Daily Digest

Daily Digest 2/25 - Ray Of Hope For Somalia, Greek Debt Exclusive, China's Steady Stance Towards Europe

Saturday, February 25, 2012, 11:42 AM
  • 55 Reasons Why The U.S. Economy Is NOT On The Right Track In 2012
  • Greek Debt Exclusive: Default Planners 'Falling Out Over Firewall
  • Somalia's Future: A Ray Of Hope
  • Mali clashes displace nearly 130,000, UN warns
  • The Horrifying Atrocities in the U.N. Report on Syria: A Primer
  • China's Steady Stance Toward Europe
  • The Economic Outlook for Canada is Dire Says the Bank of Canada
  • Stockton, California may halt bond payments

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Economy

55 Reasons Why The U.S. Economy Is NOT On The Right Track In 2012 (David B)

As you read this, there are more than 6 million mortgages in the United States that are overdue.

Greek Debt Exclusive: Default Planners 'Falling Out Over Firewall) (Penny P)

“Mario then leveraged the amount he’d been given as collateral. Given his position and influence, it wasn’t hard. Without pulling this scam [to avoid the amount appearing on the ECB's market intervention charts or in its books] the Central Bank couldn’t have splashed out the liquidity it did.”

I am told that the operation is continuing – and will be used to fund the next round of voracious private eurobank appetite for liquidity.

Somalia's Future: A Ray Of Hope (jdargis)

The plan’s timing is propitious, as the Shabab militia, which has for the past few years controlled the biggest swathe of Somalia, mainly in the country’s south and centre, has recently lost ground and popularity. Ethiopian and Kenyan forces, with logistical backing from the Americans, French and British, have squeezed it in a pincer movement from the west and south. Moreover, the Shabab failed to feed the people in its zone of influence during last year’s terrible drought. The Shabab’s refusal to allow Western agencies such as Oxfam and the International Committee of the Red Cross into its territory is said to have alienated many of its former supporters.

Mali clashes displace nearly 130,000, UN warns (jdargis)

The Azawad National Liberation Movement (MNLA), which wants independence for the northern region of Mali, took up arms last month and has launched attacks on northern towns and army bases.

It came after many Tuareg fighters returned from Libya, where they had fought alongside Col Muammar Gaddafi's forces.

The Horrifying Atrocities in the U.N. Report on Syria: A Primer (jdargis)

“Starting in early November 2011, the level of violence between State forces and anti-Government armed groups increased in areas of Homs, Hama, Rif Dimashq and Idlib governorates with a strong presence of such groups. State forces withdrew from and then surrounded many of these areas. Army snipers and Shabbiha gunmen posted at strategic points terrorized the population, targeting and killing small children, women and other unarmed civilians. Fragmentation mortar bombs were also fired into densely populated neighbourhoods.”

China's Steady Stance Toward Europe (David B.)

When there was some disappointment in Europe that China (NYSEArca:FXP) failed to immediately ride to the rescue, it was pointed out that of China’s $3.2 trillion in currency reserves, estimates of perhaps as much as $800 billion of that, or one quarter, are invested in Europe. This apparently included sovereign debt and other instruments. China had no wish to expand this to include what by any measure would have to be considered high risk investments.

The Economic Outlook for Canada is Dire Says the Bank of Canada (nedyne)

The report also confirms the statement made by many investment experts, such as Peter Schiff and here at TDV, that capital flight into government debt is crowding out private investment. This is part of what is prolonging the depression. Instead of financing economic recovery through investment in new ventures, projects and economic reorganization, primary dealers are instead simply financing the growth of government. This only further dampens the private economy and forms the vicious cycle that is sure to keep the economy in a recession.

Stockton, California may halt bond payments (June C.)

Stockton faces a budget deficit of about $20 million in its next fiscal year, Deis said. Spending has already been slashed dramatically, and Diaz said further cutbacks alone cannot bridge the gap and that mediation with creditors was essential.

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6 Comments

saxplayer00o1's picture
saxplayer00o1
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Israeli attack on Iran might pull U.S. into new war

Israeli attack on Iran might pull U.S. into new war

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wags999
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Israeli attack on Iran might pull U.S. into new war

Many, including Gerald Celente have been predicting this for sometime. What better way for an administration to distract the public from what is happening in the economy, than start a war.  And, Americans have a history of not wanting to change administrations during war time.  Late summer early fall could be a very interesting time...sadly.

saxplayer00o1's picture
saxplayer00o1
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Denny Johnson's picture
Denny Johnson
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Posts: 324
From 55 Reasons Why The U.S. Economy Is NOT On The Right Track

From the above:

55 Reasons Why The U.S. Economy Is NOT On The Right Track In 2012

#6 According to Gallup, the unemployment rate was at 8.3% in mid-January butrose to 9.0% in mid-February.

#32 Today, 46% of all Americans carry a credit card balance from month to month.

#34 The average interest rate on a credit card that is carrying a balance is now up to 13.10 percent.

#42 To get the same purchasing power that you got out of $20.00 back in 1970 you would have to have more than $116 today.

Bad news, eh?

But it isn’t just our economy that is decaying.

We are witnessing a tremendous amount of social decay as well.  As I wrote about the other day, America is rapidly decomposing right in front of our eyes.

When the water level of a river drops far enough, it will reveal rocks that have been hidden from view for a very long time.  Well, a similar thing is happening in America right now.  For decades, our debt-fueled prosperity has masked a lot of the social decay that has been going on.

But now that our prosperity is evaporating, a lot of frightening stuff is being revealed.

Unfortunately, another major financial crisis is rapidly approaching and economic conditions in the United States are going to get a lot worse.

So what is our country going to look like when that happens?

That is a very good question.

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littlefeatfan
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3E links, cartoons, and resources

posted at  http://3es.weebly.com/ 


saxplayer00o1's picture
saxplayer00o1
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Posts: 2631
Wyoming lawmaker introduces doomsday bill

Wyoming lawmaker introduces doomsday bill

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