Hard Times Getting Harder - by Stephen Lendman
America's greatest Depression
Americans are being hammered economically, politically and socially. Paul Craig Roberts quoted Vladimir Putin calling America "a parasite on the world."
PR manipulators present a virtuous image. Roberts said "Putin understated the burden that America is on the world. How much longer will (it) put up with" our virtuosity?
Death, destruction, and global economic wrecking defines its agenda. Libya at peace became a hellish charnel house. Mainstream Americans suffer greatly in deepening Depression.
Political Washington fattens itself on campaign cash, hanging out to dry struggling millions. Trends analyst Gerald Celente says it's time for direct democracy - "tak(ing) power out of the hands of politicians and put(ting) into the hands of the people."
With their own self-interest at stake, bet on them getting it right. With politicians on the take, they do it only for fat cat contributers, and the bigger the bribe, the more they get.
Depression Defines Today's Economy
Gluskin Sheff chief economist Dave Rosenberg calls what's ongoing "a modern day depression," saying:
A Depression, "simply put, is a very long period of economic malaise and when the economy fails to respond in any meaningful or lasting way to government stimulus programs," or what passes for them with benefits mostly to corporate favorites and super-rich elites.
It's defined by a "series of rolling recessions and modest recoveries over a multi-year period of general economic stagnation as the excesses from the prior asset and credit bubble(s) are completely wrung out of the system."
Using a baseball metaphor, Rosenberg says we're "in the third inning of this current debt deleveraging ball game."
In other words, after three tough years, many more lie ahead for ordinary working households suffering most.
"You know you're in a depression when interest rates go to zero and there is no revival in credit-sensitive spending."
How can there be with banks hoarding nearly $2 trillion in cash. A classic "liquidity trap" occurs when private sector lending dries up.
Depressions usually follow bursting asset bubbles, especially housing ones. Before his August 2007 death, economist Kurt Richebacher warned about them in a 2004 commentary titled, "Property Bubbles: Beware of Property Bubbles."