Eurozone Economy Stalls

August 15th, 2014
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Six years after the onset of the global economic crisis, and despite trillions of euros in added government debt and unprecedented monetary easing by the European Central Bank (ECB), the Eurozone economy is dead in the water. Unemployment remains disastrously high, and the marginal GDP growth  of some of the smaller Eurozone countries was offset by poor data from France and Germany-the two countries comprise two thirds of the Eurozone’s GDP.

Germany’s economic data was especially bad. The largest economy in the monetary union contracted by 0.2 percent  in Q2 of 2014. In the same period, France experienced zero growth, while Italy entered a technical recession. On balance, the debt and money-printing supported economies of Europe stood  at zero GDP growth in the second quarter of 2014. And the worst may be yet to come. The economic sanctions imposed on Russia over the Ukraine crisis has resulted in retaliatory sanctions, which will inevitably hit the Eurozone in Q3 of this year. In addition, there are warning signs of an economic slowdown in China.  There are ill omens ahead for the Eurozone.

 

 

If Hillary Clinton runs for President of the United States  in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA:

 

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The Final Solution Of The Christian Arab Question In The Middle East

August 8th, 2014
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In 2003, as President George W. Bush  unleashed his invasion of Iraq-based on the false premise of WMDs- for the overarching goal of reengineering the Arab world to conform to Western notions of governance and economics, the Christian community of that ancient Mesopotamian land numbered 1.5 million, representing some 5 percent of the Iraqi population. At present, eleven years after the disastrous American intervention, the Christian community in Mesopotamia has dwindled by more than two thirds. How many remain is hard to estimate; credible figures range from under half a million to as low as 200,000, the latter estimate postulated by The Economist.  How ironic that the most powerful Christian-majority nation on the planet unleashed a series of events in the heart of the Arab world that may see the eventual  extinction of the nearly two-millennia old Christian community in Mesopotamia.

Christianity predates Islam in the Middle East by hundreds of years. With the establishment of the Arab empires following  the death of the Prophet Mohammed, particularly the Umayyad and Abbasid Caliphates, the status of minorities within the Islamic world became  defined as dhimma, an Arabic term defining the granting of a minority religion the right to practice their faith and establish communal institutions, but with restrictions and requirements that enshrined their submission to the Muslim state, including payment of a special tax, referred to in Arabic as the jizya. The dhimma status was granted to Christians and Jews, both peoples recognized as being “people of the book.” Other religious minorities were deprived of any protection, and regarded as pagan heresies.

Despite the rights granted under the dhimma status, the Christians in the Arab world never had an easy existence, even under the best of circumstances. Under the Caliphate of the Ottoman Turks, the plight of the Christians actually worsened. Nearly a century ago, approximately 1.5 million Armenian Christians died during  a massive ethnic cleansing campaign carried out by the Ottoman Empire during the early period of the First World War-the first genocide of the 20th century.

The period of European colonial rule that followed World War I, which included the creation of artificial, multi-ethnic and religious entities under the Sykes-Picot Agreement,  and subsequent independence of these nations after World War II, allowed a brief period in which Christians in the Arab world could coexist with the Muslim majority in a context where Arab nationalism temporarily transcended religious identity. That is no more.  The radioactive half-life of the U.S. military intervention in Iraq has demolished the thin veneer of secular nationalism that defined the post-World War II Arab Middle East, and opened a Pandora’s box of repressed 7th Century religious fanaticism that may well spell doom for the ancient Christian communities in much of the Arab world.

The recent onslaught of the armies of the Islamic State, under the brutal but militarily effective leadership of its self-appointed caliph, Abu Bakr Al Baghdadi, has led to the seizure of large swaths of territory in Iraq and Syria. The very heart of the Christian communities in Mesopotamia have now fallen under the control of the Islamic State.  The caliphate has made clear its attitude towards the Christians: they are “crusaders,” and therefore Islam’s number one enemy. In Mosul and other towns with substantial Christian  communities, the Islamic State quickly laid down its policy towards these beleaguered people; convert to Islam, pay the jizya tax or be put to death. Initially, they are also being allowed to flee with no more than the clothes on their backs. In short order, even that option will likely be denied them. The largest Christian town in Iraq, Qaraqosh, with a population of 50,000, has now fallen to the Islamic State. Their future is indeed dire.

Most movements that commit large-scale massacres typically keep their blood-soaked deeds secretive. With the Islamic State, the opposite is the case. The caliphate has placed on the Internet a score or more of videos displaying with boastful pride the mass shootings and beheadings of Shiites in Iraq and Alawites in Syria. If this is the manner in which the Islamic State deals with Muslims who don’t follow the Sunni  tradition, can there be any doubt as to the ultimate fate that will befall the Christians of the Arab world who fall under the control of Abu Bakr Al Baghdadi and his fanatical followers?

A horrific fate awaits the Christians in the Arab world, particularly in Iraq and Syria. Yet, the world is silent. The progressive leftwing has its own ideological agenda, to which the Christians of the Middle East are irrelevant. The two most powerful Christian-majority countries, the United States and Russia, are too distracted by a crisis both nations manufactured over another Christian-majority country, Ukraine, to intervene and prevent the unfolding slaughter.

The first genocide of the  twenty-first century approaches, yet the world displays profound indifference. As we all bear witness to another mass extermination  in human history, it is a scathing reminder that the capacity of the human race to forget the lessons of the past remains daunting.

 

If Hillary Clinton runs for President of the United States  in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA:

 

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Italian Economy Slips Back Into Recession

August 7th, 2014
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Italy, which has the 4th largest economy in the European Union,  is technically back in recession. According to official economic  data, the Italian economy in Q2 of 2014 contracted by 0.2 percent. This marks the second consecutive quarter of negative economic growth, thus meeting the technical definition of an economic recession.

Italy’s politics are a mess. Its judiciary is a mess.  It has a large untaxed underground economy, contributing to massive fiscal deficits. Despite some highly skilled entrepreneurs and impressive industrial sectors, the Italian economy is uncompetitive on the global market, particularly in comparison with its northern neighbor, Germany. Then again, Italy’s economic woes are no worse, and in many cases better, than other European economic basket cases, including Spain and Greece.

 

If Hillary Clinton runs for President of the United States  in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA:

 

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Argentina Defaults On Sovereign Debt

August 1st, 2014
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For the second time since 2001, Argentina, the third largest economy in Latin America with a GDP of approximately 400 billion dollars, has defaulted on its sovereign debt. The cause this time is related to its previous default; hedge funds holding  bad debts from the previous default have successfully employed legal means to prevent Buenos Aires from paying current servicing on its restructured debt.

These hedge funds that seek out defaulted loans are commonly referred to as vulture funds. They buy up bad debts at a fraction of their face value, then they employ aggressive legal  tactics to force the defaulting sovereign to cough up substantial payments to the investors, reaping in the process massive profits.

I can think of no better metaphor explaining the mendacious economic distortion of modern-day capitalism.

 

 

 

If Hillary Clinton runs for President of the United States  in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA:

 

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Malaysian Airlines Massacre: Vladimir Putin and Katyn Forest Version 2.0 Massacre: Vladimir Putin and Katyn Forest Version 2.0

July 22nd, 2014
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The horrific destruction of Malaysian Airlines flight MH17 is one of those rare events that shocks the conscience of the entire world. While an objective investigation has been rightly called for to uncover the full truth behind this horrific crime, is it unlikely that such truth will be easily discoverable. The President of the Russian Federation, Vladimir Putin, simultaneously  condemned as a rush to judgment finger-pointing at his government, called for a full investigation and simultaneously stated for the record that-without a doubt-the Ukrainian government was responsible.  Meanwhile, Putin’s Russian militias in Eastern Ukraine, suspected by most of the world of being behind the anti-aircraft missile firing that doomed MH17, have seized control of the debris field, where dead bodies, many of them fragmented, lay amid a million shattered metallic pieces of the destroyed Boeing 777. The allegations and observations made by journalists on the scene that these militias have shown disrespect for the human remains of the victims, engaged in theft, evidence tampering and appeared often to be drunk has presented the world with an unedited as well as unflattering portrait of Vladimir Putin’s Ukrainian policy as executed on the ground by the Kremlin.

In a previous blog pierce, written after Putin seized control of the Crimean peninsula from Ukraine, I warned of the dangerous path the Russian president appeared to be pursuing, and suggested a better alternative for serving Russia’s legitimate security and cultural interests in Ukraine, namely  replicating a modern version of Soviet dictator Joseph Stalin’s policy towards Finland after World War II, what became known as Finlandization. Instead, Putin appears to have chosen a different model, one that was created by the CIA in the 1980s when it launched a covert war against Nicaragua with armed militias known as the Contras. In effect, Putin’s Russian militias operating in Eastern Ukraine bear stark resemblance to the Contras in form and substance.

The deliberate stifling of initial attempts to effect a proper investigation of the MH17 crash scene has aroused deep horror and indignation around the world, but especially in the Netherlands-of the 298 passengers and crew murdered in this atrocity, 193 were citizens of that small country. All this suggests that Mr. Putin has drawn the wrong lessons from Stalin. Instead of Finlandization, he appears to be implementing an updated version of the Katyn Forest episode, one of the darkest chapters in Russian history.

Katyn Forest outside Smolensk, Russia was the site where thousands of Polish prisoners of war, officers and NCOs, were murdered in cold blood  by the Soviet secret police, the NKVD, in 1940. In 1939 these men were captured by the Russians when Stalin signed his infamous pact with Hitler, which included a secret protocol for dividing  Poland between the two dictatorships. Stalin had the Polish officers shot to eliminate a potential obstacle towards imposing communism on the part of Poland occupied by the Soviet Union. In 1943, two years after Germany stabbed Stalin in the back and invaded Russia, Katyn Forest, which was then occupied by the German army, became the site of a major excavation. The Nazis had learned about the executions, leading them to uncover the mass graves. The Germans of course were committing the equivalent of many Katyn massacres themselves at that time; they cynically exploited the discovery  of Stalin’s crime to drive a wedge between the Allied nations confronting Hitler though a massive propaganda campaign. However, in the fall of 1943, the Russian army reoccupied Katyn Forest, and from that time on, the Soviets engaged in a large-scale cover-up program, involving the creation of fraudulent documents, phony forensic examinations and sham witnesses. The cover-up was very elaborate, though practically no one in Poland believed the official Soviet line about the massacre. In 1990, in the dying moments of the Soviet Union, President Mikhail Gorbachev officially admitted that the Katyn massacre was the responsibility of the Soviet secret police, and was carried out on Stalin’s orders.  Putin’s predecessor, Boris Yeltsin, released archives pertaining to the Katyn massacre, including a document bearing Stalin’s signature authorizing the mass executions.

Unlike the Katyn Forest massacre, the slaughter of the innocent victims of MH17 was unlikely due to deliberate intent. If it was Russian militias that shot down the plane with missiles supplied on Putin’s orders, perhaps with direct assistance from Russian army personnel, it is most likely the culprits thought they were targeting a Ukrainian military transport plane rather than a civil aviation aircraft. From this point on, however, the similarities with Katyn became haunting and profane. Putin’s media outlets are already claiming that a Ukrainian fighter jet shot down MH17, believing it was a Russian aircraft carrying President Putin himself. It appears that the early stages of the cover-up are being engineered in Moscow.

As with Stalin’s cover-up of the mass murder at Katyn Forest, there are people who will believe Putin’s propaganda, no matter how ridiculously contrived. For example, the retired Cuban dictator, Fidel Castro, rushed off a pompous declaration in the form of a commentary, which appeared in the official Cuban Communist Party newspaper, Granma (http://www.granma.cu/idiomas/ingles/cuba-i/18julio-fidel.html). Seething with indignation, Castro denounced the “unheard of news that a Malaysia Airlines passenger plane had been hit at an altitude of 10,100 meters as it flew over Ukrainian territory, along a route controlled by the war-hungry government of chocolate king, Petro Poroshenko.”  The retired dictator wrote further that he  ”cannot refrain from expressing our repudiation of the action of the anti-Russian, anti-Ukrainian and pro-imperialist government.” So in the eyes of Castro, the Ukrainian President shot down MH17. On the other hand, Venezuela’s Ministry of Foreign Affairs released an official statement declaring that the United States is responsible for the downing of MH17 (http://www.eluniversal.com/internacional/140718/venezuela-acusa-a-estados-unidos-y-la-otan-de-tragedia-de-malaysia-ari).

Those exceptions are overwhelmed by the near-universal revulsion at the emerging cobbling-up of a cover-up of Russia’s complicity in the Malaysian Airlines massacre. I don’t know if Putin is pursuing a Katyn Forest-style cover-up of his government’s complicity in the MH17 shoot down out of ignorance of the growing disgust being aroused throughout the world, or if he really believes this obstruction of the truth will somehow serve Russia’s geopolitical interests. If the Russian president were to truly analyze the situation objectively, he would come to realize that allowing the full truth to come out, even if it were to show that a bad policy decision was made in supplying advanced anti-aircraft missiles to the militias in Eastern Ukraine, would be far less injurious to Russian national interests and his nation’s standing in the world, than unleashing its state-sponsored propaganda machine to concoct a sinister remake of the Katyn massacre cover-up.

 

 

If Hillary Clinton runs for President of the United States  in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA:

 

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Does Abu Bakr al-Baghdadi And His Islamic Caliphate Mark The Beginning Of The Third World War?

July 7th, 2014
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As the world mark’s the 100th anniversary of the First World War, the self-proclaimed  Caliph of the Islamic State, Abu Bakr al-Baghdadi, made his first public appearance at the Great Al-Nuri Mosque in Mosul, Iraq. In a fiery sermon, the man who claims to be the leader of the first Islamic caliphate since 1924 in effect declared war against the non-Islamic world. Across the globe, especially in Europe and America, his words were greeted with ridicule and scorn.  I would urge a less dismissive and much more analytical response.

Just like the Meccans who fourteen  centuries ago dismissed the Prophet Mohammed, only to later submit to him as the founder of the world’s second largest religious community, Abu Bakr al-Baghdadi is currently seen as nothing more than a transient figure. This reaction should be tempered by remembrance of a previous dismissal, especially  by American policy makers, when Osama bin Laden issued his fateful fatwa in 1996 declaring war on the United States.

In his sermon,  al-Baghdadi makes clear that the formation of the Islamic Caliphate is merely a means to an end. That end is defined in terms as brutally stark as they are unambiguous: revenge. In the words of the new caliph, “By Allah, we will take revenge! Even if it takes a while, we will take revenge, and every amount of harm against the ummah will be responded to with multitudes more against the perpetrator.” (https://ia902501.us.archive.org/2/items/hym3_22aw/english.pdf)

 

Who are the targets of al-Baghdadi’s uncompromising hatred? In general terms, he defines them as ” the crusaders and the atheists, and the guards of the Jews!” In addition, those political rulers within the Muslim world who, in his view, are agents of the above enemies, are also included on the target list. This would include advocates within the Islamic world for pluralistic democracy, since this contradicts, in al-Baghdadi’s worldview, the will of Allah, as manifested in Islam’s shariah law.

 

Much of Abu Bakr al-Baghdadi’s polemic was devoted to annunciating contemporary grievances against the Muslim world which, in his strident mindset, cry out for a powerful vengeance. More than twenty specific references were made in al-Baghdadi’s sermon. Perhaps surprisingly, the Israel-Palestine conflict ranked only seventh on the Caliph’s list, preceded  by references to violence against Muslims in Burma, Kashmir, the Philippines, Bosnia and the Caucasus. The offending states include Russia, India and China, as well France (its sin being laws passed by the nation’s legislature for promoting the separation of church and state, which included restrictions on the wearing of the hijab).  Iran is also singled out as anti-Islamic, its Shiite form of Islamic governance regarded as apostasy and heresy, the most  grievous of all anti-Islamic offenses in the eyes of Abu Bakr al-Baghdadi and his followers.

 

In Islamic jurisprudence and shariah texts, holy war or jihad can be conducted against unbelievers and apostates. An extension of this theological rationale for waging war in the name of God is the division of the world into the House of Islam and the House of War, the latter encompassing the unbelievers and apostates. Abu Bakr al-Baghdadi  has very dramatically appealed to his followers in a warlike sermon, calling on them to follow him as their leader as he wages war for the propagation of Islam by exacting revenge on the entirety of our planet that falls outside the new Caliph’s definition of the House of Islam.

 

There will be a tendency to ignore or belittle Abu Bakr al-Baghdadi in much of the world. However, irrespective of what one may think of his merciless manner of waging war and general lack of humanity, I think that, looked at objectively, there can be no denying that Caliph Abu Bakr al-Baghdadi is a remarkably  charismatic and able leader of the international jihadi movement.

 

Extremist notions in religion are not the monopoly of Islam. In times past, the most savage religious wars have been waged in the name of Christianity. In the seventeenth century  the Thirty-Years War between Protestants and Catholics  wiped out one third of Germany’s population.  In 1850 Hong Xiuquan, a Chinese religious fanatic, became convinced he was the younger brother of Jesus Christ, chosen by God to bring Christianity to China through the sword, and he launched the Taiping Rebellion. When the rebellion was finally suppressed in 1864, between twenty and forty million Chinese were slaughtered, making this religious war the second bloodiest military conflict in history. And that was with weapons that were very primitive by current standards.

 

The lessons of history itself should compel us to take Abu Bakr al-Baghdadi’s promise to wage a ferocious worldwide war of vengeance against those he sees as the enemies of God with the utmost seriousness. His sermon in Mosul may very well mark the opening shots of the Third World War, and the most ferocious religious conflict since the Taiping Rebellion.

 

 

 

 

 

If Hillary Clinton runs for President of the United States  in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA:

 

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U.S. Economy Contracted By Nearly Three percent In First Quarter of 2014

June 25th, 2014
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Blame it on the weather, the pundits are already chiming. But no amount of verbal acrobatics can disguise the fact that the U.S. economy experienced its worst performance in Q1 of 2014 since the dark days of 2009, following in the wake of the global economic and financial crisis. According to the U.S. Commerce Department, revised figures show the American economy contracted at a rate far worse than the originally reported decline of 1 percent; the updated figure is a  contraction in the first quarter of 2.9 percent.

The same spin masters claiming this very bad performance for the U.S. economy was due to unusually cold weather are already predicting a very strong rebound in the next quarter. However, if one looks deeply at the data released by the Commerce Department, a big factor in the Q1 contraction was a decline of 8.9 percent in exports. What is left unexplained by the “experts” is how a contraction in exports by nearly nine percent was created by cold weather conditions.

If Hillary Clinton runs for President of the United States  in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA:

 

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Iraq Crisis Threatens Global Economy

June 13th, 2014
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The latest news from Iraq clearly has geopolitical implications. No less important are the economic ramifications.  The Iraq war, which began with the U.S. invasion in 2003, is entering a new phase, and perhaps far more dangerous territory.

A Salafist-Islamist  insurgent group which goes by the acronym in English of ISIS (and by other acronyms and names as well), said to be to the right of Al-Qaeda (if that is even possible), has seized Iraq’s second largest city, Mosul, with a population of approximately two million. ISIS has seized others towns and strategic locations, while boasting of a march on Baghdad. The Iraqi army appears to be crumbling.

Amid talk of the United States getting back into the Iraq war, or Iran intervening directly with its own military forces , the price of oil has begun to spike. Normally, any military conflict, especially in the Persian Gulf region, will elevate the per barrel price of oil. However, another factor is at play. Just as Iraq was approaching the pre-2003 level of petroleum extraction, the internecine conflict’s escalation into outright civil war threatens to torpedo any meaningful exports of Iraq’s crude oil in the future.

A disruption in the supply of Iraq’s oil on the world market could create a cascading effect on oil prices, already at $110 per barrel and climbing. It should be remembered that in the summer of 2008 oil’s climb to a price north of $140 per barrel was a key element in the unleashing of the global economic crisis, from which a feeble recovery is still underway. The global economy is  fragile and vulnerable to another oil shock.

Among all the calculations being weighed in Washington, Tehran  and elsewhere, policymakers must understand that the growing signs of disintegration of the unified Iraqi state, among other crises in the Middle East, may foreshadow a repetition of the oil price crisis of 2008. The unraveling of the American-installed Iraqi political structure may be a harbinger to a return to oil scarcity and elevated oil prices, with all the attendant negative effects on the global economy.

 

 

If Hillary Clinton runs for President of the United States  in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA:

 

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The U.S. National Debt: Can The Federal Reserve Perform Fiscal Alchemy Forever?

May 23rd, 2014
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In the year 2000, as George W. Bush assumed the role of 43rd president of the United States, America’s national debt stood at $ 5.7 trillion, while the annual GDP was $10.7 trillion. Now, fourteen years later, with the U.S. GDP standing at $16.2 trillion, the gross national debt exceeds $17.5 trillion. The numbers are so massive, they numb our consciousness and render America’s fiscal reality incomprehensible. Thus explains the lack of public arousal over the size of the country’s federal government debt. What cannot be understood-or explained- is deemed irrelevant to the public at large. After all, what impact could the nation’s archaic fiscal bookkeeping have in the lives of the average citizen?

History, however, teaches a very different lesson. The historical record on the rise and fall of major powers reveals more often than not that the sovereign’s fiscal insolvency is more likely to lead to its demise than military defeat. Witness the break-up of the Soviet Union, and the British and French empires in the last half of the twentieth century.

A look at the statistics of the U.S. national debt tells a story of fiscal nirvana. Between  2000 and 2014 America’s GDP grew, in nominal terms, by 51 percent. In that same period, the national debt increased by more than 200 percent.  In other words, during the past decade and a half, the U.S. national debt has grown at four times the rate of its national economy. This would appear to be an unsustainable expansion of the national debt, yet there appears to be no obvious signs of economic or financial crisis afflicting the nation, despite the clear fiscal trajectory.

Appearances are deceiving, owing to a unique institution, the Federal Reserve, and equally unique status of the American dollar as the  global reserve currency. The unprecedented interventions  enacted by the Federal Reserve since the onset of the global financial and economic crisis in 2008, including quantitative easing and debt monetization, have had the effect of artificially depressing interest rates the U.S. Treasury pays on its debt instruments. At times, America’s bonds have sold widely on the global debt market, despite paying near zero interest rates. To put this monetary and fiscal alchemy into perspective, in 2000 the U.S. made $362 billion in interest payments; the figure for 2013 was $415 billion, despite the national debt that year being three times larger than in 2000. Factoring in the growth in the federal budget over that same period, the proportion of federal outlays devoted to debt servicing costs in 2013 was actually significantly lower than was the case in 2000.

What this all means is that the United States has no fiscal problem, as long as the Federal Reserve can maintain artificially low interest rates in perpetuity. Failing that, when interest rates return to normal levels, America’s fiscal reality will become mathematically unsustainable, leading to a profound budgetary crisis. When that happens cannot be predicted, but it is a matter of metaphysical certainty that it will, and when that dreaded day occurs, it will be beyond the capacity of Washington’s policymakers, including the Federal Reserve, to conjure up a solution devoid of pain.

 
 

If Hillary Clinton runs for President of the United States  in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA:

 

 

 

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U.S. Economic Crisis Remains A Job Crisis

May 7th, 2014
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About four years into the supposed end of the Great Recession,  the proclaimed recovery of the U.S. economy remains one that is largely jobless, as well as being artificially goosed and propped up by massive bouts of monetary stimulus, known as quantitative easing, by the Federal Reserve. Thus, the April jobs report has been heralded as great news by pundits, claiming that the American economy that month created 288,000 net new jobs, and that the official unemployment rate has declined to 6.3 percent. Sounds like good economic news-but not so fast.

The economics correspondent for the British newspaper The Telegraph, Ambrose Evans-Pritchard, has waded into the details of official employment and workplace participation statistics in the United States, and found that in fact the non-farm workforce in the U.S. actually declined by 806,00 in April and overall labor participation in the U.S. has declined to a miserable 62.8 percent of the population. Thus, it is able-bodied men and women who have left the labor force due to discouragement that has driven down the unemployment rate, and not new job creation. The U.S. economy, which officially grew by a measly 0.1 percent in the last quarter (essentially no-growth),  is still dependent on massive monetary stimulus and large government deficits. Meanwhile, monetary stimulus is losing its economic punch, while distorting the economy through the creation of massive asset bubbles. The Fed recognizes this, and is well into its tapering back of quantitative easing.

From every perspective, the American economy does not look nearly as good as it is being described in official circles, and ditto for much of the rest of the world, still mired in the great global economic crisis.

 

 

If Hillary Clinton runs for President of the United States  in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA:

 

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