HUNGER: Britain’s Silent, Scandalous Epidemic

Look back in hunger: Britain’s silent, scandalous epidemic (Independent, April 6, 2012):

Evidence is mounting that thousands of children in the UK are not getting enough food to eat – and that, as financial hardship spreads, their numbers are increasing rapidly

Chris is 10. He and his brother are so malnourished that their skins are pale and they have rings under their eyes. Their older brothers have such an unhealthy diet that they have lost their adult teeth. They live in the sixth-richest city in the world – London. The boys are just four among thousands of Britain’s hungry children – victims of a “silent epidemic” of malnutrition in the capital and beyond.

Kids Company, which supports 17,000 children in London, has reported a dramatic increase in the number of children coming to its walk-in centres not in search of shelter or safety, but food. The situation is mirrored around the country. In Barnsley, child-support charities are working with parents who struggle to keep cupboards stocked with such staples as milk, bread and pasta. In Bristol, a youth project has gone from offering a place for teenagers to go for advice and support, to a place they go for a basic meal.

FareShare, a charity that redistributes surplus supermarket food, says soup kitchens, hostels and community groups are struggling to meet demand from parents and young people “desperate” for handouts. Since October, 42 per cent of the groups it works with have faced rising demand for food.

Read moreHUNGER: Britain’s Silent, Scandalous Epidemic

You Ain’t Seen Nothing Yet – Part Two

You Ain’t Seen Nothing Yet – Part Two (ZeroHedge, April 3, 2012)

See also:

You Ain’t Seen Nothing Yet – Part One (ZeroHedge, April 2, 2012)

Keiser Report: How Goldman Sachs Rips Out Eyes, Tears Off Heads Of Its Customers – Britain To Offer 100-Year Gilts – FBI: Paying Cash For Coffee Is A Sign Of Terrorist Intent (Video)


YouTube Added: 17.03.2012

3 In 10 Young Adults Live With Parents, Highest Level Since 1950s

Three in 10 young adults live with parents, highest level since 1950s (Mother Jones, March 15, 2012):

A weak economy and high debt levels are prompting more young adults to return to the family nest, a new survey shows. Perhaps surprisingly, most are happy with their living arrangements.

After graduating from Brown University in 2009 with a bachelor’s degree in comparative literature and completing a Fulbright scholarship in Brazil, Cassie Owens was left with a few dollars on her stipend and no job in sight. So, Ms. Owens returned home to her mother in Philadelphia.

“I moved back home pretty much for lack of money and prospects,” she says. Owens’s cousin, Evon Burton, who also returned home after graduating from Morehouse College in 2009, adds, “The choice is to go out and be in debt or to pursue your dreams and save up money at home, in a safe, stable environment.”

Owens and Burton are among the scores of so-called “boomerang kids,” young adults who move out of the family home for school or work and then return home. Unable to find well-paying work in a weak economy, escalating numbers of young adults – as many as 3 in 10 – are returning home to the family nest, resulting in the highest share of young adults living in multigenerational households since the 1950s, according to a Pew Research Center report released Thursday.

Read more3 In 10 Young Adults Live With Parents, Highest Level Since 1950s

UK: Homelessness Rise Of 14% ‘Just Tip Of The Iceberg’

Homelessness rise of 14% ‘just tip of iceberg’ (Guardian, Mar 8, 2012):

Charities say figure fails to capture huge numbers who are living with friends, in hostels or on streets

Charities have warned that official figures showing a 14% rise in people classed as homeless are just the “tip of the iceberg”, because they fail to capture huge numbers who have been displaced from their home and are living with friends, in hostels or on the streets.

The latest homelessness figures also indicated local authorities are housing homeless families in bed-and-breakfast hotels because of a chronic shortage of suitable private temporary accommodation, a discredited practice that was almost eradicated by the Labour government.

The latest government figures, published on Thursday, showed 48,510 applications for homelessness assistance were approved by councils in England in 2011, up from 42,390 in the previous year, the biggest increase for nine years.

Campaigners warned that the problem would worsen in the coming months as the impact of housing benefit cuts took effect, forcing tens of thousands of families and vulnerable young people out of private rented homes.

There was a 44% increase in households who were accepted as homeless after having their homes repossessed, and a 39% year-on-year increase in the numbers of people seeking help from the council after having their short-term tenancy terminated.

Read moreUK: Homelessness Rise Of 14% ‘Just Tip Of The Iceberg’

UK ‘Must Plan For Euro Collapse’ (BBC News)

Security: UK ‘must plan for euro collapse’ (BBC News, Mar 8, 2012):

Ministers should draw up plans to deal with a break-up of the eurozone “as a matter of urgency”, a committee of MPs and peers has warned.

The joint committee on the government’s National Security Strategy (NSS) said the full or partial collapse of the single currency was “plausible”.

Read moreUK ‘Must Plan For Euro Collapse’ (BBC News)

‘S&P Declares Greece in Default’ (Wall Street Journal) – ‘The Greek Default Begins (Sky News) – ECB Puts Greek Banks On Emergency Aid After Downgrade (Reuters)

ECB puts Greek banks on emergency aid after downgrade (Reuters, Feb. 28, 2012):

Greece’s central bank is likely to step in to smooth funding for the country’s banks after an earlier-than-expected downgrade of the nation’s credit rating prevented them from borrowing against Greek government bonds.

S&P Declares Greece in Default (Wall Street Journal, Feb. 28, 2012):

Greece became the first euro-zone member officially to be rated in default, 13 years after the single European currency was adopted to strengthen the European Union.

Standard & Poor’s cut Greece’s long-term credit rating to selective default from double-C. The move was expected, as S&P said this month that it would consider Greece in default if it added “collective-action” clauses to its sovereign debt, effectively forcing all bondholders to accept a bond-swap offering. …

The Greek Default Begins (Sky News, Feb. 28, 2012):

The talking is over; it is finally happening. For the first time since World War Two, a developed nation is going into default.

That’s the significance of the events of the past 24 hours, with Greece’s debt being classified as in “selective default” and the European Central Bank banning it from its cash window. Months of planning by both banks and policymakers have gone into ensuring that Greece’s negotiated default will be a smooth painless process. We are about to find out whether that planning pays off.

Now, we shouldn’t be surprised by Standard & Poor’s decision to cut the rating on Greece’s sovereign debt from CC to SD (which stands for “selective default”). The ratings agencies had always said that, given private investors are about to lose just over half the value of their debt (through a complex bond swap), this downgrade would be a natural consequence.

Nor should we be shocked that the ECB says it will no longer accept Greek debt as collateral: in fact, the only surprise is that it’s taken this long – on the basis of the ECB’s previous policy, the bonds should have become ineligible when were first downgraded from investment status two years ago.

Read more‘S&P Declares Greece in Default’ (Wall Street Journal) – ‘The Greek Default Begins (Sky News) – ECB Puts Greek Banks On Emergency Aid After Downgrade (Reuters)

So Greece ‘Defaults’ And Europe Moves On …

FYI.


So Greece ‘Defaults’ And Europe Moves On… (ZeroHedge, Feb. 28, 2012):

Via Peter Tchir of TF Market Advisors,

So far there are no dramatic consequences of the Greek default. The ECB did say they couldn’t accept it as collateral, but national central banks (including Greece’s somehow solvent NCB) can, so no real change.  We will likely get a Credit Event prior to March 20th once CAC’s are used to get the deal fully done.  Will the market respond much to that?  Probably not, though there is a higher risk of unforeseen consequences from that, than there was from the S&P downgrade.

Read moreSo Greece ‘Defaults’ And Europe Moves On …