"Worst-Case Debt Scenario": Société Générale Tells Clients how to Prepare for Potential 'Global Collapse'

Nov. 19, 2009 Société Générale has advised clients to be ready for a possible "global economic collapse" over the next two years, mapping a strategy of defensive investments to avoid wealth destruction.  In a report entitled "Worst-case debt scenario", the bank's asset team said state rescue packages over the last year have merely transferred private liabilities onto sagging sovereign shoulders, creating a fresh set of problems. Overall debt is still far too high in almost all rich economies as a share of GDP (350pc in the US), whether public or private. It must be reduced by the hard slog of "deleveraging", for years.. » read more

U.S. Mortgage Delinquencies Reach a Record High

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The Plight of Workers and the Unemployed: Obama’s Fraudulent “Job Summit”

Nov. 19, 2009 If the President had offered us a job summit a year ago, he might have been taken seriously. Now, however, after more than six million jobs have been lost — and with the bottom still falling — Obama’s brain storming get-together can only be treated with contempt, if not outrage. What is needed is immediate action, not idle chatter. We already know what works: federal stimulus money channeled directly towards job creation, a public works campaign to help rebuild the U.. » read more

Would Our Government Really Start a War to Try to Stimulate the Economy?

Nov. 16, 2009 I've written two essays attempting to disprove "military Keynesianism" - the idea that military spending is the best stimulus. See this and this. In response, a reader challenged me to prove that anyone would advocate military spending or war as a fiscal stimulus. In fact, the concept of military Keynesianism is so widespread that there are some half million web pages discussing the topic.. » read more

Nicolas Cage loses 2 homes in foreclosure auction

Nov. 13, 2009 Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday.   Birmingham, Ala.. » read more

Money Trickles North as Mexicans Help Relatives

Nov. 16, 2009 MIAHUATLÁN, Mexico — During the best of the times, Miguel Salcedo’s son, an illegal immigrant in San Diego, would be sending home hundreds of dollars a month to support his struggling family in Mexico. But at times like these, with the American economy out of whack and his son out of work, Mr. Salcedo finds himself doing what he never imagined he would have to do: wiring pesos north. Unemployment has hit migrant communities in the United States so hard that a startling new phenomenon has been detected: instead of receiving remittances from relatives in the richest country on earth, some down-and-out Mexican families are scraping together what they can to support their unemployed loved ones in the United States.. » read more

America's Shameful Neglect

11-12-9 Every now and then one of the MSM outlets does a worthwhile story that is long overdue. It is sad and telling that it was a UK newspaper and not a US newspaper that ran the story that American media is too cowardly to address. "UN investigator accuses US of shameful neglect of homeless" http://www.guardian.co.. » read more

Foreclosures for Sale High in 10 States with Budget Problems

Nov. 14, 2009 Foreclosures for sale are contributing significantly to the economic challenges faced by 10 U.S. states, according to a report from the Pew Center. Based on the report, California is not the only state struggling from state budget problems.. » read more

Small "d" Depression: The Financial System is stabilized, the Real Economy Continues to Fall

Nov. 12, 2009 The Fed's extraordinary intervention into the financial markets, makes another Lehman-type meltdown extremely unlikely. But while the financial system has been stabilized with a government blank check and rivers of liquidity, the real economy continues to languish. On its current trajectory, GDP will fluctuate erratically for a decade or more while the economy seesaws between positive and negative growth. That means persistent high unemployment, flagging demand, and falling living standards.. » read more

'LIVE MAP' : THE DECLINE -- THE GEOGRAPHY OF A RECESSION FROM JANUARY 2007 TO SEPTEMBER 2009 --(USA)

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