The Ecstasy of Empire: How Close Is America’s Demise?
The Eastern Sierra Speaks
The Ecstasy of Empire: How Close Is America’s Demise?
Categories: Economy, Credit Implosion, 1793 wordsSend feedback •Without a revolution, Americans are history
(Roberts means an economic revolution, not a violent overthrow of the government. PF)By Paul Craig Roberts
Global Research, August 16, 2010
The United States is running out of time to get its budget and trade deficits under control. Despite the urgency of the situation, 2010 has been wasted in hype about a non-existent recovery. As recently as August 2 Treasury Secretary Timothy F. Geithner penned a New York Times Column, “Welcome to the Recovery.”
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Homeowners' Rebellion: Could 62 Million Homes Be Foreclosure-Proof?
Categories: Local Politics, Credit Implosion, 2289 wordsSend feedback •The financial juggling that helped cause the 2008 crisis may be coming back to haunt banks—and help homeowners.
by Ellen BrownOver 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry. A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut makes it impossible for banks to establish their ownership of property titles—and therefore to foreclose on mortgaged properties. The logical result could be 62 million homes that are foreclosure-proof.
Time to plan for post-Keynesian era
Categories: Credit Implosion, 892 words2 feedbacks •Jeffrey Sachs was on Fareek Zakaria's show Sunday. Here finally is an economist who thinks like me. He is very sceptical of full resurrecting our consumer society and wants lots of infrastructure investment, much of it in renewable energy.
By Jeffrey Sachs
Published: June 7 2010Mainstream Keynesian economics is facing its last hurrah. The global fiscal stimulus championed last year by the Obama administration is coming undone, repudiated by the same Group of 20 that endorsed it last year. Now, against a backdrop of a widening sovereign debt crisis, we need to abandon short-term thinking in favour of the long-term investments needed for sustained recovery.
Categories: Credit Implosion, 0 words2 feedbacks •
America is Insolvent. Why Would China's Rating Agency Rate US Sovereign Debt AA When it is No Better Than Junk?
Categories: Credit Implosion, 3308 words2 feedbacks •By Matthias Chang
URL of this article: www.globalresearch.ca/index.php?context=va&aid=20176
Global Research, July 19, 2010
For all intent and purposes, the United States is insolvent.
This is not my personal assessment but that of world renowned “experts” and economists, and financial institutions. Just google “US Debts” and you can find thousands of analysts stating that there is no way that the US can ever pay off its debts. The US cannot even liquidate the accumulated interest on the outstanding debts. The debts are in the trillions!
