From Boom Town To Ghost Town (Spain)

Posted 8/28/08 Please turn on JavaScript. Media requires JavaScript to play. Hugh Pym takes a walk around a modern ghost town A summer breeze blows a cloud of dust through the Spanish town of Sesena. Drifting along the empty streets and deserted playgrounds the eerie silence is occasionally broken by the slow creaking of an unused swing. Like the housing market right now, little is moving in Sesena.. » read more

US Household Incomes Fail To grow

August 28, 2008 US households have failed to benefit from the strong economic growth in the last six years of expansion. Despite an economy that expanded by 18% since 2000, real income for the median family fell by 1.1% from 2000 to 2006. Job creation was much slower as well, with jobs growing by just 0.6% per year, one-third of the previous rate.. » read more

The United States of America is the Next Argentina

August 27, 2008 DON'T CRY FOR ME ARGENTINA SAVE YOUR TEARS FOR YOURSELF - While bankers do control the issuance of credit, they cannot control themselves. Bankers are the fatal flaw in their deviously opaque system that has substituted credit for money and debt for savings. The bankers have spread their credit-based system across the world by catering to basic human needs and ambition and greed; and while human needs can be satisfied, ambition and greed cannot—and the bankers' least of all. I have a bad feeling about what's about to happen. The Great Depression is the closest that comes to mind.. » read more

America - The Newest Third World Nation

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New York Times July Sales Tumble 10.1% on Classifieds (Update3)

Aug. 26 (Bloomberg) -- New York Times Co., the third-largest U.S. newspaper publisher, reported revenue fell 10.. » read more

The Economic Cost of the Military Industrial Complex

August 14, 2008 "Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and not clothed. This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hope of its children." These must be the words of some liberal Democratic Senator running for President in 2008. But no, these are the words of Republican President Dwight D.. » read more

U.S. and Global Economies Slipping in Unison

August 24, 2008 NEW YORK: Economic trouble has spread far beyond the United States to major countries in Europe and Asia, threatening businesses around the world with the loss of the international sales and investment that have become increasingly vital to their sustenance. Signs for residential properties for sale in London. A slump in the housing market is taking a toll on the British economy, just as it is in the United States. (Toby Melville/Reuters) Only a few months ago, some economists still offered hope that robust expansion could continue in much of the world even as the United States slowed. Foreign investment was expected to keep replenishing American banks still bleeding from their disastrous bets on real estate and to provide money for companies looking to expand.. » read more

Worst of Financial Crisis is Still to Come, Ex-IMF Chief Ken Rogoff Warns

August 19, 2008 Banking shares across the world were hit after a stark warning from the IMF's former chief economist Kenneth Rogoff that the worst of the credit crisis is yet to come.   Rogoff on banks: 'We're going to see a whopper go under' Kenneth Rogoff, chief economist to the International Monetary Fund between 2001 and 2004, told an audience in Singapore that "the financial crisis is at the halfway point, perhaps." Now an economics professor at Harvard University, Mr Rogoff said. "We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks." He added that efforts by Asian sovereign wealth funds to bail out US banks were not the solution.. » read more

The Next Credit Crunch

August 20, 2008 Our easy access to plastic is about to dry up - and with it our ability to fake living the good life. (Fortune Magazine) -- We made it through the bursting of the Internet bubble and now the bursting of the real estate bubble. Next we may be approaching the end of the most worrisome bubble of all: the standard-of-living bubble. That conclusion comes from the latest data on credit card debt. It's growing fast, but the problem is bigger than that - and to understand what it means, we have to take a few steps back.. » read more

The War Bubble

August 22, 2008 We hear a lot about housing bubbles, credit bubbles, even oil bubbles. These bubbles exist. They are birthed and nurtured by statist governments fixated on central planning. Statist governments that obsess constantly about control over property, movement, and the minds and hearts of individuals. You know, governments like the one in Washington, D.. » read more

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