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The truth of the matter is that we are nowhere near the recovery agencies like the Federal Reserve told us we were at back in April. Retail sales are falling, the housing market isn't even close to being fully recovered...
When the 13-week annualized rate of change is used – shorter-term momentum – the decline in growth has fallen to a very weak -23.46%. The other times it has fallen this fast? All were either in recession or pointing to recession in short order...
With the public debt due to reach 100 percent of gross domestic product next year — and heading toward record levels — Congress is making the pivot now, much to the distress of liberal economists and the Obama administration. With unemployment sti
It's getting close: the fabled -10% annualized change (see David Rosenberg) which guarantees a recession is now just 3.1% away, which at this rate of collapse will be breached in two weeks. The ECRI is now at December 2007 levels...
You say yes, I say no You say stop and I say go, go, go Oh, no – The Beatles We keep saying the same thing here at The Daily Reckoning. Not because we lack imagination… It’s because things are still the same.
"It looks like we are facing an endless destruction of our, of our area here in North America. This is going to keep going and going and going, it looks like."
I talk to a lot of people preparing for when TSHTF. The patriot poor have managed so far but supplies are already dwindling. Bottom line: if you got property, now is the time to get your crew together.
Initial claims at 457k, statistically insignificant compared to expectations 463k, down 19k compared to the prior weekly revised number (476k, from 472k). We expect another upward revision here.
If his divorce filing is to be believed, Elon Musk is broke. In recent weeks news surfaced that the near legendary entrepreneur and founder of Tesla Motors, the buzzworthy electric car company that plans a $178 million IPO, had, in his words, "run ou
On Monday night, the Maywood City Council voted unanimously to fire all 100 city employees and contract out most services, including record-keeping, street maintenance, and parks and recreation, to the neighboring town of Bell. "We will become 100
I was anticipating a slowdown in the 4th Q. It is now looking more likely that we will fall of a cliff starting July 1st. Extended benefits will be ending. Most states start a new fiscal year and they are all dead dead dead on revenue.
All along the water line this morning, tar has been washing ashore. You can see it in the surf – it is all over the beach. It is sticky, brown and running in lines all along the waterline, in front of the hotels and near Pensacola’s famous fishing...
Futures were down again 3% today, and have almost completed a full "reverse V," returning to crisis-days levels.
What happened to the recovery? This report from AP: WASHINGTON (AP) – Sales of previously occupied homes dipped 2.2 percent in May, signaling that a boost from home-buying tax credits is fading sooner than expected.
Russia Today has filmed Louisiana residents who insist it is raining oil on their town. The reports shows puddles with an oily shine and claims there is an oily smell.
The impact of the Census on June payroll employment is minus 243 thousand (this will be close). The employment report will be released on July 2nd, and the headline number for June - including Census numbers - will almost certainly be negative.
The containment cap was removed after collision with an underwater robot. The flow has increased wildly, as you can see in the live cam.
Nightmare scenarios regarding the underwater oil have been proposed by various scientists. Oil plumes could increase the methane level to poisonous levels. Oil plumes might even increase ocean pressure and cause tsunamis.
On Tuesday, new home sales data from the NAR punched housing bulls in the gut. The post-homebuyer tax-credit hangover is going to be very ugly.
As the Global System Unravels - No Drilling = Higher Prices So Jim Rogers wants to buy oil - Public School Is a 12-Year Jail Sentence - The Backyard Homestead - Why You Can't Defy Economic Law Forever
Politics aside, it's clear to see the federal budget has surged to unprecedented highs. The increase in spending in just the past ten years is shocking. Meanwhile, federal revenue has decreased and is projected to stay level or decrease for decades.
Reuters and The New York Times take on the Presidents' efforts to combat economic law.
Oil industry expert Matthew Simmons also puts the number above one billion barrels (see this Bloomberg interview, for example, where he says that - unless stopped - 120,000 barrels a day will leak for 25-30 years...
Several franchises have arisen to "monetize" this model, but the open-source community is catching up fast. One way young patriot couples are making it through while providing much needed care to our elders.
On 1 July, 46 of the 50 US states will begin a new fiscal year. The cumulative deficit of the 50 states is about $127.5 bln. Their outstanding debt is about $2.2 trillion, a 57% increase since 2000.
Host:
Ernest Hancock
Hour 1 - Economy's 'Double Dip' with Meridith Whitney on CNBC and the break with Obama by Jon Stewart from the Daily Show (the left is abandoning the Obama Administration). Hour 2 - Richard Gage http://www2.ae911truth.org/aboutus.php
Liberty is dying everyday because worse than President Barack Obama we mishandle our belief in individual freedom. And so is the daily wounding of the Libertarian cause, espe
Read Letter
State economies are plunging, and are $200 billion underwater, will lead to 2 million in state-level layoffs leading to a low-end impact; raising taxes at state level will impact the top-end Retail sales have been stronger due to consumers not payin
Gold vs. the Greenback - Ron Paul on the shaky world financial system. A podcast with Lew Rockwell
Congressman Ed Markey has released an internal BP doc that shows that under certain scenarios, the flow from the leaking wellhead could hit 200K.
