No matter how often the pretty people on television tell us that the U.S. economy is getting better, it isn’t going to change the soul crushing agony that millions of American families are going through right now. The stock market may have gotten back to where it was in 2008, but the job market sure hasn’t. As I wrote about a few days ago, the percentage of working age Americans that are actually employed has stayed very flat since late 2009, and the average duration of unemployment is hovering near an all-time high. Sadly, this is not just a temporary downturn. The U.S. economy has been slowly declining for several decades and is nearing total system failure. Right now, many poverty statistics are higher than they have ever been since the Great Depression. Many measurements of government dependence are the highest that we have ever seen in all of U.S. history. The emerging one world economic system (otherwise known as “free trade”) has cost the U.S. economy tens of thousands of businesses, millions of jobs and hundreds of billions of dollars of our national wealth. The federal government is going into unprecedented amounts of debt in order to try to maintain our current standard of living, but there is no way that they will be able to sustain this kind of borrowing for too much longer. So enjoy this bubble of false prosperity while you can, because things will soon get significantly worse. (Read More...)
The Crazy Things That One Whistleblower Says Are Happening At JP Morgan Will Blow Your Mind
Rampant silver manipulation? Rampant gold manipulation? Rampant LIBOR manipulation? Hiding MF Global client assets? These are all happening at JP Morgan according to an open letter reportedly written by an anonymous employee of the firm. The whistleblower also warns of a “cascading credit event being triggered” by derivatives related to Greek government debt. Unlike Greg Smith at Goldman Sachs, this whistleblower has chosen to remain anonymous for now. According to the letter, the whistleblower is still an employee of JP Morgan and has not resigned. But that does make it much more difficult to confirm what he is saying. With Greg Smith, we know exactly who he is and what he was doing at Goldman. As far as this anonymous whistleblower is concerned, all we have is this letter. So we must take it with a grain of salt. However, the information in this letter does agree with what whistleblowers such as Andrew Maguire have said in the past about silver manipulation by JP Morgan. And this letter does mention Greg Smith’s resignation from Goldman, so we know that it must have been written in the past few days. Hopefully this letter will cause authorities to take a much closer look at the crazy things that are going on over at JP Morgan and the other big Wall Street banks. (Read More...)
80 Percent Of Americans Say That They Are Not Better Off Than They Were Four Years Ago
Are you better off today than you were four years ago? If not, then you are just like most other Americans. According to a CBS News/New York Times poll that was released a few days ago, 80 percent of Americans say that their financial situation is not “better today” than it was four years ago. But if you turn on the television and listen to what the “pundits” are saying, you would be tempted to think that we were in the midst of a robust economic recovery. You would be tempted to think that the U.S. economy is in great shape and that we are heading for a really bright future. But the fact that the stock market is soaring does not mean much to most Americans. In fact, most Americans couldn’t care less that the Dow is well above 13,000 and that the NASDAQ is above 3,000. What most Americans care about is having a job and being able to provide for their families. If you haven’t paid the mortgage in three months or if you don’t have enough money to take your daughter to go see the doctor it really is not going to matter to you how well the boys and girls over on Wall Street are doing. Right now most American families are doing worse than they were doing four years ago, and no amount of media hype is going to change that fact. (Read More...)
11 Reasons Why America Would Be A Better Place Without Goldman Sachs
Would America be a better place without Goldman Sachs? Of course it would. The “vampire squid” of Wall Street does not care about the future of America. Sadly, Goldman Sachs apparently does not even care much about their own clients. What Goldman Sachs is all about is making as much money as humanly possible. In the end, there is nothing wrong with making money, but there are constructive ways to make money and there are destructive ways to make money. Unfortunately, Goldman Sachs seems to find the destructive path almost irresistible. Greg Smith, the head of the U.S. equity derivatives business for Goldman Sachs in Europe, the Middle East and Africa made headlines all over the world on Wednesday when he resigned publicly from Goldman Sachs in a scorching editorial in the New York Times. Smith said that he could “honestly say that the environment now is as toxic and destructive as I have ever seen it”. Considering what we know has gone on at Goldman over the past decade, that is very frightening to hear. So could this be the beginning of the end for Goldman Sachs? And if it is, will America be a better place when Goldman is gone? (Read More...)
Why Are Millions Of Americans Preparing For Doomsday?
All over America, there are millions of Americans that are quietly preparing for doomsday. They are turning spare rooms into long-term food storage pantries, they are planting survival gardens, they are converting their homes over to alternative sources of energy, they are taking self-defense courses and they are stocking up on just about anything you can imagine. They are called “preppers”, and their numbers have absolutely exploded in recent years. In fact, you might be living next door to one and never even realize it. According to a recent Daily Mail article, there are approximately 3 million preppers in the United States today. Others believe that the true number is significantly higher than that. This movement has become so popular that there are now even television shows being done about preppers. The most popular is probably “Doomsday Preppers” on the National Geographic Channel. This movement is still growing and is not going to go away any time soon. In fact, as the world continues to become even more unstable it is likely that a lot more Americans will find themselves becoming preppers in the years ahead. (Read More...)
Broken Promises: Pensions All Over America Are Being Savagely Cut Or Are Vanishing Completely
How would you feel if you worked for a state or local government for 20 or 30 years only to have your pension slashed dramatically or taken away entirely? Well, this exact scenario is playing out from coast to coast and in the years ahead millions of elderly Americans are going to be affected by broken promises and vanishing pensions. In the old days, things were much different. You would get hired by a big company or a government institution and you knew that the retirement benefits that they were promising you would be there when you retired in a few decades. Unfortunately, we have now arrived at a time when government institutions and big companies have promised far more than they are able to deliver, and “pension reform” has become one of the hot button issues all over the nation. Many Americans that have been basing their financial futures on their pensions are waking up one day and finding that their pensions are either gone or have been cut back dramatically. According to Northwestern University Professor John Rauh, the latest estimate of the total amount of unfunded pension and healthcare obligations for state and local governments across the United States is 4.4 trillion dollars. America is continually becoming a poorer nation and all of that money is simply not going to magically materialize somehow. So where is that 4.4 trillion dollars going to come from? Well, either pension benefits are going to have to be cut a lot more all over America or taxes will need to be raised dramatically. Either way, we are all going to feel the pain of these broken promises. (Read More...)
Is Germany Actually Preparing To Leave The Euro?
For a long time, most analysts have believed that if someone was going to leave the euro, it would be a weak nation such as Greece or Portugal. But the truth is that financially troubled nations such as Greece and Portugal don’t want to leave the euro. The leaders of those nations understand that if they leave the euro their economies will totally collapse and nobody will be there to bail them out. And at this point there really is not a formal mechanism which would enable other members of the eurozone to kick financially troubled nations such as Greece or Portugal out of the euro. But there is one possibility that is becoming increasingly likely that could actually cause the break up of the euro. Germany could leave the euro. Yes, it might actually happen. Germany is faced with a very difficult problem right now. It is looking at a future where it will be essentially forced to bail out most of the rest of the nations in the eurozone for many years to come, and those bailouts will be extremely expensive. Meanwhile, the mood in much of the rest of Europe is becoming decidedly anti-German. In Greece, Angela Merkel and the German government are being openly portrayed as Nazis. Financially troubled nations such as Greece want German bailout money, but they are getting sick and tired of the requirements that Germany is imposing upon them in order to get that money. Increasingly, other nations in Europe are simply ignoring what Germany is asking them to do or are openly defying Germany. In the end, Germany will need to decide whether it is worth it to continue to pour billions upon billions of euros into countries that don’t appreciate it and that are not doing what Germany has asked them to do. (Read More...)
Greece Has Defaulted – Which Country In Europe Is Next?
Well, it is official. The restructuring deal between Greece and private investors has been pushed through and the International Swaps and Derivatives Association has ruled that this is a credit event which will trigger credit-default swap contracts. The ISDA is saying that there are approximately $3.2 billion in credit-default swap contracts on Greek debt outstanding, and most analysts expect that the global financial system will be able to absorb these losses. But still, 3.2 billion dollars is nothing to scoff at, and some of these financial institutions that wrote a lot of these contracts on Greek debt are going to be hurting. This deal with private investors may have “rescued” Greece for the moment, but the consequences of this deal are going to be felt for years to come. For example, now that Greece has gotten a sweet “haircut” from private investors, politicians in Portugal, Italy, Spain and other European nations are going to wonder why they shouldn’t get some “debt forgiveness” too. Also, private investors are almost certainly going to be less likely to want to loan money to European nations from now on. If they will be required to take a massive haircuts at some point, then why in the world would they want to lend huge amounts of money to European governments at super low interest rates? It simply does not make sense. Now that Greece has defaulted, the whole game is going to change. This is just the beginning. (Read More...)