The Beginning Of The End
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Bad News

The bad news about the economy just keeps rolling in.  If this is an economic recovery, what in the world is the next “recession” going to look like?  Today there was another huge truckload of bad economic news.  The stock market had another 400 point “correction”, applications for unemployment benefits are up again, inflation is higher than expected, home sales have dropped again and Europe is coming apart at the seams.  The financial markets have been in such a state of chaos recently that days like today don’t even seem “unusual” anymore.  But we should all be alarmed at what is happening.  We haven’t seen anything quite like this since the darkest days of 2008 and 2009.  If more bad news keeps pouring in, we may soon have a very real panic on our hands.

I would have thought that my article yesterday, “20 Signs That The World Could Be Headed For An Economic Apocalypse In 2012“, would have contained enough bad economic news to last for a while.  But today there was another huge bumper crop of depressing numbers.

Are you ready for the carnage?

*The Dow fell 419 points today.  That was a 3.7% drop.  The S&P 500 shot down 4.5% and the Nasdaq plummeted by a whopping 5.2%.

*European bank stocks got absolutely hammered.

*The number of Americans applying for unemployment benefits jumped back above 400,000 last week.

*The recent inflation numbers have really taken analysts by surprise.  The consumer price index rose at a 6.0% annual rate during the month of July. As I mentioned yesterday, the producer price index in the U.S. has increased at an annual rate of at least 7.0% for the last three months in a row.

So now we have high unemployment and high inflation.  Oh goody!  All of this stagflation is almost enough to make one nostalgic for the 1970s.

*The housing market is getting even worse.  According to the National Association of Realtors, sales of previously owned homes dropped 3.5 percent during July.  That was the third decline in the last four months.  Sales of previously owned homes are even lagging behind last year’s pathetic pace. Mortgage rates are now the lowest they have been since the 1950s, but there are very few interested buyers in the marketplace.

*The Philadelphia Fed’s latest survey of regional manufacturing activity was absolutely nightmarish….

The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, decreased from a slightly positive reading of 3.2 in July to -30.7 in August. The index is now at its lowest level since March 2009

*Morgan Stanley now says that the U.S. and Europe are “hovering dangerously close to a recession” and that there is a good chance we could enter one at some point in the next 6 to 12 months.

All of this bad news is sending the price of gold through the roof.  The price of gold soared to a brand new all-time high of $1,829.70 an ounce on Thursday morning.  So far, the price of gold is up almost 30 percent in 2011.

Meanwhile, millions of average American families are deeply suffering and are desperately hoping that things won’t get even worse.  Everywhere you turn, there is a tremendous amount of stress in the air.

According to the New York Times, 25 million Americans “could not find full-time jobs last month”.

As the economy crumbles, good paying full-time jobs are becoming increasingly scarce.  People are hurting and they are looking for leadership.

Well, Barack Obama is running around the country promising that he will unveil some “solutions” very shortly.

So what are those solutions going to include?  Well, the plans are still in the development stage, but the Obama administration is reportedly considering the following….

-The creation of a new government agency that will be dedicated to job creation.  This will entail more government spending and more government paper pushers, but it will probably not do much to create good paying full-time jobs.

-Pushing even more free trade agreements through Congress.  That way even more of our good jobs can be shipped to countries on the other side of the globe where paying slave wages to workers is still legal.

-A “reverse boot camp” that will train military veterans for civilian jobs.  That sounds like a good idea, but we already have millions and millions of highly trained Americans that can’t get jobs.

-An extension of the payroll tax cut for at least another year.  That will put more money into the pockets of U.S. workers, but it will also mean less revenue for the federal government.  The existing payroll tax cut has not exactly resulted in a “jobs boom”, but removing that tax cut is certainly not going to help the economy either.

-An extension of long-term unemployment benefits.  Yes, that will help the unemployed survive and will give them some money to spend into the economy, but it will not create many jobs for them.  Plus it will put the government into even more debt.

-The creation of an infrastructure bank.  Like most of the proposals above, this will entail even more government spending.  I know that a “shovel-ready” joke is called for about now, but I can’t think of one at the moment.

The ironic thing is that Barack Obama is riding around on his multistate “jobs tour” in a $1.2 million bus that was made in Canada.

You just can’t make this stuff up.

Things have gotten so bad out there that even Wal-Mart is suffering now.  Sales at Wal-Mart stores that have been open for at least a year have fallen for nine quarters in a row.

Not that anyone should have much sympathy for Wal-Mart, but it is a sign of just how bad things are getting out there.

So is there much hope for the future?  Well, considering the fact that only 32 percent of 15-year-olds in the United States are proficient in math, things don’t look good.

Our education system is a joke, tens of thousands of factories have already closed, more are closing every day, millions of jobs have been shipped overseas and most of our politicians are either incompetent or corrupt (or both).

So you would think that with all of our problems, authorities would be focused on the big issues.

But no, time after time they just keep picking on average Americans.

For example, a woman that lives in the Salem, Oregon area that is fighting terminal bone cancer tried to raise some money for her medical bills by holding a few garage sales on the weekends.

Well, the authorities in Salem got wind of this and now they are shutting her down.

This is absolutely unbelievable.  A video news report about this incident is posted below….

Massive fraud and corruption at the big banks caused a worldwide financial crisis in 2008 and yet not a single Wall Street executive has gone to prison because of it.

Yet a cancer-stricken lady tries to hold a few yard sales to pay her bills and authorities come down on her like a ton of bricks.

Does that seem fair to you?

Our world is getting crazier every day.  The bad news is going to keep pouring in.  Global financial markets are being held together with chicken wire and duct tape.  At some point the pyramid of corruption and con games is going to come crashing down.

If you still have faith in the system, you are not very wise.  We are heading for an economic collapse that will be absolutely unprecedented, and you need to be getting prepared.

  • Libertymike

    First, respect no person is who a public sector employee.

    Amongst public sector employees, the worst are those who freely choose to wear Caesar’s clown costumes. Military, national guard, police and the like. They are the hilarioulsy haberdashered hitmen of the state.

    Laugh at, mock and scorn those who wrap themselves in the fabric of “public service” and “protecting [your][our] freedoms”. Ditto for those who support such tax feeders.

    No military person actually protects your freedom. Liberty is your birthright. One’s liberties inhere in one’s humanity-they are not gifts from a prince or some anti-intellctual jarhead.

    Ask yourself, has any military person ever assisted you in the protection of your liberties? For example, has any grunt prevented the IRS from confiscating your wages? Has any Navy Seals sissy ever prevented a bank from rolling over and complying with a Notice of Levy submitted to the bank to take funds from your bank account?

    Ask yourself, has any military person ever interposed himself between a SWAT team serving a warrant, with no-knock, pre-dawn raid tactics? Have any commandos swooped in and stopped DEA agents raiding a family farm which has several acres devoted to marijuana growth?

    How about conducting a lemon-aid stand? Have any brave soldier boys ever taken any action to thwart the efforts of local cops and health agents seeking to shut down the lemnon aid stands?

    Soldiers, by definition, like cops, tend to be bullies, pussies actually. Joining a state sponsored military or para military organization is not a sign of courage. Nor is it a sign of self actualized maturity.

    No, remember, force always attracts scum.

  • Gary2

    How equal do Americans want America to be? In “blind testing,” says Duke University’s Dan Ariely, 93 percent of Democrats in the United States and 90.5 percent of Republicans pick Sweden’s more equal wealth distribution over the more unequal distribution in the United States.

    Yes that’s correct you right wingers-socialist Sweden. Refute that tea bagger terrorists.

    Tax the greedy to help the needy.

    PS-Do I need to explain blind testing???This means that you do not know where on the income scale you will be. Obviously the rich knowing they are rich would choose the current flawed system. The low information tea bagger terrorists would keep the same flawed system in the mistaken belief they will make it out of the trailer park and be rich someday.

    The rest of us with brains, not knowing where on the income scale we would be overwhelmingly choose Socialism.

    Sorry baggers-you loose again.

    • Jake

      Gary2, are you unemployed?

      • Gary2

        No I work and also volunteer.

        • Jake

          Thanks, I try to wade thru the clutter of economic opinions to see where people are coming from. I suspect the answer is somewhere in the middle. I have been called upon to help more “almost” homeless people this year than ever before. I’m coming to the conclusion that govt. can’t fix this problem.

    • 007

      Funny, I read your socialist link. I didn’t see any poll you referred to. I knew it was not true as most Americans do not have a clue how Sweden’s political and economic system work.

  • Dear Michael

    Ok your working part time at Home Depot , and at Sears. Your wife is working at Miky D’s and cleaning houses for over paid Ceo’s. With any luck between the both of you your keeping your heads above water. Your praying that none of your kids get sick. Then some moron comes on the nightly news telling you that there are “good” jobs out there. BLA..BLA..BLA. People have got to start fighting back. Stop voting idiot into office. Both parties need to a over haul and I’m not talking about the “TEABAGGERS”. They are just as nuts as the rest.
    9 minutes ago rate uprate down
    Anyone in the metro Atlanta should try to watch a news segment coming up Monday 5/16/2011 on wsbtv channel 2 – 5PM news on how they are bringing foreigner into GA to fill well paying jobs while Georgians are dying here. GA just passed an Immigration Bill into law but just about 3 out of 5 job listings require Spanish bilingual a plus how hypocritical – wonder if they require one to speak English to get a job South of the border
    12 minutes ago rate uprate down
    I’m promoting my deficit reduction plan. Towards our debt tally all the foreign aid U. N. contributions we’ve made to those countries over the decades and deduct it from our debt. The U. N. contributions include the years when we funded the U. N. pretty much alone. Also to be included is interest on the money given to those countries at the same rate they are charging us. Using that formula I’d be willing to bet that the countries who hold our debt would actually owe us money.
    15 minutes ago +1 rate uprate down
    why should the Goverment care – we take it and vote them back in – a US Senator makes how much a year? with full benefits and a gold retirement package – my plan is to vote everyone in my district and state out of office starting with that head of state who promised change – people were so caught up in rewriting history with having the first black President and primarily young kids who probably never held a job nor paid a bill voted him in office – the guy has no idea what the hell he is doing nor did the one before him – people in Greece not only took to the streets but they are also voting them out one by one. ever call a 800 number to only get a machine – called my internet provider last month to fix a problem only to get a guy named Steve with an Indian accent on the other line – in my book they all have to go and the new elected ones will shape up and get it right – vote them out – unemployment for us all
    32 minutes ago rate uprate down
    Bout time you guys woke up. Out with ALL incumbents and whoever goes in their place make it clear it’s a one shot deal. No more career politicians and for chris sake NO lawyers getting elected to line their own own pockets as hahvahd an yahl teach em. nothin new..i was too old in 91 when i graduated from college, overqualified as they put it..and over qualified for everything i done before that. only solution is think outside the box or sleep in it.
    45 minutes ago rate uprate down
    Willy Wise
    The latest trend by US companies is to either offshore their labor to a foriegn country or hire only foreigners whether legal or illegal. And our sh*thead president is encouraging it by working to bring more immigrants to take our jobs to help the greedy businesess in their quest to hire only foreigners.
    The ******************* sh*thead Obama also wants to give the corporations even more tax breaks to encourage more offshoring of jobs. ******* what a teo faced lying sack of goddamn sh*t Obama turned out to be . And i’m a liberal….
    47 minutes ago rate uprate down
    Bin Laden’s Dead, Just like the US Economy
    (Thanks To Our Sh*t Government)

    Yes our troops did a excellent job of getting rid of Bin Laden but our evil ****************** rotten to the core government also did a fantastic job of helping the corporations and banks to destroy our economy and completely wipe out the job market in America causing tens of millions of foreclosures and massive bankruptcies as the banks suck up everything we own

    It’s called Financial terrorism and our rotten to the core, corrupt as hell government totally promotes it as long as it benefits the banks, the corporations and them with bribes and campaign donations..

    No More God bless America, Land of the free

    Our new Slogan:

    *********************** America, Land of the Greed
    1 hour ago -1 rate uprate down
    I’ve been with work for more than two years – tried getting a real estate license just to do something but never sold any – my wife thank God still works – can’t even get a fast food job because of my BS degree over-qualified – jobs that I’m qualified for now tell me I have not held a full time job in a while – now it a crime not to have a job when everywhere you go there is always some load of BS. I heard here in Atlanta a new Porche plant will open soon cause they stroke a deal with the city just also found out that soon means 2013 and no one knows where to even get an application – if this mess goes on for much longer we are all done – even heard from a friend with a Masters degree that he was denied employment for having too much balance on his credit cards – we are all done I tell you it’s time to start voting people out of office.
    1 hour ago rate uprate down

    Although it appears new unemployment claims have slowed, economists like Gerald Clemente are predicting possible 35% unemployment by 2014. This is Americans unemployed because they can’t find work, NOT the bogus unemployment rate that the government uses. They are only count people actually COLLECTING unemployment. Not the people who did not qualify, those whose ran out, or younger American who have recently entered the job market.

    Every year millions more people enter the job market, Sure some retire but for every 2 people retiring, 3 more enter the job market. So of course you’re going to need more jobs. not less. But the biggest problem is a massive campaign by BIG BUSINESS to offshore every Goddamn American job. If you can’t replace the employees with automation than they must be outsourced is their only goal. Companies that can’t afford to outsource will instead use illegal aliens.

    And thanks to our worthless, greedy, corrupt beyond belief piece of **** government, the corporations have succeeded in offshoring more than 40 million American jobs over the last 25 years. Thanks to all the bribes and favors our politicians received, deals by ******** head Bill Clinton and A s s wipes George Bush JR and Senior, the outsourcing overseas and to Mexico has exploded.

    Even if you stop the outsourcing, we would still have a shortage of jobs because the population is growing fast however when you combine this with massive offshoring of jobs you eventually end up with massive unemployment.

    it’s simple mathematics.
    Population expanding + massive offshoring = massive unemployment

  • Dear Michael

    I went back and made the angry american in caps

  • Gutter Economist


    Most debt in Europe is held by banks and about half of these banks are American (investors in European debt).

    The Fed is planning to print more money to bail out all of the above.

    Bailed out banks are expected to invest this free money in US treasuries.

    Where are all the Tea Party protesters at?

    • 007

      Rick Perry is right!

    • drago

      if you recall, biden,kerry, some other big mouthed libs as well as their MSM buddies are attempting to isolaet TP’ers, calling them terrorists… kerry even went to far as to say they dont deserve any media air time. hence you dont hear from them anymore- selective reporting. welkome to obama’s amerika

  • Chris

    Things are only going to get worse. I don’t know who would invest in the stock market right now!

    • 007

      65 percent of trading is now high speed trading with stocks being held on average less than 3 minutes. Now that is amazing.

    • Rev. Reggie Jackson

      Yes Chris!! This will be a great time to buy low and sell low and then lose it all.

  • tony N

    Regarding the SS Disability Insolvency Article–+National+News

    Our Economic Collapse is due too this …… DE-DEVELOP the USA , and the S&P and Obama are part of it

    Actually they are Tanking the supply-side economy on Purpose……UN Agenda 21 ICLEI , NGO’s

    S&P and Obama are part of it

    This Preacher is GREAT !!!!!

    its time for we the people to take back control of Our Monetary Policy and Put Our nation back to work producing our NEEDS not being SERFS and dependent on imports and DE-DEVELOPING our USA !!!!!

  • Gary2

    I think its time for a little wealth redistribution here in the USA.

    The working people and poor need to tax the rich hard and not wait for congress/Obama.

  • john paul

    Invest in yourself first. Blaming things around yourself is a basic method of consolation for most. Are you ready? Do you have the basic needs for October 2011? If your answer is NO, then start now preparing for it. When the communication systems are no longer available from TV to phones, most people will be in serious trouble. Banks will be closed. Plan NOW..
    John Paul
    Chi Master

  • 007

    Good article, it is amazing you so articulately explain our economic crisis while the rest of the media can not even admit we are in a recession. Bad news is frustrating to hear, but everyones only hope is that the public realizes what we are really up against.

  • bobbobbobbob

    u say europe is falling == more bs!! u have the higest divorce rt; u have the highest auto thefs; uhave the highest incarceration rt; ect ect see your own blog “number one not so good categories”. u r a FAILED STATE and cannot compete Mcpain should have won destroying your auto industry!!!! and shipping it to CHINA RULES

  • 007


    Have you received any Government pressure yet to silence your web site yet? I would not be surprised if you don’t face that soon. Especially as your site’s popularity and noteriety increase.

    • Michael

      Well, hopefully I am insignificant enough that they will not even take much notice of me.

      After all, I am just one guy writing some articles about economics.


      • D

        This blog is the first thing that popped up when I searched “economic collapse” in google. I don’t think I had my website cookies entered either. If this is the case, I would imagine this blog gets plenty of activity.

        It is a powerful tool, but I don’t think it is enough for the general population to dig their heads out of the sand. They avoid this type of news because they don’t want to believe it. The elites fabricated the thoughts into the general public that these information sites are types of conspiracies. The greatest “conspiracy” generated by the elite, media, and gov’t is that there are none. This blog has a solid base and clear articulation of basic facts.

        This blog is very helpful for those who want to prepare or have a general spectator interest in seeing everything go down in flames. The big dogs won’t attempt to stop this blog. They are too busy preparing where to move with their dough as they all laugh while watch the carnage.

        • Michael

          Hopefully this site can wake a few people up every day. The general public may be sleeping, but if this site can make a difference for a few people every day then I will be pretty pleased with that.


  • IQD

    Remember the unsinkable Titanic…crashes the iceburg and those aboard who refused to acknowledge the evidence that the ship was sinking. Some continued to party on as the band played not believing their life was in peril. There were those on board who recognized the crisis at hand but were paralyzed by fear to formualte a plan to save their own lives or anyone else’s. The few who reconized the catastrophy that was in their face got one of the few seats on a life raft or found anything at all to serve as a flotation device.

    I certainly hope that come the next round of elections that every elected politician gets a pink slip.

    Everyone of us, every American could have made small changes decades ago when we first started seeing the flaws with the decisions our elected officials were making and yet the party was allowed to continue …and here we are now.

    I do believe that monumental issues also provide monumental opportunities. We can impact millions of people who could benefit from alternate, affordable housing ( think shipping container convertions ), urban small scale farming…find something that is wrong with our society and provide a solution. Millionaires are created when you impact millions of people. We don’t need jobs, we need people who are accountable for their choices.

  • mondobeyondo

    Move deck chairs to edge… futons and sofas, move from starboard to bow… allow first class passengers to relax and get excellent photos of iceberg.

    Yep, nothing to worry about. We’re fine!

  • Charles

    Investing in gold now is a waste of time and money. Invest in a trade if you’re young enough. That can’t be stolen and you can trade your craft for food if need be.

    Stock up today on the things you use. They will be doubling and tripling in price soon. Gold will not be doing that. The risk of gold is all to the downside.

    Many people don’t actually own physical gold, they own gold equities and we all know how that ends. The bookies on WS aren’t going to let you get out of dodge with YOUR money. They’ve set up shop to take it.

  • Bez

    Perspective & priorities are the REAL issues here!
    It is very sad that people are still focusing energy on making money! Even knowing its useless and about to become obsolete.
    Why commit our precious time in life to nothing? LOVE and the understanding there of, focused energy need be! All have the power to obtain enlightenment. Take action to harness this power! When one knows self, the world of change can be!
    Live reality, AND IT SHALL BE!!!! Together, all for one and one for all, reality can be!
    Change is not a requirement, refocusing power may be. Recognize the BEAUTY, and the reality of life may be seen! Thank you to ALL!!!!!!! Keep on focusing your power Michael!!!!!

    • Michael

      I will try Bez :)


  • http://EconomicBlog Dee

    Hi everyone and Happy Tuesday.

    • mondobeyondo

      Good Wednesday morning to you, Dee!

  • The Elevation Group

    The creation of a new government agency that will be dedicated to job creation, will only create more government jobs. :-P

    What a joke! The government can’t create jobs. Our only hope is to support small businesses, which create the majority of new jobs.

    And you need to take control of your finances by getting financial education. The market is rigged against you. Your IRA and 401K are in danger of becoming worthless.

    Learn how to leverage the financial crisis to create wealth and protect your family.

  • Crazy Horse

    We are at the end of the American Era. And its natural for all things that go up, to go down too. We are now officially in an “era of collapse”.
    The best we can now do is play golf.
    A round of golf teaches us 18 times, that when we hit a golf ball UP into the air, it finally ends up going DOWN into the HOLE!
    End of story…

  • econoside

    Here is current US Economic Data:
    Econoside | Latest Economic Data

    USA > Market Focus

  • Charles

    Our society is definitely collapsing, physically and economically.
    We are heading back to a more simpler times.

    – C.M. Banks

    (click on my profile name to go to my blog to see my full video)

  • sondages payants

    It is perfect time to make some plans for the long run and it is time to be happy. I have read this submit and if I could I desire to recommend you some attention-grabbing issues or suggestions. Perhaps you can write next articles regarding this article. I wish to learn more things about it!

  • phishing bank

    you are right sahara

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