The Beginning Of The End
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They Denied That We Were In A Depression In 1933 And They Are Doing It Again In 2013

Great Depression HeadlinesThe more things change, the more things stay the same.  The Great Depression actually started in 1929, but as you will see below, as late as 1933 the Associated Press was still pumping out lots of news stories with optimistic economic headlines and many Americans still did not believe that we were actually in a depression.  And of course we are experiencing a very similar thing today.  The United States is in the worst financial shape that it has ever been in, our economic infrastructure is being systematically gutted, and poverty is absolutely exploding.  Since the stock market crash of 2008, the Federal Reserve has been wildly printing money and the federal government has been running trillion dollar deficits in a desperate attempt to stabilize things, but in the process they have made our long-term economic problems far worse.  It would be hard to overstate how dire our situation is, and yet the mainstream media continues to assure us that everything is just fine and that happy days are here again.

As I have already noted, the mainstream media was doing the exact same thing back during the days of the Great Depression.  The following are actual Associated Press headlines from 1933…

Decisive Break from Panic Shown in Business Figures

Markets Spurt To New Highs

New Farm Bill to End Depression

And the following is a headline discovery from 1933 that was made by Linda Goin

I was browsing through old newspapers the other day and discovered a page filled with news about the stock market and banks in the Daily Capital News from Jefferson City, Missouri. The date was March 15, 1933, well into the Great Depression, and the news was cautiously celebratory as a headline read, “Era of Fear is Declared at End Now.

The Depression-era classic song entitled “Happy Days Are Here Again” was played at the Democratic National Convention in 1932 and it went on to be featured by the Democrats for many years after that.  The following is an excerpt from a Wikipedia article about that song…

Today, the song is probably best remembered as the campaign song for Franklin Delano Roosevelt’s successful 1932 presidential campaign. According to TIME magazine, it gained prominence after a spontaneous decision by Roosevelt’s advisers to play it at the 1932 Democratic National Convention, and went on to become the Democratic Party‘s “unofficial theme song for years to come”.

There is only one huge problem.

The election of Roosevelt didn’t end the depression.  Years of bitter economic suffering and dust bowl conditions were still ahead.  The Great Depression continued all the way up to the start of World War II, and the war years were certainly no picnic for average folks either.

But at least cheery headlines can make people feel better, right?

That is what some believe.

Others believe that giving people false hope is very cruel and that it sets up people for failure.

The following are some actual headlines that were found on mainstream news sites today…

CNBC: “Recession risk gone in all US states but 1: Moody’s Analytics

CNN: “Foreclosure crisis is drawing to a close

NBC News: “Stocks close near highs; S&P logs 7-day rally

Wow, those headlines sound great!

So are happy days here again?

Not quite.

In fact, things continue to get even worse in a whole host of ways.  Just consider the following statistics…

-According to a brand new Gallup poll that was just released, 20.0% of all Americans did not have enough money to buy food that they or their families needed at some point over the past year.  That is just under the record of 20.4% that was set back in November 2008.

-Gallup also found that the ability of American families to meet some of their other most basic needs is near an all-time low…

The Basic Access Index, which includes 13 questions about topics including Americans’ ability to afford food, housing, and healthcare, was 81.4 in August, on par with the all-time low of 81.2 recorded in October 2011.

-More than 90 million working age Americans are considered to be “not in the labor force”.

-The labor force participation rate is the lowest that it has been in 35 years.

-516,000 Americans “left the labor force” last month.  That was a brand new all-time record high.

-The number of private sector jobs dropped by 278,000 last month.

-77 percent of the jobs that have been “created” so far this year have been part-time jobs.

-Approximately one out of every four part-time workers in America is living below the poverty line.

-Right now, 40 percent of all U.S. workers are making less than what a full-time minimum wage worker made back in 1968.

-The U.S. trade deficit with China has hit a brand new record high.

-The U.S. trade deficit with the EU has hit a brand new record high.

-The number of U.S. households on food stamps is at a brand new record high.

-One of the largest furniture manufacturers in America was just forced into bankruptcy

The maker of furniture brands such as Thomasville, Broyhill, Lane and Drexel Heritage said Monday that it has filed for Chapter 11 bankruptcy protection.

-Total mortgage activity has dropped to the lowest level that we have seen since October 2008.

Yes, those in the top 1 percent are doing very well for the moment thanks to the reckless money printing that the Federal Reserve has been doing.

But for most Americans, the last several years have been a continual struggle.  The following is a list that comes from one of my previous articles entitled “44 Facts About The Death Of The Middle Class That Every American Should Know“…

1. According to one recent survey, “four out of five U.S. adults struggle with joblessness, near poverty or reliance on welfare for at least parts of their lives”.

2. The growth rate of real disposable personal income is the lowest that it has been in decades.

3. Median household income (adjusted for inflation) has fallen by 7.8 percent since the year 2000.

4. According to the U.S. Census Bureau, the middle class is taking home a smaller share of the overall income pie than has ever been recorded before.

5. The home ownership rate in the United States is the lowest that it has been in 18 years.

6. It is more expensive to rent a home in America than ever before.  In fact, median asking rent for vacant rental units just hit a brand new all-time record high.

7. According to one recent survey, 76 percent of all Americans are living paycheck to paycheck.

8. The U.S. economy actually lost 240,000 full-time jobs last month, and the number of full-time workers in the United States is now about 6 million below the old record that was set back in 2007.

9. The largest employer in the United States right now is Wal-Mart.  The second largest employer in the United States right now is a temp agency (Kelly Services).

10. One out of every ten jobs in the United States is now filled through a temp agency.

11. According to the Social Security Administration, 40 percent of all workers in the United States make less than $20,000 a year.

12. The ratio of wages and salaries to GDP is near an all-time record low.

13. The U.S. economy continues to trade good paying jobs for low paying jobs.  60 percent of the jobs lost during the last recession were mid-wage jobs, but 58 percent of the jobs created since then have been low wage jobs.

14. Back in 1980, less than 30% of all jobs in the United States were low income jobs.  Today, more than 40% of all jobs in the United States are low income jobs.

15. At this point, one out of every four American workers has a job that pays $10 an hour or less.

16. According to one study, between 1969 and 2009 the median wages earned by American men between the ages of 30 and 50 declined by 27 percent after you account for inflation.

17. In the year 2000, about 17 million Americans were employed in manufacturing.  Today, only about 12 million Americans are employed in manufacturing.

18. The United States has lost more than 56,000 manufacturing facilities since 2001.

19. The average number of hours worked per employed person per year has fallen by about 100 since the year 2000.

20. Back in the year 2000, more than 64 percent of all working age Americans had a job.  Today, only 58.7 percent of all working age Americans have a job.

21. When you total up all working age Americans that do not have a job, it comes to more than 100 million.

22. The average duration of unemployment in the United States is nearly three times as long as it was back in the year 2000.

23. The percentage of Americans that are self-employed has steadily declined over the past decade and is now at an all-time low.

24. Right now there are 20.2 million Americans that spend more than half of their incomes on housing.  That represents a 46 percent increase from 2001.

25. In 1989, the debt to income ratio of the average American family was about 58 percent.  Today it is up to 154 percent.

26. Total U.S. household debt grew from just 1.4 trillion dollars in 1980 to a whopping 13.7 trillion dollars in 2007.  This played a huge role in the financial crisis of 2008, and the problem still has not been solved.

27. The total amount of student loan debt in the United States recently surpassed the one trillion dollar mark.

28. Total home mortgage debt in the United States is now about 5 times larger than it was just 20 years ago.

29. Back in the year 2000, the mortgage delinquency rate was about 2 percent.  Today, it is nearly 10 percent.

30. Consumer debt in the United States has risen by a whopping 1700% since 1971, and 46% of all Americans carry a credit card balance from month to month.

31. In 1999, 64.1 percent of all Americans were covered by employment-based health insurance.  Today, only 55.1 percent are covered by employment-based health insurance.

32. One study discovered that approximately 41 percent of all working age Americans either have medical bill problems or are currently paying off medical debt, and according to a report published in The American Journal of Medicine medical bills are a major factor in more than 60 percent of all personal bankruptcies in the United States.

33. Each year, the average American must work 107 days just to make enough money to pay local, state and federal taxes.

34. Today, approximately 46.2 million Americans are living in poverty.

35. The number of Americans living in poverty has increased by more than 15 million since the year 2000.

36. Families that have a head of household under the age of 30 have a poverty rate of 37 percent.

37. At this point, approximately 25 million American adults are living with their parents.

38. In the year 2000, there were only 17 million Americans on food stamps.  Today, there are more than 47 million Americans on food stamps.

39. Back in the 1970s, about one out of every 50 Americans was on food stamps.  Today, about one out of every 6.5 Americans is on food stamps.

40. Right now, the number of Americans on food stamps exceeds the entire population of the nation of Spain.

41. According to one calculation, the number of Americans on food stamps now exceeds the combined populations of “Alaska, Arkansas, Connecticut, Delaware, District of Columbia, Hawaii, Idaho, Iowa, Kansas, Maine, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota, Utah, Vermont, West Virginia, and Wyoming.”

42. At this point, more than a million public school students in the United States are homeless.  This is the first time that has ever happened in our history.  That number has risen by 57 percent since the 2006-2007 school year.

43. According to U.S. Census data, 57 percent of all American children live in a home that is either considered to be “poor” or “low income”.

44. In the year 2000, the ratio of social welfare benefits to salaries and wages was approximately 21 percent.  Today, the ratio of social welfare benefits to salaries and wages is approximately 35 percent.

But there is no way that we are actually in another economic depression, right?

If that was the case, the mainstream media certainly would have told us, right?

According to John Williams of Shadow Government Statistics, if the U.S. government actually used honest numbers, they would show that the U.S. economy has actually been contracting continually since 2005.

In other words, if the numbers were not being manipulated they would show that we have had negative GDP growth every single year since 2005.

I don’t know about you, but that sure sounds like a depression to me.

What do you think?

Great Depression Headlines

Forget The Election Results – Greece Is Still Doomed And So Is The Rest Of Europe

The election results from Greece are in and the pro-bailout forces have won, but just barely.  It is being projected that the pro-bailout New Democracy party will have about 130 seats in the 300 seat parliament, and Pasok (another pro-bailout party) will have about 33 seats.  Those two parties have alternated ruling Greece for decades, and it looks like they are going to form a coalition government which will keep Greece in the euro.  On Monday we are likely to see financial markets across the globe in celebration mode.  But the truth is that nothing has really changed.  Greece is still in a depression.  The Greek economy has contracted by close to 25 percent over the past four years, and now they are going to stay on the exact same path that they were before.  Austerity is going to continue to grind away at what remains of the Greek economy and money is going to continue to fly out of the country at a very rapid pace. Greece is still drowning in debt and completely dependent on outside aid to avoid bankruptcy.  Meanwhile, things in Spain and Italy are rapidly getting worse.  So where in that equation is room for optimism?

Right now the ingredients for a “perfect storm” are developing in Europe.  Government spending is being slashed all across the continent, ECB monetary policy is very tight, new regulations and deteriorating economic conditions are causing major banks to cut back on lending and there is panic in the air.

Unless something dramatic changes, things are going to continue to get worse.

Yes, the Greek election results mean that Greece will stay in the euro – at least for now.

But is that really a reason for Greeks to celebrate?

Right now, the unemployment rate in Greece is about 22 percent.  Businesses continue to shut down at a staggering rate and suicides are spiking.

So far this month, about 500 million euros a day has been pulled out of Greek banks.  The entire Greek banking system is on the verge of collapse.

Meanwhile, the Greek government is still running up more debt.  It is being projected that the Greek budget deficit will be about 7 percent of GDP this year.

The Greeks went to the polls and they voted for more of the same.

Are they crazy?

Someone once said that the definition of insanity is doing the same thing over and over again and expecting different results.

Unfortunately, it looks like things are going to continue to get worse in Greece for quite some time.

And the rest of Europe is heading into a very bleak economic future as well.

At the moment, unemployment in the eurozone is at a record high.

Most analysts expect it to go even higher.

To say that Spain has an unemployment problem would be a massive understatement.  The unemployment rate in Spain is even higher than the unemployment rate in Greece is.  In fact, unemployment in Spain is the highest that it has ever been since the introduction of the euro.

The Spanish banking system is a complete and total disaster at this point.  The Spanish government has already asked for a 100 billion euro bailout for its banks.

But that might not be nearly enough.

Spain is facing a housing collapse similar to what the United States went through back in 2008 and 2009.  Right now, home prices in Spain are absolutely collapsing….

Fresh data yesterday shows how desperate the crisis is becoming in Spain. The property crash is accelerating. House prices fell at a 12.6pc rate in the first quarter of this year, compared to 11.2pc the quarter before, and 7.4pc in the quarter before that. Prices have fallen 26pc from their peak.

“Fundamentals point to a further 25pc decline,” said Standard & Poor’s in a report on Thursday. It may take another four years to clear a glut of one million homes left from the building boom.

Meanwhile, money is being pulled out of banks in Spain at a very alarming rate.  As panic spreads we are seeing slow motion bank runs all over Europe.  Over the past few months massive amounts of money have been moved from troubled nations to “safe havens” such as Switzerland and Germany.

Investors are getting very nervous and yields on Italian and Spanish debt are spiking again.

Last week yields on Spanish debt hit their highest levels since the introduction of the euro.  Without massive ECB intervention the yield on 10 year Spanish bonds will almost certainly blow well past the 7 percent danger mark.

The credit rating agencies are indicating that there is danger ahead.  Moody’s recently downgraded Spanish debt to just one notch above junk status.  Spain is heading down the exact same road that Greece has gone.

The situation in Europe is very grim.

Greece is going to need bailouts for as far as the eye can see.

Spain is almost certainly going to need a huge bailout.

Italy is almost certainly going to need a huge bailout.

Ireland and Portugal look like they are going to need more money.

France is increasingly looking vulnerable, and Francois Hollande appears to have no real solutions up his sleeve.

As I have said so many times before, watch Europe.

Every few weeks there are headlines that declare that “Europe has been saved” but things just keep getting worse.

The governor of the Bank of England, Mervyn King, said the following a few weeks ago….

“Our biggest trading partner is tearing itself apart with no obvious solution.”

And that is the truth.  There is no obvious solution to the problems in Europe.  The politicians could kick the can down the road for a while longer, but in the end there will be no avoiding the pain that is coming.

The equation for what is happening in Europe that I have shared before still applies….

Brutal austerity + toxic levels of government debt + rising bond yields + a lack of confidence in the financial system + banks that are massively overleveraged + a massive credit crunch = A financial implosion of historic proportions

We are watching a slow-motion financial train wreck that is absolutely unprecedented happen right in front of our eyes and our politicians are powerless to stop it.

It is going to be a long, hot summer for the European financial system.

On election day in Greece, the mood was incredibly somber.  Instead of celebrating, most Greeks seemed resigned to a very hard future.  As an article in the Telegraph described, the entire nation seems to be grinding to a halt….

This is the election that is supposed to decide whether Greece stays in the euro. Yet as it, and Europe, face what could be their Katrina moment, the dominant sense here is not of panic, or fear, or even hope – but of a country in suspended animation, grinding to a halt.

The Athens Heart shopping centre, in the southern suburbs, is polished, full of big brands, and almost totally empty of customers. “We’ve had five sales all day,” says Steryiani Vlachakou, the assistant in the Champion sportswear store. “It’s been getting a lot, lot worse.”

Sadly, it is not only Greece that is doomed.

The truth is that all of Europe is doomed, and when Europe falls the entire globe is going to feel it.

So get ready for the hard times that are coming.  The pain is going to be immense and most people are not even going to see it coming.

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