Great Depression

Spain: It’s The Greatest Depression, Stupid! – ‘Sadly, The Nightmare In Spain Is Just Beginning.’

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From the article:

#10 The unemployment rate in Spain is up to an astounding 24.6 percent. The unemployment rate in Spain is already higher than it was in the United States at the peak of the Great Depression of the 1930s.

#11 The youth unemployment rate in Spain is now over 52 percent.

That is a depression, not a recession.

AND:

– Spain Is Out Of Money In 40 Days … And ‘Spain Has No Plan B’ (FAZ)

Prepare for the collapse of the euro:

– Billionaire Eric Sprott: ‘There Isn’t A Solution To The Problem’ – ‘If The People Had Any Sense They Would Be Buying (PHYSICAL) Gold And/Or Silver’

– 12 Signs That Spain Is Shifting Gears From Recession To Depression (Economic Collapse, July 23, 2012):

Where have we seen this before?  Bond yields soar above the 7 percent danger level.  Check.  The stock market crashes to new lows.  Check.  Industrial activity plummets like a rock and the economy contracts.  Check.  The unemployment rate skyrockets to more than 20 percent.  Check.  The bursting of a massive real estate bubble pushes the banking system to the brink of implosion.  Check.  Broke local governments beg the broke national government for bailouts.  Check.  The international community pressures the national government to implement deep austerity measures which will slow down the economy even more and hordes of violent protesters take to the streets.  Check.  All of this happened in Greece, it is happening right now in Spain, and mark my words it will eventually happen in the United States.  Every debt bubble eventually bursts, and right now Spain is experiencing a level of economic pain that very, very few people saw coming.  The recession in Spain is rapidly becoming a full-blown economic depression, and at this point there is no hope and no light at the end of the tunnel.

The bad news for the global economy is that Spain is much larger than Greece.  According to the United Nations, the Greek economy is the 32nd largest economy in the world.  The Spanish economy, on the other hand, is the 4th largest economy in the eurozone and the 12th largest economy on the entire planet.  It is nearly five times the size of the Greek economy.

Read moreSpain: It’s The Greatest Depression, Stupid! – ‘Sadly, The Nightmare In Spain Is Just Beginning.’

PM Antonis Samaras Admits: Greece Now In ‘Great Depression’

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This is the ‘Greatest Depression’ and the greatest financial/economic collapse in (known) world history is well on its way.

– Greece now in “Great Depression”, PM says (Reuters, July 22, 2012):

Greece is in a “Great Depression” similar to the American one in the 1930s, the country’s Prime Minister Antonis Samaras told former U.S. President Bill Clinton on Sunday.

Samaras was speaking two days before a team of Greece’s international lenders arrive in Athens to push for further cuts needed for the debt-laden country to qualify for further rescue payments and avoid a chaotic default.

Athens wants to soften the terms of a 130-billion euro bailout agreed last March with the European Union and the International Monetary Fund, to soften their impact on an economy going through its worst post-war recession.

Read morePM Antonis Samaras Admits: Greece Now In ‘Great Depression’

The Financial Crisis Was Foreseeable … Thousands Of Years Ago!

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– The Financial Crisis Was Foreseeable … Thousands of Years Ago (ZeroHedge, July 20, 2012):

We’ve known for 4,000 years that debts need to be periodically written down, or the entire economy will collapse. And see this.

We’ve known for 2,500 years that prolonged war bankrupts an economy.

Read moreThe Financial Crisis Was Foreseeable … Thousands Of Years Ago!

‘How Close Are We to New Great Depression?’ (CNBC): ‘If This Credit Bubble Pops, The Depression Could Be So Severe That I Don’t Think Our Civilization Could Survive It.’

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– How Close Are We to New Great Depression? (CNBC, July 16, 2012):

The risk of a new depression — a sustained, severe recession — has struck fear into the heart of markets and driven monetary policy in developed economies since the current financial crisis began.

“We’re in a very unfortunate position to be here,” Richard Duncan, author of The New Depression, warned on CNBC’s “Squawk Box Europe” Monday.

“When we broke the link between money and gold, this removed all constraints on credit creation. This explosion of credit created the world we live in, but it now seems that credit cannot expand any further because the private sector is incapable of repaying the debt it has already, and if credit begins to contract, there’s a very real danger that we will collapse into a new Great Depression,” he argued.

“If this credit bubble pops, the depression could be so severe that I don’t think our civilization could survive it.”

…

Collapse: US Labor Market Is In A Full-Blown Depression

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This is the ‘Greatest Depression’.

– Dr. Paul Craig Roberts: Collapse At Hand – Gold And Silver Price Manipulation

– Collapse: Record Number Of US Households On Foodstamps – 46,405,204 People At Or Below Poverty Level And Thus Eligible For Foodstamps, A 79K Increase In The Month

– Peter Schiff Exposes And Destroys Fed Chairman Ben Bernanke (Video) … ‘The Collapse Is Coming Soon’

– ‘THE END GAME’: ‘It Is The Big Reset’ – ’2012 And 2013 Will Usher In The End’ – The Scariest Presentation Ever?

– Collapse: Foreclosures Made Up 26 Percent Of U.S. Home Sales In First Quarter Of 2012

– Collapse: 100 Million Americans Don’t Have A Job!

– 1 In 3 Americans (100 Million People) Living Either In Poverty Or Just Above It

Flashback:

Jan 2011: Hiding The Greatest Depression: How The US Government Does It:

The real US unemployment rate is not 9.8% but between 25% and 30%. That is a depression level of job losses …

Aug 2010: Welcome to the Recovery (New York Times, by Timothy Geithner)

– The US Labor Market Is In A Full-Blown Depression (ZeroHedge, June 6, 2012):

Now that stocks are back to reflecting nothing more than expectations of how many times the Chairsatan dilutes the existing monetary base in a carbon copy replica of not only 2011 but also 2010… and 2009 (because contrary to what purists may believe, the only way to inflate away unsustainable debt in a growth-free economy is by destroying the currency), and manic pattern chasers have crawled out of their holes proclaiming the death of the bear market after a two day bounce, what is happening in the actual economy, no longer reflected by the market, has once again been pulled back to the backburner. Which is sad, because while ever fewer people reap the benefits of artificial, centrally-planned S&P rallies, the rest of the population suffers, and what is worse: hope for a quiet, middle-class life is now an endangered species. Nowhere is this more evident than in the following list from David Rosenberg which summarizes how, quietly, the US labor force slipped back into a full-blown depression.

From David Rosenberg:

One Sick Labor Market

There were so many disturbing elements to the May jobs data that we’re not sure we can do justice to the litany of disappointments (with some help from our friends at the Investor’s Business Daily):

Read moreCollapse: US Labor Market Is In A Full-Blown Depression

The US Has Finally Done It: Mexican Immigrants Become Emigrants

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– The US Has Finally Done It: Mexican Immigrants Become Emigrants (ZeroHedge, April 24, 2012):

You know its bad when…the net flow of Mexicans into the US has fallen so much that there is a high probability that it is now in reverse ending around forty years of inward migration. The Pew Hispanic Center notes that the standstill – after more than 12 million current immigrants have entered the US – more than half of whom are illegal – appears to be the result of many factors including a weakened US job and construction market, tougher border enforcement, a rise in deportations, growing dangers associated with border crossing, a long-term decline in Mexico’s birth rate, and changing (read perhaps more opportunistic) economic conditions in Mexico (especially if you work at WalMex). This sharp downward trend in net migration has led to the first significant decrease in at least two decades in the number of unauthorized Mexican immigrants living in the U.S. – to 6.1 million in 2011, down from a peak of nearly 7 million in 2007. In the five years from 2005 to 2010, about 1.4m Mexicans immigrated to the US – exactly the same number of Mexican immigrants and their US-born children who quit the US and moved back or were deported to Mexico. By contrast, in the previous five years to 2000 some 3m Mexicans came to the US and fewer than 700,000 left it. It will be interesting to see the spin that the Obama and Romney camps put on this hot-button topic as the ‘Dream Act’ turns into a nightmare and hardline anti-illegal immigration stances become, well, less relevant as Mexicans become Mexican’ts.

Among the report’s key findings:

Read moreThe US Has Finally Done It: Mexican Immigrants Become Emigrants

For First Time Since Depression, More Mexicans Leave U.S. Than Enter

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– For first time since Depression, more Mexicans leave U.S. than ente (Washington Post, April 24, 2012):

A four-decade tidal wave of Mexican immigration to the United States has receded, causing a historic shift in migration patterns as more Mexicans appear to be leaving the United States for Mexico than the other way around, according to a report from the Pew Hispanic Center.

It looks to be the first reversal in the trend since the Depression, and experts say that a declining Mexican birthrate and other factors may make it permanent.

Is The U.S. Treasury’s Imminent Launch Of Floaters The Signal To Get Out Of Dodge?

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ZeroHedge:

“In a few weeks the Treasury will most likely launch Floating Rate Notes. Will that be the signal to get out of Dodge? If history is any precedent, and especially the 1951 Accord… you bet.”

– Is The Treasury’s Imminent Launch Of Floaters The Signal To Get Out Of Dodge? (ZeroHedge, April 10, 2012):

Today, our favorite IMF economist, and arguably one of the few people who sees the big picture, Manmohan Singh issued a paper titled “Money and Collateral“, which, not surprisingly, deals with the issues of money and collateral. And while it provides an interesting read, we can jump to the conclusion which is, not surprisingly, that there is simply not enough collateral within the global financial system, which in turn inhibits the proper intermediation of banks in traditional monetary conduits (due to the need for central banks to intervene in the place of traditional banks and shadow banking entities), which keeps the money multiplier low. We have extensively covered the issue of collateral scarcity and encumbrance previously (read: “Encumbrance 101, Or Why Europe Is Running Out Of Assets“, “No Record Profits For Old Assets: Jim Montier On Unsustainable Parabolic Margin Expansion For Dummies“, “A Few Quick Reminders Why NOTHING Has Been Fixed In Europe (And Why LTRO 3 Is Not Coming)“, “How The Fed’s Visible Hand Is Forcing Corporate Cash Mismanagement“) so the paper’s conclusion should not come as a surprise: until cash is used to replenish a diminishing, cash-poor asset base, nothing can change. Unfortunately, in the ultimate Catch 22, under central planning companies are disincentivized from investing cash into CapEx and organic growth, and instead are spending it on M&A and dividends, the two worst decisions management can take over the long run. It was one of the tangential “boxes” in the Singh paper titled “Floating Rate Note “puts”—are they forthcoming?” that caught our attention because it reminded us that in all the distraction over the past 3 months, we had forgotten that probably the most important event of 2012 is about to take place, and it has nothing to do with Europe, or with a central bank’s balance sheet. Namely: the imminent arrival of Floating Rate Note Treasurys, or Floaters. In reality, while we noted this very curious development before (here and here), we did not think too much into what the Treasury may be signalling. Which was a mistake, because if Singh is correct, the US Treasury may be telegraphing to the world that it, or far more importantly, the TBAC, is quietly preparing for a surge in interest rates. Which as everyone and the kitchen sink knows, is THE black swan event (or gray for you taleb purists).

Read moreIs The U.S. Treasury’s Imminent Launch Of Floaters The Signal To Get Out Of Dodge?

You Ain’t Seen Nothing Yet – Part Two

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– 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)

The Only Thing We Have To Fear Is Fear Itself … And Governments Telling Us What To Fear: Why The Beginning Of The End Started With FDR’s Confiscation Of Gold

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– The Only Thing We Have To Fear Is Fear Itself… And Governments Telling Us What To Fear: Why The Beginning Of The End Started With FDR’s Confiscation Of Gold (ZeroHedge, Sep 4, 2011):

As is well-known by now, following America’s collapse in the first Great Depression back in 1929, one of the first decisions undertaken by president FDR, not even a month following the first of four inaugural speeches (in which he notably said that “the only thing we have to fear is fear itself“) was to respond to the rolling bank runs and shutdowns, by doing something unprecedented: confiscating the gold of American citizens. And then he logically followed up by doing the only thing that insolvent governments know how to do: he debased the US Dollar overnight by 40% by changing the official exchange ratio of the USD to gold from $20.67 per ounce to $35.00 per troy ounce. Alas, since exchanging such gold would be impossible until 40 years later, nobody could take advantage of this generous offer. It is this point in history that to William Buckler of the famous Privateer newsletter marks the transition of American government from republican (on behalf of the people) to being authoritarian (in control of the people). It also begs the question: what did FDR offer in return for gold confiscation – after all if gold confiscation is not “something to be feared” then there is a quid pro quo. Why he gave us Social Security and the Welfare state. The same “welfare” state whose unfunded obligations amount to roughly $80 trillion, and whose increasingly tangible insolvency is precisely the reason why ever more capital is shifting right back to, you guessed it, gold. Perhaps FDR should have added that in addition to fear itself, the one other thing everyone should fear is governments believing they they know what they are doing when transitioning to central planning an an authoritarian regime based on nothing but faith.

From the latest Privateer newsletter:

The US banking collapse which occurred early in 1933 was the result of a huge withdrawal of Gold by both foreigners and Americans. There was real fear that the incoming government would repudiate the Gold standard – just as the UK government had done in late 1931. The worst nightmare of all central bankers was taking place. Just as Mr Bernanke does today, Fed Chairman Eugene Mayer had access to (primitive) helicopters and printing presses. What he did not have was a “fiat” currency. As long as foreigners – AND AMERICANS – could redeem their US Dollars for Gold, his hands were tied.

Read moreThe Only Thing We Have To Fear Is Fear Itself … And Governments Telling Us What To Fear: Why The Beginning Of The End Started With FDR’s Confiscation Of Gold

The Greatest Financial Collapse In World History Has Officially Begun

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– The Great Collapse Has Officially Begun (ZeroHedge, Aug 20, 2011):

I’ve been warning of this for well over two years. My primary warnings were:

  • 1)   That 2008 was just a warm-up
  • 2)   That the REAL Crisis had yet to unfold
  • 3)   That the REAL Crisis would make 2008 look like a picnic

Well, the period I’ve been warning of is now here.  What’s happening right now is not just a market crash, bear market, deflation, or any other item related to just one asset class.

Instead, this is a collapse of the entire US monetary and political system and the mentality of spending one’s way to wealth.

For 80+ years, the US has operated under a crony capitalist system in which politicians dole out political and economic favors to the chosen few whose bribes/donations funded their campaigns.

Read moreThe Greatest Financial Collapse In World History Has Officially Begun

Mike Krieger of KAM LP Explains Why QE 3 Will Merely Keep The Lights On – ‘The Stampede Is Yet To Come. But Come It Will.’

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– Mike Krieger Explains Why QE 3 Will Merely Keep The Lights On (ZeroHedge, July 8, 2011):

From Mike Krieger of KAM LP

“Whenever the economic life of a nation becomes pre¬carious, the central government is forced to assume additional responsibilities for the general welfare.  It must work out elaborate plans for dealing with a criti-cal situation; it must impose ever greater restrictions upon the activities of its subjects; and if, as is very likely, worsening economic conditions result in polit¬ical unrest, or open rebellion, the central government must intervene to preserve public order and its own authority. More and more power is thus concentrated in the hands of the executives and their bureaucratic managers. But the nature of power is such that even those who have not sought it, but have had it forced upon them, tend to acquire a taste for more. “Lead us not into temptation,” we pray — and with good reason; for when human beings are tempted too enticingly or too long, they generally yield. A democratic constitu¬tion is a device for preventing the local rulers from yielding to those particularly dangerous temptations that arise when too much power is concentrated in too few hands.”
– Aldus Huxley, Brave New World Revisited

“A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. …He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist.”
– Marcus Tullius Cicero (106 BC—43 BC)

QE3:  It Will Merely Keep the Lights On

This is a piece that has been festering in my head for quite some time now and I was waiting for the right moment to pen it.  That time is now.  In some ways The Bernank made a huge mistake by not launching QE3 right away when he had the chance.  Now don’t get me wrong, I am not in favor of any of this nonsense and I think The Bernank’s profession needs to go the way of the dodo bird, but I mean from the perspective of a Central Banker I think he made a big mistake by taking a breather from at least the printing and manipulations that they admit to.  The reason I say this is because up until the last month or so The Fed had been essentially telling the American sheeple that all was under control and that since The Bernank had studied the Great Depression and Japan he could save us from all the mistakes that were made back in those less enlightened times.  The Fed was saying that they could pull off the equivalent of preventing a serious hangover for someone that chugged an entire bottle of tequila.  They basically claimed to have found a way to break the laws of the universe.

Unfortunately for them, the cruel forces of reality have intervened and proven that they actually did not figure out how to change the immutable laws of physics.  This truth became abundantly clear at The Bernank’s most recent press conference (which if he is smart will be his last) where it became all too clear that even he comprehends on some level that his theories and in fact his entire life has been a complete waste of time and energy.  That would be ok if he were confined to some University lecture hall; however, his lunacy was unleashed on the entire planet and we will all suffer the dire consequences of it for many years to come.  He has basically shoved another bottle of tequila down the throat of the already passed out drunkard and now he not just unconscious but is DYING.

Read moreMike Krieger of KAM LP Explains Why QE 3 Will Merely Keep The Lights On – ‘The Stampede Is Yet To Come. But Come It Will.’

The No.1 Trend Forecaster Gerald Celente: Collapse – It’s Coming! Are You Ready? (06/14/2011)

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See also:

– The No.1 Trend Forecaster Gerald Celente’s Dire Warning For The World

– Urban Danger (Free Documentary) – Congressman Warns: ‘Those Who Can, Should Move Their Families Out of the City’

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente.
– New York Post

When CNN wants to know about the Top Trends, we ask Gerald Celente.
– CNN Headline News

There’s not a better trend forecaster than Gerald Celente. The man knows what he’s talking about.
– CNBC

Those who take their predictions seriously … consider the Trends Research Institute.
– The Wall Street Journal

A network of 25 experts whose range of specialties would rival many university faculties.
– The Economist

KINGSTON, NY — Everything is not all right. And things are going to get worse… much worse. The economy is on the threshold of calamity. Wars are spreading like wildfires. The world is on a razor’s edge.

Not so, say world leaders and mainstream media experts. Yes, there are problems, but the financiers and politicians are aware of them. Policies are already in place and measures are being taken to correct them.

Whether it’s failing economies, intractable old wars or raging new wars, the word from the top always maintains that steady progress is being made and comforts the populace with assurances that the brightest minds and the sharpest generals are in charge and on the case. On all fronts, success is certain and victory is at hand. Only “patience” is required … along with more men, more time and more money.

As far as these “leaders” and their media are concerned, the only opinions that count come from a stable of thoroughbred experts, official sources and political favorites. Only they have the credentials to speak with authority and provide trustworthy forecasts. That they are consistently, if not invariably, wrong apparently does nothing to diminish their credibility.

How can any thinking adult possibly imagine that the same central bankers, financiers and politicians responsible for creating the economic crisis are capable of resolving it? Within days of its announcement, we predicted that Bush’s TARP (Troubled Asset Relief Program) was destined to fail, and subsequently predicted the same for Obama’s stimulus package (The American Recovery and Reinvestment Act). They were no more than cover-ups; there would be no recovery.

Meet the New Plan, Same as the Old Plan

Read moreThe No.1 Trend Forecaster Gerald Celente: Collapse – It’s Coming! Are You Ready? (06/14/2011)

US: Chronic Unemployment Worse Than Great Depression (CBS News)

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Flashback:

– Hiding The Greatest Depression: How The US Government Does It:

The real US unemployment rate is not 9.8% but between 25% and 30%. That is a depression level of job losses …

See also:

– Recovery! US Has To Create Only 250K Jobs A Month For 66 Months To Return To December 2007 Unemployment By End Of Obama’s Second Term

As long as the American people elect elite puppet Presidents like Bush or Obama they are doomed to become slaves!

Change is The Greatest Depression!

– Chronic unemployment worse than Great Depression (CBS News, June 5, 2011):

There is an unfortunate adage for the unemployed: The longer folks are out of a job, the longer it takes them to find a new one.

CBS News correspondent Ben Tracy reports that the chronically unemployed face the hardest road back to recovery, and that while the jobs picture may be improving statistically on a national level, it is not for them.

Tinong Nwachan, for example, has far too much time on his hands. When CBS News met the former truck driver he had been out of work for two years.

“I don’t really tell too many people this but I’m not ashamed or nothing, I’m homeless,” Nwachan said.

Read moreUS: Chronic Unemployment Worse Than Great Depression (CBS News)

Market Strategist: ‘We’re on the verge of a great, great depression. The Federal Reserve knows it.’

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… and created it, together with the government, following orders from their elite masters.

Again, this is the ‘Greatest Depression’.

– Wall Street Baffled by Slowing Economy, Low Yields: Trader (CNBC, June 1, 2011):

Wall Street is having a hard time figuring out what to do now that the U.S. economy appears to be sputtering and yields are so low, Peter Yastrow, market strategist for Yastrow Origer, told CNBC.

“What we’ve got right now is almost near panic going on with money managers and people who are responsible for money,” he said. “They can not find a yield and you just don’t want to be putting your money into commodities or things that are punts that might work out or they might not depending on what happens with the economy.

“We need to find real yield and real returns on these assets. You see bad data, you see Treasurys rally, you see all bonds and all fixed-income rally and then the people who are betting against the U.S. economy start getting bearish on stocks. That’s a huge mistake.”

Stocks extended losses after the manufacturing fell below expectations in May and the private sector added only 38,000 jobs during the month.

“Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything,” Yastrow said. “We’re on the verge of a great, great depression. The [Federal Reserve] knows it.”

Read moreMarket Strategist: ‘We’re on the verge of a great, great depression. The Federal Reserve knows it.’

US House Prices Have Now Fallen More Than They Did During The Great Depression

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– Falling Home Prices Hit Big Banks, Fannie, Freddie (CNBC, 31 May 2011):

Home prices began double-dipping months ago, but now that S&P/Case Shiller has chimed in, it really must be so.

This report is the most widely-followed home price index, equally quoted in bank boardrooms, Treasury Department back rooms, and Congressional Committees.

The report finds home prices in Q1 of this year are now 2.9 percent below the previous quarterly bottom in Q1 of 2009, effectively giving up all the gains of the past few years, which were of course fueled by the home buyer tax credit.

“Just about everybody agrees we’re going to miss the seasonally strong period in 2011, which we should be at the very beginning of right now with May, but nobody thinks that will make any difference,” says S&P’s David Blitzer. “Everybody’s now keeping their fingers crossed for 2012 and wondering whether people just don’t want to own homes anymore.”

Keeping your fingers crossed for the housing market is just the tip of the iceberg. Prices have now fallen, on this index, more than they did during the Great Depression. “On that occasion, the peak in prices was not regained until 19 years after they first fell,” notes Paul Dales at Capital Economics.

Read moreUS House Prices Have Now Fallen More Than They Did During The Great Depression

US Poverty Levels Equal to the 1930s For Some 16 Percent Of The Population

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“When a country embarks on (record) deficit financing (Obamanomics) and inflationism (Quantitative easing) you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.”
– Ron Paul

The other 93% will be destroyed in the coming greatest financial collapse. (1% will get richer.)

This is the Greatest Depression.

Wall Street at least temporarily relieved of the burden of having to buy Treasuries & Agency bonds, is looking at the jump in oil prices as nothing more than an irritant to their plans for a higher market. Bill Dudley of the NY Fed, a most powerful member, continues to make a vigorous defense of Federal Reserve policies. He, and a few other Fed participants, and Chairman Bernanke believe liquidity is the key for solving problems. That is not only in the realm of debt purchases, but in the relief it brings to Wall Street and banking. It relieves them of the responsibility of having to make those purchases to assist the Fed. Those funds can then be directed toward other investments, such as la liquidity-driven stock market rally. The correlation between the movements in the Fed balance sheet and market can be traced to 85% of market movement for the past 2-1/2 years. An interesting result of Fed manipulative policy is low level of short interest during this period. Most of the professional market players knew the market was headed higher, because they knew such overwhelming liquidity injections would have to take it higher.

They also knew that the Fed had to keep the wealth affect going, because the market was the only generator of wealth left, as the bond market bubble would be broken eventually. The Fed has engineered a market recovery and Wall Street knew what they were up too. QE1 saved the financial community and QE2 saved the government debt structure at least temporarily. The wealth effect has been saved temporarily as well. The public has been left with a pile of crumbs as they struggle for survival. Unemployment has improved ever so slightly and now we have a new problem to increase the suffering and that is much higher oil prices.

Read moreUS Poverty Levels Equal to the 1930s For Some 16 Percent Of The Population

Housing Armageddon: 12 Facts Which Show That We Are In The Midst Of The Worst Housing Collapse In US History

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This is as I’ve said many, many times ‘The Greatest Depression’.

We are officially in the middle of the worst housing collapse in U.S. history – and unfortunately it is going to get even worse.

Already, U.S. housing prices have fallen further during this economic downturn (26 percent), then they did during the Great Depression (25.9 percent).

Approximately 11 percent of all homes in the United States are currently standing empty.  In fact, there are many new housing developments across the U.S. that resemble little more than ghost towns because foreclosures have wiped them out.

Mortgage delinquencies and foreclosures reached new highs in 2010, and it is being projected that banks and financial institutions will repossess at least a million more U.S. homes during 2011.

Meanwhile, unemployment is absolutely rampant and wage levels are going down at a time when mortgage lending standards have been significantly tightened.

That means that there are very few qualified buyers running around out there and that is going to continue to be the case for quite some time to come.

When you add all of those factors up, it leads to one inescapable conclusion.  The “housing Armageddon” that we have been experiencing since 2007 is going to get even worse in 2011.

Read moreHousing Armageddon: 12 Facts Which Show That We Are In The Midst Of The Worst Housing Collapse In US History

America – The End of Liberty (Documentary)

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How the U.S. is headed for a complete societal collapse! The most important film of all time!

Source: National Inflation Association

Overdose – The Next Financial Crisis (Documentary)

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Just in case you still haven’t watched this:

– George Carlin: The American Dream

1 of 3:

2 of 3:

3 of 3:

An ABC – Four Corners documentary about the coming economic crisis, featuring Gerald Celente and Peter Schiff. Original air date: 23rd August, 2010.

See also:

– Prof. Nouriel Roubini: No Defence Left Against Double-Dip Recession

– American Deaths In Afghanistan Surpass Highest Annual Record

– US: Record 1 in 6 Americans in Government Anti-Poverty Programs

– California Delays $2.9 Billion School, County Payments In September Amid Budget Impasse

– US Home Sales in July: Record Drop Of 27 Percent, The Largest Monthly Drop On Record

– US Cities Sell Parking, Airports, Zoo To Help Closing Budget Gaps

– Nearly 50 Percent leave Obama Mortgage-Relief Program

– The No.1 Trend Forecaster Gerald Celente: And Now We’re Headed For The GREATEST Depression

– US: Jobless Claims Jump to Highest Level Since November

– US: Bankruptcies Reach Nearly 5-Year High

– US Cities Face Up To MASSIVE Cuts

– Why the US is as busted as a busted flush – IMF analysis suggests the US is fiscally bankrupt

– John Williams: ‘Times That Try Our Souls’ (U.S. Bankruptcy – Hyperinflation – Great Depression), Preparedness Can Save Your Life:

The government is effectively bankrupt. Using GAAP accounting principles, the annual deficit is running in the range of $4 trillion to $5 trillion. That’s beyond containment. The government can’t cover it with taxes. They’d still be in deficit if they took 100% of personal income and corporate profits. They’d also still be in deficit if they cut every penny of government spending except for Social Security and Medicare. Washington lacks the will to slash its social programs severely, to change its approach to ever bigger government. The only option left going forward is for the government eventually to print the money for the obligations it cannot otherwise cover, which sets up a hyperinflation.

The No.1 Trend Forecaster Gerald Celente: And Now We’re Headed For The GREATEST Depression

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The fake “recovery” was nice while it lasted, says famous apocalyptic forecaster Gerald Celente, founder of the Trends Research Institute. But now the fun’s over, and we’re headed for what Celente describes as the “Greatest Depression.”

Specifically, the always startling Celente says the country is headed for rising unemployment, poverty, and violent class warfare as the government efforts to keep the economy going begin to fail.

The crux of the problem, Celente argues, is that the middle class has been wiped out. America used to be a land of opportunity for all, where hard-working people could build their own small businesses in their own communities and live prosperous and fulfilling lives. But now a collusion of state and corporate interests that Celente describes as “fascism” have conspired to help only the biggest companies and the richest Americans. This has put a shocking amount of the country’s wealth in the hands of a privileged few and left the rest of the country to subsist on chicken-feed wages and low job satisfaction as Wal-Mart “associates” — or worse.

Read moreThe No.1 Trend Forecaster Gerald Celente: And Now We’re Headed For The GREATEST Depression

Judge Napolitano on Freedom Watch With Ron Paul, Lew Rockwell, Justin Raimondo And Gerald Celente

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Listen to Gerald Celente America!
Rome is burning:

– John Williams: ‘Times That Try Our Souls’ (U.S. Bankruptcy – Hyperinflation – Great Depression), Preparedness Can Save Your Life

So what have the elitists planned for the US? Total collapse and/or WW III?

– Former CIA And Military Officials To Obama: Israel Prepares To Attack Iran This Month

Part 1 of 3:

Added: 11. August 2010

Part 2 of 3:

Added: 11. August 2010

Part 3 of 3:

Added: 11. August 2010

Read moreJudge Napolitano on Freedom Watch With Ron Paul, Lew Rockwell, Justin Raimondo And Gerald Celente

John Williams: ‘Times That Try Our Souls’ (U.S. Bankruptcy – Hyperinflation – Great Depression), Preparedness Can Save Your Life

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Highly recommended reading.

The Greatest Depression is here.

john-williams-shadowstatscom

When Fed Chairman Ben Bernanke admits to seeing an “unusually uncertain” economy ahead, it’s pretty terrifying to imagine what he’s really thinking. What John Williams envisions-and he’s by no means looking to the far horizon-is a systemic collapse, a hyperinflationary great depression and the cessation of normal commerce. Despite that bleak outlook, however, when the economist and editor of ShadowStats.com sat down for this exclusive Energy Report interview, he also had some good news.

The Energy Report: A few months back, John, you said, “if you strangle liquidity you always contract an economy and deliberately or not, liquidity is being strangled, resulting in sharp declines in consumer credit, commercial and industrial loans.” Does this mean it would spur more economic growth if banks actually started lending?

John Williams: It sure wouldn’t hurt. We’re still seeing contractions in liquidity, and that’s adjusted for inflation. In real terms, M3 money supply is down almost 8% year-over-year. It’s the sharpest fall in the post -World War II era. It’s not so much the depth of the decline in the liquidity or the duration, but the fact that the liquidity turns negative year-over-year that signals the economy turning down.

We had the signal in December of 2009 indicating intensification of the downturn, in this case, within six to nine months. We’re in that timeframe now and see softening numbers. People are talking about a weaker economy. Even Mr. Bernanke has described the economy as “unusually uncertain” in terms of its outlook. Wording like that from the Fed is a pretty good indication that something’s afoot.

Read moreJohn Williams: ‘Times That Try Our Souls’ (U.S. Bankruptcy – Hyperinflation – Great Depression), Preparedness Can Save Your Life