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One Piece Of Moderately Good Economic News And 14 Pieces Of Bad Economic News That Are So Horrifying You Might Not Want To Read Them Standing Up

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Today the financial world was buzzing with excitement because there was one moderately good piece of news for the U.S. economy.  U.S. employers added 151,000 jobs during the month of October and the unemployment rate remained unchanged at 9.6%.  This is certainly welcome news, but these days it seems as though there are at least ten pieces of bad economic news for every hopeful economic signal.  So don’t get fooled when the U.S. economy takes one step forward, because it is about to take another dozen or so steps backwards.  We are living in the middle of a nightmarish long-term economic decline that has been building for generations.  The deindustrialization of the United States, the horrific trade deficit caused by globalization and the skyrocketing national debt are problems that have taken decades to develop.  The Federal Reserve has been ripping the guts out of our financial system since 1913.  These are not things that are going to be fixed overnight.  In fact, there are some statistics that just keep getting worse and worse and worse as time goes by.  We are heading straight for a devastating economic collapse and hopefully we can all warn as many people as possible while there is still time.

The more research that you do into our economic situation the more depressing it becomes.  We are in big, big, big trouble.  The following are 14 pieces of bad economic news that are so horrifying you might not want to read them standing up….

#1 More than 42 million Americans were on food stamps during the month of August.  That is a new all-time record, and that number is 17 percent higher than it was one year earlier.  In fact, the number of Americans on food stamps is up more than 58 percent since August 2007.

#2 The number of “persons not in the labor force” in the United States has set another new all-time record.  The United States has not had such an extended bout of mass unemployment since the Great Depression.  The “official” unemployment rate in the United States has been at nine and a half percent or above for 14 consecutive months.

#3 More than 1000 people now live in the 200 miles of flood tunnels that exist under the city of Las Vegas.  Once one of the most prosperous cities in the United States, Las Vegas is now little more than a shiny, glittering corpse that it rapidly decaying.

#4 Poverty is absolutely exploding and it is hitting those who are the most vulnerable the hardest.  According to one recent study, approximately 21 percent of all children in the United States are living below the poverty line in 2010.

#5 In the past 60 days alone, the price of cotton is up 54%, the price of corn is up 29%, the price of soybeans is up 22%, the price of orange juice is up 17%, and the price of sugar is up 51%.

#6 One out of every six Americans is now enrolled in at least one anti-poverty program run by the federal government.

#7 The American Bankruptcy Institute says that there will be about 1.6 million consumer bankruptcies in 2010.  That would represent a huge increase over 2009.

#8 According to one recent survey, 28% of all U.S. households have at least one member that is looking for a full-time job.

#9 The individual U.S. states are mostly flat broke.  For example, it is being reported that the 15 largest U.S. states spent on average over 220% of their tax receipts over the past decade.  Clearly this is not even close to sustainable.

#10 The U.S. government is completely and totally broke.  After analyzing Congressional Budget Office data, Boston University economics professor Laurence J. Kotlikoff concluded that the U.S. government is facing a “fiscal gap” of $202 trillion dollars.

#11 In an attempt to keep our financial system solvent, the U.S. Federal Reserve has announced plans to create $600 billion out of thin air and pump it into the U.S. economy.  The Fed is calling this “quantitative easing“, but what they should really be calling it is “cheating, debasing and inflating”.

#12 Many of the major trading partners of the United States are expressing deep resentment regarding the new quantitative easing policy announced by the Fed.  Ambrose Evans-Pritchard recently described the growing animosity this way….

Li Deshui from Beijing’s Economic Commission said a string of Asian states share China’s “deep bitterness” over dollar debasement, and are examining ways of teaming up to insulate themselves from the tsunami of US liquidity.

#13 For many analysts, the economic collapse of the United States comes down to cold, hard math.  For example, the former CEO of the tenth largest bank in the United States says that it is a “mathematical certainty” that the U.S. government will eventually go bankrupt.

#14 According to a recent article on CNBC, the financial world is already buzzing about QE3….

“They’re already talking about QE3,” said Dave Rovelli, managing director of US equity trading for Canaccord Adams. “Eventually we’re going to be printing so much money the dollar is going to really go down and everybody’s going to try to deflate their currency against us. I just don’t know how this could end well.”

So is that all the Federal Reserve has left?

Are they just going to keep pouring bags of money into the economy until things get back to “normal”?

Are we going to have “Quantitative Easing 3”, “Quantitative Easing 4”, and “Quantitative Easing 5”?

It has been a long-running joke, but perhaps by the end of this thing Ben Bernanke will literally go up in a helicopter and start shoveling out huge piles of cash over the countryside.

The era of great prosperity that we have all enjoyed for so long is coming to an end.  It would be advisable to use the remaining period of economic stability that we still have to prepare for what is ahead.

These economic problems could have been fixed decades ago if people would have actually listened and would have followed sound economic principles on an individual and on a corporate level, but that did not happen.

Now we are up to our eyeballs in debt and the greatest economic machine in history is rotting all around us.

We are in deep, deep, deep trouble and denying it is not going to make it go away.

  • These economic problems could have been fixed decades ago if people would have actually listened and would have followed sound economic principles on an individual and on a corporate level?

    These economic problems could have been avoided decades ago if politicians would have supported the US Constitution (Gold Standard)!

  • Bruce

    I have doubled the size of my garden this fall for next year.

  • Mark Collier

    Mike, any suggestions as to how to “prepare for what is ahead”?
    Do you see hyperinflation due to loss of confidence in the US$, or depression based on lack of productive US work opportunities?

  • lostinmissouri

    When you take a working man’s money, and give to a non-working man, eventually, you will get only non-working men.

    As long as there are more and more Garys popping up, nothing will change until there is a full blown collapse of the system.

    50 years of “tax the rich and give to me” approach to running a country, has no other conclusion.

    We are doomed!

  • Here’s the best analysis of QE2 that I’ve seen.

  • KeepYourrRosariesOffMyOvaries

    The rich don’t pay enough taxes, not the opposite. WE have the highest tax rates in the world, but the rich don’t pay them. GE (parent company of MSNBC), Citibank, Bank of America etc. paid NO TAXES whatsoever. NONE.

    I love how people blame the poor. When will people wake up to the fact that they have been duped by the top 3% into turning on their own. Fox news is largely to blame for this in my opinion.

  • > One Piece Of Moderately Good Economic News And
    > 14 Pieces Of Bad Economic News

    I think markets expect political gridlock and IMHO it could actually even be a good thing!

    In the light of the overreaching economic policies by team Obama, the sweeping losses of the Democrats and the stunning tsunami wave of the “dynamic duo” of TEA/GOP were clearly to be expected (if not long overdue). Whichever party warms their seats for too long at a time tends to get accustomed to the perks and corrupted by power. Unlike in 1994, this time around voters exercised restraint by rejecting some extremists in the Senate.

    Obama’s stimulus bill wasn’t such a bad idea in general, but the practical implementation was “above his pay grade” as even many Democrats argue behind closed doors.

    Saving the banks and preventing the Great Recession from turning into Great Depression 2.0 was no doubt the right course of action, but–now comes the caveat–most of the money went straight to the banks without any requirements to lend it. The upside was the banks were able to pay TARP loans back quickly with interest, but the downside was that banks don’t lend right now and won’t lend in the foreseeable future. This defies the very idea of the Stimulus Bill.

    Keynesians point out that in order to get “the biggest bang for the buck” (in Obama speak) requires that the money flows to those consumers who have the highest propensity to spend (which is another way of saying that people with low income have no choice but to spend nearly all the money which goes through their hands; there is obviously no way around paying for these people and address their basic needs like shelter and food to avoid a spike in crime).

    The biggest returns–or shall we say in Obama speak “the biggest bang for the buck”–delivered programs such as “Cash for Clunkers” and the Federal Housing Tax Credit ($8,000 for first-time home buyers).

    If most of the $767 Billion of stimulus spending had gone through the hands of the middle class instead of filling bank vaults and gathering dust there, the very same amount of stimulus would have created a sustainable recovery. But instead, we went the route of saving the banks and nobody but the banks.

  • Gary

    lostinmissouri-you are 100 percent wrong. It is because we do not tax the rich enough that we are in this mess. This has nothing to do with taking a working mans money and giving it to a non working man. It has to do with the rich taking all the (in your words) working mans productivity increases for themselves while the working mans wages have stagnated and even gone down. If we have family supporting jobs that pay decent wages then there will be more demand and then things will get better.

    I am assuming that your low information post was a ruse as you can’t seriously believe what you said. Of course several “I’m not a witch” tea baggers did get 40+% of the vote so I do not have any faith in Americans intelligence. I am almost to the point after seeing the mid terms thinking that the words “American Intelligence” is an oxymoron.

  • Gary

    lostinmissouri-you got me started and I just had to follow up on my prior post

    If we (congress) want to “hear the message”, it is that everyone is sick and tired of being screwed by the big corporations and the top one percent of the wealthy in this country who care only about draining more of our national wealth into their own pockets. I am so sick of hearing the message to extend the Bush tax cuts for the rich etc. and to keep giving corporations tax cuts.

    This is the message I want to hear and see taken seriously by congress: “We need to tax the rich and spread the wealth”

    Ok I will stop…I worked late tonight (yes I do work). 🙂

  • All these facts are true, but once again we are not anymore dealing with economics, but with psychology.

    The US can go on for as long as other countries keep gulping down the dollars printed by the Fed.

    If the Chinese, Japanese, Saoudis and others are ready to double their reserves in dollar denominated treasury bonds, yielding close to 0%, then the US can go on for a while, maybe many years.

    The foreign players’ “thinking” probably goes like this:

    “Am I ready to lose what I already put on the table, or do I play another round, hoping for a miracle?”

    Click on my name to visit my blog

  • CJFYuma

    I don’t trust the veracity of the feds’ unemployment statistics anymore. You just can’t believe the crooks and liars who run the federal government today. I bet they skewed the data upward, deliberately, in order to pump up the stock market, so the Wall St. bankster mafia boyz could rake in the bucks by selling their over-inflated securities to gullible fools when the stock market opened in the morning.

    The crooked Fed also uses their QE money to buy stocks at the end of the trading day to keep the indexes in the green, when their bankster buddies are selling their shares. They are accountable to nobody! They can do whatever they want to with the printed money.

    Whatever honestly, small amount of jobs were created are the kind of low-paying service jobs that pay at most $9-$10/hr which you find at McDonalds and Burger King restaurants, Wal-Mart too – or home health aides, caring for the sick, aging population. These are jobs that illegal aliens were gladly working at before the Greater Recession began in 2007 – for sub-minimum wages.

    As for QE1, QE2, QE3, and QE whatever, this money-printing by Uncle Ben the “Blowhard” at the Fed, was designed to “DESTROY” our currency, and economy – certainly not to strengthen and heal it, all the while allowing their criminal bankster brothers on Wall St. to make a fast buck off the rest of us before the crash! Now you have the whole story!

  • nosilverspoon

    Wasn’t it clever to install Obama at a time when the country was on it’s knees? What is the agenda AFTER we go over the cliff? Who benefits from the economic tsunami that is ahead? Why do this? There is an evil greater than ALL of us can fathom…..

  • mondobeyondo

    I’ve noticed at the local grocery store, that even the price of Charmin bathroom tissue has gone up.

    Save your dollar bills. You’re gonna need them someday to… well, you know…

  • Phil Miska

    Mark, here’s the best 4 things you can do.
    1. Get out of the big cities.
    2. Get out of debt, and save money in the form of gold.
    3. Plant a garden in the country at your new home out of the city and stock up on food.
    4. Get right with God.

  • Dan

    When you take a working man’s job and ship it to China, you create a non-working man.

  • Interesting series of statistics. The unemployment picture is not that rosy from my point of view. If you are interested in reviewing the underpinnings of the determination of the reported U.S. unemployment statistics I suggest you visit what I think to be an excellent two part article this morning at I commented on those two articles this morning as follows:

    “This two-part Zacks’ article is the best summary I have read on the underlying meaning of the U.S. unemployment statistics – exactly in my view what Seeking Alpha is all about – and I thank Zacks and the authors of it for taking the time to write and post it. That said, from my perspective, there are ‘jobs’ and there are ‘jobs’.

    The statistics cited in the second of the two articles that are of great interest to me are the breakdown of the jobs added and lost in the ‘goods producing sector’ (+5,000), the ‘manufacturing sector’ (-7,000), and the ‘service sector’ (+154,000). I am not sure what the difference is between the ‘goods producing sector’ and the ‘manufacturing sector’, but believe that there is a critically important difference to long-term meaningful ‘unemployment recovery’ and resultant U.S. economic recovery between the creation of (1) manufacturing jobs and (2) service jobs. There seems to be no meaningful creation of U.S. manufacturing jobs on the horizon, and from my perspective I believe manufacturing equipment technology will continue to evolve to eliminate manufacturing jobs. For me, this does not auger well for a meaningful reduction in the U.S. unemployment rate – and I think the suggestion in the articles with respect to ‘getting back to pre-Great Recession unemployment by 2013 or 2017 are at best ‘pie in the sky’ arithmetic calculations.

    I am also concerned for America in the context of both its economy and its social structure with three other things discussed in these two articles: (1) the youth unemployment numbers – in my view McDonalds, Walmart, etc ought to employing America’s youth, and not those that otherwise ought to be retired, (2) the differences in population segment unemployment figures cited in the second of the two articles, and (3) the view expressed in the second of the two articles that an increase in temporary workers is a pre-cursor to an increase in permanent workers. That view may not reflect seasonality as we come into the Thanksgiving and Christmas Holiday periods, and simply may not be correct in the circumstances of the very different U.S. economic environment (at least as I see things) that exists today versus the pre-2000 period when American employment was so much more a ‘manufacturing economy’ than it is today.

    That said, while these two articles do not leave me with ‘warmer and fuzzier feelings’ about the U.S. unemployment situation going forward, I do believe them to be very well thought out and useful in the context of background information on the underpinnings of the determination of U.S. unemployment rates. I will be providing links to these two articles along with this commentary on Monday to Subscribers (now almost 15,000 and growing daily), a Resources Stock Research website.”

  • So true, LostinMissouri: Give a man a fish, he
    will eat for a day. TEACH a man to mow lawns,
    however, and he can get a JOB! in almost any
    city in AmeriKa!

  • steve

    Whose Gary ?

  • chris

    The fact that almost all of these 151,000 jobs were service sector jobs and that we actually lost more factory jobs makes this statistic equivalent to a shiny new turd… yeah, that’s right… it stinks!

  • alice

    Are we being mislead by the FED? QE1,2,3,4 will devalue our currency and savings at warp speed, increase our debt, deficits, create jobs that produce nothing, so that we can spend borrowed money on products made else where. If this is the solution to our problems, then we were doing just fine before the crisis hit, we just weren’t doing it fast and hard enough! The QE monies are going to Wall Street, Bankers, etc… to invest overseas, and the owners of those investments are going to jump ship when it all over in the USA! We are speeding as fast as we can toward the end of our raped country by the titans of finance.

  • happy face

    Years ago my grandfather went to work on a large hydroelectric project to feed his family. He died of scarlet fever during that time and my grandmother was left to raise her seven young children in great poverty.

    Somehow, with no man in the house, through charity and the grace of God, she succeeded.

    When I was younger I looked down on my grandfather for leaving the family to seek work, but now I have learned that a man is not worth two cents if he will sit on his couch and fret about being out of work, instead of out pounding the pavement looking for something to bring home to his family that will let him hold his head up.

    Shame on the couch-bums that don’t stay in the street hustling work when THERE IS WORK, just not the kind his tender constitution can tolerate.

  • James Oppie

    I have read some of your posts. While I believe you have identified the results, I believe you have failed to grasp the causes. Study this.
    Also Rebert Reich
    It is simple, we have permitted the Capitalist wealth re-distribution system to spread all the wealth to the top. Until that is fixed, continue to read, write, and weep.

  • You better be asking where are the “real jobs” and recovery from what. There will be no recovery for the working people until, and if, decent jobs come back, no matter what the politicians, academics, or media claim.

  • Thanks again for another excellent article!!! The red flags are all around us and the hand-writing is on the wall!! Get prepared for the immediate future, because its almost upon us now!!! It seems that the American people will not rise up until its too late!!! This is exactly what happened to ancient Rome!!! Take the time to read about this in history and you will be amazed the parallels and similarities of today!!!

  • James Oppie

    Buddy, you got the conclusion right; but you got the causes flip-flopped. You need to do some real studying of the economic history of the last 40 or so years — particularly since Reagan took office to understand — not what the Republican and Conservative puppets are hoodwinking you with. Start here with these:

    Robert Reich Aftershock

    Thomas Frank the Wrecking Crew

    Rich Exner Plain Trader

  • zack

    Prudent advice: stock up on products that you’ll use over the next few years. Toothpaste, toilet paper, canned food, etc.; prices will be rising dramatically with the Fed’s QE, and you’ll get a good return by not having to pay an extra 20-30% premium as the Fed’s inflation affects prices.

    We help Americans find jobs and prosperity in Asia. Visit for details.

  • happy face


    I am grateful for this site and your work. But if the comments are all moderated at once as seems to be happening now, there cannot be a give-and-take between the various posters, responding to one another’s points of view. It may allow some undesirable comments to penetrate your shield, but wouldn’t it add a lot of interest to let the commenters talk to each other in real time?

    And you can always delete undesirable comments at you leisure.

  • marty

    i have guns and ammo im ready

  • Let’s play “I bet you didn’t know”. Short story: My workplace is downsizing soon and I heard through the grapevine someone will be fired before Christmas. So being proactive, I looked into food stamps thinking maybe I might need them if I’m the one canned. In California, I went to the Food Stamp web site to see if I qualify. Basically, no I don’t because I’m a single white guy. So I look over at qualifying for illegals. Guess what? I bet you didn’t know… that if you are an illegal from south of the border and you tell the food stamp office you were “TRAFFIC”(ed) across the border you would then be considered a hardship case and get the whole enchilada (pardon the pun) of food stamp entitlements.!! And what’s the meaning of being “trafficed”? You rode over the Mexican border in a van and the driver’s name was Cyote.

  • Michael

    Ladies and Gentlemen,
    We can counsel together in our families on how to to live on less, and by good example teach the young people in our families what families are for. We can pull together seeking God’s direction, reform our lives where necessary, and get to know our neighbors. The Federal machine cannot fix what is coming – but we can all stand tall and be faithful to what is right.

    Alas Babylon

  • CJFYuma

    Word has it that the Chinese communists are getting ready to pull the plug on Timmy “Tax Cheat” Geithner, aka, U.S. Treasury Secretary (what a joke). Ya see, the commies are goin’ to announce to the world shortly that they won’t be buying anymore junk treasury bonds from Timmy and his debt-crazed buddies at Treasury. They don’t like Uncle Ben at the Fed cheapening their $$$’s.

    This indeed will be the tipping point that crashes the US stock and bond markets with surging interest rates, and a plunging dollar headed for the toilet.

    Don’t worry y’all! Uncle Benny “Blowhard” will blow much harder to save us poor folk with trillions more $$$’s printed to buy Timmy’s junk bonds, which is a de facto monetization of the U.S. debt. The end result is a hyperinflationary tsunami in the US that destroys the US economy once and for all!

    Uncle Ben will get his Holiday wish this December. Even more than he wished for back in August. He’s goin’ to get a big box of hyperinflation, wrapped up with devalued, “worth less” $$$’s, AND tied up with a Greater Depression bow!

    And to think that the Chinese communists didn’t have to fire one missile to destroy

  • Seth

    The glory days are over- the American dream hangs by a thread. It is time we wake up to reality- we cannot have everything we want exactly when we want it. As Americans we are going to now have to learn to live not within our means but many will have to learn to live below their means. We are going to have to realize that we will have to pay for our past mistakes- well at least the mistakes of those who did not live within their means. Socialism didn’t wreck America- greed did, greed disguised as socialism. Greed that milks the system at every opportunity, Greed that has most Americans wanting more and more stuff they don’t need and cannot afford. Unwilling to pay the high cost of products made by the highly paid American work force- we are all guilty of wanting the biggest bang for our buck- it is the American way.
    And now we will pay- one way or another.

  • Mylegacy

    As a Canadian watching the US twist too and fro like a fly caught on a spiders web I can only offer you my condolences, and pray your contagion doesn’t cross the border.

    As to the causes – they are obvious to everyone in the western world except Americans. As to the cure – there is really no short term constructive alternatives available.

    The causes are simple. Basically you’ve bought into the American Myth. Or the American Lie as the rest of the world views it. Way too many Americans believe in “freedom and “liberty” – WAY MORE than they believe in having a sane community and government. In the name of “freedom” and “liberty” you’ve let yourself get castrated by the rich, the super rich, the 2% or 3% of you that actually own your country.

    Using brain dead morons like the tea party and the believers in Reaganomics to vote against their own self interests – you Americans – have allowed your jobs to be transferred overseas (never to return), your wealth to be invested overseas (never to return) and your education and health systems to fall to third world standards.

    By playing to an abomination of an interpretation of “freedom” and “liberty” as postulated in the American Myth – the tiny minority that owns you has gotten you to destroy your country while enriching the super-rich to obscene and unheard of levels. They sold you trickle down, deregulate, the “government is the enemy” and you BOUGHT IT – hook, line and sinker. Now you’ve no jobs, no industry, very little hope and you’re paying for 11 Nuclear Carrier Battle Groups – ELEVEN – while your only real long term – even possible enemy – China, has a staggering ZERO nuclear Carrier Battle Groups.

    You are not a country – you are a collection of 300+ million “freedom” and “liberty” loving morons who have been manipulated and used as the dupes you are. Fortunately, the rest of the western world has been watching and we have health care, jobs and “community” – and – by the way we’ve also got “freedom” and “liberty” it’s called Democracy – it’s what we citizens use to protect ourselves from that tiny minority that owns you but not us. The world thinks you fight a revolution to get “freedom” and “democracy” by creating Democracy – and by participating in it. Americans are the ONLY PEOPLE in the world that think they fought a revolution in order to get the right to carry guns in order to be able to make war on their own Democracy – if they don’t like it. Insane – morons.

    You’ve been hoisted on your own myths and there you swing – so be it. Enjoy.

  • @Happy face
    Agree 100% with you. I has taken more than 24 hours to see my comment posted.
    There is moderation, and then there is moderation.
    Please, moderator, try to moderate your moderation…

    Click on my name to visit my blog

  • The rich people in this country are all absolute scumbags. They traffic in human misery and they get their money by depriving the rest of us of our basic human rights. By only paying between 30 to 35 percent of their income in taxes, they are helping to cause all of these huge deficits.

    Let’s face it. Rich people don’t care about any of us. They only care about driving their fancy automobiles and wearing their custom made jewelry, and getting with high priced escorts. Meanwhile, the rest of us have to get our escorts at the local motel.

    What did Bill Gates ever do for the world?

  • mondobeyondo

    America 2010 = Roman Empire circa 500 A.D.

    The similarities are downright scary.

  • This is what happens when welfare states are created, where it’s easier in terms of effort to live on benefits than be working. It doesn’t help unemployment and this impacts economies on a national scale. There’s a reason the US and the UK are the prime examples of this!

  • Dave

    The millionaires are the ones who create jobs. Stop blaming FNC. Most Dems are not economists and have not run a business. They are takers. They are after our wealth. Dopey Obama’s plans are not working, except for him, and the ruination of this great country.

  • El Pollo de Oro

    Mylegacy: You make some excellent points. As a Canadian, you have a decaying, rotting Third World basketcase south of your border. It’s called The Banana Republic of America (BRA), formerly the USA. In the BRA, the corporate robber barons will continue to get richer and richer while the middle class continues to be wiped out, violent crime skyrockets, the infrastructure crumbles, life expectancy plummets, and more and more Americans who used to be middle class slide into crushing poverty and wind up in shantytown slums. If you live in Montreal, Toronto or Vancouver and want to see what a Third World horror movie is like, just get in your car and drive south–the minute you cross the BRA/Canadian border, you will be entering the Third World.

    Oh, and you might want to learn our new Third World Pledge of Allegiance, which goes a little something like this:

    I pledge allegiance to the flag
    Of The Banana Republic of America
    And to the corporations for which it stands
    One dying empire, under the iron boot of a thieving oligarchy
    With misery and suffering for all but the top 2%

    And here’s what the new BRA flag looks like:

  • rch

    Good post, mylegacy. I cringe when I hear these tea party people proclaiming that THEY are the “real” Americans, and that THEY are the “true” patriots. I blame it on 20+ years of propaganda radio & the likes of Rush Limbaugh. He and his cohorts preach that their listeners are the chosen ones. Then there is Fox News. The dumbing down of America. And their ignorance and influence is spreading. Because of the cult like nature of their beliefs, there is no reasoning with them. America will get what it deserves. I hope Canada fares better.

  • Socialism is a ‘miracle cure’ for those unable to motivate themselves, a useful tool for those seeking total government control, and a disease of the mind for a free People.

    You cannot have both a free society and a silent majority.
    At least not for very long.
    When the majority remains silent, the minority has control, and never to any good ending.

  • RunVampRun

    Just a small example
    Nov.2nd gas cost me $ 2.45 in Upstate S.C.
    Nov.7th gas cost me $ 2.64 in Upstate S.C.
    and things are only going to get worse…

  • happy face

    @ mylegacy

    Save your condolences for yourself. Did they teach you Canada is on another continent? If things go the way your snarky posting suggests, you are in for a big gleeful surprise one day as you sit writing one of your gloating requiems for the US. You’ll look out your window and when you see what’s coming you’ll say, ‘It can’t be happening.’

    That’s when some of your three hundred and thirty million ever-lovin’ cousins decide to look you up. Keep the fridge full, cuz, we’ll be expecting some moose roast and anything else we can tear out of your hide when we get there. ‘Dad, can I have the car keys, please?’ Boy, did you mess up moving in next door to us.

  • Gary

    Mylegacy-you are 100% correct.

    BTW-there is also a second Gary that is posting on this site. I will put a #2 after my name so there is no confusion. You will also know its me as I will most likely be advocating that we tax the rich and spread the wealth 🙂


  • Sarge

    Hey Ovaries Rosaries,

    I guess it’s OK with you to confiscate money that doesn’t belong to you, but then you don’t want anyone to support life rather than abortion. I too am furious with government exceeding its moral obligation to protect LIFE, liberty, and PROPERTY. Unborn children are life!

  • Rod

    This site really needs to do its homework better !
    151,000 new jobs ?
    Yeah ???
    See this :

    Why do you constantly refer to the hopelessly inaccurate U3 index ? Let’s be realists here eh and use the U6 one 😉
    C’mon – let’s not tow the BS government lies line. Let’s show the truth…

  • Blackfeather7

    Governor Moonbeam for President 2012

  • White Eyes

    I see the tribal culture all over again . An raiding parties for food and other items of need . It will be praise the lord and pass the ammo .

  • Bart Shuttlecock

    I’ve been stocking food since 06 and I wasn’t even aware why I was doing it. The boom times were on and only started collapsing in late 07.

    I’ll be eating very well in the future. Oh, and I don’t take gold or silver as barter. If you want mechanical work, carpentry, or other services that I am quite able to do, you better have something of REAL VALUE to trade. I can’t eat gold or silver.

  • Food will be the currency of the future. If you have food, you will live. All the rich in Rome starved to death, you can’t eat gold. I already procured 588 meals that I have put away as food reserves…here’s my site to get food snooze and you will looze and your family will starve…this is the truth

  • mondobeyondo

    U.S.A. – 11 nuclear carrier battle groups
    China – zero nuclear carrier battle groups

    Advantage: China

    The one who rocks the economy, is the one who rules the world…

  • Jon

    I blame the poor instead of the major shreholders of Goldman Sachs, Rothschilds, Bank Of England, JP Morgan, State Street Investments, Vanguard, Barclays, et al.

    I am brainwashed!

  • For those who still don’t understand how the Federal Reserve system “creates money out of nothing” and then “loans it” into existence (a debt-based system that is impossible for us to escape) there is a short / free book available online. (Google: Meet The System)

  • Morgan

    This pissed me off so much that when my (former) publisher killed his company due to personal difficulties, I sent my (1500 page)book series to Austalia. . .NON-PROFIT!

  • Eli Wiesel

    My colleagues and I on the executive management team at Goldman Sachs implemented a voluntary austerity program last year.

    We’ve effectively capped our end-of-year bonuses at $50 million per executive, with the exception of course of the CEO, whose bonus is capped at $100 Million. This has really caused some serious angst in the management team, but we’re making do.

    We suggest that the little people in America that are doing all the moaning, tighten their belts a little. There’s nothing wrong with food stamps. In a pinch, one could sell their blood, or even a kidney, to help fund that new condo, new car or an exotic vacation. The American Dream is still very much alive and well.

  • CJFYuma

    and other “Ameriphobes”

    If a was a Canadian, Mexican, or from any other country in the Western hemisphere, I’d say a prayer to the Almighty every night before I go to bed that America doesn’t collapse financially, and to bless the American people.

    You see, when America does collapse, and the world financial system loses the US dollar as the reserve currency, your countries will be thrown into a global “Greater Depression” which will make the “’30’s” look like a tea party for you. Your trade surplus with the US will dry up overnight – the same free trade which has made you comfortable, wealthy, and turned around your fortunes after WWII.

    And I wouldn’t depend on the Europeans, Japanese, Chinese, Brazil, India, or Russia to save your butts. You see, they’ll all be in the same sinking, global ship – no more free trade with the world’s largest economy. No more free ride on our backs means no more global trade and prosperity, period!

    So, Oh Canada, if you think that you can “de-couple” from the American economy, go for it!
    And I have a bridge in NYC that I’d like to sell you!

    If the 300 million, morose Americans you disdain somehow can’t stop the economic collapse from happening, Canada and the rest of America’s trading partners will suffer economically as well- perhaps more so. So remember to say that prayer for America before you fall asleep tonight!

  • vagn

    The truth will not be denied since it is actually reality itself!

    By distorting ethics and truth, via greed, for the all mighty ‘Bernake’ paper tiger we only destroyed ourselves in the process.

    Since reality is just that….real. While asleep in our denial, the liers lied and took us for a ride. But the unsolved eternal question remains, did we have fun?
    And would we do it again?…. just maybe we would be better off to wake up and check out where we are at!

  • Bernard Romanycia

    Hey buddy can you spare a little salt and pepper for my shoelace soup.

  • namerequired

    Until the Federal Reserve is dismantled, America will always be in debt. It’s how the system was designed, because you can’t create economic enslavement without debt.

    Slavery is alive and well, it just took on a different form: “poor” vs “rich”.

  • Dave

    Don’t blame the bankers for the 200 trillion in debts, blame the greedy semi-poor that have consitantly beeen voting for the democrats that have been all too willing to supply it too them for votes.
    This isn’t from the bankers, this is from the “something for nothing” crowd.

  • The released unemployment number is bogus.
    The real unemployment number is over 22%

  • maharlika

    we’re totally goy!!! may the lord jesus christ forgive us!

  • vagn

    As a North American Canadian I Love the US. I enjoy driving through the most diverse geographic regions anywhere.
    I find the people of the US more respectful of the individual than Canadians.
    When I say that “I love America” I mean that I love the middle class who labored to created most of its wealth….meaning the average American!
    I love it’s constitution that led to the creation to the US and its freedoms ….at least in its early early years.

    The problem that I see now is that the people who have acquired it’s wealth do not love America, its constitution or its people and would gladly destroy it for a few bucks…hey, they can live anywhere!

    MSM does not love America and are constantly trying to sell their war propaganda to help foreign powers. They would likewise destroy the country for pennies on the dollar.

    Your present government does not love the US, seen by the fact that it will not even do it’s most simple of duties to the electorate: The proper vetting pf its candidates for the highest position: “the Presidency”.

  • Peter

    The Federal Reserve isn’t Federal and it has no Reserves. This terminology is merely to trick the morons, which it has. It is a private cartel , the very existance of which violates our constitution. Most of your federal tax money goes to paying the debt to these parasitical vampires. Peter

  • Concrete man

    All true, no doubt. But what if all the trillions of investments that the US hides could go back into the real people economy? To say the US is broke is not technically correct according to the below analysis, it is just that the profits are being hidden/stolen from the public.

  • Bruce

    Gary-When I see the term Tea Bagger used by a person I automatic think of a lazy ignorant bigot hiding behind a keyboard the type of person that is racist and intellectually challenge that can’t think or research facts. You must be a real American hater to label the tea party! Anyone with 2 brain cells can see tea party want a Constitution republic instead of Marxist communist trap of taxing to death the workers to support the slackers. Yes if you are so low in your IQ to use such childish terms like most liberals refrain from exposing your anti America anti freedom communist thinking here. The world already has a low enough opinion of American without you helping to prove them right.

  • George O

    The solution is actually quite attainable — repudiate the debt. All this money that’s owed is due to the Geitners and Bernankes. Let us not forget the neo-cons either, they got us in the two-trillion dollar wars. These people are throwbacks to some earlier state of mankind. One should never use the term, “subhuman”, as this term has all sorts of nasty insinuation connected with it. However, in the case of the above mentioned individuals the term fits exactly, and so do the insinuations.

  • Gladiator

    If you only read one book this year, this one nearly never saw the light of day. You’ll know why in the first chapter. It’s all about the “Fed”

  • Mark

    The state mostly are not flat broke!

    They all make lean budgets to make the case for more taxes…

    Look your states CAFR (online) and check out the net assets… My state has 48 billion, it’s same story nearly ever were… The Federal Government’s got trillions stashed!

    It’s scam from the local government to the federal government… Fake lean budgets to constantly increase taxes…

    It’s a big lie and they’d rather watch you starve and go broke that dip into the stashed money found in the CAFR!!!!!!

    Look it online your state’s “name” CAFR 2009…

  • Deliberate destruction of the economy, yet another violation of our rights. Add it to the list of gov’t violations of our right:
    They violate the 1st Amendment by placing protesters in cages, banning books like “America Deceived II” and censoring the internet.
    They violate the 2nd Amendment by confiscating guns.
    They violate the 4th and 5th Amendment by molesting airline passengers.
    They violate the entire Constitution by starting undeclared wars for foreign countries.
    Impeach Obama and sweep out the Congress, except Ron Paul.
    (Last link of Banned Book):
    America Deceived II (book)

  • Jackson

    Put some money in silver + gold stocks, you’ll most likely profit from QE2 .. QE3 and so on.

  • If we only taxed these filthy, uncaring millionaires, we might be able to pay off the entire debt of the USA. We need to tax these guys 97% of their income, and if they don’t like it, well tough. Let them eat ramen noodles.

    Also, we can use some of the money we get from the rich to upgrade the quality of our escorts. No more motel escorts! Viva la revolucian!

  • John Robinson

    Dave, I truly pity you. Generally I feel compassion, but for you I make an exception.

  • Jimmy

    wow , dave is one dumb sob. scary.

  • Ugly American

    2/3 of the US trade deficit is the direct cost of oil imports.

    That’s a real structural problem regardless of paper or gold currency.

    How much value does oil imports siphon out of the US? The direct cost is about $40B per month – almost 3x the cost of the wars. That is to say almost half a trillion a year. Nothing else comes close.

    We must get off oil imports to fix the economy.

  • We could fix this tomorrow, literally.

    But first, we must surrender our love of usury.

    Most people would trade 1% income on their savings to erase 29% usury on their credit.

    Our credit belongs to us and no one has the right to charge us to us it. Money is credit and debt is not bad without interest.

    Mathematically Perfected Economy(TM)

  • Curtis

    @ it’s the democrats fault sheeple.

    You all voted for the dumbocrats all these years … and here we are.

    You all voted for the repukocrats all these years … and here we are.

    And since the repukocrats have taken the house, I am absolutely sure they have PLAN for us to SAVE us.

    The stupid party … the dumbocrats and repukocrats, keep getting us in these messes by saving us … and sure enough … “Oh look! They are saving us again!”

    It never occurs to the dumb-ass booboisie that all the messes TP’sTB keep getting us into has the desired effect of … the dumb-ass booboisie … demanding to be saved.

    And you WILL be saved. Even if it kills you.

    And lets all sing the chorus: “Yeah, but at least it’s not THEM!”

  • Theo

    National Debt TV Commercial Banned By Networks
    Utube this
    Chinese Professor

  • sharonsj

    #3–I have read that it’s 14,000 living in the tunnels, not one thousand. Las Vegas is one of the hardest hit cities re the housing bubble and unemployment.

    As for Dave, he thinks we should blame the “semi-poor” and the Dems. What the hell is semi-poor? Is that the lower middle class who has to spend its entire income on survival or is that the billionaire banker living on corporate welfare? It’s clowns like Dave who think the Republicans are going to save us…NOT.

  • Mike

    Has anyone ever read Fiat Money Inflation in France? We are speeding down that road so buckle up.

  • Lynn D.

    Don’t blame the bankers? You must be a shill or a product of the government controlled school system and phony left/right Jackass vs. Pachyderm charade.

    “Socialism needs two legs on which to stand; a right and a left.While appearing to be in complete opposition to one another,they both march in the same direction.” — Paul Proctor

    The banks caused this financial crisis but you wouldn’t know judging from what the mugs in government are saying. Virtually every act is aimed at penalising the poor and victimising them simply for existing. There are two ways to enslave a nation – by force or by debt. This seems like a healthy combination of the two. Taking resources away from people who manage their resources well (as evidenced by the fact that the amount of stuff they have always seems to be growing) and giving those resources to people who don’t manage their resources well (as evidenced by the fact that the stuff they have always seems to be turning to trash) only serves to continually redirect resources away from creative activity towards destructive activity. Everything is pre-scripted. Secrecy and back room deals substitute for a free, fair and open process. Party bosses chose candidates. Big money owns them. Key outcomes are predetermined, and cheated voters get the best democracy money can buy, each time no different than others.
    Americans are not noted for their independence of thought – Fox “News” tells them what to think. As Eustace Mullins said, the Rothschilds own the Dissent, too, and thus control it. There’s no doubt that when an “opposition” group (such as the tea party) gets coverage in the media and doesn’t get totally tarred and feathered, it means that the group is fake. Inflation is the “painless” method through which the Federal Reserve has decided this country will commit suicide. It is like turning on the car in the garage and letting the carbon monoxide slowly put you to sleep. The ruling elite are content that the American public is dumbed down by the government run public schools. They count on the fact that 9 out of 10 Americans do not understand inflation. It is an insidious scheme of robbing the working middle class and funneling it to the Wall Street/K Street ruling class. The Federal Reserve has gotten bolder in the last few years as they realized the public doesn’t understand or care what they do. No one in the Tea Party leadership—and very few of the rank and file—are hollering: “Cut military spending; stop these futile, unnecessary wars; bring our troops home from the 130 countries overseas where they are stationed!”
    the gullible of the Tea Party faithful actually believe the laughable myth that 19 inept Arabs and a shadowy genius mastermind walking on a cane and living in a cave, Osama bin Laden, did 9/11 and that “domestic terrorists” surround us and are on every street corner. The Tea Party Republicans—most of whom worshipped and adored President George Bush and Vice President Dick Cheney—have no problem with the tens of billions of bucks thrown to the winds each year in building up a Big Brother Police State. They agree with the unAmerican idea of giving up freedoms in exchange for protection from the “mean, old terrorists.”All the elites need to do is say the word “terrorist” and the American people will lick their boots.
    What a joke. Ignorance is the opiate of the masses. Knowledge IS power. Two current wars based on lies, deceit, political agenda, and willful misuse of words and now we see the punishment; America is collapsing from within. The privately owned Federal Reserve makes its own rules. Everything they do is a state secret. You cannot resurrect an insolvent country in a system that is corrupt. The controllers of the US economy are about to lead the American economy and financial structure into a great dark pit. The US and the world is soon to face a global breakdown deliberately engineered by the forces of darkness.
    They are purposely trying to push though tons of foreclosures to collapse our market and destroy our government Just like when President Andrew Jackson had to close the central bank and he sighted similar reasons for doing it because the banks where attempting to control our government though currency.

    “The drive of the Rockefellers and their allies is to create a one-world government combining supercapitalism and Communism under the same tent, all under their control…. Do I mean conspiracy? Yes I do. I am convinced there is such a plot, international in scope, generations old in planning, and incredibly evil in intent.” Congressman Larry P. McDonald, 1976, killed in the Korean Airlines 747 that was shot down by the Soviets

    “Let me control a peoples currency and I care not who makes their laws…” Meyer Nathaniel Rothchild in a speech to a gathering of world bankers February 12, 1912.The following year, we subscribed to the “services” of the newly incorporated Federal Reserve, headed by Mr. Rothchild.

    “If we turn our monetary system over to the bankers our children will wake up as slaves in the country we fought to free”.Thomas Jefferson

  • Yep, not pretty. The only short term hope for the markets is a weak USD, which is a disaster worse than crashing indices. Looking like primary and alternate counts all point down for the stock markets.

  • TV Truther

    I’m a Tv Truther, people who believe the TV and have millions of members in my TV Truther movement, just go along with the OBama Bush kool-aid and it will all be just fine, i’m unemployed and am just happy to be on teh library computer.

  • Teknikid

    Get rid of that open checkbook called The Federal Reserve, and you will reverse the tide of treason, fraud and debauched currency in this nation. Isn’t a century of fraud enough? Shut that bank down, and its collection agency known as the IRS, and get back to sound money. A federal reserve note is not a “dollar,” it is a liability.

  • Don’t tell me the bible predicted this rush to the mark of the beast.This world is about to be plunged into the arms of the great imposter.The marrage of state and religon won’t be pretty.All an illusion you say?

  • AdiosAmigos

    The last rays flicker away from a weak morning sun
    And we commence the day considering the selfish trash we`ve done

  • Paul

    Dave (3.23am). You are truly missing the point if you think that this is simply about having voted for the wrong Party and the “something for nothing crowd”. There’s a little more to this than FOX Talking Points.

  • Imagine playing the game Monopoly. One guy passes out the reality deeds, one guy is in charge of the green houses and red hotels. Most important of all is the person in charge of the money, the banker! Now just imagine you are playing Monopoly and that banker happens to be Ben Bernanke. Sitting over his shoulder is Tim Guitner giving helecopter Ben advice.
    It’s not Bernanke’s day and the only realistate he owns is Baltic Ave and Atlantic. Ben even lands in jail a few times and the railroads he keeps hitting is draining his money. Soon he runs out. With the advice of Timmy (I only dress up like a girl on Fridays) he suggests Ben take new money that Timmy was hiding behind his back. Wow free money, COOL! Ben say’s. After about three rounds of this bullshit quantitative easing Ben and Tim are pulling on the other players, one player named Chan-We-Hoe (the Chinese guy) says I’ve had just about enough of this and quits! But when the Chinaman quits instead of giving back all the loot he had gained he keeps it! Wow says Ben I didn’t plan on the Chinaman quiting the game, we are screwed. Timmy says “yup”.

  • Craig

    @CjfYuma Ya the smug Canadiens like MyLegacy will be in for a rude awakening. Last I heard the single biggest employers in Canada for men is trucking and sales clerks, if our economy goes, there goes many of those jobs and many of their exports. Guess there will be no more driving down to the states to escape that icebox eh? ya hosehead!

  • m

    Corrupt politicians have taken $million$ in the form of “campaign contributions” from lobbyists, corporations, special interests, foreign governments and rich crazies to betray the American people. The constitution says that to make another government more important than America is TREASON. Since they gave all the jobs to the Chinese, Indians, Mexicans etc etc, and we go to war for Israel, our politicains are TRAITORS.

  • m

    Store food, drink, meds and supplies. Do it NOW. Hide them and be quiet about it.

  • hanging_chad

    all of the above plus the fact that the elections are rigged so the tools of the elite always get voted back in…..ever thought of that ?

  • Ted Gray

    “Give us this day our daily bread”
    is what I plan to do

  • vagn

    Sun gazing is the answer: Check out HRM’s videos on youtube.

  • Ana

    Mondobeyondo – If our economy collapses so does Chinas’, the #1 importer of goods to the US; not to mention all the US debt they hold. No one in this country will be buying their shyte anymore, nor will we be able to repay them, no matter how high they raise the interest rate on that debt. I have no doubt that the collapse of the US dollar is an intentional act.

  • I would like to know who is the author of Economic Collapse, what credentials he or she has. Who is this “I” in the articles?

  • BRUCE, honestly, do you really think everyone on government assistance is a slaker? some with mentall disorders, needing medication. others with physical disabilaties, also needing medication?… they live entirely on that money..not that much ,i assure you.
    what are we to do with all of these ‘slackers’. let them starve, live in the streets, go starke raving mad.. some WILL ,without meds.
    what is your brilliant idea on what to do with these people when their aid is stopped. which, not so far fetched, as texas is talking about doing this this year.

  • Red Man



  • robertsgt40

    But, but, but Omama said the recession ended over a year ago. We’re just in a slowed recovery cycle

  • Nick

    Eli Wiesel you are a scumbag piece of **** PIG. You are the exact reason that the economy is in such bad shape. You don’t deserve any bonus, you should be putting $50 million into the economy instead of taking it out.

  • Rajun Cajun

    This group is actually protecting people from the Banksters. Yep a real time financial shield that blocks banksters. Gotta love it.

  • It’s odd, but it’s very hard to believe that this melt down is happening by happenstance.

    The U.S. is, or was, full of the world’s best and brightest. It’s hard to accept the behavior of the best and brightest is not much better than the worst and the dumbest.

    Is that what the data telling us? The Best and The Brightest of the World are really the Worst and The Dumbest?

    So, if that is difficult to believe. Perhaps there is another explanation? Perhaps The Best and The Brightest know exactly what they are doing. Perhaps someone, or some group (maybe the best and brightest) are benefiting from the fiasco.

    How these benefits can accrue to them is hard to determine from this vantage point.

    After all, I’m not one of The Best and The Brightest.

  • Phil Miska

    Here’s an easy way to pay down the “debt”:
    eliminate the tax free status of foundations & 501c3’s. Soros, Ford, Carnegie, Kennedy, etc. pay NO taxes because their money is hidden in these foundations. These same foundations all get our tax money in the form of government grants and they then use our money to lobby against us for more big government contracts, union jobs, & kickbacks. If you go to church nowadays your probably going to a phony church, in reality a government 501c3 corporation castrated by law so they cannot preach the same gospel our country’s founders heard. There would have been no uprising if the churches back then didn’t rebel against the state church. Your church has probably been infiltrated by the Jesuit communists since the sixties. Does your church have homosexual pastors? Does your church preach the social gospel or the green gospel? Does your church worship God in fear & reverence or have coffee klatsches?
    How about drums & dancing & rock music & clowns & hypnotists & parties & movie nights?
    Do they teach that you can do what you please and God will still save you? Do they teach God’s commandments “nailed to the cross” or “written in your heart?” Do they worship the Beast’s holidays or God’s Holy Days? Sun-day, Christ-mass, Ishtar Sun-rise service, Halloween, “Saints” Dyonisis & Bacchus? 40 day of weeping for Tammuz, (Lent?) God calls these things ABOMINATIONS! Read Jer. 10=3,5,8-15. Ez.8=5,6,14-16. Is.66=22-24
    Notice that above I wrote “debt’ in quotes because we are not borrowing money! The Federal Reserve is NOT Federal & there are NO reserves! It is 51% foreign owned & was specifically created by banking families to usher in the NWO. When we “borrow” money the fed writes a journal entry and creates the amount out of thin air! But we are duped into repaying real money (our blood, sweat, tears & life’s work) to these bankers along with interest for the privilege of being duped! Another way to solve this “debt” crises is for congress to print its OWN money, interest free, & tell the international bankers where they can stick their “debt!” Of course this will never happen because the politicians are beholden to these same bankers & foundations for their money & support. Goldman-Sachs has more influence than your vote does. There is a revolving door between these banks & foundations & the government Timothy Geitner, Robert Rubin, etc. Only 2 presidents have done this in the past= Lincoln & Kennedy.(wink, wink.)
    Google the CFR (Council on Foreign Relations) and the Bilderbergers & look at their members & you’ll see who’s really running the country. Some of our supreme court justices are even members along with all the usual suspects of the NWO corporate heads & politicians.

Finca Bayano

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