Tag Archives: economy

Business/Economics, U.S.

What Economic Recovery? United States “collapsing” says former U.S. Treasury Secretary

Former U.S. Treasury Secretary, Lawrence Summers, says the United States is “collapsing”.  Summers has written an opinion piece for Newsweek magazine.

He basically says none of the proposed job/stimulus plans offered by the President, or Congress, are enough to save the U.S. because they are short term: “For years we will have an economy with plenty of slack, low borrowing costs, and high unemployment. The specter of a double dip will hover over us if government does not do its part in pushing the economy forward—not just this year, but for years to come.”

Lawrence Henry Summers served as the 71st U.S. Treasury Secretary from 1999 to 2001 under President Bill Clinton.  He also directed the U.S. National Economic Council for President Barack Obama until November 2010.

Business/Economics, U.S.

Global Economic Class War: U.S. workers finally fighting back, riots in Washington state, mainstream media ignores it

“This was an organized, large-scale criminal event. We’re talking about sabotage. We’re talking about riotous behavior.”-Mark Nelson, Cowlitz County Sheriff

September 7 and 8, there was a major union protest that shut down ports in Washington state.  Did you see it?  Only now are some national U.S. media reporting it, but only local TV stations show you what really happened!

According to The Daily News, hundreds of longshoreman stormed the Port of Longview where they dumped shipments of grain and damaged guard shacks.  They also crashed a security vehicle, and sabotaged rail cars by cutting the brake lines.  Local Longview Police Chief Jim Duscha, estimates 400 people were involved.

One protestor carrying a baseball bat, allegedly threatened the police by saying:  “Today is the day law enforcement gets theirs!”

The Daily News article makes it clear that the local law enforcement doesn’t give a crap about the escalating plight of the average worker in the United States, all they cared about was: “I was always assured that things would not get violent towards our police officers.”-Mark Nelson, Cowlitz County Sheriff

The union is protesting the Port of Longview because their members have been barred from getting jobs there (so much for economic recovery).  Ports in Seattle, Tacoma and Everett, Washington were also shut down when union workers walked off.

The U.S. media is totally ignoring this.  Here’s how The Los Angeles Times reported it: “Hundreds of angry longshoremen walked off the job at ports in the Pacific Northwest on Thursday”. There was no explanation as to why the ‘walkout’ happened.

Watch the KGW Portland, Oregon, TV station report. Some bloggers say the KGW report is watered down.

 

 

Business/Economics, International, U.S.

What Economic Recovery? MLK jr memorial statue made in China, due to lack of funds

There’s been a lot of praise by the main stream U.S. media for the Martin Luther King Jr memorial, but they don’t mention that the statue was outsourced to China due to lack of funds.

According to Wikipedia, the memorial needed $120 million for construction.  Only $108 million was raised, and that included taxpayer money from the Federal government.  This is the reason the memorial contractor outsourced the making of the statue to China.

Not even the stone came from the United States, it’s Chinese pink granite.  Just another sign of the times!

Business/Economics, U.S.

What Economic Recovery? Number of uninsured drivers accelerating

According to the National Association of Insurance Commissioners, the number of people driving without insurance has hit one in seven.

Some insurance analysts blame the bad economy, and skyrocketing insurance costs: “Laws in most states have proven ineffective in reducing the numbers of drivers who are uninsured. Some drivers can’t afford insurance, and some drivers with surcharges for accidents or serious traffic violations don’t want to pay the high premiums that result from a poor driving record. It is costly to track down violators of compulsory insurance laws, and unless the odds of getting caught are high and the penalties severe, drivers will continue to flout the law.”-Loretta Worters, Insurance Information Institute

The percent of uninsured drivers varies from 4% in states like Maine, to 28% in Mississippi.

Business/Economics, International

Global Economic Class War: Greek government to screw over citizens, again

Greek Finance Minister Evangelos Venizelos announced, on September 11, that a new property tax will be in place over the next two years.

The new property tax is supposed to make up for 2.6 billion dollars in lost tax revenues.  Funny how politicians think that the answer to people not being able to pay taxes, because their incomes are down, is to increase or create new taxes!

To try and placate the Greek masses, the government said politicians will give up one month of pay, big whoop!

Business/Economics, International

Global Economic War: VW says Suzuki broke contract, issues warning

September 11, VolksWagen claims Suzuki violated its contract by agreeing to purchase diesel engines from another car maker.

The two companies joined-up in December 2009, but their alliance stalled in July 2011 when Suzuki said VW does not see their partnership as equal.

VW says it will give Suzuki several weeks to return to buying diesel engines from Germany.

Fukushima

Government Incompetence: Japan’s wild animals and plants highly contaminated with Cesium!

Gakushuin University Professor Yasuyuki Muramatsu, says radioactive cesium on soil and fallen leaves in forests is easily absorbed by mushrooms and edible plants.

On 03 September 2011, wild mushrooms found in a forest in Fukushima Prefecture contained 28,000 becquerels of radioactive cesium per kilogram, far above the national safety limit.  A wild boar was also found to have radiation amounts about 6 times the safety limit.

Professor Muramatsu is urging the Japanese government to conduct tests on wild animals and plants.

FUKUSHIMA TO EUTHANIZE ABANDONED LIVESTOCK AND PETS!

FOOD CRISIS: HALF MILLION LIVESTOCK STARVING TO DEATH IN JAPAN!

Business/Economics, International

What Economic Recovery? Housing bubble bursting in Australia, big banks try to offer lower interest rates to get people to buy

“Outside Hong Kong and Shanghai, Australia is the most expensive real estate market in the world compared to income.”-Harry S. Dent Jr, economist

The housing market bubble is finally bursting in Australia, it’s being called an “economic tsunami” in Australian media.

One of the biggest Australian banks, Commonwealth Bank, has dropped its interest rates to try and get people to buy homes.

Also, most of the major home finance banks in Australia are offering refinancing loans to help keep people form defaulting on their home loans.  It’s very much like whats been going on here in the United States.

Home prices in the state of South Australia (SA) have been slashed by thousands of Australian dollars.  One woman cut her asking price by $60,000: “It’s been on the market for nine months now and the way the economy is at the moment it wasn’t even getting a look-in at open. My partner and I came to the conclusion we needed to drop the price.”-Jan Grainger, Fullarton

This weekend, U.S. economist Harry S. Dent Jr stated that the housing bubble in Australia was about to burst, as well as in China and Japan. He also indicated that the housing correction in the U.S. isn’t over: “People in places like Sydney or Tokyo or Miami say, ‘Hey, real estate can never go down here, we’re a great place, everyone wants to move here, there’s not much land for development’, and what I say is that is exactly the kind of place that bubbles.”

Dent said Australia’s house prices need to correct to 1990s levels.

In the Australian state of Victoria (VIC) real estate agents are actually dropping clients who refuse to drop their prices: “An agent only gets paid when they sell a property so if they are investing a lot of time into something they know is not going to sell, then there is no point in wasting time on it.”-Catherine Cashmore, real estate agent

In New South Wales (NSW) the state government announced that a new tax, on existing home sales to first time home buyers, would go into effect after January 1.  That is causing sales to hit 60% rate, due to people trying to beat the new tax (stamp duty).

The problem is that after January 1 you can expect home sales in NSW to hit the floor: “The stamp duty will be a hit of $15,000 – that’s a lot of money for anyone these days. People who haven’t bought or can’t buy by this time have no choice to go back on the rental market. People that don’t buy before January will see rent increase.”-Joel Hollis, real estate agent

 

Business/Economics, International, U.S.

Global Economic War: Evil buck passing United States blames evil Europe for world economic problems, but it’s the average Joe & Jone who’s going to pay

“Seventy-five percent of the dark things happening in the world economy are because of the eurozone.”-Timothy Geithner, U.S. Department of Treasury

September 9, U.S. Treasury Secretary Timothy Geithner blamed the European Union for U.S. economic failures!

Geithner made the comments at a G7 meeting in France.  He says EU countries need to make even harsher cuts, and raise even more taxes, in order to solve their debt crisis.  Going by his statements, can you guess what’s coming for the people of the United States?

 

 

Business/Economics, International, U.S.

What Economic Recovery? Respected U.S. Economist says deeper recession coming, Australia no longer safest place to be

“We predicted this (current) downturn in the U.S. 20 years ago.”-Harry S. Dent Jr

September 11, U.S. economist Harry S. Dent Jr is predicting a second, deeper downturn between the beginning and the middle of next year.

Dent says the downturn will start in Europe, spread to the United States, China and eventually Australia.  He says Australia might not be the safest place to be: “Australia is probably the best place in the world to survive this, but we do think Australia will not escape as well as it did from the last crisis (in 2008).”

Dent says there are still ‘bubbles’ that need to burst.  He believes gold and silver prices are overrated, and there are still housing bubbles around the world, like in Australia, Japan and China, that need to burst.  The housing bubble that burst in the U.S. still hasn’t fully deflated.

Dent is in Australia to promote his book, The Great Crash Ahead – How to Prosper in the Debt Crisis of 2010-2012.