The Plain Truth: Economy

Economy

April 27, 2013

BANKSTERS: Everything Is Rigged: The Biggest Price-Fixing Scandal Ever

Gangsters + Bankers = Banksters. Britain's Libor price fixing scandal and its global impact in The Economist (Photo credit: dullhunk)

Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world's largest banks may be fixing the prices of, well, just about everything.

You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that's trillion, with a "t") worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history – MIT professor Andrew Lo even said it "dwarfs by orders of magnitude any financial scam in the history of markets."

That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world's largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world's largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.

Posted at 10:09 PM in Current Affairs, Economy | Permalink | Comments (0)

April 08, 2013

Why we are on the brink of the greatest Depression of all time

Everywhere from FoxNews.com to CNBC.com, I suddenly see commentators warning of pending doom, economic collapse, and a new Great Depression. Welcome to my club. Perhaps America's politicians and economists should have paid attention to an entrepreneur and small businessman that has been warning of economic collapse and a new Great Depression publicly for over two years.

More importantly, none of the current commentaries mention the "why's" of this slow motion economic collapse...beyond the obvious -- mountains of deficit and debt. None of them mention the dysfunctional structure of the current U.S. economy and the massive changes in the work ethic and mindset of the average American.

I am a successful small businessman and a patriot who loves America and always sees its greatness. I am also an optimistic, positive thinker who always sees the glass half full.

But not this time.

Posted at 04:19 AM in America in Prophecy, Economy | Permalink | Comments (0)

April 05, 2013

Bitcoin: The New World Order's Plot For A World Currency?

Justin O'Connell
Activist Post

As a general rule, if anything is covered en masse by the mainstream media, then I tend to believe that which I am watching is actually one long promotional spot.

The same could potentially be said for Bitcoin as over the past months its popularity has grown so much that “anarcho-capitalist...Libertarian...Freedom Fighter against mankind’s two biggest enemies, the State and Central Banks,” Dollar Vigilante Chief Editor, Jeff Berwick, has been on CNBC, CNN, Fox News, and BBC, and other mainstream outlets.

What brought on this sudden attention? No, not our anarcho-capitalism, but our announcement of the world’s first BitcoinATM.

So, is Jeff just a patsy so that the New World Order can bring in a digital currency? I began wondering this myself, and I came to what I think is a reasonable conclusion.

Posted at 03:19 AM in Economy | Permalink | Comments (0)

March 26, 2013

International Bankster Enslavement Plan Revealed to Cyprus; Banks Remain Closed

This is the latest update in Cyprus bank raid series chronicled below

Dees Illustration

Activist Post

It was anticipated that the weekend could bring finalized plans for how Cyprus would be dealt with by the Troika and parliament. The central problem that had revealed itself in the wake of the original indefinite bank holiday and subsequent ATM drain and protests, was how to stop capital flight when banks reopen, as well as a more widespread bank run across the Eurozone as trust in the banking system verges on collapse. The two largest banks in Cyprus saw the imposition of ATM withdrawal limits, which declined from 260 Euros to 100 Euros ahead of projected bank openings tomorrow, Tuesday -- Sorry, make that Wednesday. An urgent statement was issued by the Central Bank that, "For the smooth functioning of the entire banking system, the Finance Minister has decided upon the recommendation of the Governor of the CBC, that all banks remain closed until Wednesday, 27 March 2013 included." The ongoing closure makes this the longest in history. See other closures here.

One key indicator for just how orchestrated this has been, and how dangerous the outcome, is that a final deal was supposedly reached at a dinner with Mario Draghi, Christine Lagarde, Herman Van Rompuy, and José Manuel Barroso -- essentially the Four Horsemen of economic apocalypse.

The new decision has been made to honor those who were insured up to 100,000 Euros (as if it is some sort of gift), but to steal around 30% of the money of depositors at the Bank of Cyprus, and all of the money for the uninsured of Cyprus Popular bank...

Posted at 11:53 AM in Economy | Permalink | Comments (0)

March 24, 2013

Withdrawn: $114 Billion From Big U.S. Banks

More than $114 billion exited the biggest U.S. banks this month, and nobody’s quite sure why.

The Federal Reserve releases data on the assets and liabilities of commercial banks every Friday. The most current figures, covering the first full week of 2013, show the largest one-week withdrawals since the Sept. 11, 2001, attacks. Even when seasonally adjusted, the level drops to $52.8 billion—still the third-highest amount on record, and one for which bank experts and analysts were reluctant to give a definitive explanation.

The most obvious culprit is the expiration of the Transaction Account Guarantee program, the extraordinary federal effort to shore up the country’s non-gigantic banks during the 2008 financial crisis. Big banks were considered “too big to fail,” while smaller ones were vulnerable to runs. The TAG program backstopped their deposit bases by temporarily offering unlimited insurance on money kept in non-interest-bearing accounts. That guarantee ended on Dec. 31, so a decrease in deposits would be expected first thing in January.

But hold on>>>>>>>>>>>>>>>:

Posted at 03:36 PM in Economy | Permalink | Comments (1)

March 22, 2013

Euro Banking System On The Verge Of Collapse

Jeff Berwick
Activist Post

News came out yesterday that all Cypriot banks will continue to be closed until at least next Tuesday and may remain closed permanently.

Last week, the European Central Bank threatened to cut the Emergency Liquidity Assistance which Cyprus had been receiving unless Cyprus’ major banks implemented legislation which would “tax” all investors who have accounts in Cypriot banks an amount up to 9.9 percent of their total deposits. The tax was rejected by the Cyprus parliament on Tuesday.

The ECB proposal led to runs on Cypriot banks and to angry protests, including from Russia’s Vladimir Putin, as many Russians have money in those banks. Cyprus is a more than thousand-year-old banking center which has facilitated trade in the region for centuries, so this situation is of great interest to many people worldwide including a massive amount of shipping companies who use Cyprus as their financial center.

Posted at 10:45 AM in Economy | Permalink | Comments (0)

March 20, 2013

2 Monkeys Were Paid Unequally; See What Happens

Catch the Video on Our Message Board - CLICK HERE!

Posted at 03:18 AM in Economy, Humor | Permalink | Comments (1)

February 26, 2013

Abolish The Income Tax

You Won’t Believe Who Is Getting Away With Paying Zero Taxes While The Middle Class Gets Hammered

Michael Snyder
Activist Post

The federal income tax is a bad joke and it needs to be abolished. All over the nation, hard working American families are being absolutely crushed by oppressive levels of taxation, and our politicians are constantly coming up with new ways to extract money from all of us every single year. Meanwhile, many ultra-wealthy Americans and many of the most profitable corporations in the country pay little to nothing in taxes. In fact, as you will see below, there are dozens of very prominent corporations that make billions of dollars in profits and yet don't pay a dime in taxes.

Tax avoidance has become a multi-billion dollar industry in the United States. Those that have the resources to "play the game" use shell companies, offshore tax havens and the thousands of loopholes in our tax code to minimize their tax burdens as much as possible. Meanwhile, the rest of us get absolutely hammered. This is fundamentally unfair. The federal income tax system is irreversibly broken at this point, and it is time to abolish it.

If you think that the federal income tax system can be "fixed", then you probably have never studied it. Our tax code is nearly 4 million words long and it is absolutely riddled with thousands of loopholes that favor big corporations and the ultra-wealthy. We should come up with a better, fairer way to fund the government. The United States once prospered greatly without a federal income tax, and it could do so again.

Posted at 12:18 PM in American's fight for America!, Economy | Permalink | Comments (0)

February 09, 2013

Some Questions about Deflation

Robert Blumen, Contributor
Activist Post

What is deflation?

According to dictionary.com, it is “a fall in the general price level or a contraction of credit and available money”.

Falling prices. That sounds good, especially if you have set some cash set aside and are thinking about a major purchase.

But as some additional research demonstrates, that would be a naïve and simple-minded conclusion. It quickly becomes evident that deflation is a serious economic disease.

According to the St Louis Fed,

While the idea of lower prices may sound attractive, deflation is a real concern for several reasons. Deflation discourages spending and investment because consumers, expecting prices to fall further, delay purchases, preferring instead to save and wait for even lower prices. Decreased spending, in turn, lowers company sales and profits, which eventually increases unemployment.”

The problem with deflation is that it feeds on itself, destroying an economy along the way. It is the macro equivalent of a roach motel: perilously easy to enter but impossible to leave. The problem, you see, is that deflation reduces consumption, which reduces production, eventually shutting down all economic activity.

Posted at 07:39 PM in Economy | Permalink | Comments (0)

February 06, 2013

Renamed DuPont stays on as Gordon backer

Longtime sponsor sticks with NASCAR as Axalta Coating Systems

One of NASCAR's longest-running sponsors will have a new name in 2013, meaning a new look for the sport's winningest active driver.

Jeff Gordon will be backed in 14 Sprint Cup series races by Axalta Coating Systems, formerly known as DuPont, which had graced the four-time champion's No. 24 Chevrolets since his debut in NASCAR's big leagues more than 21 years ago. The change was announced Monday after the Carlyle Group completed its acquisition of the performance paint business for $4.9 billion.

Hendrick Motorsports said in a statement later Monday that the sale would not affect the company's continued support of its NASCAR efforts.

"We may have a new name on the No. 24 Chevrolet SS in 2013, but it's the same core group that I've enjoyed working with for more than 20 years," said Gordon, who has long been associated with DuPont's splashy paint schemes. "We've had success together on and off the track. We plan to carry that success into our third decade."

The newly rechristened Axalta Coating Systems is positioning itself as "a global supplier of coatings to the transportation and industrial sectors," according to its new owner, an asset management group that serves the aerospace, defense, transportation, energy and infrastructure sectors.

"The new name reflects the company's complete focus on the coatings sector and our commitment to performance excellence," Axalta said on its website, which is still under development. "While our name has changed, the fundamentals of our business have not."

End of an Era

DuPont announced the sale last August, capping months of sale rumors that the company never denied. The DPC unit lagged DuPont's fast-growing science- and biotech-oriented businesses. News of layoffs and a disappointing third quarter followed in October. Though not unexpected, the decision spelled the end of an era.

Continue reading "Renamed DuPont stays on as Gordon backer" »

Posted at 01:41 PM in Economy, Sports/RACERAP | Permalink | Comments (0)

January 27, 2013

BOOMTOWN: Washington Passes Silicon Valley for Highest Median Income in U.S.

Brietbart:

Wealth in Washington, DC has surged to the highest median income in the United States, surpassing even tech mecca Silicon Valley, California.

With a median household income of $119,134, the Census Bureau reports that Loudoun County, Virginia now occupies the number one spot for the highest median U.S. income. The number two position belongs to Fairfax County, Virginia at $105,797. Arlington, Virginia comes in third at $100,735.

In fact, seven of the ten counties with the highest household incomes are in the Washington region.

These and other eye-opening facts are evidence of a new Washington “aristocracy” where wealth accumulation comes not from producing goods but from bloated government, said Government Accountability Institute President and Co-founder Peter Schweizer and Breitbart News Executive Chairman and GAI Co-Founder Stephen K. Bannon in a “Boomtown” one-hour Hannity special Friday night.

“America’s previous boomtowns became wealthy because they produced something,” said Schweizer. “This boomtown, its wealth comes from extracting it from the rest of the country. Boomtown is something that no one in Washington wants to talk about.”

Bannon agreed. “It’s not that money controls Washington, Washington controls the money,” said Bannon. “It’s the great unreported story of our time right now.”

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Posted at 10:18 AM in Economy | Permalink | Comments (1)

January 13, 2013

Trillion Dollar Coin Reveals the Monetary System in Death Throes

Eric Blair
Activist Post

I’m thrilled that the trillion dollar coin idea is being taken seriously by the establishment. Not because I think it is a viable solution to the national debt, necessarily, but because it shows just how close our monetary system is to reform.

First, for those not familiar with the trillion dollar coin; the idea is that the U.S. Treasury can coin any monetary value they want for whatever purpose they choose.

In this case the idea has been floated to Obama to avert the mandatory raising of the debt ceiling by coining a trillion dollar coin. In other words, Obama can use the coin to pay off a trillion in debt to allow an increase in federal spending without Congress’ approval.

Posted at 05:20 AM in Economy | Permalink | Comments (0)

January 11, 2013

Here’s How The Debt Ceiling Fight Could Delay Your Tax Refunds

Anyone counting on their tax refund to help pay for a vacation or take care of some leftover holiday bills could be in for a big disappointment this year, thanks to the debt ceiling impasse.

One of the first casualties of the government not being able to pay its bills is likely to be income-tax refund checks, which would be delayed as Washington pays essential bills first and until warring political factions settle their differences.

The U.S. government could hit its debt ceiling by mid-February, after which it would have to rely on tax receipts to operate. That would result in a partial shutdown where only essential services would be funded.

“It’s probably reasonable to assume there will be some delay” in tax refunds, said Steve Bell, senior director of economic policy for the Bipartisan Policy Center in Washington, D.C. “Normally, February is a very high income-tax refund month. People who anticipate refunds file as early as they can.”

Read the story here>>>>>>>>

Posted at 05:28 PM in Economy | Permalink | Comments (0)

January 09, 2013

U.S. Tax Code Longer Than the Bible — Without Good News

shutterstock.com

WASHINGTON (AP) — Too intimidated to fill out your tax return without help? Join the club.

At nearly 4 million words, the U.S. tax law is so thick and complicated that businesses and individuals spend more than 6 billion hours a year complying with filing requirements, according to a report Wednesday by an independent government watchdog.

That’s the equivalent of 3 million people working full-time, year-round.

“If tax compliance were an industry, it would be one of the largest in the United States,” says the report by Nina E. Olson, the National Taxpayer Advocate.

The days of most taxpayers sitting down with a pencil and a calculator to figure out their taxes are long gone, Olson said. Since 2001, Congress has made almost 5,000 changes to U.S. tax law. That’s an average of more than one a day. More>>>>>>>>>>>>>>>>>

Posted at 08:34 PM in Economy | Permalink | Comments (0)

December 11, 2012

Unemployment Is Not Going Down: The Employment Rate Has Been Under 59 Percent For 39 Months In A Row

Michael Snyder, Contributor
Activist Post

The corporate media is heralding the decline of the official unemployment rate to 7.7 percent as evidence that the U.S. economy is improving. But it is a giant lie. The truth is that unemployment in America is not actually going down. The percentage of working age Americans with a job actually dropped slightly in November. During the last recession, the percentage of working age Americans with a job fell from about 63 percent to under 59 percent and it has stayed there for 39 months in a row.

In September 2009, during the depths of the last economic crisis, 58.7 percent of all working age Americans were employed. In November 2012, 58.7 percent of all working age Americans were employed. It is more then 3 years later, and we are in the exact same place! So how in the world are they able to pretend that the "unemployment rate" is going down steadily? Well, they get there by pretending that hundreds of thousands of unemployed workers "leave the labor force" each month. According to the government, another 350,000 Americans left the labor force during November, and when you keep pretending that huge chunks of workers "disappear" each month it is easy to get the "unemployment rate" to go down. But anyone should be able to see that there is something really funny about these numbers.

Posted at 05:52 AM in Economy | Permalink | Comments (0)

December 10, 2012

The Coming Middle Class Tax Hike

Forward: Howard Dean is now saying the same thing. Obamaites to be taxed too!

BY: Andrew Stiles

Employee payroll taxes are scheduled to rise nearly 50 percent in 2013 absent action by lawmakers, and there is a growing sense that both parties might be willing to let that happen.

Party leaders have about five weeks to resolve a host of budget issues to avoid going over the “fiscal cliff,” the term used to describe more than $600 billion in automatic spending cuts and tax increases scheduled to occur on Jan. 1, 2013.

Much attention has been paid to the potential expiration of Bush-era tax income rates, but the looming expiration of the temporary payroll tax cut has been largely absent from those discussions.

The White House released a report Monday detailing the negative economic impact of allowing the Bush-era tax rates to expire for middle-income Americans. It contained no mention of the payroll tax cut, which by the White House’s own estimates affects roughly 160 million Americans and saves the typical middle class family $1,000 per year.

Read the Rest of the story>>>>>>>>>>>>

Posted at 03:41 PM in Economy | Permalink | Comments (0)

December 04, 2012

The True Disciple of Saul Alinsky

ByPatrick J. Buchanan

Treasury Secretary Tim Geithner's opening bid to Speaker John Boehner, a demand for $1.6 trillion in new taxes, was not meant as a serious offer. It was an ultimatum couched in an insult. Translation:

"We won the election. We have the whip hand. Not only are you going to sign on to higher tax rates and higher tax revenues, we are going to rub your Tea Party noses in your coming capitulation."

That Boehner did not throw the offer back in Geithner's face and tell him, "Give me a call, Tim, when you're serious," suggests that the speaker feels he is holding a losing hand.

Read the rest>>>>>>>>>>>>

Posted at 04:01 PM in Economy | Permalink | Comments (0)

November 29, 2012

The Giant Currency Superstorm That Is Coming To The Shores Of America When The Dollar Dies

Michael Snyder, Contributor
Activist Post

By recklessly printing, borrowing and spending money, our authorities are absolutely shredding confidence in the U.S. dollar. The rest of the world is watching this nonsense, and at some point they are going to give up on the U.S. dollar and throw their hands up in the air. When that happens, it is going to be absolutely catastrophic for the U.S. economy. Right now, we export a lot of our inflation.

Each year, we buy far more from the rest of the world than they buy from us, and so the rest of the world ends up with giant piles of U.S. dollars. This works out pretty well for them, because the U.S. dollar is the primary reserve currency of the world and is used in international trade far more than any other currency is. Back in 1999, the percentage of foreign exchange reserves in U.S. dollars peaked at 71 percent, and since then it has slid back to 62.2 percent. But that is still an overwhelming amount.

We can print, borrow and spend like crazy because the rest of the world is there to soak up our excess dollars because they need them to trade with one another. But what will happen someday if the rest of the world decides to reject the U.S. dollar? At that point we would see a tsunami of U.S. dollars come flooding back to this country. Just take a moment and think of the worst superstorm that you can possibly imagine, and then replace every drop of rain with a dollar bill. The giant currency superstorm that will eventually hit this nation will be far worse than that.

Posted at 09:34 PM in Economy | Permalink | Comments (0) | TrackBack (0)

November 28, 2012

Guest Post: We're Heading For Economic Dictatorship

Authored by Janet Daley via the Ludwig von Mises Institute of Canada (originally posted on The Telegraph),

Forget about that dead parrot of a question – should we join the eurozone? The eurozone has officially joined us in a newly emerging international organisation: we are all now members of the Permanent No-growth Club. And the United States has just re-elected a president who seems determined to sign up too. No government in what used to be called “the free world” seems prepared to take the steps that can stop this inexorable decline. They are all busily telling their electorates that austerity is for other people (France), or that the piddling attempts they have made at it will solve the problem (Britain), or that taxing “the rich” will make it unnecessary for government to cut back its own spending (America).

So here we all are. Like us, the member nations of the European single currency have embarked on their very own double (or is it triple?) dip recession. This is the future: the long, meandering “zig-zag” recovery to which the politicians and heads of central banks allude is just a euphemism for the end of economic life as we have known it.

Now there are some people for whom this will not sound like bad news. Many on the Left will finally have got the economy of their dreams – or, rather, the one they have always believed in. At last, we will be living with that fixed, unchanging pie which must be divided up “fairly” if social justice is to be achieved. Instead of a dynamic, growing pot of wealth and ever-increasing resources, which can enable larger and larger proportions of the population to become prosperous without taking anything away from any other group, there will indeed be an absolute limit on the amount of capital circulating within the society.

The only decisions to be made will involve how that given, unalterable sum is to be shared out – and those judgments will, of course, have to be made by the state since there will be no dynamic economic force outside of government to enter the equation. Wealth distribution will be the principal – virtually the only – significant function of political life. Is this Left-wing heaven?

Read the rest here>>>>>>>>>>>>

Posted at 10:52 PM in America in Prophecy, American's fight for America!, Economy | Permalink | Comments (0) | TrackBack (0)

November 26, 2012

Faber: Prepare for massive market meltdown

1918 flu epidemic: the Oakland Municipal Auditorium in use as a temporary hospital. The photograph depicts volunteer nurses from the American Red Cross tending influenza sufferers in the Oakland Auditorium, Oakland, California, during the influenza pandemic of 1918. (Photo credit: Wikipedia)

Forward by Bob Barney:

The world is heading for a great depression. Is it the one refrred to in Revelation. "The book's 18th chapter describes a dominant system of international trade supported by corrupt political and religious allies whose combined sins "have reached to heaven" (verse 5). The Bible also shows that the return of Jesus Christ will bring about the collapse and destruction of that global system.

"Before that happens, though, it will exercise for a short time immense control over the lives of the earth's inhabitants so that "no one may buy or sell" without its permission (Revelation 13:17). It will stringently regulate all international commerce.

"Prior to the recent economic crisis it would have seemed almost absurd to predict such a drastic global change in economic outlook and practice. After all, our society greatly values individual freedom. What could possibly induce the citizens of civilized nations to accept such intrusive controls over their right to buy and sell as they please?" quotes from: Will Global Economic Turmoil Precede Jesus Christ's Return?

Following this great worldwide depression comes the famines and diseases that will kill a billion or more people. The 1918 worldwide flu epidemic infected 500 million people. Between 20 million and 100 million people worldwide died in the 1918 flu pandemic. In the U.S., more than 500,000 died The 1918 flu epidemic killed more people in less time than any disease in modern history, killing mostly people in their 20's to 40's. The Bible claims that the final great epidemic make the one in 1918 look like a picnic!

Here is the latest story of concern:

(CNBC) — The markets are going to go into meltdown soon, so expect stocks to lose 20 percent of their value, Marc Faber, author of the Gloom, Boom and Doom report told CNBC on Tuesday.

“I don’t think markets are going down because of Greece, I don’t think markets are going down because of the ‘fiscal cliff’ — because there won’t be a ‘fiscal cliff,’ ” Faber told CNBC’s “Squawk Box.” “The market is going down because corporate profits will begin to disappoint, the global economy will hardly grow next year or even contract, and that is the reason why stocks, from the highs of September of 1,470 on the S&P, will drop at least 20 percent, in my view.”

Read the full story ›

Posted at 06:17 AM in A History Lesson, America in Prophecy, Bob Barney Commentaries, Economy | Permalink | Comments (0) | TrackBack (0)

Technorati Tags: Bible, Bob Barney, CNBC, Great Depression, Greece, Jesus, Jesus Christ, Marc Faber, The Plain Truth, Tuesday

November 25, 2012

Now Obama wants your 401(k)

Cover via Amazon

by Jerome R. Corsi Email | Archive Jerome R. Corsi, a Harvard Ph.D., is a WND senior staff reporter. He has authored many books, including No. 1 N.Y. Times best-sellers "The Obama Nation."

NEW YORK – Two years ago, as WND reported, the Obama administration was proceeding with a novel way to finance trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their retirement accounts.

Remarkably, those financial professionals specializing in private retirement savings and the U.S. citizens investing in private retirement plans now face the possibility the Obama administration and its allies on the political left will impose rules and regulations that effectively abolish the private retirement savings and investment markets.

Recent evidence suggests government officials continue to eye the multi-trillion dollar private retirement savings market, including IRAs and 401(k) plans, eyeing the opportunity to redistribute private retirement savings to less affluent Americans and to force the retirement savings out of the private market and into government-controlled programs investing in government-issued debt.

Government takeover?

Continue reading "Now Obama wants your 401(k)" »

Posted at 10:07 PM in American's fight for America!, Economy | Permalink | Comments (0) | TrackBack (0)

50 Charts That Explain Why ‘Dr. Doom’ Thinks We’re Headed Toward ‘Massive Wealth Destruction’

Marc Faber, noted investor and author of “The Gloom, Boom, & Doom Report,” has long held a pessimistic view of the global economy (they call him “Dr. Doom” for a reason).

But, you know, Faber’s pessimism may not be without reason. Perhaps things really are as bad as he says they are.

The following are 50 charts from Marc Faber that help explain why he thinks we’re headed toward “market meltdowns” and “massive wealth destruction”:

Read the story here>>>>>>>>>>

Posted at 09:25 AM in America in Prophecy, American's fight for America!, Economy | Permalink | Comments (0) | TrackBack (0)

November 18, 2012

Another Leftist Admits the Real Goal Is Taxing the Middle Class

Obama has staked out a very dogmatic and inflexible position on class-warfare tax hikes and he obviously wants all of us to think only the “rich” will be impacted.

I think it’s foolish to penalize investors, entrepreneurs, small business owners and other upper-income taxpayers. What nation, after all, has ever prospered by placing obstacles in front of those who create jobs? France? Don’t make me laugh.

But I’m also amazed that anyone believes Obama isn’t going to screw the middle class as well. The simple reality is that there aren’t enough rich people to finance big government.

There are some honest folks on the left who admit that they want ordinary people on the chopping block.

The New York Times endorsed higher taxes on the middle class in 2010.
The then-House Majority Leader Steny Hoyer also gave a green light that year to higher taxes on the middle class.
Earlier this year, MIT professor and former IMF official Simon Johnson argued that the middle class should pay more tax.
The Washington Post also called for higher taxes on the middle class this year, as did Vice President Joe Biden’s former economist.
A New York Times columnist also called for broad-based tax hikes on the middle class this year.

View Full Article

Posted at 06:39 AM in America in Prophecy, Economy | Permalink | Comments (0) | TrackBack (0)

November 06, 2012

Liberal Hypocrisy: Apple Paid Just 2% Tax On Overseas Profits

Tax (Photo credit: 401(K) 2012)

Apple paid less than 2% tax on its overseas profits, documents have revealed, after the technology giant slashed the amount foreign taxmen receive.

The iPad and iPhone creator paid $713bn (£445m) in corporation tax outside the US in the year to September 29 - despite foreign pre-tax earnings soaring more than 50% to$36.8bn (£23bn).

Papers filed with US regulators revealed Apple's overseas tax rate fell to 1.9%, compared to 2.5% the previous year amid a headline corporation tax rate in the UK of 24% and 35% in the US.

The slide in its overseas tax rate comes as the company sold 125 million iPhones, 58 million iPads and 13.5 million MacBook laptops worldwide.

Apple is the latest company to come under scrutiny for overseas tax payments after Amazon, Starbucks, Facebook and Google.

Read the story here>>>>>>>