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Ruling on Behalf of Wall Street's "Super Rich"
by Professor Michael Hudson
Posted December 14, 2010

Corporate raiderThe argument is made that "The rich create jobs." After all, somebody has to build the yachts. What is missing is the more general principle: Wealth and income inequality destroy job creation. This is because beyond the wealthy soon reach a limit on how much they can consume. They spend their money buying financial securities – mainly bonds, which end up indebting the economy. And the debt overhead is what is pushing today's economy into deepening depression.

Since the 1980s, corporate raiders have borrowed high-interest "junk bond" credit to take over companies and make money by stripping assets, cutting back long-term investment, research and development, and paying out depreciation credit to their financiers. Financially parasitized companies use corporate income to buy back their stock to support its price – and hence, the value of stock options that financial managers give themselves – and borrow yet more money for stock buybacks or simply to pay out as dividends. When the process has run its course, they threaten their work force with bankruptcy that will wipe out its pension benefits if employees do not agree to "downsize" their claims and replace defined-benefit plans with defined-contribution plans (in which all that employees know is how much they pay in each month, not what they will get in the end). By the time this point has been reached, the financial managers have paid themselves outsized salaries and bonuses, and cashed in their stock options – all subsidized by the government's favorable tax treatment of debt leveraging. More...

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American's Live in Mental Ghettos, People Who Lie to Themselves
by Joel S Hirschhorn
Posted December 4, 2010

StupidSo many intelligent Americans believe, say and do stupid things. When a large fraction of the population is like this, a nation rots from the inside and succumbs to external forces.

This delusion is not genetically produced, but is a result of external influences, notably political, government, media and corporate propaganda intentionally designed to produce delusional beliefs and thinking. Who does this? All sorts of commercial and political interests. The result is a series of biases and blocks, such as cognitive dissonance, to objective facts and information that creates denial about very important conditions affecting the planet, the nation and individuals. People afflicted with this deadly combination appear stupid to those outside their mental ghetto that they gladly inhabit, along with similarly afflicted people. More...

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The Larry Summers Hall of Shame
by Maxwell Strachan
Posted Nomber 30, 2010

Larry SummersHis [Larry Summers] tenure in the Obama White House was just like the rest of his career: Full of controversy.

This week's announcement that Larry Summers will be stepping down as director of President Obama's National Economic Council may have been most notable for the passionate reaction it prompted from his critics. "Good riddance," wrote the Progressive's Matthew Rothschild, adding that "Summers has a resume of disaster."

The outpouring shouldn't have been surprising. If nothing else, Summers, in his stints at Harvard, the World Bank and in two presidential administrations, has emerged as an accomplished lightning rod for controversy. As he prepares to decamp Washington for Harvard Yard -- he's going to be a professor -- we remember the 10 most shameful moments that Larry has brought us. More...

This man is definitely among the top 10 people most responsible for bringing the world economy to its knees, and now he gets to go back to Harvard to teach others how to be total failures.

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There Will Be Blood
by Paul Krugman
Posted November 25, 2010

Paul KrugmanFormer Senator Alan Simpson is a Very Serious Person. He must be — after all, President Obama appointed him as co-chairman of a special commission on deficit reduction.

So here's what the very serious Mr. Simpson said on Friday: "I can't wait for the blood bath in April. ... When debt limit time comes, they're going to look around and say, 'What in the hell do we do now? We've got guys who will not approve the debt limit extension unless we give 'em a piece of meat, real meat,' " meaning spending cuts. "And boy, the blood bath will be extraordinary," he continued.

Think of Mr. Simpson's blood lust as one more piece of evidence that our nation is in much worse shape, much closer to a political breakdown, than most people realize. More...

 
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As things fell apart, nobody paid much attention
by James Quinn
Posted November 20, 2010

suburbanSprawlEvery accomplishment, invention, and discovery of the 20th Century was due to cheap accessible fossil fuels. The American industrial age was powered by cheap plentiful oil. One hundred and ten years after the discovery of oil in Titusville, PA an American walked on the moon. We harnessed the immense power of oil and rode it hard. An empire was born and grew to the greatest in history through the utilization of oil and oil byproducts. It is no coincidence that U.S. GDP has been dependent upon the growth in fossil fuel consumption over the last 150 years.

The self centered delusional myopic American citizenry see no parallel between the American Empire built on a foundation of oil and the Dutch Empire built upon wind and water or the British Empire established on the discovery of vast quantities of coal. The Dutch Empire of the 1600s had 6,000 ships and 1,000 windmills generating power. The British Empire used coal to power steam engines, pumps, locomotives and ships and forged a great empire in the 1700s and 1800s. Today, the Netherlands has a GDP lower than Mexico. The U.K. has a GDP on par with Italy. You can be sure you are no longer an empire when your GDP is on par with Mexico and Italy. The United States has grown its GDP to $14.7 trillion by exploiting fossil fuels. The American Empire is clearly waning as its dependence on foreign oil slowly bankrupts the country. We consume 140 billion gallons of gasoline every year keeping our suburban sprawl mall based lifestyle viable. More...

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Senators Welcome Lobbyists, Shun Citizens
Study finds lobbyists far more likely to get a meeting

By P.J. Orvetti

Posted November 13, 2010

Lobbyist Owned"What would happen if an average citizen, a complete unknown, were to contact the office of every U.S. senator and ask for a meeting to discuss a certain Senate bill of interest? And then what would happen if that same unknown were to register as a federal lobbyist, contact each Senate office again, and request a meeting to discuss the same bill?"

That's the intriguing question that business consultant Josh Brodbeck of Colorado set out to answer. What did he find? Exactly what you'd expect.

Last April, Brodbeck contacted each of the 100 senators' offices, seeking a meeting to discuss then-pending health care legislation as an everyday American. A month later, he contacted each office again -- this time as a registered federal lobbyist. All other variables remained unchanged. More...

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Economists: The Unholy Priests of the Banksters
by Gabriel Donohoe
Posted November 4, 2010

EconomistsEconomists are schooled in bank-funded university economics departments where they are thoroughly indoctrinated in monetary theories. The Money Power ensures that economists are methodically trained in economic language and thought and are programmed to spout the official, approved version. Manipulation is the name of the game and contentious issues are ignored or distorted. Proper evaluation of the history and function of banking is never allowed because that would throw up some very unsettling truths. Zarlenga compares political economists to medieval doctors "who theorized on how the body worked, but never dared to dissect the body and find out what was actually happening."

Just as mules are the sterile offspring of asses and horses, economists are the barren progeny of banksters and corporatists. They are impotent when it comes to generating new thinking or new ideas outside of the current monetary system. Economists seem to be utterly incapable of meaningful monetary innovation and just cannot conceive of any systemic alternatives beyond that drilled into them in their bankster schools. Although they regard themselves as a different species from the banksters they really are one and the same. When one's father is a donkey it is impossible to hide one's pedigree; both have big ears and make the same braying sounds. Economists may argue and bluster and often appear critical of the banksters but for all their 'hee-hawing' they never manage to utter a single predatory growl. More...

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We Need to Break Up the Mega Corporations
by Dave Lefcourt
Posted October 6, 2010

TARP pigsJust what are the big mega corporations good for, besides themselves?

Whether it's the Wall Street behemoths that got bailed out with taxpayer funds aka raiding the treasury in the TARP rescue of 2008 or now with Microsoft, IBM, Dupont, Hertz, Pepsico or the other mega corporations able to borrow from the FED at rates near zero who then sell their own bonds to pay off their other debts, use the borrowed cash for new mergers and acquisitions or just hoard the cash, one thing seems perfectly clear, they are not expanding by buying new plant and equipment and hiring new people.

The latter is supposedly the reason the FED has kept interest rates so low, so the "big" boys would start hiring again. More...

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How to Thwart the Assassins of the American Dream
by Janet Tavakoli
Posted August 15, 2010

America 3rd WorldArianna Huffington's new book, Third World America: How Our Politicians are Abandoning the Middle Class and Betraying the American Dream, paints a grim picture of the State of the Union:

"Every day, Americans, faced with layoffs and tough economic times, are forced to use their credit cards to pay for essentials such as food, housing, and medical care -- the costs of which continue to escalate. But, as their debt rises, they find it harder to keep up with their payments. When they don't, banks, trying to offset losses in other areas, turn around, hike interest rates, and impose all manner of fees and penalties..." Third World America, (P. 77)

Our mediocre grammar school and high school educational system continues its downward slide. The Great Recession is squeezing school budgets. We are failing our children, our most important resource of all. More...

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How BP Gulf disaster may have triggered a 'world-killing' event
by Terrence Aym
Posted July 14, 2010

Deepwater Horizon burningOminous reports are leaking past the BP Gulf salvage operation news blackout that the disaster unfolding in the Gulf of Mexico may be about to reach biblical proportions.

Northwestern University's Gregory Ryskin, a bio-chemical engineer, has a theory: The oceans periodically produce massive eruptions of explosive methane gas. He has documented the scientific evidence that such an event was directly responsible for the mass extinctions that occurred 55 million years ago. [4]

Many geologists concur: "The consequences of a methane-driven oceanic eruption for marine and terrestrial life are likely to be catastrophic. Figuratively speaking, the erupting region "boils over," ejecting a large amount of methane and other gases (e.g., CO2, H2S) into the atmosphere, and flooding large areas of land. Whereas pure methane is lighter than air, methane loaded with water droplets is much heavier, and thus spreads over the land, mixing with air in the process (and losing water as rain). The air-methane mixture is explosive at methane concentrations between 5% and 15%; as such mixtures form in different locations near the ground and are ignited by lightning, explosions and conflagrations destroy most of the terrestrial life, and also produce great amounts of smoke and of carbon dioxide..." [5] More...

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BP Gulf Oil Gusher: Methane, Climate & Dead Zones
by DK Matai
Posted July 11, 2010

Gulf StreamAs much as one million times the normal level of methane is showing up near the Gulf of Mexico oil gusher, enough potentially to create dead zones in the water. "These are higher levels than we have ever seen at any other location in the ocean itself," according to sources cited by Reuters. The "flow team" of the US Geological Survey estimates that 2,900 cubic feet of natural gas, which primarily contains methane, is being released into the Gulf waters with every barrel of oil.

Like-for-like, methane is 23 times more potent than Carbon Dioxide or CO2 at trapping solar radiation, as recognised within the Kyoto Protocol in 1997. Methane is far more reflective and calculated over a period of 20 years, as opposed to 100 years, its radiative force is 72 times that of CO2 emissions. This makes vast releases of methane very powerful "positive feedback" loops that accelerate global warming.

Scientists have been discussing a number of scenarios of methane escaping from the ocean floor for some time. The sudden release of large amounts of natural gas -- primarily methane -- could be a cause of past, present and future climate chaos. It is believed that the release of trapped methane is a main factor in the global warming of 6°C that happened during the end-Permian extinction. "Methane Driven Oceanic Eruption" also predicts this will greatly affect available oxygen content of the atmosphere. As temperature rises, the permafrost is likely to melt. The methane released from beneath the permafrost could increase temperatures further, melting the permafrost faster, releasing even more methane, and so on. It is feared that such a scenario would accelerate Global Warming to the point where nothing humankind could do would reverse the problem. More...

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The Economic Elite Vs. The People of the United States of America - Part I
by David DeGraw
Posted July 3, 2010

Economic ElitesAccording to the Bureau of Labor Statistics, the national median wage was only $32,390 per year in 2008, and median household income fell by 3.6% while the unemployment rate was 5.8%. With the unemployment rate now at 10%, median income has been falling at a 5% rate and is expected to continue its decline. Not surprisingly, Americans’ job satisfaction level is now at an all time low.

There are also a growing number of employed people who, despite having a job, are still living in poverty. There are at least 15 million workers who now fall into this rapidly growing category. $32,390 a year is not going to get you far in today’s economy, and half of the country is making less than that. This is why many Americans are now forced to work two jobs to provide for their family to hopefully make ends meet.

The mainstream news media will numb us to this horrifying reality by endlessly talking about the latest numbers, but they never piece them together to show you the whole devastating picture, and they rarely show you all the immense individual suffering behind them. This is how they “normalize the unthinkable” and make us become passive in the face of such a high casualty count. More...

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Two Decades of Greed - The Unraveling
by James Quinn
Posted June 16, 2010

Wall Street greedThe appearance of progress on some issues overshadowed the underlying deterioration of societal institutions and practices. Social Security was “saved” by Alan Greenspan and his commission. Essentially he manipulated the CPI calculation downward, screwing future generations of seniors out of their rightful payouts. Politically difficult decisions regarding Medicare and Medicaid were deferred to sometime in the distant future. With oil prices averaging $20 per barrel through the 1980s and 1990s, a coherent long-term energy strategy seemed unnecessary to the next election cycle politicians who control this country. The deregulation of the Savings & Loan Industry gave them many of the capabilities of banks, without the same regulations as banks. Imprudent real estate lending, fraud and insider transactions by S&L executives, protected by high powered Washington politicians, led to the first financial crisis. The failure of 747 thrifts and losses of $160 billion to the taxpayer can be attributed to lax oversight and fraud.

The United States has experienced a three decade long “expenditure cascade”. An expenditure cascade occurs when the rapid income growth of top earners fuels additional spending by the lower earners. The cascade begins among top earners, which encourages the middle class to spend more which, in turn, encourages the lower class to spend more. Ultimately, these expenditure cascades reduce the amount that each family saves, as there is less money available to save due to extra spending. Expenditure cascades are triggered by consumption. The consumption of the wealthy triggers increased spending in the class directly below them and the chain continues down to the bottom. This is a dangerous reaction for those at the bottom who have little disposable income originally and even less after they attempt to keep up with others spending habits. The personal savings rate was 12% in the early 1980s and declined to negative 1% by 2005. The expenditure cascade couldn’t have occurred without easy access to debt. The question that must be asked is, who benefits from debt and who pays? More...

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Open Letter to President Obama Re: BP Gulf Oil Spill Solution
by T Anthony Michael
Posted June 13, 2010


Dear President Obama,

gulf oil spillWe write this letter concerning the worst man-made, and ongoing, environmental catastrophe of the modern era, and perhaps the worst calamity the entire hemisphere has ever seen.

We are truly perplexed why the US Federal Government has not taken complete command and control of the disaster area known as the Gulf of Mexico. It is, after all, full of oil and dispersants and corpses of every sort and kind. A foreign multi-national corporation (BP) was allowed to conduct the most risky and highly experimental deep-sea drilling for oil and gas without proper permits, federal oversight and regulatory regimes that would have prevented this avoidable event.

We all know the facts surrounding this event. (i.) BP was given the green light to conduct extremely dangerous drilling techniques in order to supply the fuel necessary to run the US military. (ii.) That the Military-Industrial Complex empowered BP, as it has other US Oil & Gas Companies, to drill and drain every reservoir of oil and gas discovered in the Gulf of Mexico. (iii.) That the Departments of Interior, Energy, Homeland Security and EPA collaborated at the very highest levels of government to see to it that federal laws, state statutes and departmental rules and regulations were conveniently suspended or broken in order to facilitate this oil and gas exploration and extraction. Basically, we are stating that treason was committed against these United States of America by the very entities that are tasked to protect it. More...

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Gulf Oil Spill "Could Go on Years and Years"
by F. William Engdahl
Posted June 12, 2010

Gulf StreamThe Obama Administration and senior BP officials are frantically working not to stop the world’s worst oil disaster, but to hide the true extent of the actual ecological catastrophe. Senior researchers tell us that the BP drilling hit one of the oil migration channels and that the leakage could continue for years unless decisive steps are undertaken, something that seems far from the present strategy.

In a recent discussion, Vladimir Kutcherov, Professor at the Royal Institute of Technology in Sweden and the Russian State University of Oil and Gas, predicted that the present oil spill flooding the Gulf Coast shores of the United States “could go on for years and years … many years.” [1]

According to Kutcherov, a leading specialist in the theory of abiogenic deep origin of petroleum, “What BP drilled into was what we call a ‘migration channel,’ a deep fault on which hydrocarbons generated in the depth of our planet migrate to the crust and are accumulated in rocks, something like Ghawar in Saudi Arabia.”[2] Ghawar, the world’s most prolific oilfield has been producing millions of barrels daily for almost 70 years with no end in sight. According to the abiotic science, Ghawar like all elephant and giant oil and gas deposits all over the world, is located on a migration channel similar to that in the oil-rich Gulf of Mexico. More...

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Debt Can Never Be Repaid (By Bankster Design)
By Jason Hamlin
Posted June 9, 2010

The FedYou really have to hand it to the banksters. As was painstakingly detailed in the book Creature from Jekyll Island, the banking elite devised a brilliant plan in November of 1910 on Jekyll Island in which to take over control of the United States, steal the wealth from the taxpayers and the resources from the country.

It was at this meeting that the Federal Reserve was conceived by the banking cartel, as they devised a plan to protect its member banks from competition and convince Congress and the American public that this cartel was an agency of the United States government.

The creation of the Federal Reserve will undoubtedly go down as one of the biggest tragedies in American history. After all, the government handed over the right to print the nation’s currency AND charge interest to a private, for-profit corporation with foreign stockholders. The Federal Reserve was given the right to simply print massive sums of money out of thin air and then charge the American taxpayer interest on that money. More...

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The Wall Street Economic Death Squad
By David DeGraw
Posted May 30, 2010

Economic Death SquadRecent Headlines:
$140 billion! Record Payday for Wall Street
Goldman Sachs 2009 Bonuses Could Buy Insurance for 1.7 Million Families
50 Million Americans Live in Poverty

Paraphrasing a very insightful quote: ‘The amount of poverty and suffering required for the emergence of a Goldman Sachs, and the amount of depravity that the accumulation of a fortune of such a magnitude entails is left out of the mainstream media, and it is not always possible to make the people in general see this.

Think about the fact that your paycheck should be significantly higher, as it would be if CEOs weren’t taking an astonishing record of $500 for every one dollar you make. Due to unregulated greed the US now has the highest inequality of wealth in the industrialized world, no other country is even close.Every time you skip a trip to the doctor, to the dentist, to the food store, even to a social event that could bring you a little stress relief, you should think about these thieves on Wall Street. Every time you skip something that you need, think about the billionaires on Wall Street… because they have YOUR MONEY!

The facts are that $30,000 per person is unaccounted for - that’s $30,000 for every man, woman and child in the US - which means if you have a family of five, your family has lost $150,000 to Goldman Sachs. While you stress out and struggle, they have your money, and it’s sitting in their banks, sitting in their vaults, flipping in their markets, collecting interest… and dust. More...

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The Declining Value of Work
by Michael Snyder
Posted May 20, 2010

declining value of workToday one man can do the work that a hundred men used to do. Not only that, but today American workers literally have to compete against workers from all over the globe. Global corporations often find themselves having to choose whether to build a factory in the United States or in the third world. But in the third world workers often earn less than 10% of what American workers earn, corporations are often not required to provide any benefits to workers, and there are usually hardly any oppressive government regulations. How can American workers compete against that?

All of this free trade has been very hard on American workers as factory after factory has closed, but it has allowed the big corporations to get exceedingly wealthy. The top executives at the big global corporations are certainly enjoying all of this free trade. Their salaries have soared. In 1950, the ratio of the average executive's paycheck to the average worker's paycheck was about 30 to 1. Since the year 2000, that ratio has ranged between 300 to 500 to one.

The rich are getting richer and the poor are getting poorer.That is what globalism is all about.The elite make out like bandits as they exploit third world labor pools, while the American middle class finds itself slowly being crushed out of existence. More...

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The Vicious Circle of Debt and Economic Depression, It's Class War
By Ismael Hossein-zadeh
Posted May 17, 1010

SocialNever before has so much debt been imposed on so many people by so few financial operatives—operatives who work from Wall Street, the largest casino in history, and a handful of its junior counterparts around the world, especially Europe.

After transferring trillions of dollars of bad debt or toxic assets from the books of financial speculators to those of governments, global financial moguls, their representatives in the State apparatus and corporate media are now blaming social spending (in effect, the people) as responsible for debt and deficit!

Spending on national infrastructure, both physical (such as roads and schools) and social infrastructure (such as health and education) is key to the long-term socioeconomic developments. Cutting public spending to pay for the sins of Wall Street gamblers is bound to undermine the long-term health of a society in terms of productivity enhancement and sustained growth. A most outrageous aspect of the debt burden that is placed on the taxpayers’ shoulders since 2008 is that most of the underlying debt claims are fictitious and illegitimate: they are largely due to manipulated asset price bubbles, dubious or illegal financial speculations, and scandalous conversion of financial gamblers’ losses into public liability. More...

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The Financial Oligarchy Reigns: Democracy’s Death Spiral From Greece to the United States
by David DeGraw
Posted May 16, 2010

SocialAs the Economic Elite continue their plunder, the people in Greece riot and the big banks score yet another big blow against the people of the United States. Democracy throughout the world is under attack. Many people can make the argument that our democracy here in America is only an illusion, but even the illusion of democracy is crashing down. Tragedies are currently playing out across the world on an epic scale. Unprecedented economic and environmental catastrophes have become the norm. Billions of people, the overwhelming majority of humanity, have been sentenced to a slow death due to a concentration of wealth and resources within humanity’s economic top 0.5%. Ultimately, short-sighted greed has proven to be humanity’s most severe disease.

On the evening of May 6th, 2010, one of the most vital battles of this war came to the Senate floor, the amendment to break up the “too big to fail” banking interests. The amendment was voted down and the American people were dealt a severe blow, as our democracy was publicly exposed as a mere charade.

To break it down statistically, when six inter-connected banks, all organized in the Federal Reserve system, control over 60% of GDP and have the power to issue currency, competition is impossible. The game is over. They wield so much power that society and government are effectively captured and dominated by this Oligarchy. More...

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The Economic Collapse Part 1
by Rudy Avizius
Posted May 7, 2010

With the exponential growth of debt and derivatives, a sovereign debt default could trigger economic shockwaves that would make the previous 2008-09 economic collapse look like the pre-shocks of a much larger earthquake. This video presents one possible scenario on how a dollar collapse would affect one family.

To view the video on YouTube.


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The Economic Collapse Part 2
by Rudy Avizius
Posted May 7, 2010

With the exponential growth of debt and derivatives, a sovereign debt default could trigger economic shockwaves that would make the previous 2008-09 economic collapse look like the pre-shocks of a much larger earthquake. This video presents one possible scenario on how a dollar collapse would affect one family.

To view the video on YouTube.

 
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Western Civilization and the Economic Crisis, The Impoverishment of the Middle Class
by Andrew G Marshall
Posted March 31, 2010

SocialIn the past few decades, the middle class has been forced to survive on debt. In order to maintain the image of middle class, and to maintain the functions of the middle class (i.e., to consume), the middle class needed access to credit and had to descend into a class of debt. Now, as the world is undergoing a rapid social, political, and economic transformation, the middle class has been marked for death. As a debt crisis takes the nations of the world into debt servitude, the middle classes of the western world will lose their access to credit, and will be forced into repaying their debts. As nations fall under a debt crisis, the middle class will collapse with it. A class built and sustained on debt is not sustainable. We are entering into a period of rapid class transformation on a global scale.

The mirage of the middle class is steadily vanishing as our eyes adjust to the reality of our environment. The Empire we turned a blind eye to abroad, is about to hit home; what we do abroad, comes home to roost. The middle class is about to realize the true cost of empire. More...

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The American Dream is Over, It Was A Wonderful Life
by James Quinn
Posted March 19, 2010

Here we sit in 2010. We are blessed with 4,300 Wal-Marts, 2,200 Home Depots, 1,500 Lowes, 1,000 Best Buys, 15,000 McDonalds, 11,000 Starbucks and 2 million other retail stores. Americans need to ask themselves whether cheap economy packs of tube socks were worth allowing small town America to disintegrate and blow away. Small businesses that were the heart of America in 1946 have been methodically driven out of business by predatory mega-retailers. The free market capitalists claim this has been good for America. Is it free market capitalism when these companies use their billions to buy politicians, zoning boards, and local officials? The next time you drive through a small town and see boarded up stores, for lease signs, and decaying infrastructure think about the true cost of big business capitalism. Succumbing to corporatism and debt financed materialism has resulted in a society marred by divorce, broken families, decaying cities, drugs, murder and police chases - the Potterville of It’s a Wonderful Life. Was it worth it? More...

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World’s Billionaires Grew 50 Percent Richer in 2009
by Andre Damon
Posted March 13, 2010

2009 will be remembered by millions of ordinary people as the year they lost their job, their house, or the prospect of an education. For the rich, however, it was a bonanza. The world’s billionaires saw their wealth grow by 50 percent last year, and their ranks swell to 1,011, from 793, according to the latest Forbes list of billionaires.

Aside from direct government handouts to the banks and super-rich, the major driver of the recovery of corporate profits—and thus the stock market—was productivity growth and corporate downsizing.In 2009, the unemployment rate rose from 7.7 to 10 percent, three million jobs were lost, and wages fell dramatically. Millions of families lost their homes and became dislocated. But productivity, the amount of output that is produced from each hour of work, rose by 7 percent. The money freed up through the destruction of social programs, higher employee output, and corporate restructuring has found its way into the pockets of the people on Forbes’ list. More...

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2010 Food Crisis for Dummies
by Eric deCarbonnel
Posted March 2, 2010

If you read any economic, financial, or political analysis for 2010 that doesn’t mention the food shortage looming next year, throw it in the trash, as it is worthless. There is overwhelming, undeniable evidence that the world will run out of food next year. When this happens, the resulting triple digit food inflation will lead panicking central banks around the world to dump their foreign reserves to appreciate their currencies and lower the cost of food imports, causing the collapse of the dollar, the treasury market, derivative markets, and the global financial system. The US will experience economic disintegration.

Over the last two years, the world has faced a series of unprecedented financial crises: the collapse of the housing market, the freezing of the credit markets, the failure of Wall Street brokerage firms (Bear Stearns/Lehman Brothers), the failure of Freddie Mac and Fannie Mae, the failure of AIG, Iceland’s economic collapse, the bankruptcy of the major auto manufacturers (General Motors, Ford, and Chrysler), etc… In the face of all these challenges, the demise of the dollar, derivative markets, and the modern international system of credit has been repeatedly forecasted and feared. However, all these doomsday scenarios have so far been proved false, and, despite tremendous chaos and losses, the global financial system has held together. More...

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"Economic Terrorism": The Consequences are Poverty and Mass Unemployment
by David DeGraw
Posted February 18, 2010

Like our Founding Fathers before us, we must put aside our differences and unite to fight a common enemy. It has now become evident to a critical mass that the Republican and Democratic parties, along with all three branches of our government, have been bought off by a well-organized Economic Elite who are tactically destroying our way of life. The harsh truth is that 99% of the US population no longer has political representation. The US economy, government and tax system is now blatantly rigged against us.

Current statistical societal indicators clearly demonstrate that a strategic attack has been launched and an analysis of current governmental policies prove that conditions for a large majority of Americans will continue to deteriorate. The Economic Elite have engineered a financial coup and have brought war to our doorstep. . . and make no mistake, they have launched a war to eliminate the US middle class. More...

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America's Impending Master Class Dictatorship
By Stewart Dougherty
Posted January 24, 2010

One stark and sobering way to frame the crisis is this: if the United States government were to nationalize (in other words, steal) every penny of private wealth accumulated by America’s citizens since the nation’s founding 235 years ago, the government would remain totally bankrupt.

When 90% of the American people vehemently rejected the $700,000,000,000.00 ($700 billion) TARP bailout plan, the Master Class put it on a fast track and approved it anyway.

When the people said no to multi-trillion dollar crony bailouts for the bankers and insurers whose corruption had caused global financial mayhem, the government pledged to those elite insiders more than $13,000,000,000,000.00 ($13 trillion) of the people’s money anyway.

When the people expressed astonishment and anger that Wall Street planned to pay itself record 2009 bonuses, in the midst of America’s worst-ever fiscal and financial crisis caused by them, Wall Street stuffed its pockets with taxpayer-supported bonus money anyway. More....

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U.S. Heading for Hyperinflationary Collapse, Ruling Elite Preparing for Civil War
by James Quinn
Posted January 18, 2010

We are left a hollowed out economy with a middle class that hasn’t seen their real wages increase in 30 years. Our manufacturing base has been gutted. The only thing this country has produced in the last ten years is killing machines. Is society more likely to advance by producing a computer or a humvee? Is our civilization better off with a plant producing tanks or hybrid cars? Defense spending means the government is pulling away resources from free market uses and instead using them to buy weapons and to pay for soldiers and Blackwater mercenaries. In realistic economic models, defense spending is a direct drain on the economy, reducing efficiency, slowing expansion and costing jobs.

We are now at a critical crossroads for our Republic. Normally intelligent Americans must open their eyes to the collusion between politicians, military industrial complex, Federal Reserve and corporate media that have used fear and misinformation to gain power over brainwashed American citizens. The ruling elite fear and despise the American public. The Department of Homeland Security has been given free rein to spy on American citizens, classifies Ron Paul supporters as potential domestic terrorists, considers returning Iraq veterans as a potential threat, and seems to be directing their laser focus toward suppressing domestic civil dissent. U.S. combat troops of Northern Command have been stationed on domestic soil. More...

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If Government Won't Break Up the Giant Banks, Let's Do It Ourselves
by Washington's Blog
Posted January 14, 2010

As everyone knows, the economy cannot permanently recover and truly stabilize until the giant banks are broken up. The top independent experts agree that the "too big to fails" are a drain on the economy and put the entire system at risk. The giant banks aren't lending much to the people who need it. Fortune pointed outin February that smaller banks are stepping in to fill the lending void left by the giant banks' current hesitancy to make loans. Indeed, the article points out that the only reason that smaller banks haven't been able to expand and thrive is that the too-big-to-fails have decreased competition.

If the government isn't doing anything to fix this dangerous situation, we'll have to do it ourselves. More...

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