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BRICS Announce the Creation of their Own Development Bank

 The Development Bank of emerging countries to be created at their summit in Brazil aims to rival the World Bank and the Bretton Woods institutions. In July 1944, representatives of 44 countries met in a hotel in Bretton Woods, New Hampshire, USA, to design the new model of trade and financial relations among the world’s major countries. That model is now 70 years old and is no longer trusted by emerging ...Read full article...

Virtual Economy’s Phantom Job Gains Are Based on Statistical Fraud

Washington can’t stop lying.  Don’t be convinced by last Thursday’s job report that it is your fault if you don’t have a job. Those 288,000 jobs and 6.1% unemployment rate are more fiction than reality.  In his analysis of the June Labor Data from the Bureau of Labor Statistics, John Williams (www.ShadowStats.com) wrote that the 288,000 June jobs and 6.1% unemployment rate  are “far removed from common experience and ...Read full article...

A New Recession and a New World Devoid of Washington’s Arrogance?

A final number for real US GDP growth in the first quarter of 2014 was released today. The number is not the 2.6% growth rate predicted by the know-nothing economists in January of this year. The number is a decline in GDP of -2.9 percent. The negative growth rate of -2.9 percent is itself an understatement. This number was achieved by deflating nominal GDP with an understated measure of ...Read full article...

The Global Economic Crisis: Causes and Devastating Consequences

In all major regions of the world, the economic recession is deep-seated, resulting in mass unemployment, the collapse of state social programs and the impoverishment of millions of people. The economic crisis is accompanied by a worldwide process of militarization, a “war without borders” led by the United States of America and its NATO allies. The conduct of the Pentagon’s “long war” is intimately related to the restructuring of ...Read full article...

Fake Employment Statistics: More Phantom Jobs Created in America

Last April I saw a report that 83% of May’s college graduates did not have a job. I remarked that in my day most of us had 2 or 3 jobs or graduate school offers before we graduated. The latest payroll jobs report issued on June 6 proves that the April report was true. My opinion, schooled in part by John Williams’ very precise reports on Shadowstats.com, is that ...Read full article...

Millions for War and the Bankers, but no Money for the Poor or Veterans

While vast amounts of Americans have lost their homes, their jobs and their livelihoods, and while war veterans are denied care, Barack Obama has unloaded more cash to continue wrecking havoc around the world. No matter how poor people are at home. Abroad, the United States will always have a well-financed genocidal military machine standing by and ready to bomb and destroy whomever does not conform and obey. President ...Read full article...

The Fed Is The Great Deceiver

Is the Fed “tapering”? Did the Fed really cut its bond purchases during the three month period November 2013 through January 2014? Apparently not if foreign holders of Treasuries are unloading them. From November 2013 through January 2014 Belgium with a GDP of $480 billion purchased $141.2 billion of US Treasury bonds. Somehow Belgium came up with enough money to allocate during a 3-month period 29 percent of its ...Read full article...

The US Economy Is A House Of Cards

Every aspect of it is fraudulent, and the illusion of recovery is created with fraudulent statistics. The US economy is a house of cards. Every aspect of it is fraudulent, and the illusion of recovery is created with fraudulent statistics. American capitalism itself is an illusion. All financial markets are rigged. Massive liquidity poured into financial markets by the Federal Reserve’s Quantitative Easing inflates stock and bond prices and ...Read full article...

France Approves Largest Austerity Package in Years

Citing the legitimacy of the French goverment and that of the European Union as well as the credibility of France abroad, the French Prime Minister, Manuel Valls, defended Tuesday the biggest cuts in public spending in modern French history. Mr. Valls made his appeal after the vote that approved the cuts was led by a broken alliance between the National Assembly and the Socialist Party (PS ) of France. ...Read full article...

No Jobs, No Economy, No Prospects For Peace Or Life

Over the decades various administrations, seeking to improve their economic record, monkeyed with economic statistics to the point that the statistics are no longer meaningful. According to Friday’s (March 7) payroll jobs report, the US economy created 175,000 new jobs in February. If you believe that, I have a bridge in Brooklyn that I’ll let you have at a good price. Even if 175,000 jobs were created in February–remember ...Read full article...

Venezuela has the Highest Inflation in the World

The Central Bank of Venezuela (BCV ) unveiled Tuesday the scarcity index, which measures the total absence of assets and the inability to replace the equivalent of another brand in 2014. The report revealed the low supply of all goods in the domestic market. The index showed a total of 28%, the highest figure since the agency began to show that indicator, which confirmed an increase of 5.8% compared ...Read full article...

How Economists and Policymakers Murdered Our Economy

The economy has been debilitated by the offshoring of middle class jobs for the benefit of corporate profits and by the Federal Reserve’s policy of Quantitative Easing in order to support a few oversized banks that the government protects from market discipline. Not only does QE distort bond and stock markets, it threatens the value of the dollar and has resulted in manipulation of the gold price. See http://www.paulcraigroberts.org/2014/01/17/hows-whys-gold-price-manipulation/ ...Read full article...

Survival or Extinction: The Power of Money

(PART ONE: LIFE OR DEATH; PART TWO: FOLLOW THE MONEY; PART THREE: NEED NOT GREED; PART FOUR: TAMING THE WOLVES; PART FIVE: DISCARD ME NOT; PART SIX: HEAD AND HAND) Don’t be intimidated by the economic content of this article, about which you think you know little.  Economists hide very simple concepts behind fancy words to obscure the facts and monopolize knowledge so as to be able to advance ...Read full article...

The Case of the Missing Economic Recovery

Have you seen the economic recovery?  I haven’t either.  But it is bound to be around here somewhere, because the National Bureau of Economic Research spotted it in June 2009, four and one-half years ago. It is a shy and reclusive recovery, like the “New Economy” and all those promised new economy jobs.  I haven’t seen them either, but we know they are here, somewhere, because the economists said ...Read full article...

2014 Will Bring More Social Collapse

2014 is upon us.  For a person who graduated from Georgia Tech in 1961, a year in which the class ring showed the same date right side up or upside down, the 21st century was a science fiction concept associated with Stanley Kubrick’s 1968 film, “2001: A Space Odyssey.”  To us George Orwell’s 1984 seemed so far in the future we would never get there.  Now it is 30 ...Read full article...
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