austerity is also another Wall Street alternative, allowing the monied interests to obtain productive assets on the cheap.

You can’t make an economy from mowing peoples yards, making their beds, serving them junk food and talking them through lifes many problems. Economies are made from producing widgets other people want to buy. 

The Land of the Mega-rich: No Jobs For Americans

Of the reported new service jobs, 29% are in health care and social services. The categories that account for the health services jobs are ambulatory health care services and hospitals. Waitresses and bartenders account for 20% of the reported new jobs. Employment services account for 29% of the new reported jobs. Transportation and warehousing accounted for 5% of the reported new jobs, despite a loss of 60,000 jobs in general merchandise and department stores.

In other words, the vast majority of the new jobs are low paying jobs, except for a few truck drivers.

Other conclusions that we can draw are:

The US has nothing to export to reduce its massive trade deficit, which has, sooner or later, disastrous implications for the US dollar.

Welcome to Ameristan, courtesy of the previous and present administrations’ economic policies!

“A harder Default To Come”

No economy can service a gargantuan—and rapidly growing—mountain of debt when only 36.1% of its people contribute (by comparison, the US employment population ratio is 58.6%, down from 64.7% in 2000). Hence, another bout of red ink. The “cash deficit” at the end of 2011 hit €24.9 billion, 11.5% of GDP, far above the general budget deficit. Government-owned enterprises, such as the public healthcare sector, couldn’t pay their bills. Total owed their suppliers: €5.73 billion.

We have seen the firewalls! In fact, we probably paid for them!

Dutch Freedom Party pushes euro exit as €2.4 trillion rescue bill looms

The Dutch Freedom Party has called for a return to the Guilder, becoming the first political movement in the eurozone with a large popular base to opt for withdrawal from the single currency.

Occupy OKC Filmmaker Lands on “No-Fly List”

OKLAHOMA CITY — An Oklahoma City writer and filmmaker active in Occupy OKC has been placed on the federal No Fly List.

Mark Faulk was surrounded by TSA agents at the United Airlines ticket counter at Will Rogers World Airport on February 29th, when trying to obtain a boarding pass to travel to New York City to attend the March 2nd premiere of a anti-Wall Street film he worked on.

Faulk, who has researched and covered financial fraud since 2004, said that he tried to check in online, only to receive a notice that said “Unable to Complete Check-in. Your reservation requires special handling. Please check in at an airport kiosk.”

ISDA Says Greece In Default, CDS Will Trigger

ISDA has now declared that Greece’s restructuring does represent a default, meaning credit default swaps will trigger. Read the statement here.

UPDATE (2:43 p.m.): An ISDA spokesman told Forbes no decision has been reached regarding on whether Greece’s restructuring qualifies as a credit event, which would in turn trigger CDS protection.

In other words, the people who bought those credit default swaps are about to get screwed to save the banks that sold those credit default swaps!

British banks hit by new mis-selling scandal

All of the UK’s major banks, including Barclays and HSBC, as well as taxpayer-backed lenders Lloyds Banking Group and Royal Bank of Scotland, are facing legal action which could lead to billions of pounds of damages for small and medium-sized businesses.

The businesses claim the banks profited at their expense from pushing them to take out highly complex interest rate derivatives.

The Successes & Failures of Occupy Movement

Press TV interviewed Mark Mason, an Occupy movement protester, who expounds on the successes of the anti-corporate campaign and the change they hope to make in the United States.

Dr. Webster Griffin Tarpley, author and historian from Washington and Joshua Blakeney, activist and staff writer for Veterans Today in Calgary analyze the strategy for effective change…

Top US bank sets up BPO in Philippines

Despite moves by US President Barack Obama and the United States Congress to discourage outsourcing, one of the biggest US banks has decided to locate some of its non-core business support activities in the Philippines.

Wells Fargo & Co., the second largest US bank in deposits, home mortgage servicing and debit cards with $1.3 trillion in assets, is setting up a business support center in Manila as the country’s booming business process outsourcing (BPO) industry is projected to produce more than 120,000 new jobs this year.

British banks hit by new mis-selling scandal

Britain’s leading banks are facing new allegations of mis-selling complex financial products to hundreds of small businesses despite them having little knowledge of what they were buying, a Sunday Telegraph investigation has revealed.

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