WAKE UP SHEEPLEZ...

"For what avail the plough or sail, or land or life, if freedom fail?" - Ralph Waldo Emerson


A warning on a Republican website...
http://rmcpac.com/blog/what-would-life-be-under-martial-law


A Market Forecast That Says ‘Take Cover’


Roubini Sees Euro Zone '10 Growth "Closer to Zero"


Illinois facing 'outright disaster' amid budget crisis


The Clock is Running Out


40% of Florida Home Sales are Foreclosures


Fed Made Taxpayers Unwitting Junk-Bond Buyers


Gold Miners and Explorers Face Serious Supply Problems


Pelosi: Unemployment Checks Fastest Way to Create Jobs


Market's Swoon Prompts Fear of the Dreaded "Death Cross"


A Depressing Thought: Deflation


Pending Home Sales Plunge Record 30%


Layoffs Climb as Housing Slump Deepens


Just the start...
1.3 Million Unemployed Won't Get Benefits Restored


Stock Futures Head Lower to Open Third Quarter


New Jobless Claims Rise in Sign of Weak Job Market


Global Markets on "Cliff Edge" Amid Fears Over European Banks


Ambrose Evans-Pritchard: Time to Shut Down the US Federal Reserve?


Suiting Up for a Post-Dollar World


US Money Supply Plunges at 1930s Pace and Housing Index Dives


UK Manufacturing Outlook Follows Euro-Zone Slowdown


CBO Says Debt Will Reach 62% of GDP by Year's End


Jim Sinclair’s Commentary
The dollar, like all fiat currencies, is no storehouse of value for your life’s work.
Over 40 US States are headed just this way.

Illinois Stops Paying Its Bills, but Can’t Stop Digging Hole By MICHAEL POWELL Published: July 2, 2010
CHICAGO — Even by the standards of this deficit-ridden state, Illinois’s comptroller, Daniel W. Hynes, faces an ugly balance sheet. Precisely how ugly becomes clear when he beckons you into his office to examine his daily briefing memo.
He picks the papers off his desk and points to a figure in red: $5.01 billion.
“This is what the state owes right now to schools, rehabilitation centers, child care, the state university — and it’s getting worse every single day,” he says in his downtown office.
Mr. Hynes shakes his head. “This is not some esoteric budget issue; we are not paying bills for absolutely essential services,” he says. “That is obscene.”
For the last few years, California stood more or less unchallenged as a symbol of the fiscal collapse of states during the recession. Now Illinois has shouldered to the fore, as its dysfunctional political class refuses to pay the state’s bills and refuses to take the painful steps — cuts and tax increases — to close a deficit of at least $12 billion, equal to nearly half the state’s budget.
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Jim Sinclair’s Commentary
The forever part is real. When accountants and lawyers run businesses only profit matter.
The cost will certainly overshadow any of the profits made by exporting manufacturing.

7.9 million jobs lost, many forever Chris Isidore, senior writer, On Friday July 2, 2010, 11:46 pm EDT
The recession killed off 7.9 million jobs. It’s increasingly likely that many will never come back.
The government jobs report issued Friday shows that businesses have slowed their pace of hiring to a relative trickle.
"The job losses during the Great Recession were so off the chart, that even though we’ve gained about 600,000 private sector jobs back, we’ve got nearly 8 million jobs to go," said Lakshman Achuthan, managing director of Economic Cycle Research Institute.
Excluding temporary Census workers, the economy has added fewer than 100,000 jobs a month this year — a much faster and stronger jobs recovery than occurred following the last two recessions in 2001 and 1991.
But even if that pace of hiring were to double immediately, it would take until 2013 to recapture the lost jobs. And the labor market very likely doesn’t have years before it gets hit with the shock of the inevitable next economic downturn.
"It’s virtually certain that the next recession will come before the job market has healed from the last recession," said Achuthan.
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