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Economy - Economics USA

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CalculatedRiskblog.com

 In the week ending June 20, the advance figure for seasonally adjusted initial claims was 627,000, an increase of 15,000 from the previous week's revised figure of 612,000.

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KN(a)PPSTER

Not content to just impose "cap and trade" on American industry, Henry Waxman (D-CA) and Edward J. Markey (D-MA) want to slap tariffs on goods from countries whose own idiot pols don't adopt similar schemes.

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AntiWar.com

by Rep. Ron Paul, Last week Congress passed the war supplemental appropriations bill. In an affront to all those who thought they voted for a peace candidate, the current president will be sending another $106 billion we don’t have to continue the bloodshed in Afghanistan and Iraq, without a hint of a plan to bring our troops home.

News Link • Global Reported By Anonymous Watchman
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Liberty for All

Mr. Kubby and his team of scientists are developing more effective ways to produce and commercialize the production of whole plant cannabinoid-based pharmaceutical products.  His new company, Cannabis Science Inc. (NASD OTCBB: CBIS), brings an opportunity to the libertarian community which has rarely, if ever, been offered before.

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Reason

Artist Thomas Thwaites explains the gist: "I'm trying to build a toaster, from scratch—beginning by mining the raw materials and ending with a product that Argos sells for only £3.99." So Thwaites has been traveling around the world to acquire iron, nickel, copper, and oil from which he planned to make refined petroleum for the appliance's plastic moldings.

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Marketwatch

 The top-performing letter that predicted the Crash of 2008 now predicts a confiscatory Franklin D. Roosevelt-style "bank holiday."  But it's surprisingly sanguine about stocks -- in the (very) short term. 

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The collapse of the Minneapolis I-35 Bridge in 2007 was an unfortunate but excellent metaphor for the future of the America’s economy and the impending collapse of the American way of life.

 

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Market-ticker.denninger.net

 Anyone who thinks that a $100 billion+ hit to consumer spending capacity, plus the follow-on emotional impact of "feeling poorer" when the plastic doesn't work any more won't show up in the economy has rocks in their head.

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arclein

So while he is riding along, he is also trying to ignore the big domestic government finance disaster rushing down the rail toward him. California is screaming for help and others can not be far behind. The cities must be facing huge contractions in their budgets. In the end it will become visible and congress will be forced to react again in a panic. All this is foreseeable and plans can be made.

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Banks, large banks can't fail but smaller ones can fail and be bought out by stronger banks. Insurance companies can not fail. Auto giants can fail after they have been given a few billion perhaps to be given to the companies that a

Letters to the Editor • Global
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Reuters

Moody's Investors Service said the U.S. government's triple-A credit rating was safe but added that it could be at risk if Washington were unable to bring its public debt back to a downward trajectory. Financial markets have repeatedly been spooked this year by concern that triple-A rated governments such as the United States and Britain could face credit ratin

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arclein

The point is that only the US government can print the currency to accommodate this shift back to conservative lending practices. It is US denominated debt after all. And they did want to be the world’s reserve currency. That means they now get to establish global banking standards and get to own an incredible amount of bank paper throughout the world. Otherwise, an alternative will be found and we will likely repeat this all over again in about twenty to forty years in a different form of currency. The US currency bubble will then continue to contract and retreat into the US local market as deleveraging contracts the supply.

News Link • Global Reported By robert klein
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Bloomberg

Executives at U.S. companies are taking advantage of the biggest stock-market rally in 71 years to sell their shares at the fastest pace since credit markets started to seize up two years ago. Insiders of Standard & Poor’s 500 Index companies were net sellers for 14 straight weeks as the gauge rose 36 percent

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In an affront to all those who thought they voted for a peace candidate, the current president will be sending another $106 billion we don’t have to continue the bloodshed in Afghanistan and Iraq, without a hint of a plan to bring our troops home.

Many of my colleagues who voted with me as I opposed every war supplemental request under the previous administration seem to have changed their tune.

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moneyandmarkets.com/

 California is America’s most populous state with 38 million people. Its GDP of $1.8 trillion is the largest in the U.S. Its economy is bigger than those of Russia, Brazil, Canada, or India. And it’s collapsing.

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New York Post

 The chief executives at 10 large banks were all smiles last week as they repaid a total of $68 billion of Troubled Asset Relief Program money -- but some on Wall Street feel they rushed too quickly to get the government off their backs. 

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