The Beginning Of The End
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Tipping Point: 25 Signs That The Coming Financial Collapse Is Now Closer Than Ever

The financial collapse that so many of us have been anticipating is seemingly closer then ever.  Over the past several weeks, there have been a host of ominous signs for the U.S. economy.  Yields on U.S. Treasuries have moved up rapidly and Moody's is publicly warning that it may have to cut the rating on U.S. government debt soon.  Mortgage rates are also moving up aggressively.  The euro and the U.S. dollar both look incredibly shaky.  Jobs continue to be shipped out of the United States at a blistering pace as our politicians stand by and do nothing.  Confidence in U.S. government debt around the globe continues to decline.  State and local governments that are drowning in debt across the United States are savagely cutting back on even essential social services and are coming up with increasingly "creative" ways of getting more money out of all of us.  Meanwhile, tremor after tremor continues to strike the world financial system.  So does this mean that we have almost reached a tipping point?  Is the world on the verge of a major financial collapse?

Let's hope not, but with each passing week the financial news just seems to get eve worse.  Not only is U.S. government debt spinning wildly toward a breaking point, but many U.S. states (such as California) are in such horrific financial condition that they are beginning to resemble banana republics.

But it is not just the United States that is in trouble.  Nightmarish debt problems in Greece, Spain, Portugal, Ireland, Italy, Belgium and several other European nations threaten to crash the euro at any time.  In fact, many economists are now openly debating which will collapse first - the euro or the U.S. dollar.

Sadly, this is the inevitable result of constructing a global financial system on debt.  All debt bubbles eventually collapse.  Currently we are living in the biggest debt bubble in the history of the world, and when this one bursts it is going to be a disaster of truly historic proportions.

So will we reach a tipping point soon?  Well, the following are 25 signs that the financial collapse is rapidly getting closer....

#1 The official U.S. unemployment rate has not been beneath 9 percent since April 2009.

#2 According to the U.S. Census Bureau, there are currently 6.3 million vacant homes in the United States that are either for sale or for rent.

#3 It is being projected that the U.S. trade deficit with China could hit 270 billion dollars for the entire year of 2010.

#4 Back in 2000, 7.2 percent of blue collar workers were either unemployed or underemployed.  Today that figure is up to 19.5 percent.

#5 The Chinese government has accumulated approximately $2.65 trillion in total foreign exchange reserves.  They have drained this wealth from the economies of other nations (such as the United States) and instead of reinvesting all of it they are just sitting on much of it.  This is creating tremendous imbalances in the global economy.

#6 Since the year 2000, we have lost 10% of our middle class jobs.  In the year 2000 there were approximately 72 million middle class jobs in the United States but today there are only about 65 million middle class jobs.

#7 The United States now employs about the same number of people in manufacturing as it did back in 1940.  Considering the fact that we had 132 million people living in this country in 1940 and that we have well over 300 million people living in this country today, that is a very sobering statistic.

#8 According to CoreLogic, U.S. housing prices have now declined for three months in a row.

#9 The average rate on a 30 year fixed rate mortgage soared 11 basis points just this past week.  As mortgage rates continue to push higher it is going to make it even more difficult for American families to afford homes.

#10 22.5 percent of all residential mortgages in the United States were in negative equity as of the end of the third quarter of 2010.

#11 The U.S. monetary base has more than doubled since the beginning of the most recent recession.

#12 U.S. Treasury yields have been rising steadily during the 4th quarter of 2010 and recently hit a six-month high.

#13 Incoming governor Jerry Brown is scrambling to find $29 billion more to cut from the California state budget.  The following quote from Brown about the desperate condition of California state finances is not going to do much to inspire confidence in California's financial situation around the globe....

"We've been living in fantasy land. It is much worse than I thought. I'm shocked."

#14 24.3 percent of the residents of El Centro, California are currently unemployed.

#15 The average home in Merced, California has declined in value by 63 percent over the past four years.

#16 Detroit Mayor Dave Bing has come up with a new way to save money.  He wants to cut 20 percent of Detroit off from essential social services such as road repairs, police patrols, functioning street lights and garbage collection.

#17 The second most dangerous city in the United States - Camden, New Jersey - is about to lay off about half its police in a desperate attempt to save money.

#18 In 2010, 55 percent of Americans between the ages of 60 and 64 were in the labor market.  Ten years ago, that number was just 47 percent.  More older Americans than ever find that they have to keep working just to survive.

#19 Back in 1998, the United States had 25 percent of the world’s high-tech export market and China had just 10 percent. Ten years later, the United States had less than 15 percent and China's share had soared to 20 percent.

#20 The U.S. government budget deficit increased to a whopping $150.4 billion last month, which represented the biggest November budget deficit on record.

#21 The U.S. government is somehow going to have to roll over existing debt and finance new debt that is equivalent to 27.8 percent of GDP in 2011.

#22 The United States had been the leading consumer of energy on the globe for about 100 years, but this past summer China took over the number one spot.

#23 According to an absolutely stunning new poll, 40 percent of all U.S. doctors plan to bail out of the profession over the next three years.

#24 As 2007 began, there were just over 1 million Americans that had been unemployed for half a year or longer.  Today, there are over 6 million Americans that have been unemployed for half a year or longer.

#25 All over the United States, local governments have begun instituting "police response fees".  For example, New York Mayor Michael Bloomberg has come up with a plan under which a fee of $365 would be charged if police are called to respond to an automobile accident where no injuries are involved.  If there are injuries as a result of the crash that is going to cost extra.

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  • Maria

    Richard,

    I also came to this blog looking for answers and solutions. I’ve looked for months on the www. It’s too late to “fix” the current world economy. All that remains of this system is the horrible reckoning. We haven’t gone through enough pain yet to stop the blame games and focus on new solutions.

    I wonder if that day will EVER come.

    I wonder which countries will survive this stupidity of mankind.

    I wonder what life will be like in this world for my children.

    And I pray.

  • Bob

    Here’s a great video on the economy, what’s coming next and how to prepare. Check it out now…the video goes offline this Sunday.
    http://www.wakingupamerica.com/theelevationgroup

  • Dave

    Instead of putting all of our lives in jeopardy and destroy our society, why won’t the governments not only stop new spending entitlements, but cut the current entitlements to the bone? I guess it would take a liberally minded person to try and argue why we shouldn’t stop spending and not cut entitlements. BTW, why not stop funding the IMF….

  • http://www.hattrickassociates.com Jimbo

    Completely “redistributing” wealth doesn’t work, correct. Neither does the top 1% making 5,000x or 10,000x the annual salary of those at the bottom. Sorry, you can dispute that all you wish, but in history, those folks with millions upon millions – as 50% or 60% of the country quite literally starves or is homeless – things do NOT turn out well for the wealthy. In France, many of the rich (tens of thousands!) actually lost their heads. Huge protests, riots, home invasions and murders, massive civil unrest (think pitchforks and torches!) are probably on the way at some point in this country’s next 5 years. Deservedly or not, the rich on Wall Street and DC, etc. will eventually pay for the fact they have made billions and billions in salary and huge bonuses – comprised of taxpayer dollars (in bailouts that would have otherwise bankrupted their companies – shifting private debt into public debt) – while about 20% of the country is unemployed, most homes are underwater (or soon will be), 42 million are on food stamps (and sure to rise, until they simply no longer work) Imagine when every shelf in the grocery store is empty – for weeks. I wouldn’t want driving around town in my new Mercedes at that point! But that’s just me.

  • L Tecolote

    The bottom 50% of the population dies fairly early (mostly of diseases induced by their own bad habits) but the top 1% survive to a ripe old age.

    That’s not fair! Shouldn’t the government take the lives of these selfish few survivors, “harvest” and “redistribute” their organs to the poor bottom 50%, whose hearts, lungs, and livers are ruined all too early?

    That’ll make the average lifespan longer for for everbody, won’t it? Maybe not, but that plan makes every bit as much sense as the redistribution of wealth plan. After all, your wealth is simply your saved up life, in material form.

    I’m tired of hearing sheep complaining about the wolves they hired to keep order. If a few scammers have figured out how to buy your government — to get laws passed that enable them to steal from you “legally” — maybe you’d do better to turn your attention to the prostiticians who promised you so much, robbed you to pay for it, then delivered it to someone else.

    In a self-governing nation, that’s what sovereign, intelligent people do. If your government tells you that you’re not self-governing anymore — that they have decided to be your boss instead of your hired help — what do you intend to do about that, Citizen?

  • vw

    Tax the rich…don’t tax the rich…it doesn’t matter when will anybody admit that Afghanistan and Iraq are the real problem…stop the wars, or they will stop us.

  • ArtieEm

    @INNERTRADER:

    1. We had higher tax rates for the rich in the past, and had a decent economy. Giving the rich better tax breaks over the recent many years has not improved the economy, and aruguably help put us into this mess (They save thier money or store it overseas).

    2. A very mild brand of Socialism is working just fine in Western Europe (e.g., no one goes bankrupt because of medical bills).

    3. You are correct that the unregulated
    “market place”, controlled by the corporate/banking sector to create jobs in China is indeed punishing the American middle class.

  • ArtieEm

    Wow, it is nice to hear from all the loyal serfs here.

    “It’s your money my lord, I don’t begrudge you for it. What’s that? You require an extra bushel of potatoes this month? No problem Sire, I’m happy to do it. By the way, me daughter needs an operation, is there anything you could do about that? What, the stables need cleaning? Yes Sir!”

  • http://boccebrew.com Brewfo

    My sister has lived in Spain for 46 years working for a Spanish corporation who represents Boeing ( MacDonell Douglas ). She has seen first hand the worlds insatiable greed that has led us to this juncture where the U.S. has lost its trade advantage forever. A conservative person ( in the monarchical sense of the word ) she has complained bitterly of George Bush’s god damned pseudo fascist Homeland Security apparatus that demands she fill out reams of forms to get a spare part for our FA-18 fighter bomber while the Spanish govt gets a knockoff from Kazakhstan or the Czech Rep. over night.

    As some may know, NATO pilots ( Spaniards among them ) flew sorties over Belgrade to stop the fighting in the Balkans. An army is supposed to bring PEACE and enforce it. In the 2010 national campaign, not one candidate spoke out for or against the wars in Iraq or Afghanistan. Rather it was about tax cuts, financial reform, jobs, deficit spending, loss of homes, cry baby ,cry baby. This country would rather drink the blood of their own children than lose their material well being.

    Seems Rev Wright had a point.

  • http://boccebrew.com Brewfo

    Organized crime is still the best business model.In times like these, it’s time to dust off Arnold Rothstein’s truly genius work, the dark American Dream.
    I urge all the citizens of this nation to pick up a trade to undermine the ruling elite whether they be right or left, corporate or government, religious or secular.

  • Kate

    Does anyone get why the stockmarket is soaring right now? The AP said today that some market analysists think 2011 will mark a DJIA record. WHY??? Is everyone on Wallstreet insane? It is the piece of this crazy puzzle I have not figured out yet.

  • Libre

    All of your arguments do not answer the basic question: how can an economic system that needs a 4 % to 5 % growth rate year after year survive in the long term ? At a 5% growth rate, the world economic outpout doubles every 14 years, we’v doubled our production many times since the industrial revolution and there was always room to grow.

    Standing where we are right now, does any one beleive we can double out many more times? Doubling our population, our oil production , our water consumption, our food production, our base metals or anything else forever while living on a closed enviromenet called Earth ?

    I thinks its clear that this system although its has elevated the human species to the pinacle of civilisation can not last much longer. It is therefore logical and intelligent to start thinking about a new foundation for the human race’s future on Earth as if we just keep going like it is, we will no longer have choices. Change will be forced on us, call it chaos, anarchy, famine revolution, destruction all could set in rapidly and my prediction is that it will be within our life time.

    We ought to reverse to a much simpler way of life as the times they are changing and fast !

  • Ted Lazane

    forget all the yapping and blogging and get busy planning and preparing, because their is another dark age coming in this world of a Biblical proportion, and don’t forget to exchange a your stacks of frn for some gold and silver before you can’t.

  • Gary2

    It is not theft when we tax the rich. It is OUR (working people/poor people) money that they stole by not giving any productivity increases to workers. It is not theft to take back something that belongs to you and that was stolen from you.

    The rich pay more taxes because they have all the money Duh! Even a republican can see that. You are also only talking about federal taxes, when you factor in everything else. The rich DO NOT pay more than the rest. Ever hear about the wage cap on ssi taxes? Or the low capital gains taxes? I love how conservatives spin “facts”. I guess the study that just came out saying fox news viewers are dumber than the rest of us is true. Most folks already knew that so there was really no need for a study.

    I can’t remember who said this but “wherever you see great wealth you see a crime scene”

    The wealthy got that way by exploiting people with low wage jobs etc. Look at the profits wal-mart/McDonald’s etc make by paying poverty wages.

    Where are the rich going to go? Europe etc taxes then much more. Let them leave! They are the problem and not the solution. Our country will of course take their ill gotten wealth when they leave as it was our country that enabled them the opportunity to get rich in the first place. Time to pay their dues.

  • Ex-engineer

    To lostinmissouri:
    I don’t think Gary2 believes everyone is “owed” a living. What I believe is that in real life not only is no one owed a living, no one is owed opportunity! That’s right, and also no one is owed health, safety, security or liberty. You have to fight for all of those things, sometimes to the death if necessary. If you are willing to live without those things, you become a serf.

  • Gary2

    This is on Micheal’s other blog “the end of the American dream” and was posted by MP. I copied it here to debunk all the right wing garbage of socialism failing.

    Socialism hasn’t failed in every instance. Read this article: http://www.forbes.com/2009/05/05/world-happiest-places-lifestyle-travel-world-happiest.html The top 3 happiest countries have a social system… Being Dutch myself I can tell you we have high taxes for the people who can afford it and the basic necessities in life for all; housing, education, unemployment and help in general. We’re not perfect either but let’s try to leave no one out. We’re no communist country either. Social is not a bad word. You’re a rich person in the Netherlands if you pay 50% tax, believe me. Open your mind and look what other cultures are doing and adapt it to your culture…

  • Gary2

    It isn’t just the issue of coming with more jobs. If a CEO creates a bunch of Wal-Mart jobs–low-paying, without benefits, non-union–is that something we should praise? I know the answer, from my little corner of the world. But, it should be much more explicitly said–we got into this crisis precisely because people were not being paid enough and people had to use credit to pay off things like health care costs and other basic living expenses.

    Or as Jesse Jackson has said, “Even slaves had jobs”.

    Well said from working life.org-I may not always articulate my posts as eloquently as I would like so when I come across someone who says it so well I wanted to share it but not pawn it off as my own post. I totally agree with this.

  • Roland Hopmans

    Different day, same politicians elected, further into debt and all looking for a way out, nothing will change, so get out and set up in a nice place, Cayman islands, Lichtenstein, or somewhere where you dont have to feel like you have to defend your position, forget it and move on, pick a better place than the USA to live !

  • Gordon

    OOPS! All of the free market don’t tax the rich people have forgotten the wonderful bonuses the bankers and their traders have “earned” (while doing nothing productive)that you dear taxpayer funded in the bank bailout.
    The middle class should be angry, very angry

  • Charles de Gaule

    What some here are overlooking, perhaps, is that a lot of the uber-wealthy 1%, who “deserve” all the money they’ve “worked so hard” to make are actually committing theft and fraud every single day – and getting away with it. They bribe politicians. They write, and re-write the law to suit themselves. They have blood-thirsty lawyers that get them out of having to pay damages to people they killed or made sick because their products are or were untested, or they (oops!) dumped a bunch of toxic waste somewhere without bothering to spend money on appropriate disposal. Big agra and big pharma now control the FDA. This is but one example of the corruption rife in Washington’s so-called “regulatory” agencies. If you feel safe taking prescription drugs or eating food in America, you are living in a dream world.

    Furthermore, these elitists? They don’t give a rats ass about this country or what it was supposed to stand for. If the United States dies, what does it matter to them? THey are internationalists, not patriots. They want to sell jobs to the lowest bidder and goods to the highest and the government is so corrupt, it goes ahead and panders to this. Through “free trade” these people would push the standard of living in this country down to what it is in the 3rd world. Want jobs? Well, I guess you American’s will have to stop being so snobby and work for $.20 an hour, like they do over in Bangladesh. That’s okay, right? You can just work 23 hours a day. Pull yourself up by your bootstraps, and all that. Show us how tough you are!

    Those brainwashed by the gospel of “deregulation” need to wake up. Corporations are profit-making entities. They do not have consciences. Without regulation, they can and do destroy health, property, and lives. We don’t have child labor laws, paid vacations, and a 40-50 hour work week because corporate bosses are “really nice”. We have them because (whatever they may have become later on) the labor movement fought for them.

    Redistribution of wealth is, of course, a ludicrous suggestion. How about patriotism, instead? Patriotic policies that protect the middle class such as Glass-Steagall, infrastructure development and large scale energy programs, science-drive programs, sovereign credit. Whenever a country uses sovereign credit to create needed infrasturcture, the investment pays for itself, and creates additional jobs as well. Stop drinking the mainstream media and economics textbook kool-aid and read some history.

  • Nickelthrower

    Greetings,

    I’m guessing that since only 3% of Americans even own passports that many of the people running their silly mouths about “socialism” have actually never left the country and can only repeat whatever Fox News tells them to say.

    Germany is about as socialist as you can get but that little country (about the size of Arizona) out exports China. The people have excellent health care, education and public transit and pay for it all up front. The people enjoy 40+ paid holidays a year and also enjoy a 36 hour work week. Labor Unions are extremely powerful and, as a matter of fact, labor unions must have a voting seat on all boards of directors for all corporations.

    Of course, you wouldn’t know that because you’ve never left the country. Oh yeah, before someone gives me any crap, I lived and worked in Germany for 5 years and I also own a home in Northern Italy near Venice (the Italians get 42+ paid holidays). The Europeans are aghast by our low standard of living, our terrible quality of life and our willingness to believe whatever the television tells us to believe.

    Americans are very silly people and are about to realize what happens to fat, lazy, ignorant, uneducated people that believe whatever someone tells them to believe.

    Good luck idiots.

  • Typical American Corporate Thrall

    Glad to see so much loyalty to Lucifer’s corporate elite here. Remember your place: to serve the capitalist elite. Kneel and obey, worms!

  • Tim Hammond

    Wake up world. This is setting the stage for the Antichrist to come on the scene and take over. We are in the end times of the Bible and financial chaos plays a large part. Read Rev 11:1-2 very carefully. It proves that the 7 year Tribulation starts the day Palestine is recognized as a nation with Jerusalem as its capital, which is the number one agenda in the UN right now. It will happen in 2011. We are in a 70 year countdown that started on May 14, 1948 when Israel became a nation. 1948 + 70 = 2018 but then come back 7 years and you are at 2011. We are under attack spiritually, emotionally, physically, and financially. You have one hope and that is in Jesus Christ.

  • mogar

    You cannot spread wealth. You can spread misery.

  • mogar

    Jimbo you can tax 100% of all the income in the US and confiscate all the wealth of the hated rich and you won’t change a thing except run off any international investment in the US. That is a fact not opinion.

  • LivedAllOverTheWorld

    To Jimbo – you make some great points!

    To the Ayn Rand types – it’s not socialism when people are dying in the streets from starvation.

    I lived in the Netherlands for a few years. They have a socialist system. They have not “vanished from the face of the earth.” One of the biggest problems in America is the incredibly ignorance of its citizenry.

  • Norrin Radd

    We could clean up 60% of the US economy with three actions:
    1. Put the Federal Reserve and the money supply under the control of Congress, as it states in the Constitution (not in the control of for-profit bankers as now);
    2. Back our money using a market-basket approach, with about 15% gold, 30% silver, 15% other mining commodities, 15% agriculture, and 15% energy.
    3. Eliminate the IRS and put in a national sales tax. That would get the multi-billion-dollar “recreational” drug industry to pay taxes.

  • Richard

    Maria,

    I don’t think anyone could have stated what you just did any more accurately.

    I believe there is a viable way to restructure the US economy and give us all a fresh start. A solution relatively simple which all Americans could help implement without much effort. Unfortunately time is of the essence and to quote you “We haven’t gone through enough pain yet to stop the blame games and focus on new solutions”.

    I too pray.

  • flylowguy

    Well, isn’t that a dismal picture?
    Maybe a growth business would be a long term freezing plant/warehousing operation so people could voluntarily put themselves in suspended animation until things got………’better’.

    At the rate we are going, there will be no way for many people to live through this. So ‘suspending’ them is at least theoretically better than putting them through starvation and exposure until death.

    Then again, maybe 2012 is really a good thing in disguise.

  • William

    NO cuts to Social Security until the US military is brought back from foreign bases and the DOD budget is reduced by $100 Billion a year until it is down to $400 Billion. We can NOT afford EMPIRE——never could.

  • PD

    America ceased being a country and became a wealth vehicle. They are killing this particular goose. When it goes down, we will return to the old days of survival of the fittest.

  • pedro

    Let’s not worry about ridiculous Mercedes driving fools…life is so full anywhere you care to look… it’s every moment u live… Simplicity is the new philosophy…

  • Matt

    Gene,
    It’s probably best to know what you’re talking about before leaving comments. You ask the question: “why, with the tax rates lower now than ever in our country, are things going so poorly?”
    You do understand that the federal income tax did not exist at one time, right? You also know that when the top rate was lowered from 70% to 50% in 1982 that the economy and government revenue both sky rocketed? Or is it you really have no idea what you’re talking about?

  • mc

    been looking into those 10,000 dollar condos and get hard luck storys of health care costs, disabilities and associatives HOA.s run off with the money for repairs, and the remnant taste of alcohol,fast women, and ….renters…….not sure what “made” the neighborhood!

  • mondobeyondo

    It won’t matter.

    Tax the rich, tax the middle class, and the poor could offer their first born child to the government. It won’t matter.

    All your taxes are going into a black hole.

    Bill Gates could give every red cent in his possession to the federal government, and it still won’t be enough to pay for the 2010 cost of the war in Afghanistan. And don’t forget our future obligations. Social Security, Medicare, and Medicaid are the biggies. How ’bout we completely eliminate all three? (You’re going to have a lot of seniors asking for blood if you even suggest that.)

    What to cut, then? How about some useless government agency like NASA? Sure, we could dismantle NASA. And it wouldn’t even make a dent in the budget.

    Our debts are beyond astronomical, they are unsustainable, and they are beyond repair.

  • mondobeyondo

    El Pollo de Oro is correct.

    There is immense wealth in this country. Our Great Plains is the breadbasket of the world (well it used to be).

    But like any good government/corporate bandits will do, they squandered the vast wealth for their own personal gain.

    Africa has incredible natural resources. Fertile soil, minerals, gold, diamonds. So why on earth is so much of sub-Saharan Africa dirt poor? (no pun intended)

  • Don K.

    It’s typical of businesses today not to make clear the need for an email address to get a comment published. So here goes again after they refused me the first time. It says address required not email address required. Pretty dumb huh? Most of the comments center around the federal taxation system. People making $100,000. or less shouldn’t be paying any federal taxes. This enables that income group to fund their retirement and health insurance programs. If Congress would set a livable annual income amount of $41,600. and adjust it to the real cost of food, housing and essential services such as water, sewage, electricity, etc. then a reasonable level of consumption would be guaranteed and the general welfare of America would have a solid base and job growth would be essentially guaranteed. In addition, the federal fiscal and monetary policies should be geared to supporting the growth of the free market system. The Chinese have not only stolen our free market enterprises they have adopted a central government financial support of their free market system with a heavy hand to ensure monopolies are minimal in their free market system. And they tax the high income earners heavily to ensure the central control of the general welfare is adequately funded. Their consumption of goods by lower income citizens is rising at a high rate. Soon they will dump Walmart and such retailers because they don’t then have to buy U. S. Treasury debt which will probably default in the short run. They just won’t need to sell us their low, low priced goods made by slave labor anymore besides the Commies are afraid the poor will revolt if they don’t pay more. In summary, we need to dump the military gravy train almost totally[$300 billion per year is plenty to provide for the common defense of America]; we need to fund the rebuilding of America’s infrastructure pronto; we need to require our banks to finance the rebuilding of our manufacturing enterprises as well as funding the new enterprises that will be required to put 95% of Americans of all ages back to work which will require a responsible, accountable, and efficient monetary system[the Federal Reserve System is not responsible, accountable nor efficient so must be dumped]. This endeavor to retake America by ‘We The People’ is possible because it is a must if America is to become a thriving, progressive entity once again.

  • cindybin

    Our so called poor live much better than half of the other worlds people. If things aree so bad for them, why not deport them to Africa, Cuba or Mexico where they might find it better to their liking? Personally I am tired of being forcefully made to pay taxes to support them.

  • http://www.pathtoasia.com Rhea

    Another burden to carry… The financial system as a whole is already at its worst and the government has already known about this, even before the Lehman announced its bankruptcy. The problem is they have just taken it for granted and is confident that they can use consumer’s money/consumer credit to increase its fake assets. To top it all, the American government does not have the political will to be honest with the American people about our financial condition. And so effects are pouring in and is passed on to us, working majority.
    We help Americans find jobs and prosperity in Asia. Visit http://www.pathtoasia.com/jobs/ for details.

  • Shut up

    @tim hammond
    Keep your fear mongering to yourself you inferior. Your words are so wide that it can be used to describe anything even the bark of a dog doen the alley. Si dont tell us exactly where our hopes are when you can’t be exact in quoting those words.

    This is a place for human superiors and intellects. Not inferiors like you fear mongering. So shut up take it else where to your medieval dark ages. Don’t try to resurrect your medeival powers. They’re gone forever never should have been allowed in our supreme human world.

  • Denise Wright

    You can leave without the exit tax if you keep US citizenship.

    The problem is we’re not producing much. We’re a nation of office and service staff, plus professional gamblers on Wall St. We need stuff we can export.

    Foreigners are right- Americans aren’t learning economics in school.

  • ramrod

    Lets start the cuts. UN expenses, government salaries and positions, government foreign travel and fringe benefits, pork barrel program. Just start in Washington!!!!

  • Lennie Pike

    Tim Hammond:

    Not only do you have the Bible as evidence to substantiate that what you said is truth but you must have said what you said either partly or entirely because you have allowed God to have control over you and that has a lot to do with the words that come out of your mouth.

    Even more evidence to substantiate what you said to be truth was given by the example of what came out of the mouth of Shut up. What you said must have really struck a nerve in the one that controls what comes out of his/her mouth.

  • http://norm Norm

    Guys.Don’t worry.Obama will fix everything

  • apache

    I’M SHOCKED THAT AMERICA IS IN SUCH HORRIBLE SHAPE AFTER READING SO MANY INTELLIGENT BLOGS HERE AND ELSEWHERE.

    there certainly seems to be a metaenormous gap between capability and reality.

  • Westcoastliberal

    The problem as I see it (at least in the US) is we have slowly replaced a representative democracy with a fascist state. The Supreme Court sealed the deal with the “Citizens united” ruling; a ruling which went well beyond the scope of the case (in my opinion to insure that corporations could control elections). With only a few exceptions, those in Congress do not have the best interests of the American people at heart. How we can fix this without unprecedented pain, suffering, and yes, blood in the streets, is a mystery to me. But I agree with the authors, the tipping point is very near.

  • MajorDrama

    Aint Capitalism Grand?!!

  • Gary2

    Matt-Reagen increased the deficit. Quit lionizing that dumb goof.

    Cindybin-you obviously do not understand absolute vs. relative poverty. Google this and I think it will totally debunk your post.

    Matt-Gene is correct-the rich have been getting many tax cuts-where are the jobs? If you need to go all the way back to the early 1900′s to try to support your inane statement you obviously are missing something.

    Nickelthrower-great post and insight. I never thought the all the people who say socialism is so terrible had never actually been to a mildly socialist country and would be repeating Rush and fox “news”.

    One of my customers is from Germany and I asked her the other day which country she liked better and without hesitation she said Germany. Said they run their country much better and everyone is better. The social safety nets are better so they do not fall so low if they loose a job etc.

    This country could be better-we simply need to reduce the gross income inequality in this country. IE:tax the rich and spread the wealth, living wages, high taxes on corp who ship jobs to other countries etc.

  • Jeff N

    @Matt
    “You do understand that the federal income tax did not exist at one time, right? You also know that when the top rate was lowered from 70% to 50% in 1982 that the economy and government revenue both sky rocketed? Or is it you really have no idea what you’re talking about?”

    You are wrong. See below Reaganomics @ wikipedia (also note, wikipedia uses citation to back up its information, where as you do not — but I understand why).
    “In 1981, Reagan significantly reduced the maximum tax rate, which affected the highest income earners, and lowered the top marginal tax rate from 70% to 50%; in 1986 he further reduced the rate to 28%.[15] As a result of all this, the budget deficit and federal debt increased considerably: debt grew from 33.3% of GDP in 1980 to 51.9% at the end of 1988 [16] and the deficit increased from 2.7% in 1980 to more than double in 1983, when it reached 6%; in 1984, 1985 and 1986 it was around 5%.[17] In order to cover new federal budget deficits, the United States borrowed heavily both domestically and abroad, raising the national debt from $997 billion to $2.85 trillion,[18] and the United States moved from being the world’s largest international creditor to the world’s largest debtor nation.[19] Reagan described the new debt as the “greatest disappointment” of his presidency.[20]“

  • FOX

    Gary2:
    So, you are Dutch… so what. If you really like a Socialistic Government, then move to a country that already has it in place. You have spouted the same old “The Rich Are Greedy” mantra throughout several of your posts.

    In America, we are FREE ! If you don’t like the wages that Wal-Mart is paying, then go somewhere else or start your own business and run it as you see fit. Believe me, Unions are NOT the answer to wage and benefits issues… just look at General Motors that has catered to Unions all these years and needed to be bailed out. The Unions don’t care about the workers; they care about themselves and the power they have. I know, I was in several Unions for two decades and I know first hand how they work. Yes, my wages were higher and benefits were better than an equal job outside, but after I became my own business owner, I realized first hand the real cost of running a company. Having a Union planting itself between the company and employee is the true robbery that goes on in America.

    Capitalism works if left to work. Put too many government obstacles and regulations in the way, and it fails. Why is it that a capitalistic country like the U.S.A. gives more to other countries than ANY other county in the world ? Saudi Arabia is filthy rich, but you do not see them giving to other country’s anything even close to what the U.S. does… WHY ? China is one of the most powerful and wealthy countries going, yet you don’t say a word about them; Why not… ?

    If for you, America is really that bad, them by all means, go live somewhere else where you feel the government is good and fair to its people; more so than in America… No one is stopping you; otherwise, keep your liberal BS to yourself because it doesn’t hold water. Japan just lowered its corporate tax rate, which now makes the U.S. rank as the highest corporate tax on planet earth… but no, you Gary2 want those “greedy corporations” to pay even more. Tell me, how much should someone earn that opens a box; places the items from the box onto a shelf; then takes the empty box to the back stock room to be recycled ? No schooling required; no real “job skills” needed… If you owned a small company, Gary2, how much would YOU pay that person per hour ? Remember, if times are tough and not many shoppers are buying, you STILL need to pay this person their weekly wage for showing up… just give us all a number that you would pay them per hour.

    You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity. What one person receives without working for, another person must work for without receiving. You cannot multiply wealth by dividing it. This probably does not make any sense to you as you are most likely the one that is receiving from those that truly work for a living and take the chance on being successful.

  • Rich W.

    Only one person has gotten it right on this whole page. The Lord Jesus is returning to this world very soon. All Bible prophesy ponts to it. Accept him as Lord and obey, and nothing else will really matter.
    The problems of which you speak will not get better, only worse, until his return.

  • GCG

    Hey, FOX, how free is someone who is unemployed, has no unemployment benefits and no health insurance, and has a foreclosure notice in his hand? This is your “capitalism” at work.

  • PuppetKing

    American debt slaves and corporate slaves are going to get a rude awakening soon. Party is over. The song has stopped singing. The Dream has collapsed. Now pay up or eat the ****!
    Get ready for what’s coming.

  • Gary2

    FOX-Many many people are trying to make America a more left of center nation. I want my country back for the destructive ravages of the free market republican conservative dogma that has ruined our country. A lot of people feel as I do, many more than you think.

    If all you can pay are crap low wages then we do not need any more of your businesses. Its nothing to be proud of providing poverty wage jobs. You should be ashamed.

    I like how you said your wages and benefits were better in a union. As I see it wal-mart, mcdonalds etc could be forced by the government to double their workers wages and still be very profitable.

  • Gary2

    FOX-I posted this in a previous post on this site. It is very apropos to you.

    It isn’t just the issue of coming with more jobs. If a CEO creates a bunch of Wal-Mart jobs–low-paying, without benefits, non-union–is that something we should praise? I know the answer, from my little corner of the world. But, it should be much more explicitly said–we got into this crisis precisely because people were not being paid enough and people had to use credit to pay off things like health care costs and other basic living expenses.

    Or as Jesse Jackson has said, “Even slaves had jobs”.

  • LMoore

    As more as I get to know about other countries, (I’ve lived in many of them, by the way!) as much more I love this one (USA) in despite of all of its big problems…

  • http://www.mat-rodina.blogspot.com Stanislav

    @ Nickelthrower

    I have news for you, first, Germany is the size of Texas, not Arizona, a big difference. Second it has some 80 million people, which makes it 1/3rd the size of the US. Third, no Germans work 40+ hours a day, you have mistaken them with the French. Furthermore, the average German paid vacation is 28 days, not 40.

    Next, Germany has a very protectionist system, so yes, things cost a lot more, but they also have jobs, in other words, they are not built on import and accumulation of stuff. They have fewer things, but better life quality.

  • Sienna Sacha

    Gary2, it is rare to find a mind as void as yours on a public messageboard. Your complete lack of a any knowledge of remedial economics is actually quite frightening. The mere fact that you believe the solution to our financial crisis is to pay more in wages verifies a deep seeded stupidity that is mind boggling.

    Please cease from any additional posting, you are only embarrassing yourself and humiliating your parents.

    I really feels sorry for you. . . it must be horrible to live in such a intellectual fog.

  • TooBad41

    One more for your list: The next shoe to drop is defaults in State and Local Municipal Bonds, Public pension funds, excessive government employees, etc. Almost every state in the union are in default some worse than others. The next 12 months will be really bad.

  • Grob Hahn

    I see bagging on Americans as either stupid, lazy, uninformed or gullible is STILL all the rage in Europe. With all the rioting over government gimme programs going broke in Europe, I can’t imagine why you think Americans have it all wrong. Sure there are plenty of couch potatoes and undereducated dolts in a nation of over 300 million, but you are being a literal bigot if you assume those to be a cross section of all of America and Americans. And bigotry sucks in ANY nation. While there is turmoil over wikileaks, most Americans are content knowing that the revelations are little more than was already expected. There have been no really shocking revelations about the US at all. Just confirmation of things we already suspected or thought we knew. One place I do agree on American gullibility is in accepting liberal programs without properly vetting them and without properly limiting their course from the beginning. Because of this we have an entire class of citizen that has been raised on welfare with little more than crime and drugs as constant companions. Breaking out of that life has become almost impossible since ti keeps people in an economic bubble, isolated from fiscal reality. When they do try to rise above it they discover the tax system is there to slap them back down a year or two after they taste freedom. We lack transition systems to enable those who want to succeed and instead have installed an array of road blocks. And yet, people come to America in long lines and manage to rise above government assistance the moment they arrive, even when penniless! I’ll start to buy into a total collapse when unemployment gets closer to a realistic, government can’t hide it 20%. I’ll really worry at 30% after having purchased extra ammunition at 25%.

    Again, bagging on Americans has always been easy and trite at the same time. By all means point out a system that is actually doing better. Show me a system that is totally fair to all of the citizenry and has enough left over to give to other people all over the planet. Also, show me a nation that allows people to walk across the border without immediately being designated as criminals. Selling America short based on bigoted assumptions is about as serious a miscalculation as one could make. If America crashes does anyone really think the rest of the planet will just go chugging merrily along?

    Who’s really uninformed here?
    Grobbbbbbbbbb

  • m

    When it all goes down, I suggest we take back all the corrupt monies from corrupt politicians, special interests and rich crazies who made all this happen.

  • Richard

    For change to occur, on a scale necessary to turn around our country, the US electorate would need to:

    1. be in better control of their emotions
    2. acquire an open mind
    3. increase logical thinking and comprehension
    4. come together as a team
    5. be courageous

    Until then we can spend our time venting on blogs.

  • http://thegreatrecessionconspiracy.blogspot.com James Taylor

    I amazed that so many people think Obama and Congress are turning the U.S. socialist, ala France. If they were paying attention, they would understand that what is happening is that we are becoming an oligarchy, ala Russia. Read my last blog entry at http://thegreatrecessionconspiracy.blogspot.com to see the actual numbers from U.S. tax returns from 1987 to 2008. It is scary stuff!!

  • Marq

    The rich don’t pay taxes, (via loopholes), The poor don’t pay taxes. That leaves the middle class footing the bill. I propose abolishing the IRS and State taxes then initiate a national sales tax, everyone pays the same. No IRS, NO Soc. Sec. tax. How much would that save the budget.

  • Daniel

    Actually I agree with Gary2 on this one.. Unfortunately at this point there is no way congress or the people are going to compromise enough (there are just as many Americans on the left as the right) to stop this ship from sinking.

    We’re so polarized and ticked off at each other that we simply can’t work together to solve the problem.

  • mpagarwal

    This is bound to happen
    when you live beyond your meanssooner or later you will be in want

    when the leadership,judiciary become corrup and inept
    this is the result:

    As far as inflation is concerened the Bible which
    the present leadership ,does not follow -has predicted
    thta one lb-pound-of wheat will be sold for adays wages:Food will be that expensive
    But what is the solution
    Only let the people decide their fate and not
    corrupt politicians and the very rich who controll
    the money bag!

  • TheMan

    Fox:

    You state: In America, we are FREE !

    Actually, you are indentured servants of the American Corporations. Time to stop believing the rhetoric and propaganda.

  • Marcus

    The true definition of being “free” is having the means to live your life as you choose.

    Americans love to talk about being “free” and being in a “free country” (as if the rest of the world lives in some sort of prison or something) only more and more are suddenly realising they lack the financial capacity to do much of anything.

    Unemployed? heavily in debt? negative equity on your mortgage? Oh yeah… very free then….very free to just walk away and set up business on your own (who the hell is going to lend you the start up capital?)

    Americans….for crying out loud…..WAKE UP!

  • http://www.youtube.com/watch?v=lu_VqX6J93k Gail Troyer

    Watch this video to see how the government and Federal Reserve System are milking everyone. The Fed makes money out of nothing.

    The cost of living is not going up–the value of the dollar is going down! We are the ones that are paying the cost-of-living hidden tax.

    http://www.youtube.com/watch?v=lu_VqX6J93k
    The Creature from Jekyll Island (by G. Edward Griffin) Length: 1:47:20

  • http://riffenberg.wordpress.com/ Karen

    I’ve traveled all over the world and if Europeans are concerned about our standard of living then they are profoundly insulated and ignorant. Healthcare is better in Germany? Really? Well if you want to get treatment for cancer you better get it in the US. You’ll live longer. http://riffenberg.wordpress.com/2009/09/09/us-vs-western-euope-and-canada-cancer-survival-rates/
    and in Holland, A friend of mine had to bring her father to America for prostate cancer surgery. He was 75 and they wouldn’t treat him surgically in Holland. The came right out and said, “after all, you are 75″. He was too old.
    Don’t try to get vitamins in Europe. They are codex. 20 Vitamin C lozenges costs about $20.00 in Germany. I buy 500 tablets/ 1000 grams at Costco for $24.00.
    Driving? The elite all drive because they can afford to. A license to drive will cost between 1400-2000 euros in Germany and Holland. http://community.justlanded.com/en/Germany/forum/German-driving-license Amsterdam and maybe all of Holland charges for parking, even if you park in your own driveway.
    Housing? They live in apartments. Few live in houses.
    We have people from all over the world living in this country. So Americans are not culturally deprived.
    I have cringed many a time when my European co-workers make comments about Jews and gypsies. I cringe when I go to Mexico and hear my Mexican co-workers speak of blacks. Talk about racists. Oh and BTW, don’t ever link Spaniards with Mexicans. They consider Mexicans inferior.

  • ChiefGeorge

    View: Day of Reckoning at the blaze.com. A 60 minutes piece on the economy nationwide this past Sunday. Welcome aboard MSM. it took guts to tell the American people how bad things really are.

  • ChiefGeorge

    All we can do is prepare by having extra food and water on hand. We must become a bridge between the collapse (inevitable) and whatever future comes out of the ashes.

    You will either be a survivor or a victim. When Americans lose everything, they will LOSE IT (their minds). There nothing more scary than frightened people who did not read and heed the daily news of our situation (more than two years now). Get onboard now and stock up. Reach out to your neighbors so that you are not an island to get too. Have atleast a 6-12 month of food and think that you will need to ration it.

    We are going to head into some very dark territory which this country has never experienced. Notice that things that have been happening to the US have been first time events, the worst this, the worst that in American history. Its no stretch in what I am saying.

  • Michael Purling

    It is difficult to say exactly when the stock market will collapse. I was a stockbroker for 27 years and try to stay well informed. What I do know for sure is whenever the bullish sentiment goes over 60% we are usually near an important top and is usually a very bad time to buy stocks. Last week some sentiment services came up with a bullish sentiment number of 73%. CNBC just interviewed Regis Philbin asking him for his favorite stock pick. Enough said.

  • deege

    Why not simply view 2 websites I found – exactly on point with a /the solution:

    cafr1.com

    taxretirement.com

    Why are these sites not getting attention?

  • ROY

    Enough said we are heading down the dark valley real fast! People are now starting to WAKE-UP, this isn’t just another Y2K not really going to happen even. The fall of this USA empire is crumbling like crackers. Wonder why the Government isnt talking about fixing the debt because they can’t, we can’t! It’s all gone there isn’t anything that can be done our way of life is finished!

    This is a sinking ship, it’s not only California, Michigan, New York, but many other states as well! They all need a bail out – teachers, social workers, police, nurses, attorneys … list goes on and on will be with out a job soon.

    What do you think will happen?

  • ki.ku

    Any advanced economy will crumble for want of deployment of credit for productive purposes.In USA the lenders would not lend for any productive business activity and yet billions of dollars are lent for huge M & A deals that usually reduce jobs.Our Govt has no mechanisim to ensure that all the stimulus money etc are used for increasing actual jobs instead of buying Treasury Bonds that yeild Banks 3% without any cost of funds or risk.The super rich have forgotten that when society’s fabric is ripped, all the money they have will be no good because they will not be able to enjoy it peacefully.When playing ground is not level, the new comers in business are eliminated by lots of rules that are created by existing players thru Govt agencies that are in their pockets.That takes away freedom, despite your being free in theory.If you are starved for long enough, your ethics die before you are in the streets doing desparates things.Yes I do believe schools here and parents here have failed to raise hardworking youth that can compete youths in foreign counties.

  • http://filmexpeditions.com Bonnie Ember

    Hello Everyone & Happy Holidays,

    While all of us are looking at the financial collapse of the Derivatives World,
    We are not looking at the bigger picture.

    Perhaps the Financial Collapse parallels the Polar Shift.

    For the past 2 years, the Farmers that I know, have not been getting any apples, or plums.
    Bees are not pollinating the crops.

    Bees, have a Geo Navigation sense,
    & they are deserting their hives.
    Something is askew.

    To understand this,
    Think of the Compass at the Bermuda Triangle.

    Then there is the Woolly Mammoth found buried in Siberia, w/Tropical fruit all around him & in his mouth.
    That was an Instant Polor shift.

    Did anyone see the film, Sea Monsters?
    America was underwater, not once, but many times.
    In fact, if you dig down into the earth,
    There are 7 layers of:
    Marine/Earth layers,
    or, Polar shifts.

    Although the Financials are important,
    They are a symptom of a much greater catastrophe.
    Subliminal, to some.

    Time to wake up.
    Look at the signs of the times.

    For me, I believe in Intelligent Design,
    Much like Einstein, Da Vinci, & many other
    Great Minds.

    My Holiday Wish, is that all of us,
    Prepare,
    & Get our House in Order,
    as the Dr. says.

    Happy Holidays, Everyone,

    Regards

    Bonnie Ember

    Filmexpeditions.com

  • Rock

    Do not count the Americans out yet! Yes their will be a few that lose it and do dumb things. That is a given.
    But we have been through times like these , just ask your great grand parents. And in the late 1890′s it was really bad.

    We will not like it but we will do what Americans do, we will get up and fix it.
    This is when we will see Americans do what they need to do and Clean out our Government . And to put in people who will make things happen.
    One thing my Grand Mother said years ago is, Americans are a funny people , they will let others push them around . And not say much even though they should. They will put up with the dumb law’s that are around and not do much as they want to keep the peace.
    But one day they will wake up and be angry,an say we have had enough and that will be the day that we say woe to the ones who have done this as we , the Americans are going to make it right.
    It will happen and when it does look out to the ones who have used the system to get what they want. Because we are looking and we are coming.
    Americans are at their best when things are down,that is when we pull together and when that happens there is no one that can stand in our way.
    Do not believe me? Then watch.

  • Virginia

    Whether Republican or Democrat, thae politicans have robbed the American people for decades to serve their own agendas. Why did no one know about the outrageous governmental pay scales or pension obligations? When some tried to blow the whistle on Fannie and Freddie, the former Democrat bigwigs who littered their executive ranks, refused to re-organize. Dadd and Frank should have been impeached for letting those groups run wild. Why?????

  • PrepareNow

    #26………Massive Inflation Very Soon then Hyperinflation

    The CRB Continuous Commodity Index is within a
    few points of 618, the July 2008 high which was rising for years.
    CRB Continuous

    Wholesale prices for soybeans, corn, silver, gold, sugar, hogs, orange juice, cotton, natural gas, oil, wheat, oats, and other commodities makeup this index.
    Societies NEED them.

    Once it breaks 618, it will get very aggressive. Thanks Bernanke and Congress. You’ll get the inflation that you wanted.

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