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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Cy Tolliver on November 06, 2010, 01:37:41 AM
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our nation is on its way back to former glory
8)
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Is that sarcasm or do you know something I don't know?
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our nation is on its way back to former glory
8)
Ha ha ha ha - how old are you?
Wake up.
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Yeah, we are rebounding. ::) ::)
Wake the hell up already.
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READ AND WAKE UP.
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One Piece Of Moderately Good Economic News And 14 Pieces Of Bad Economic News...
Benzinga ^ | November 5, 2010 | Michael Snyder
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Today the financial world was buzzing with excitement because there was one moderately good piece of news for the U.S. economy. U.S. employers added 151,000 jobs during the month of October and the unemployment rate remained unchanged at 9.6%. This is certainly welcome news, but these days it seems as though there are at least ten pieces of bad economic news for every hopeful economic signal. So don't get fooled when the U.S. economy takes one step forward, because it is about to take another dozen or so steps backwards. We are living in the middle of a nightmarish long-term economic decline that has been building for generations. The deindustrialization of the United States, the horrific trade deficit caused by globalization and the skyrocketing national debt are problems that have taken decades to develop. The Federal Reserve has been ripping the guts out of our financial system since 1913. These are not things that are going to be fixed overnight. In fact, there are some statistics that just keep getting worse and worse and worse as time goes by. We are heading straight for a devastating economic collapse and hopefully we can all warn as many people as possible while there is still time.
The more research that you do into our economic situation the more depressing it becomes. We are in big, big, big trouble. The following are 14 pieces of bad economic news that are so horrifying you might not want to read them standing up....
#1 More than 42 million Americans were on food stamps during the month of August. That is a new all-time record, and that number is 17 percent higher than it was one year earlier. In fact, the number of Americans on food stamps is up more than 58 percent since August 2007.
#2 The number of "persons not in the labor force" in the United States has set another new all-time record. The United States has not had such an extended bout of mass unemployment since the Great Depression. The "official" unemployment rate in the United States has been at nine and a half percent or above for 14 consecutive months.
#3 More than 1000 people now live in the 200 miles of flood tunnels that exist under the city of Las Vegas. Once one of the most prosperous cities in the United States, Las Vegas is now little more than a shiny, glittering corpse that it rapidly decaying.
#4 Poverty is absolutely exploding and it is hitting those who are the most vulnerable the hardest. According to one recent study, approximately 21 percent of all children in the United States are living below the poverty line in 2010.
#5 In the past 60 days alone, the price of cotton is up 54%, the price of corn is up 29%, the price of soybeans is up 22%, the price of orange juice is up 17%, and the price of sugar is up 51%.
#6 One out of every six Americans is now enrolled in at least one anti-poverty program run by the federal government.
#7 The American Bankruptcy Institute says that there will be about 1.6 million consumer bankruptcies in 2010. That would represent a huge increase over 2009.
#8 According to one recent survey, 28% of all U.S. households have at least one member that is looking for a full-time job.
#9 The individual U.S. states are mostly flat broke. For example, it is being reported that the 15 largest U.S. states spent on average over 220% of their tax receipts over the past decade. Clearly this is not even close to sustainable.
#10 The U.S. government is completely and totally broke. After analyzing Congressional Budget Office data, Boston University economics professor Laurence J. Kotlikoff concluded that the U.S. government is facing a "fiscal gap" of $202 trillion dollars.
#11 In an attempt to keep our financial system solvent, the U.S. Federal Reserve has announced plans to create $600 billion out of thin air and pump it into the U.S. economy. The Fed is calling this "quantitative easing", but what they should really be calling it is "cheating, debasing and inflating".
#12 Many of the major trading partners of the United States are expressing deep resentment regarding the new quantitative easing policy announced by the Fed. Ambrose Evans-Pritchard recently described the growing animosity this way....
Li Deshui from Beijing's Economic Commission said a string of Asian states share China's "deep bitterness" over dollar debasement, and are examining ways of teaming up to insulate themselves from the tsunami of US liquidity.
#13 For many analysts, the economic collapse of the United States comes down to cold, hard math. For example, the former CEO of the tenth largest bank in the United States says that it is a "mathematical certainty" that the U.S. government will eventually go bankrupt.
#14 According to a recent article on CNBC, the financial world is already buzzing about QE3....
"They're already talking about QE3," said Dave Rovelli, managing director of US equity trading for Canaccord Adams. "Eventually we're going to be printing so much money the dollar is going to really go down and everybody's going to try to deflate their currency against us. I just don't know how this could end well."
So is that all the Federal Reserve has left?
Are they just going to keep pouring bags of money into the economy until things get back to "normal"?
Are we going to have "Quantitative Easing 3", "Quantitative Easing 4", and "Quantitative Easing 5"?
It has been a long-running joke, but perhaps by the end of this thing Ben Bernanke will literally go up in a helicopter and start shoveling out huge piles of cash over the countryside.
The era of great prosperity that we have all enjoyed for so long is coming to an end. It would be advisable to use the remaining period of economic stability that we still have to prepare for what is ahead.
These economic problems could have been fixed decades ago if people would have actually listened and would have followed sound economic principles on an individual and on a corporate level, but that did not happen.
Now we are up to our eyeballs in debt and the greatest economic machine in history is rotting all around us.
We are in deep, deep, deep trouble and denying it is not going to make it go away.
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Ha ha ha ha - how old are you?
Wake up.
im 67 years old boy!!!!!!!!!
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im 67 years old boy!!!!!!!!!
Right. ::)
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Right. ::)
i encountered "chicken littles" like you in every other recession.
big fucking deals, try living through the great depression like my mamma and daddy.
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i encountered "chicken littles" like you in every other recession.
big fucking deals, try living through the great depression like my mamma and daddy.
Right. ::) ::)
Which gimmick are you?
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i encountered "chicken littles" like you in every other recession.
big fucking deals, try living through the great depression like my mamma and daddy.
What kind of douchebag has to validate themselves through the tribulations of their "mamma and daddy."?
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What kind of douchebag has to validate themselves through the tribulations of their "mamma and daddy."?
i just heard Tom Bruso says his "mamma and daddy"... I wanted an excuse ;D
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im 67 years old boy!!!!!!!!!
cy tolliver = OOOOOOOOWWWWWWWWWNNNNNNN EEEEEEEEEDDDDDDDDDD
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Where's BayGM when you need him?
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cy tolliver = OOOOOOOOWWWWWWWWWNNNNNNN EEEEEEEEEDDDDDDDDDD
i already admitted it was a lie you asshole, you didn't own anyone.... fucking hilarious..... ;D
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i already admitted it was a lie you asshole, you didn't own anyone.... fucking hilarious..... ;D
so what else do you lie about?
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our nation is on its way back to former glory
8)
And you have the balls to call ANYONE a loser?Ha,ha,obviously your an f'n idiot.2% GDP UE at 9.6% and a record deficit.Obama has failed...Did you happen to check the results of the elections?Apparently your alone in your opinion.
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our nation is on its way back to former glory
8)
Tell that to the millions of unemployed and uninsured.
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Bush admin destroyed america. It wont recover. Americas $25.00 an hour jobs can never compete with $5.00 a day workers in global economy. People will scramble hard soon for $6.00 an hour.....just watch when their forced off unemployment!! BTW. Obama aint any better and is just another bush doing what hes told to do by the globalists.
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Bush admin destroyed america. It wont recover. Americas $25.00 an hour jobs can never compete with $5.00 a day workers in global economy. People will scramble hard soon for $6.00 an hour.....just watch when their forced off unemployment!! BTW. Obama aint any better and is just another bush doing what hes told to do by the globalists.
Clinton - NAFTA, repeal of Glass Steagal, GAT, Rubin, Greenspan, etc.
was he blameless?
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Clinton - NAFTA, repeal of Glass Steagal, GAT, Rubin, Greenspan, etc.
was he blameless?
Don't present facts to far-leftists. They've purged that stuff from their memory and replaced it with "Bush".
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Don't present facts to liberals. They've purged that stuff from their memory and replaced it with "Bush".
Look - Bush did a lot of terrible, horrible stuff, and I am sickened by his little re-hab tour, but lets be honest here.
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Look - Bush did a lot of terrible, horrible stuff, and I am sickened by his little re-hab tour, but lets be honest here.
Yes Ross perot said that nafta would be the beginning of the end.....and he was right. Were trying to save the world but its killing us in the process. We need to close our borders and get our strength back...i wish anyway...
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We're fucking Americans, we'll bounce back from this just like everything else. Might be worse off than we were before, but we're still America. Take some pride in that and quit acting like a bunch of pussies.
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But I though the POTUS said we are just like everybody else
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i gotta admit... every time obama has a bad day, msnbc runs a defense piece. Every time there's no news, they revisit a bush scandal. it's very predictable.
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i encountered "chicken littles" like you in every other recession.
big fucking deals, try living through the great depression like my mamma and daddy.
hahahah...i been at his "the sky is falling" for like 2 years now
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hahahah...i been at his "the sky is falling" for like 2 years now
yeah, i'm still waiting for it to fall.
;D ;D ;D
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hahahah...i been at his "the sky is falling" for like 2 years now
funny thing is, no one gave a shit back when things were scary...
now that we're on our way to recovery these loons are coming out of the wood work.
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funny thing is, no one gave a shit back when things were scary...
now that we're on our way to recovery these loons are coming out of the wood work.
Get lost troll.
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Get lost troll.
try and make me ;D
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try and make me ;D
How many gimmicks are you running?
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funny thing is, no one gave a shit back when things were scary...
now that we're on our way to recovery these loons are coming out of the wood work.
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America Is Either Going To Suffer Through A Deflationary Depression Or Hyperinflation
Michael Pento, EuroPac | Nov. 9, 2010, 10:00 PM | 1,850 | 17
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It seems the Fed has given up on the idea that the country can build a viable and stable economy through the conventional means. Instead, our central bank has resorted to once again growing GDP and increasing employment by the creation of asset bubbles. This is a dangerous game that no one, least of all the Fed, knows how to play.
We learned this past Wednesday that the FOMC decided to increase its purchases of longer-dated Treasuries by $600 billion within the next eight months. That means the Fed is on course to fund about 75% of our annual deficit! Such figures are the stock in trade of banana republics. While most of the rest of the world is fighting inflation and strengthening their currencies, we are doing everything in our power to end the dollar's status as the world's reserve.
Canada, China, India, Brazil, and Australia have all recently taken steps to raise interest rates and/or curtail bank lending. Compare that to the US, which has left interest rates at near-zero for almost two years. While other central bankers are tamping down expansionary rhetoric, Fed Chairman Bernanke is on record saying that he will do everything in his power to push up inflation (which he considers too low) and dilute the dollar. Foreign central banks and other investors may soon reconsider their plans to park cash in dollar-denominated assets. In fact, there has been a series of angry statements from top economic policymakers in Beijing, Berlin, Moscow, and Sao Paolo that show rising discontent with Washington.
The Fed rationalized its decision to upset the global monetary order in a November 4th op-ed by Chairman Bernanke entitled, "What the Fed did and why." Here's an excerpt:
"Although asset purchases are relatively unfamiliar as a tool of monetary policy, some concerns about this approach are overstated. Critics have, for example, worried that it will lead to excessive increases in the money supply and ultimately to significant increases in inflation. Our earlier use of this policy approach had little effect on the amount of currency in circulation or on other broad measures of the money supply, such as bank deposits. Nor did it result in higher inflation. We have made all necessary preparations, and we are confident that we have the tools to unwind these policies at the appropriate time. The Fed is committed to both parts of its dual mandate and will take all measures necessary to keep inflation low and stable."
But the facts contradict Bernanke's claims that monetary policy has not pushed up inflation. The Fed began the current round of accommodation in September of 2007 with a 50 basis point reduction in the Fed funds rate. At that time, the M2 money stock was $7.40 trillion. It has since jumped 18.5% to $8.77 billion. This increase is showing up in the form of higher prices.
The 19 commodities that make up the CRB Index have soared 55% since the beginning of 2009. Unless the Chairman desires to return to an environment where oil is trading at $147 a barrel, these surging commodity prices are already placing consumers and corporations under inflationary duress.
Here's where the danger lies ahead. Before the recession began in 2007, the ratio between M2 and the monetary base was about 10:1. If the Fed sticks to its announced schedule, the size of the base should grow from $1.96 trillion to about $2.6 trillion by June of 2011. Once banks start lending again and expanding base money through the fractional reserve system, M2 could increase exponentially. An increase in the money supply to $26 trillion (in line with the historic 10-to-1 ratio) would result in a major inflationary shock. However, even if the money multiplier were to remain much lower, the M2 money stock would still be much higher than today. In fact, the compounded annual increase of M2 in the last 4 weeks is currently over 9%.
Unless Bernanke has a "road to Damascus" moment, the money supply will continue to grow and inflation will accelerate over the course of the next few years. To make matters much worse, the interest expense on the nation's debt could reach over 40% of all revenue by the year 2015.
Faced with negative real interest rates, rapidly rising inflation, and a chronically weak dollar, foreign holders of US Treasury debt and other dollar-denominated holdings may begin to lose their nerve. They may start to repatriate their savings and thereby send Treasury yields soaring. The Fed - which is the Treasury's buyer of last resort - will then be faced with a perilous decision. The central bank will have to either join foreign sellers of US debt in sending interest rates higher (in the hopes of giving the dollar some footing and allowing high rates to encourage the return of real buyers) or ramp up the printing presses to keep the long end of the yield curve from spiking. It should be obvious that the Fed has already made that decision. They will never allow rates to rise. The debt will be monetized.
I have no doubt that Bernanke will be remarkably successful in his stated goal of driving inflation higher. I simply disagree with his nonchalance about the long-term consequences. There is currently no easy exit strategy for the Fed. There is only the prospect of Americans suffering through either a deflationary depression or hyperinflation. To survive such storm requires careful planning. If only we could convince the big chief to stop doing his rain dance...
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Tags: Federal Reserve, Ben Bernanke, Deflation, Hyperinflation | Get Alerts for these topics »
Read more: http://www.businessinsider.com/america-is-either-going-to-suffer-through-a-deflationary-depression-or-hyperinflation-2010-11#ixzz14szK3vmt
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Mal - get a clue
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funny thing is, no one gave a shit back when things were scary...
now that we're on our way to recovery these loons are coming out of the wood work.
Really?When Bush left office,was UE higher or lower then right now?Was the deficit higher or lower then now?Please tell me how we are on the way to recovery?Obviously Americans disagree which is why democrats just took a major league,historic all time ass whipping in the elections.