Socio-Economics History Blog

Socio-Economics & History Commentary

Jim Rogers: US Never Scraped Out of 2008 Depression! Asians Getting Out of US Bonds!

August 6, 2011 Posted by | Economics | , , , , , , , , | Comments Off

AAA-rmageddon: S&P Downgrade Knocks Off US Credit Crown!

August 6, 2011 Posted by | Economics | , , , , , | Comments Off

Stephen Lendman: Global Market Crisis Engineered For The Benefit of Wall Street & European Banks!

  • Stephen Lendman is absolutely correct. This is a calculated shearing of the sheeple. It is grand larceny on a worldwide scale by Illuminist banksters!

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August 6, 2011 Posted by | Economics | , , , , , , , , , , , , , , | Comments Off

ECB To Start Buying Italian Bonds?

August 6, 2011 Posted by | Economics | , , , , , , , , | Comments Off

Eurozone Stress Intensifies!

August 6, 2011 Posted by | Economics | , , , , , , , , , | Comments Off

Italy on The Verge of Default?

August 6, 2011 Posted by | Economics | , , , , , , , , , , , , , | Comments Off

Gerald Celente: US Dollar Isn’t Worth The Paper It’s Printed On!

August 6, 2011 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , | Comments Off

Paul Craig Roberts & Bob Chapman : U.S. Is Facing A Day Of Reckoning Over The Deficit !

August 6, 2011 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , | Comments Off

Bob Chapman: The Dow Jones May Goto 8500! This is a Manipulated Collapse!

August 6, 2011 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , , , | Comments Off

US Heading Towards Greece!

August 6, 2011 Posted by | Economics | , , , , , , , , | Comments Off

Red Alert: Market Plummet Sparks Panic Avalanche!

August 6, 2011 Posted by | Economics | , , , , , , , , , , , | Comments Off

Justin Raimondo: Why Is America Committing Suicide?

“Only in Washington, D.C., is a “cut” actually an increase!”

  • Great article. America is on the road to ruin. Social unrest, violence, riots, poverty, hunger ….. are coming. The country is turning into a 3rd world nation much like Somalia. It will not be pretty. The next 6-12 months will see the collapse of the American society. The Illuminist snakes intend to abuse America, the same way Germany was abused to start World War.
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    Why Is America Committing Suicide?
    by , http://antiwar.com/
    The US of A on the road to ruin!
    America is committing suicide. That’s the only explanation I have for the course followed by US policymakers in the past decade, a period in which the US budget deficit has skyrocketed beyond all reason. While we have run up deficits before, some of them considerable by the standards of the day, in 2001 – the year we launched our endlesswar on terrorism” – the deficit began to enter new territory. Whereas before it had fluctuated, going up, down, and effectively maintaining a steady state of neutral, after the 9/11 terrorist attacks this country went into debt bigtime, with the deficit climbing steadily, doubling in 2007, and nearly doubling again the next fiscal year.

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    In the name of fiscal “austerity,” Congress recently authorized yet another raising of the debt ceiling, and everyone sits around waiting for the “draconian” cuts to fall – a “cut,” that is, in the rate at which government spending is projected to grow. Only in Washington, D.C., is a “cut” actually an increase – just not as much of an increase as was anticipated. As Ron Paul pointed out, if Congress had simply frozen spending at 2004 levels, we’d have more of a “cut” than we do now.
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    No one is surprised by this Washington doubletalk: that’s the language they speak in the Imperial City, where murdering civilians is “collateral damage” and taxation is “revenue enhancement” instead of good old-fashioned theft. It’s silly season on Capitol Hill: so what else is new? Yet I sense a more sinister pattern in this Kabuki theater known as the debt ceiling drama, the implications of which are darker than I care to contemplate — but then again, that’s my job …
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    While governments can only finance their completely non-productive (in reality: counter-productive) activities by incurring debt, it’s rare in human history to find profligacy comparable to our own. One has to go all the way back to ancient Rome, under the heel of its more depraved emperors, to find a precedent. The numbers are not merely astonishing: they are inconceivable. The figure — $14.3 trillion – must forever remain in the world of abstractions, because any attempt by the human brain to concretize it fails. How do our lawmakers imagine we can continue to spend at these levels, living light years beyond our means?
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    Their recklessness is epitomized by how the military budget came out in all the deficit dickering. As it stands, real defense cuts only kick in if the “super-Congress” fails to come to an agreement on what cuts to make. Then and only then will the misnamed “defense” department come in for something approximating its fair share of cuts. Put another way: only in the most extreme and politically next-to-impossible case will Congress even consider cutting back on its overseas empire. They’ll yank your grandmother off her dialysis machine before they’ll contemplate getting rid of “foreign aid.” 
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    We ordinary folk live in a completely different world than the movers and shakers of the Imperial City: no one outside the Beltway bubble can really understand the mental processes that allow for such a massive evasion of reality, a kind of collective madness that infects the ruling elite in this country, regardless of party. They talk down to the hoi polloi, and use a different language when they converse among themselves, but occasionally the truth comes out. In 2004, Ron Suskind wrote a piece for the New York Times Magazine which included this quote from an unnamed top White House aide:
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    … for the full article click here!

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August 6, 2011 Posted by | Economics, GeoPolitics, Social Trends | , , , , , , , , , , , , , , , , , | Comments Off

Food Stamp Use Rises To Record 45.8 Million!

  • Recovery? What recovery? There has been no recovery for Main Street. It is only the Illuminist Wall Street banksters and their minions who are making money. What is really happening is the financial rape of the American sheeple and the rise of fascism.
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    Food stamp use rises to record 45.8 million
    By Blake Ellis,
    NEW YORK (CNNMoney) — Nearly 15% of the U.S. population relied on food stamps in May, according to the United States Department of Agriculture. The number of Americans using the government’s Supplemental Nutrition Assistance Program (SNAP) — more commonly referred to as food stamps — shot to an all-time high of 45.8 million in May, the USDA reported. That’s up 12% from a year ago, and 34% higher than two years ago.

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    The program provides monthly benefits to low-income individuals and families, which they can use at stores that accept SNAP benefits. To qualify for food stamps, an individual’s income can’t exceed $1,174 a month or $14,088 a year — an amount that is 130% of the national poverty level. The average food stamp benefit was $133.80 per person and $283.65 per household in May.
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    The highest concentration of food stamp users were in California, Florida, New York and Texas — where more than 3 million residents in each state received food stamps in May. The rise in food stamp use comes as the U.S. job market continues to sputter, and food prices across the country climb. 

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August 6, 2011 Posted by | Economics, Social Trends | , , , , , , , , , , , , | Comments Off

Marc Faber: Brace for a Global Reboot And War !

  • Wise warning from Marc Faber. What is a global reboot? The current financial world system will be destroyed and will be replaced by a Luciferian New World Financial System. This reboot will not be peaceful, World War 3 is dead ahead ! Those who don’t learn from history are destined to repeat the same mistakes. This period we are in is very much like the 1929 -1939 Great Depression era. We are probably at 1937 stage!
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    Faber: Brace for a Global ‘Reboot’ and a War
    By: Peter Guest, www.CNBC.com 
    Markets could rebound after Thursday’s global market sell-off, but investors should see any bounce as a selling opportunity, as the world economy rolls towards total collapse, Mark Faber, editor and publisher of the Boom, Doom and Gloom Report, told CNBC Friday.
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    A mooted third round of quantitative easing (QE3) in the U.S. and more money printing elsewhere is merely deferring a crisis that will be bigger and could end in war, Faber said.
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    The Dow Jones Industrial Average suffered its worst losses in three years Thursday, shedding more than 500 points. “My view is that the market has experienced everywhere huge technical damage,” Faber said. “As of today, all markets are extremely oversold, so a rebound is going to happen (Friday) or on Monday, but the damage technically is so great that the rebound, no matter whether QE3 happens right here, it’s unlikely to lift markets above the May 2 high of the (S&P 500) at 1370.”
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    Faber thinks that by the end of the fall, the S&P 500 will have slid to around 1150, and investors will be hoping that further round of monetary easing will stabilize markets. “In general, I would be using rebounds as a selling opportunity,” Faber said.
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    Buying Treasurys as a safe haven is no longer a smart play, he added. “I think Treasurys are perceived still as a safe haven because everybody knows the U.S. has an endless ability to print money. The interest will be paid,” he said. “The trouble is that governments can default in two ways. Either they just stop paying the interest and there is a debt restructuring, like Argentina went through; or they just pay the interest and the principle eventually, in a worthless currency. That’s the way the U.S. will likely do it.”
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    Gold and silver have been overbought, and may see a correction in the coming weeks, but Faber believes that should be seen as a buying opportunity as investors begin to shun paper assets. “Gold miners are hit very hard and the gold price went up. People don’t trust paper anymore. That is one of the problems,” he said.
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    However, temporary upturns and the artificial boost to markets given by printing money only disguise the coming threat to the world economy, Faber warned.
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    “You have a computer. Occasionally the computer will crash and you have to reboot it. That will happen to the global economy. Before this happens there will be much more money printing because basically the central banks are willing to do that,” he said. “By printing money, problems are not solved, but they can be postponed, and they become larger. It’s like the recession in 2001. Had there not been massive money printing, it would have been steeper than what we had, but equally, we would have avoided probably the financial crash in 2008.”
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    The next crisis will be far bigger, according to Faber. “The next time we have a global economic crisis, it will be much worse than 2008. Before this happens there will be money printing and there will be war. The whole system will collapse,” he said. “That’s why I’m advising people that they have to think it through. In a total collapse you don’t want to own government bonds and cash.”
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    He added: “Equities—they don’t perform well, but at least you have the ownership of companies. Precious metals in that environment do relatively well. And of course, oil would do well if there was a war.”

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August 6, 2011 Posted by | Economics, GeoPolitics | , , , , , , , , , , , , | Comments Off

S&P Cuts U.S. Rating for First Time on Deficit Reduction Pact!

  • Any US ratings agency that dares to cut America’s ratings has a death wish. The Illuminists power has this message for them: ‘You don’t want to live?’! So why has S&P lowered US from ‘AAA’ to ‘AA+’ with a negative outlook (ie. potential for more downgrades)? It is because they have been instructed and allowed by the Illuminists power to do so. You must recognize this for what it is: the next step in their engineered collapse. The bloodbath on Wall Street and worldwide isn’t over!
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  • The Illuminist financial MSM are herding the sheeple via fear into cash and US treasuries. Undoubtedly, many central banks and countries around the world will fall for this. When all the sheeple are in cash and US Treasuries, the next phase of the collapse will start. This is the Global Currency Crisis! The Euro will go down first dragging along the UKP. The Japanes Yen will follow not far behind. Finally, the USD will collapse! These currencies will increasingly lose value against hard assets (like gold and silver). The sheeple will realize too late because they are fixated on the forex rates. Measuring 1 currency against another is meaningless when all currencies are being debased simultaneously! Got gold yet?
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    S&P Cuts U.S. Rating for First Time on Deficit Reduction Pact
    By John Detrixhe, http://www.bloomberg.com/
    The U.S. had its AAA credit rating downgraded for the first time by Standard & Poor’s, which slammed the nation’s political process and said lawmakers failed to cut spending enough to reduce record deficits.
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    S&P dropped the ranking one level to AA+, after warning on July 14 that it would reduce the rating in the absence of a“credible” plan to lower deficits even if the nation’s $14.3 trillion debt limit was lifted. The U.S. was awarded the top credit ranking by New York-based S&P in 1941. It kept the outlook at “negative” amid the failure to end Bush-era tax cuts.
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    “The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics,” S&P said in a statement today.
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    Demand for Treasuries has surged even with the specter of a downgrade as investors saw few alternatives to the traditional refuge during times of risk as concern increased global growth is slowing and Europe’s sovereign debt crisis is spreading.
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    Downgrade Fallout
    The action may still hurt the U.S. economy over time by increasing the cost of mortgages, auto loans and other types of lending tied to the interest rates paid on Treasuries. JPMorgan Chase & Co. estimated that a downgrade would raise the nation’s borrowing costs by $100 billion a year.
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    S&P said it may lower the long-term rating to AA within the next two years if spending reductions are lower than agreed to, interest rates rise or “new fiscal pressures” during the period result in higher general government debt.
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    “It’s a reflection of the fact that we haven’t done enough to get our fiscal house in the order,” Anthony Valeri, market strategist in San Diego at LPL Financial, which oversees $340 billion, said in an interview before the downgrade. “Sovereign credit quality is going to remain under pressure for years to come.”
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    Moody’s Investors Service and Fitch Ratings affirmed their AAA credit ratings on Aug. 2, the day President Barack Obama signed a bill that ended the debt-ceiling impasse that pushed the Treasury to the edge of default. Moody’s and Fitch also said that downgrades were possible if lawmakers fail to enact debt reduction measures and the economy weakens.

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August 6, 2011 Posted by | Economics | , , , , , , | Comments Off

   

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