Documenting America's decent into Fascism

Monday, November 17, 2008

An Interview with Congressman Ron Paul - GoldSilver.com

Jan 30, 2008 Congressman and 2008 presidential candidate Ron Paul discusses the U.S. economy with Mike Maloney of GoldSilver.com

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Lawmaker says AIG executive should resign after resort event

A key Democratic lawmaker called Tuesday for the resignation of American International Group's CEO after the troubled insurer held a financial planners conference last week at a posh Arizona resort.

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Report: Citigroup to lay off thousands

Citigroup Inc. -- the global financial giant based in the United States -- plans to trim its workforce by 10 percent, CBNC reported Saturday.

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Cyber-Hackers Break Into IMF Computer

Cyber-Hackers Break Into IMF Computer System, Cyber-hackers attacked the Washington, D.C.-based International Monetary Fund, which provoked a shutdown of IMF computers that lasted for several days.

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More economic issues

Obama: Government Will Do 'Whatever It Takes' to Revive Economy... World crisis plan criticized as new trading dawns... GOP Senator: Paulson may have given bailout money 'to his friends'! *Seeks 'freeze on any remaining bailout funds'...SHARP KNIVES: STATE BUDGETS IN SHORTFALL; CUT SERVICES OR RAISE TAXES?...

"The Dollar Standard Is Coming To An End"

5 Minute Video - Dr. Paul on the Global Financial Summitt

One Central Bank For The World to Replace The Dollar Standard. Continue

The no-think nation

The Crisis Has Hardly Begun

By Paul Craig Roberts

The exchange value of the dollar will decline with the domestic inflation. Once inflation is off and running, the printing press dollars will only have goods made in America to chase after. The real crisis has not yet begun. Continue

Lehman Administrators' Task Will Dwarf Enron, Creditors Told

• European arm has more than $500bn of debt
• Collapsed bank's creditors expect less than 10%

By Simon Bowers

Speaking after the first creditors' meeting, a team from PricewaterhouseCoopers said they had identified more than $1tn (£670bn) in assets and liabilities that need to be accounted for. Continue

Leading Economist Warns of Food Riots

By The London Banker and RGE Monitor

Everyone along the supply chain should worry about their jobs. Many will lose their jobs sooner rather than later. Continue

Venezuela's Chavez plans alternative financial crisis summit: On Friday, Chavez accused the G20 of ignoring the world's smaller countries. He also expressed doubt that its November 14-15 summit in Washington would be able to come up with measures to tackle the economic "hurricane" that he says the U.S. has caused.

Eurozone slips into recession: The eurozone has officially slippped into recession after European Union (EU) statisticians estimated the economy of its 15-member states shrank by 0.2 per cent in the third quarter.

The Worst Is Not Behind Us

Beware of those who say we've hit the bottom.

By Nouriel Roubini

The recession will continue until at least the end of 2009 for a cumulative gross domestic product drop of over 4%; the unemployment rate will likely reach 9%. The U.S. consumer is shopped-out, saving less and debt-burdened: This will be the worst consumer recession in decades. Continue

Wall Street's Bailout is a Trillion-Dollar Crime Scene

Why Aren't the Dems Doing Something About It?

By Naomi Klein

The more details emerge, the clearer it becomes that Washington's handling of the Wall Street bailout is not merely incompetent. It is borderline criminal. Continue

Let the Trials Begin!

By DOUGLAS VALENTINE

Amid the euphoria and angst of the Obama apotheosis, the unreality of a mismanaged, two trillion dollar, taxpayer funded bailout of freewheeling capitalists, and the wars of limbo in Iraq and Afghanistan, one little thing is being overlooked. Continue

Ecuador to miss $30.6 million foreign debt payment: Ecuador will delay a $30.6 million interest payment on its foreign debt while it investigates signs of lawbreaking in the contracts, the finance minister said Friday, prompting a quick and negative reaction in bond markets.

British banks battered in wake of Paulson's U-turn on US bail-out: SHARES in Royal Bank of Scotland, Barclays and other banks were hit yesterday in the wake of the US government's abandonment of the cornerstone of its $700 billion (£467bn) rescue effort for the financial system.

European Car Sales Fall 15% as Credit Crisis Deepens: European car sales plunged almost 15 percent in October, the sixth consecutive monthly decline, as credit-market turmoil and an economic slowdown hurt demand.

As factories close, Chinese workers suffer: The slowdown in exports contributed to the closing of at least 67,000 factories across China in the first half of the year, according to government statistics. Labor disputes and protests over lost back wages have surged, igniting fear in local officials.

October budget deficit hits record of $237.2B: The Treasury Department said Thursday that the deficit for the first month in the new budget year was the highest monthly imbalance on record. It was far bigger than analysts expected, over four times larger than the October 2007 deficit of $56.8 billion, and more than half the total for all of last year.

U.S. Economy: Retail Sales Drop in October by Most on Record: Retail sales and prices of goods imported to the U.S. dropped by the most on record, signaling the economy may be in its worst slump in decades.

Sun to cut up to 6,000 workers, 18 pct of staff: Sun's shares have fallen so steeply they've crossed an ominous threshold, driving the company's market value below its cash on hand.

Freddie seeks gov't aid after $25.3B loss: Freddie Mac is asking for an initial injection of $13.8 billion in government aid after posting a massive quarterly loss.

US Senate to take up auto bailout on Monday-Reid: The U.S. Senate plans to take up a $25 billion bill on Monday to bail out distressed domestic auto companies, but it is unclear if proponents can muster the necessary support.

G20 Won't Change Financial Crime Scene

First Class Ideas For A Peoples Bank

G20 Agrees On Tax And Interest Rate Cuts

Second G20 Summit Planned For London

West Must Accept East Shift Of Financial Power

US Carmaker Crash Would Lose 3M Jobs

G20 - 'New Global Order' Financial Structure

G20 Put Off Major Decisions Until Next Year

G20 Pledge To Stabilize The Economy

110 US Banks Ask For $170B From Bailout

Stocks - Too Late Now!

Freddie Says It Is Worth Less Than Zero

Lehman Administrators Paid More Than Bankers

Friday, November 14, 2008

More economic troubles.

Bush Warns Against 'Too Much' Government In Markets... Defends Capitalism... Boehner Assails Auto Bailout Proposal... BOOMERANG!!

Paulson the Bungler

By Mike Whitney

There's more pain to come, but the suffering can be mitigated by sound decision-making and Keynesian policies. That means public work programs, bankruptcy reform, and extensions on unemployment. Nobel prize winner Paul Krugman recommends a stimulus package of $600 billion. That's a good start, but it will take much more than that. Continue

Crisis Is Beyond The Reach of Traditional Solutions

By Paul Craig Roberts

I cannot predict the future. However, I can explain what the problems are, how they differ from past times of troubles, and why traditional remedies, such as the public works programs that Reich proposes, are unlikely to succeed in reviving the U.S. economy. Continue

A Credit Crisis or a Collapsing Ponzi Scheme?

The Two Trillion Dollar Black Hole

By PAM MARTENS
Bloomberg News reporter, Mark Pittman, filed a Freedom of Information Act request (FOIA) with the Federal Reserve asking for detailed information relevant to whom the central bank was giving these massive loans and precisely what securities these firms were posting as collateral. Continue

Who Got Bailout Money So Far?

By Reuters

The Troubled Asset Relief Program (TARP) has so far committed the following funding: Continue

U.S. Military Fails To Learn An Ancient Military Lesson

No Industrial Economy Equals No Army

By Richard McCormack

It wasn't long ago that the world watched the collapse of the Soviet Empire. At the time, the USSR had a mighty military force that was overextended throughout the world and was bogged down in Afghanistan. Within a flash in 1989, the Soviet Union came tumbling down, not because it could not produce tanks and nuclear warheads, but because it couldn't produce bread. The collapse happened so rapidly it even surprised the U.S. intelligence community. Continue

Germany falls into recession: The figures indicate that Germany is in its worst recession for at least 12 years as the global financial problems curb exports and spending.

U.S. Foreclosure Filings Rose as Home Prices Fell: More than a quarter million U.S. households received a foreclosure filing in October even as state laws designed to protect property owners from losing their homes slowed the pace of defaults, RealtyTrac Inc. said.

85,000 homes lost to foreclosure in October: As government and industry scrambled to stem the housing crisis, another 84,868 homes were lost to foreclosure in October, according to a report released Thursday.

Soros says deep recession inevitable, depression possible: Said hedge funds will be "decimated" by the current financial crisis and forced to shrink their portfolios by 50-75 percent.

Bush defends free market amid 'awful' US jobless figures: More than 500,000 Americans lost their jobs last week, representing the fastest rise in US unemployment since the terrorist attacks of 2001.

Obama Transition Members Fannie Ties

Stocks Big Rally - Stay Above 8,000

Paulson Adds To AIG Folly

Soros - Recession Inevitable - Depression Possible

So, Who's Going To Bail Out The Fed?

Any 'Recovery' Will Be Short-Lived

Paulson Gives $700B Bailout To Rich Pals

Paulson Bank U-Turn Sends US Markets Down

Paulson's Big Con - Bailout Lie Exposed

BoE - Difficult Times Ahead

UK On Brink Of Total Meltdown

Hedge Funds Lose $100B In Oct Alone