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 (# of views)   5 comments
OpEdNews Op Eds

Papering Over Disaster

By       Message Stephen Lendman     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

Author 194
Become a Fan
  (191 fans)
- Advertisement -

Papering Over Disaster


- Advertisement -

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.

- Advertisement -

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."

- Advertisement -

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.

Next Page  1  |  2  |  3

 

- Advertisement -

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

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 Petition Site */
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 AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

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