Share on Google Plus Share on Twitter Share on Facebook 2 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 1 (3 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   5 comments

OpEdNews Op Eds

Papering Over Disaster

By (about the author)     Permalink       (Page 1 of 3 pages)
Related Topic(s): ; ; ; , Add Tags Add to My Group(s)

Must Read 1   Supported 1   Valuable 1  
View Ratings | Rate It

opednews.com

Become a Fan
  (191 fans)

Papering Over Disaster

Main Street depression being ignored and made worse.

by Stephen Lendman

Fall 2007 began the onset of America's greatest Depression. Europe's in deep trouble. Reckoning day's delayed by bailing out insolvent banks and throwing money at markets like confetti.

What can't go on forever, won't. Progressive Radio News Hour guest Bob Chapman warned investors for years. It's just a matter of time. Houses built on sand collapse. American and European economies are no exception. They're sick and getting sicker.

Another Greek crisis approaches, Chapman warns, whether "via austerity, demonstrations, military coup," or perhaps the worst of all three if public rage erupts in violence.

Ireland, Portugal, Belgium, Spain and italy are next. BRIC giants China, India and Brazil are weakening. Pyrrhic victories conceal core meltdown trouble. Are policy makers "dumb enough to believe that austerity, lower wages and higher taxes bring prosperity?" What's happening in Europe and America looks "surreal." Recovery's an illusion. 

Another dirty secret is that France, Britain, and other EU countries also show weakness. "These problems are going to go on and on and on," says Chapman.

Economist David Rosenberg also warns of trouble. Disturbing signs are everywhere. In America alone, consumer spending stagnated. Core capex shipments are down. The trade deficit's widening. Mortgage applications are falling. Mortgage refinancing activity collapsed. Gas prices are heading for $4 a gallon on their way perhaps to 5. 

In February, hiring announcements were down 85% year-over-year. Pink slips are rising. JOLTS (Job Openings and Labor Turnover Survey) data showed job openings down 81,000 in January. They've posted declines in three of the past four months. JOLTS hiring numbers also fell 30,000, and dropped in three of the past four months.

Savers are taxed, borrowers rewarded. A rigged system favoring Wall Street punishes most others.

The latest housing numbers are awful. Economist Robert Shiller believes "we will never in our lifetime see a rebound in" suburban home prices. He predicts "perpetual sluggish(ness)." Expect America to have a "Japan-like slump that will go on for years and years."

Rosenberg says "headwinds are so acute that despite" zero interest rate policy for over three years, "trippling the Fed's balance sheet, and four years of trillion-dollar-plus fiscal deficits," a deepening mess remains. Inflation's far higher than official figures. Poverty's at record levels.

Recovery? What recovery! America's 1% never had it so good. Another 10% or so are OK. Most others face harder than ever hard times with no end of misery in sight. Expect no change post-November, no matter who's elected president or controls Congress. Washington's criminal class is bipartisan.

Economist Paul Craig Roberts calls America's economy "dead." Consumer confidence is far below decade ago levels. Housing's on its back. Retail sales are lower than January 2000. So is industrial production. Only markets and rigged GDP numbers are up.

Roberts stresses often that recovery's impossible because troubled consumers account for over two-thirds of the economy. Middle class jobs moved offshore. Trillions are thrown at Wall Street and wasted on imperial wars while domestic needs go begging.

Next Page  1  |  2  |  3

 

I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The McCain-Lieberman Police State Act

Daniel Estulin's "True Story of the Bilderberg Group" and What They May Be Planning Now

Continuity of Government: Coup d'Etat Authority in America

America Facing Depression and Bankruptcy

Lies, Damn Lies and the Murdoch Empire

Mandatory Swine Flu Vaccine Alert

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
3 people are discussing this page, with 5 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)
Yes, the economy is in the tank and the worst is y... by Skeptic1 on Saturday, Mar 31, 2012 at 4:42:34 AM
... have you been hiding under? The fact that the ... by Gary Williams on Sunday, Apr 1, 2012 at 2:37:26 AM
I know one guy that was worth $120 million net a f... by Skeptic1 on Sunday, Apr 1, 2012 at 5:17:53 AM
These people are still out there selling the Ameri... by Abdullahi Edward Tomasiewicz on Saturday, Mar 31, 2012 at 8:12:04 AM
--  to tackling many of the troubling issues ... by Gary Williams on Sunday, Apr 1, 2012 at 2:04:26 AM