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3 Of The 10 Largest Economies In The World Have Already Fallen Into Recession – Is The U.S. Next?
Submitted by Michael Snyder of The Economic Collapse blog,
Are you waiting for the next major wave of the global economic collapse to strike? Well, you might want to start paying attention again. Three of the ten largest economies on the planet have already fallen into recession, and there are very serious warning signs coming from several other global economic powerhouses. Things are already so bad that British Prime Minister David Cameron is comparing the current state of affairs to the horrific financial crisis of 2008. In an article for the Guardian that was published on Monday, he delivered the following sobering warning: “Six years on from the financial crash that brought the world to its knees, red warning lights are once again flashing on the dashboard of the global economy.” For the leader of the nation with the 6th largest economy in the world to make such a statement is more than a little bit concerning.
So why is Cameron freaking out?
Well, just consider what is going on in Japan. The economy of Japan is the 3rd largest on the entire planet, and it is a total basket case at this point. Many believe that the Japanese will be on the leading edge of the next great global economic crisis, and that is why it is so alarming that Japan has just dipped into recession again for the fourth time in six years…
Japan’s economy unexpectedly fell into recession in the third quarter, a painful slump that called into question efforts by Prime Minister Shinzo Abe to pull the country out of nearly two decades of deflation.
The second consecutive quarterly decline in gross domestic product could upend Japan’s political landscape. Mr. Abe is considering dissolving Parliament and calling fresh elections, people close to him say, and Monday’s economic report is seen as critical to his decision, which is widely expected to come this week.
Of course Japan is far from alone.
Brazil has the 7th largest economy on the globe, and it has already been in recession for quite a few months.
And the problems that the national oil company is currently experiencing certainly are not helping matters…
In the past five days, 23 powerful Brazilians have been arrested, with even more warrants still outstanding.
The country’s stock market has become a whipsaw, and its currency, the real, has hit a nine-year low.
All of this is due to a far-reaching corruption scandal at one massive company, Petrobras.
In the last month the company’s stock has fallen by 35%.
The 9th largest economy in the world, Italy, has also fallen into recession…
Italian GDP dropped another 0.1% in the third quarter, as expected.
That’s following a 0.2% drop in Q2 and another 0.1% decline in Q1, capping nine months of recession for Europe’s third-largest economy.
Like Japan, there is no easy way out for Italy. A rapidly aging population coupled with a debt to GDP ratio of more than 132 percent is a toxic combination. Italy needs to find a way to be productive once again, and that does not happen overnight.
Meanwhile, much of the rest of Europe is currently mired in depression-like conditions. The official unemployment numbers in some of the larger nations on the continent are absolutely eye-popping. The following list of unemployment figures comes from one of my previous articles…
- France: 10.2%
- Poland: 11.5%
- Italy: 12.6%
- Portugal: 13.1%
- Spain: 23.6%
- Greece: 26.4%
Are you starting to get the picture?
The world is facing some real economic problems.
Another traditionally strong economic power that is suddenly dealing with adversity is Israel.
In fact, the economy of Israel is shrinking for the first time since 2009…
Israel’s economy contracted for the first time in more than five years in the third quarter, as growth was hit by the effects of a war with Islamist militants in Gaza.
Gross domestic product fell 0.4 percent in the July-September period, the Central Bureau of Statistics said on Sunday. It was the first quarterly decline since a 0.2 percent drop in the first three months of 2009, at the outset of the global financial crisis.
And needless to say, U.S. economic sanctions have hit Russia pretty hard.
The rouble has been plummeting like a rock, and the Russian government is preparing for a “catastrophic” decline in oil prices…
President Vladimir Putin said Russia’s economy, battered by sanctions and a collapsing currency, faces a potential “catastrophic” slump in oil prices.
Such a scenario is “entirely possible, and we admit it,” Putin told the state-run Tass news service before attending this weekend’s Group of 20 summit in Brisbane, Australia, according to a transcript e-mailed by the Kremlin today. Russia’s reserves, at more than $400 billion, would allow the country to weather such a turn of events, he said.
Crude prices have fallen by almost a third this year, undercutting the economy in Russia, the world’s largest energy exporter.
It is being reported that Russian President Vladimir Putin has been hoarding gold in anticipation of a full-blown global economic war.
I think that will end up being a very wise decision on his part.
Despite all of this global chaos, things are still pretty stable in the United States for the moment. The stock market keeps setting new all-time highs and much of the country is preparing for an orgy of Christmas shopping.
Unfortunately, the number of children that won’t even have a roof to sleep under this holiday season just continues to grow.
A stunning report that was just released by the National Center on Family Homelessness says that the number of homeless children in America has soared to an astounding 2.5 million.
That means that approximately one out of every 30 children in the United States is homeless.
Let that number sink in for a moment as you read more about this new report from the Washington Post…
The number of homeless children in the United States has surged in recent years to an all-time high, amounting to one child in every 30, according to a comprehensive state-by-state report that blames the nation’s high poverty rate, the lack of affordable housing and the effects of pervasive domestic violence.
Titled “America’s Youngest Outcasts,” the report being issued Monday by the National Center on Family Homelessness calculates that nearly 2.5 million American children were homeless at some point in 2013. The number is based on the Education Department’s latest count of 1.3 million homeless children in public schools, supplemented by estimates of homeless preschool children not counted by the agency.
The problem is particularly severe in California, which has about one-eighth of the U.S. population but accounts for more than one-fifth of the homeless children, totaling nearly 527,000.
This is why I get so fired up about the destruction of the middle class. A healthy economy would mean more wealth for most people. But instead, most Americans just continue to see a decline in the standard of living.
And remember, the next major wave of the economic collapse has not even hit us yet. When it does, the suffering of the poor and the middle class is going to get much worse.
Unfortunately, there are already signs that the U.S. economy is starting to slow down too. In fact, the latest manufacturing numbers were not good at all…
The Federal Reserve’s new industrial production data for October show that, on a monthly basis, real U.S. manufacturing output has fallen on net since July, marking its worst three-month production stretch since March-June, 2011. Largely responsible is the automotive sector’s sudden transformation from a manufacturing growth leader into a serious growth laggard, with combined real vehicles and parts production enduring its worst three-month stretch since late 2008 to early 2009.
A lot of very smart people are forecasting economic disaster for next year.
Hopefully they are all wrong, but I have a feeling that they are going to be right.
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Perfect timing to add 5 million, more like 25 million low skiled workers to the ever expanding hell hole that is America.
Not gonna be a problem
We're exceptional
fur da chillen', bitch
Imagine the limit up when the U.S. prints depression
Please remain in your seats and hold your stocks while we exit left and lock the door.
This has been an institutional message from your friendly thieves at Goldman Sachs.
Just change more rules to allow more chinese:
1) Realestate boom.
2) More .1%ers
Success!!!
WE ARE SPECIAL! come on everybody, lets keep saying it, chanting it....WE ARE SPECIAL! If we only believe strongly enough.
Soon we will discover that maintaining an illusion is actually more difficult than dealing with reality.
Sort of reminds me of when Charlie Brown attempted to improve his batting average by gritting his teeth harder.
fact is, even if you do not grab people to make revolution, they are ( the system ) by themselves sinking the boat.
revolution may change something, pyramid always reform. proven over millenars.
if you let system self destroy, at least the next decades will be funny ( 2° degree humor )
whole stuff gonna hit the floor, soon or later. wasting energy to fight the path is pointless, will never chnge result to me: war in mid century.
knukles - your comments always make me giggle!
What is exceptional is that we never left a depression, but you wouldn't know it to watch the "news".
More illegals to be granted amnesty, more to flood in, as every last asset is bled out and sold to China. If you live in the U.S.S.A. you are a slave whether you realize it or not.
You mean the recession ended? Funny, 23% unemployment doesn't feel like much of a recovery to me . . . .
Spot-On Perimetr! Exclude the damned "Book-Cooking" and the U.S. never got out of recession status.
But it's a much prettier recession. No breadlines. No having to work at menial jobs to put food on the table. Free phones. What's not to love? Unless you are a producer.
Miffed
The breadlines are there, it's just that they're in the grocery stores now and not as visible. I went to the store last night to grab a six pack and the guy in front of me has a cart piled high with Doritos, Mountain Dew, and rib eye steaks. The cashier says, "That will be $169.32" and the guy mumbles something. I just knew he was going to whip out his EBT. Sure enough, the cashier says, "That will be $151.48" and out comes the JP Morgan special. (He had to pay for his junk food with actual fiat, awww the poor widdle sod.) I pay for my six pack with actual fiat that I worked to earn and go out to my 14 year old Toyota. And here is EBT Dude, loading $150 worth of groceries that I paid for into his 2014 Dodge Ram extended cab. Where is the fucking justice here?
I empathize. When I worked at a public hospital they asked for a $10 copay for being seen in the ER. The majority claimed they didn't have it but you'd see them with wads of bills in the cafeteria. Talking to people who went through the Depression gives such a different picture. People helped each other and were reluctant to take charity for nothing in return. There was no working the system nor sense of entitlement. How far we have descended in just a few generations.
I am angry and tired. We played by the rules, worked hard, stayed out of debt and got kicked in the teeth. I want this to end. I want justice. I want those who have done this to pay for their crimes. It can't come soon enough.
Miffed
Agree...
My parents were older and both went through the depression. My mother used to tell me about it..... Said that she didn't think alot about it when it was going on but, she remembered it. Socks were a good present at Christmas.... Katsup sandwitches happened more often than you'd think. My grandfather was able to keep a job during that time but, they helped people out where they could so, nothing was ever easy.
Mom said that the hobos had marked their house because my grandmother would always feed them. But, they'd always ask if they could work for their meal. Sometimes my grandmother would let them if she had something for them to do... other times, she'd just feed them.
We are NOT that country anymore.... there are no polite people willing to work for their meals.
In WWII, they were drafting men up to 40 years old to fight in that war.... Even though we didn't have fighting on our soil... everyone knew it would happen if we didn't win over there... they knew there would be fighting on their street.
My mother's brother and my father both fought in that war.... They both lived through it and, neither wanted to ever talk about it.
Why is it that every 80 years or so, the world has to burn??? I fear we're coming up on an 80yr birthday soon.
If you haven't been introduced to it yet:
http://fourthturning.com/
The book itself is pretty insightful. Lots of good info out there from other writers/bloggers/etc that have drawn from this.
What's a ribeye steak?
Personal experience, I took in my daughter's disabled, homeless father in law for four years until he was able to get SS disability payments. My wife would take his EBT card to help buy food. Many successful people take in their single mother daughter and two kids or their elderly parents and use their cards. I have learned not to judge.
True Miffed, I just finished 7 month period of not working, and was fortunate enough to not draw one thin dime of anything, including unemployment. Sure was hell on savings and marriage though...
2 other co-workers left at the same time I did, 1 is fighting for his life now, and the other said fuck it all and hanged himself.
Maybe I'm the lucky one, but that remains to be seen.
That is impressive. I drew unemployment in 1993 when I was laid off. With 2 small children at home I was glad to get the $213 a week. With careful planning we stayed out of debt but I was relieved to get a job in four months.
I cannot tell you how much I am saddened by your tale. I can sense the pain in your post and know things are not easy for you. I have seen a dramatic rise in attempted suicides coming in to the hospital now, especially in males 40-50. Many more are homeless or living close to it. Marriages destroyed. The hopelessness of it all weighs on me.
I realize there is nothing I can say that will alleviate your situation. Words are so useless. But I will be thinking of you and hoping you will find a way out when so many around you have given up.
Peace and Love always,
Miffed
Miffed, thanks for the kind words and thoughts. I am certain that your work can be just as tough (or tougher) than mine, when it comes to weighing on the mind/body/soul. Peace and love back to ya! Stay safe at work, as I don't think the hazard window is over, just under-reported.
He'll be OK, I think I have him pointed in the right direction. I have been in charge of hiring folks before and I can look at you I will know if I am going to hire you or not. It has been interesting with our small business but it not profitible. There are just too many fees. It is just outrageous how much it costs to run a small business. It is a great thing to know about but it is brutal to try to make a living. Holy shit, now this piece of equipment is broken down and now you have to fix that and the list can go on and on.
You want to to make a little money? Start out with a lot of money.
Thank you for that. I have come to the conclusion recently men need to help men out of this situation. I have heard from several sources that women managers are eliminating many men from positions and bringing in women to fill them. My own husband has a formal group of them that meet regularly to strategize career advancement in his company. Very disturbing.
Miffed
They can pay women less and women are generally more subservient while still being very capable of doing the job in question and especially so if that job is in the service industry. In my opinion they take advantage of women. Not all women are like you and that would speak out. It is far more likely some male, such as myself, would probably tell just about anyone to go to hell. We are males after all.;-) If a woman can do the same work as a man then she should get the same pay that man would shouldn't she?
I love my wife because she has tolerated me for over a decade now. I know that she is really good at doing certain things. I am not quite sure what it is but the only person she can tell to fuck off is me if I am ass on occasion because I was trying to get some ass. That makes it all the better when you do get things going on. I think my wife is more intelligent than I am to be honest. She only speaks Russian, English, French and Italian. I can barely speak Canadian.;-)
I know who you are Miffed and I like your posts so thank you for those. It seemed like he had his dauber down a bit and if the wife was getting after him then that would make it worse. Males will be males and there is nothing we can do about it. It is our job to take care of our families and if we can't do that then we do not feel like we are men anymore. For a male, that is horrible feeling,
I understand what you are saying. Mr miffed has a very successful career as a software system architect and is well respected by the CEO all the way down to his peers. He once told me he couldn't have done what he did without me. I was stunned. I know nothing about his work. He said it was just my loving support over the years, through the victories and defeats, my faith in him never wavered. He always had my respect which is what he needed to succeed. He could focus on the tasks at hand knowing his home life was secure. I think women today do not have the comprehension how much this is important to a man.
Men's needs are quite simple. Good food, exercise and sleep. Plenty of sex and a good friend they can trust to share their darkest fears knowing they won't be spurned or ridiculed. Really, that is the secret to my success. Sometimes I laugh at the simplicity of it all.
Miffed
Wow Miffed, just wow! What a woman, and what a fortunate Mr. Hat tips are in order. Happy Thanksgiving to you and yours, BT
And to you as well. Mr has an eye on my Red Bourbon male turkey for dinner that day. He asked if he could knowing,once again against his repeated admonitions, not to make pets out of food. I acquiesced sadly but he did offer to do the whole process Monday while I was at work. Normally I'd be expected to help. He has given up trying to make me a farm girl and just accepts me for what I am. Ingredients such as these makes for a good marriage.
I will keep you in my thoughts. Realize that the harshness from women is often based in fear and insecurity. It took me many years to get over this myself and it is an easy place for me to go when under duress. If you can get her more on your side the whole process will be easier for you. Yes, I know, tall order. Any help or perspective I can add just let me know.
Miffed
Miffed, Thanks +1000
Too bad the 40-50 yo alleged male squatting @ 1600 PA ave doesn't hang itself. Now that would be a gift for Xmas. U betca.
I hear you boattrash. I am going through it now too. I am at the point where I just don't care about about some of these interviewer and their preposterous "STAR Interview" process. I had an interview today which turned out quite well and it pays way more than I thought it would. I was myself this time though and I was not nervous. Maybe I do not want to work for your company. I flipped the script on this bullshit interview process and instead of me telling them why I should work I asked them why I should work for them? What makes your company so great that I should work for you? The interview was very positive so give that a try. I have a call bakc already. Just shut them down right away. It was three of them against me today. I spoke the truth and not what they expected to hear.
You can do it Boattrash. You will do it and so will I. Anytime that you hear a question that with "Name a time when you...blah, blah". That's have to drop the answer that is "I will be happy to answer your question off your script there that you are reading and making pencil marks on but can you give me an example of when you did what you just asked me to describe because I need some clarification?" Try it. Just shut them down before they get started and show them that you will take no shit.
One of my favorite reponses to the baloney is "What does that question have to do with the price of rice in China and what does that have to with this job interview?" Put it all back on them. I don't any advice about wives or co-workers who have done things that we would not. I think you will be OK.
Manipuflation, I'm glad to hear you chose to turn 'em upside down (and that it has a positive outcome). Thanks for the encouraging words and good advice).
In 14 yrs. I've worked for 2 companies, which is practically unheard of in the industry (Offshore Supply Vessels) and I've been told several times that I'm "loyal to a fault".
The last couple of months I have been working from a new angle, which is working through Employment Agencies (AKA Headhunters). So far this has been a good thing, as mutually, the Co. and I have NO commitment to each other, and it also allows me to "test-drive" several other types of vessels/projects in the Maritime field.
Having been in some of the "high profile" crap for so long, my new method has proven to be a breath of fresh air, and actually a bit of fun again. I've been getting good feedback from the clients and also some offers, but I think I'll just stick with this for now. Thanks again, and best wishes to ya!
You will be OK Boattrash. The irony is that I often am involved with the small business hiring but it seasonal for me. So I go being interviewer to being the interviewee. I can tell from the way you write that it will work out for you. Keep your chin up. I just can't rely on snowfall for income and I do not want to sell any gold at these prices.
You bring up the loyalty issue. I have been accused of being loyal by a former employer and my wife. I think that is a good thing. I have also been accused of being extremely perceptive in that I know what people what are thinking before they even think it. It is a curse in way because I am not always correct but I would say that at least I am correct 90% of the time about judging people by what they say within a few words or just how their body motions work. I should not be doing that per se but it has to been proven to be accurate more often then not. What you said in your initial post was very indicative to me and that is why I replied because I can see that you are down your dauber a bit. If you have the woman looking at you crossways then it makes it far worse.
My impression of you is that you will just do fine. Sometimes you have to fail to know where it is that you want to go. I have failed a quite a few times myself trying some different things and there have been some things that have worked out well. Make sure you sit down and talk with your wife. You obviously love her. Men are terrible about talking with their wiives sometimes, well, alright all of the time. This is especially so if we aren't making some coin at the moment. Women need to talk and you need to listen.(to a point) Clear that up and get her behind you because she needs to support your efforts too and then take my job interview advice into question.
For that matter go apply for unemployment benefits and get some cash flow going. I know it different from state to state but here in liberal Minnesota is the employer that pays the benefits. It is not the state who pays for that so don't feel that like you are fucking me over. Look into your laws in your state if you fell uncomfortable but those funds generally come from the business your worked for. You would not be in the free shit army if you did apply. If you look at the accounting on a business they have to pay into the unemployment system. Even what wage I take from our small business is not the overall expense. For every employee you can can double the number of their wages and figure the operating costs that way. Essentially, I am paying myself right now. It really is silly but that is the way it works.
I understand all of that and I also know that I can't rely on my small business to generate enough consistent revenue over the winter. But no, go look at your state's laws on who actually pays unemployment benefits. Not only that, you get to be figured in the jobs number prints.
Manipuflation, thanks, I'm certain I'll be OK, just going through some changes. I don't fear changes, heck, I even embrace it this time. My former employer had grown his Co. from 8 OSVs to 80+ OSVs in a very short period of time, and it just became too much BS to deal with. I understand growing pains, but the place had become too hostile (much like prison, with the added option of drowning). We used to get emails from the CEO, offering cash bounties from 5K-to 25K to rat-out coworkers.
Have not sold any PMs either (excluding a few cold-blue-steel type) but we're well stocked. I understand how the unemployment Ins. works, but mine would have been a LA claim, and honestly, 1 day's pay would've been pretty much equal to 1 month of unemployment. As an Interviewer, knowing that type of day-rate, would the fact that I drew UE reflect poorly on my financial habits? I felt it could.
Being very family oriented, I must admit that Mrs BT has tons on her plate, her mom having cancer treatment 1/3 of the way across the country. Worries of the empty-nester as her son is 1/2 way through college, along with a reduction in coinage and maybe the fear that hub was getting too burned out to go back to that line of work.
The Headhunters are doing pretty good at keeping some coin coming in for us, and I've really enjoyed some of the research and dive vessels they've had me on lately. Understanding how expensive it is for an employer to bring someone into a company these days(as well as my own attitude toward some aspects of the industry) it seems beneficial to all parties to continue moving around a while before I select a place to roost.
Yeah, I am sorry about that with your Mother-in-law. I will have to do that one day with my in-laws should I live so long and it will be all the way over in Russia. My parents are long gone now so Mom's basement is out of the question for sure. You have a lot on your plate to be sure but it sounds to me like you have your head screwed on straight. Well, maybe you should tell me some inspirational words?
Wow, In-Laws 1/2 way across the globe, that would be a difficult twist, I don't know if I'm qualified to give inspirational words, but here goes...
I was recently contacted for a reference for a former coworker, I stated that 1. he had the highest integrity of anybody I had worked with in my time out there. 2. he has extremely strong, self motivated work ethics. 3. his intelligence is well above average. Give me somebody to work with possessing those qualities, and everything else will fall into place.
From what you've been writing, I see similarities in you, as well as a level of caring about your fellow man. Take care and best wishes to you and yours.
If one considers SNAP EBT card holders as standing in the plasticized digital equivalent of a breadline, then I submit that a 40-50 million person breadline is not prettier, just disguised.
Ha. On the main page of ZH, the falling red arrow in the pic attached to this story about failing economies points directly into the giant gaping hole in the Russian potash story's pic. Coincidence? :)
If it does strike next year, we will all be too tired to say "I told you so."
Yes, for we'll all be spending the required allotted time by decree studying Spanich
To wit: Yo! Pedro.
if not mistaken thats a mandatory in west coast schools already ya know spanich and beubonics
We are the boiled frog. By the time we realize what has happened we will be someone's stew.
USA would be in recession now if inflation was not reduced by BLS magic by 3% to 5%. Higher real inflation would subtract 3% to 5% from growth causing the US to be in recession now.
http://www.shadowstats.com/alternate_data/inflation-charts
US GDP would be cut in half if inflation were to be increased by 3% from the manipulated BLS numbers for the last 20 years.
Who cares as long as the rich are doing fine? Certainly no politicians.
"I looked when He broke the sixth seal, and there was a great earthquake; and the sun became black as sackcloth made of hair, and the whole moon became like blood; and the stars of the sky fell to the earth, as a fig tree casts its unripe figs when shaken by a great wind.…" Revelation 6:12-13
nevermind not gonna get on this bus tonight ..carry on
No. We have the best liars in the world. We just cook the books and make adjustments. The BLS will make it look like the economy is doing very well.
BLS = Bullshit, Lies and Stories
Waddya mean if we're next...? We never got out of the last recession, depression, catclysmission...
"Israel’s economy contracted for the first time in more than five years in the third quarter, as growth was hit by the effects of a war with Islamist militants in Gaza."
And no one pointed to this fucking blatant bullshit propagandizing farce
send our brown illegals to these fucks give em more dark skins to genocide
We have been lulled into complacency by the extraordinary actions taken by central banks and governments over the last six years. Have these actions really worked or merely masked over major flaws and problems? I contend that by not demanding the right kind of growth and by throwing money at problems we have only delayed and added to festering issues that face us in the future.
Modern Monetary Theory often referred to as MMT by its many believers is to remove much of the risk ahead and guarantee that we will always be able to muddle forward. This is a economic theory that turns to newly acquired tools like derivatives and currency swaps that are suppose to allow us to print and manipulate away problems. This has created an "almost surreal" feeling of indifference towards reality. More on why debt does matter and the system is about to fail in the article below.
http://brucewilds.blogspot.com/2014/01/have-we-been-lulled-into-complacency.html
"There's never been a better time then now to be a 0.01%'er."
~ Mr I. P. Freely
Michael:
You provide a nice focus on the current realities of our scary world.
I've forgotten the exact quote, but, "After you Break down the walls and the Devil comes for you, Who's gonna PROTECT YOU?"
The Great Ones have eviscerated most common sense financial rules.
Is it any wonder that the Financial markets have not blownup yet?
Look at the ‘traditional’ stuff that’s ignored! Consider what would happen if the OLD Ways came back:
1999 Glass/Stegall gutted, cancelled. Comml banks can use depositer funds for speculation;
2001 ClearingHouse review of Security on Derivatives shelved. Counter-Party Risk ignored;
2002 Issuance of Derivatives contracts goes wild;
2003 Mark-to-Market cancelled. Investment ‘mistakes’ don’t get reported or used in Financial
statements. Losses stay SECRET!
2004 Zero% interest rates on Federal Debt explained as GOOD!
2005 Bankruptcy laws changed. CounterParty failures superior to Depositer losses.
2008 Banks get Bailed out by Treasury/Fed-Reserve for their Stupidness. TBTF widely believed.
Huge failures in Collateral Chains IGNORED;
2009 European problems become much more visible;
2010 Federal Reserve starts buying short term Treasury debt from TBTF banks, QE1;
All purchases at original Issue price, no review of payment timeliness
Disagree? Show how it c/b done with 1 day between 'auction' and settlement!;
2011 No one DARES to look under the sheets to review fianacial adequacy of those purchases;
2012 Obama/Eric Holder say TBTF banks Too Big To PROSECUTE.
Fed starts buying MBS crap from TBTF banks No recognition of investment quality.
Draghi has published a PLAN that ignores these issues as well as the feasibility of ever implementing it. ;
2013 Banks get penny on the $Thousand fines for Civil charges, No Criminal charges;
2014 NEW concerns about CDS on Sub-prime Auto loans from Dave Stockman!
Most High yield ETF charts are in Topping/Downtrend patterns!
Playbook!
Not saying that their economy is not in great peril from the Empire, but the Russian economy has actually accelerated in the last couple of months. http://russia-insider.com/en/business/2014/11/20/02-48-52am/russian_indu...
“Six years on from the financial crash that brought the world to its knees, red warning lights are once again flashing on the dashboard of the global economy.” For the leader of the nation with the 6th largest economy in the world to make such a statement is more than a little bit concerning.
"So why is Cameron freaking out?"
Because nothing was ever fixed in the last 6 years and the end of the businees cycle is approaching?
No, Mike. Please go elsewhere.
"Things are already so bad that British Prime Minister David Cameron is comparing the current state of affairs to the horrific financial crisis of 2008."
Except this time it will be horrific-er, as the credit bubble is even bigger.
Yes, we've got so many more big shiny bubbles to pop now. Step right up, getchur bubble here! New and improved! Now with more debt! Subprime Auto Bubble! Dumbass Fuckers Who Can't Do Math Bubble, aka Student Loan Bubble! Reinflated Housing Bubble! HELOC Bubble! Underfunded Gubmint Worker Pension Bubble! And for the kiddies, SSI That You Pay Into All Your Working Life and Will Never See One Red Nickel Of Thanks To Your Grandparents Bubble!
Yo! Pedro
Uncle Obola wants you to register,
What do you mean, register?
You know, for the free shit,
Oh, register for the free shit
OK, man, me go register,
Sandpaper the skin off the corrupt incompetent arrogant narcissistic illegal indonesian kenyan alien muslim sociopathic pathological liar in chief fudgepacker & bury it in salt along with all its fellow other free loading illegal aliens.
I've been in a depression since I started reading ZeroHedge 4 years ago. I think I died several times just waiting for Greece to default. Hey M'Fers is Greece going to default?
Thing is q99 Greece has defaulted a dozen times and everyone else. Default is now termed re-calibration.
I wish SOMETHING would DEFAULT!!!!!
Greece is bankrupt, unemployment rates at depression levels. Clearly in a deflationary crash. Rhetoric by central banksters and their minion politicians to the contrary doesn't change the facts. Europe is well into a depression. Japan has been deflating for what 10-20 years. Lying politicos and sycophantic lackeys attempt to reassure the clueless masses. Most people I talk to are completely unconnected to the risks extant and what is coming. Amazingly, everyone continues to contribute to at-risk pension plans, unconcerned that .gov will be plucking their life savings in the near future. But no worries, FEMA has lovely facilities.
3 of the 10 largest economies are hopeless at cooking the books
I was not aware that we had gotten out of the last recession yet.
Japan needs to learn how to doctor their numbers better.
if your country is in ression it's your own fault, study americas reporting agencies reports, guarenteed green shoots within your next quarter.
Meanwhile, stock futures are reaching new all-time record highs, as the bubble grows even bigger!
I keep hearing all the time about the "imminent" collapse of the American dollar, petrodollar, economy, etc. So many here make it sound like we will be pushing our dollars in wheelbarrows like they did in the Weimar Republic. If things are SO bad, then why hasn't it happened? States like California and Illinois should have collapsed by now. Russia and China sign "holy grail" deals, and the dollar has not collapsed. Aren't you a little concerned you all are crying wolf?
Yeah, Cali is really in the ditch,,, http://www.washingtonpost.com/blogs/govbeat/wp/2014/04/10/rebounding-economy-fills-state-coffers-with-record-tax-revenues/
Recession? Really? Last time a Quarterly GDP printed close to 0 the Fed made the following one print 4%+.
TG everything is OK in the 'home of the knave, land of the fee'.
nothing is going to go bad for any of us.
santa is on his way.
soon it will be thanksgiving with everyone merry.
mom is making pumpkin pie.
LMAO
24% population on food stamps. a vet/day commits suicide. education ratings in the toilet. student loan fiascos. poisoned water and ground due to fracking. fukushima poisoning the west coast. TG everything is OK
Michael Snyder should chill out and stop fretting. The only thing that really matters regarding GDP, CPI, Unemployment and all the rest of it, is what governments tell us. And the figures they keep quoting are all positive. Even the IMF is still predicting global growth.
What can possibly go wrong?
/s
new record highs everywhere this morning Dow has already hit 17784 !
The decline of America is because there's just not enough Jesus in our lives anymore... isn't that right, Tylers? My fellow ZHers, may i offer you some moral encouragement from the Good Book, some enticement for you non-Jesus worshipers to hop on the Christian love train? How about some Leviticus 26:14-33:
"But if ye will not hearken unto me, and will not do all these commandments, and if ye shall despise my statutes, or if your soul abhor my judgments, so that ye will not do all my commandments, but that ye break my covenant, I also will do this unto you. I will even appoint over you terror, consumption, and the burning ague, that shall consume the eyes, and cause sorrow of heart. And ye shall sow your seed in vain, for your enemies shall eat it. And I will set my face against you, and ye shall be slain before your enemies. They that hate you shall reign over you, and ye shall flee when none pursueth you.
"And if ye will not yet for all this hearken unto me, then I will punish you seven times more for your sins. And I will break the pride of your power; and I will make your heaven as iron, and your earth as brass. And your strength shall be spent in vain: for your land shall not yield her increase, neither shall the trees of the land yield their fruits. And if ye walk contrary unto me, and will not hearken unto me, I will bring seven times more plagues upon you according to your sins. I will also send wild beasts among you, which shall rob you of your children, and destroy your cattle, and make you few in number; and your highways shall be desolate.
"And if ye will not be reformed by me by these things, but will walk contrary unto me, then will I also walk contrary unto you, and will punish you yet seven times for your sins. And I will bring a sword upon you, that shall avenge the quarrel of my covenant. And when ye are gathered together within your cities, I will send the pestilence among you, and ye shall be delivered into the hand of the enemy. And when I have broken the staff of your bread, ten women shall bake your bread in one oven, and they shall deliver you your bread again by weight, and ye shall eat, and not be satisfied.
"And if ye will not for all this hearken unto me, but walk contrary unto me, then I will walk contrary unto you also in fury; and I, even I, will chastise you seven times for your sins. And ye shall eat the flesh of your sons, and the flesh of your daughters shall ye eat. And I will destroy your high places, and cut down your images, and cast your carcasses upon the carcasses of your idols, and my soul shall abhor you. And I will make your cities waste, and bring your sanctuaries unto desolation, and I will not smell the savour of your sweet odours. And I will bring the land into desolation, and your enemies which dwell therein shall be astonished at it. And I will scatter you among the heathen, and will draw out a sword after you, and your land shall be desolate, and your cities waste."
Yeah, gimme summa dat! Just feel the power of this love god pumping through your ague-addled veins!
Dow 17824 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
China cuts interest rates market goes FULL retard unfuckingbelievable every Central banker panicing and we go to the moon
Dow 17852 S&P 2069
Recession! We can afford no dam recession!! We have 5 million more mouths to feed!!!
It could just as easily go the other way. The USA is the economic engine for the world and it is our lack of robust growth and employment that is causing the rest of the world to stagnate (and decline) - not the other way around. This has been the effect of a dozen plus years of the Keynesian big governmentism of Bush & Obama. If the current political trend is moving us toward a more Clintonian/Kempian widely shared participatory growth policy environment, the US economy could take off and pull the rest of the world out of defecit/debt induced currency devaluating economic miasma.
Subvert from within. Join FSA .Buy used. Plant garden. Work towards energy independence, big power hates personal solar! Being free is full time job in this fascist, bankster controlled "lifestyle". Know your enemy....wall street, bankers and their dupes, attorneys.
This is nothing that a gang of PINKO COMMIE FASCISTS cannot delay a bit longer with their hopeless money printing. Woe to them which have prolonged this comeuppance. There will not be a safe place to hide.