Down the Road to Serfdom It's a Worldwide Crash The End of American Hegemony
We're on "The Edge of The Abyss”
By Mike Whitney
People are scared and removing their money from the banks and money markets which is intensifying the freeze in the credit markets and driving stocks into the ground like a tent stake. Meanwhile, our leaders are "caught in the headlights", still believing they can "finesse" their way through the biggest economic cataclysm since the Great Depression. It's madness. Continue
By Ann Berg
So here we are: a phony monetary system, $3 trillion wasted on wars, and a citizenry mired in debt. And what does Congress do? It adds more debt – a trillion dollars, just for starters, since once starting down this slippery slope, it won't be able to stop. Continue
By Jim Cramer
We know the truth now. The Fed has been put out to pasture, a victim of being theoretical, not practical, an organization that simply didn't take seriously those of us who warned them in person and on TV. Continue
By Paul Craig Roberts
Bush’s wars and economic policies are destroying the basis of the US dollar as reserve currency. The day the dollar loses its reserve currency role, the US government cannot pay its bills in its own currency. The result will be a dramatic reduction in US living standards. Continue
Financial crisis: Stock market suffers its worst fall in history: The UK stock market has suffered its worst one-day fall in history as the banking crisis intensified.
Global markets in meltdown as London and New York shares plunge to four-year low: London shares had £100bn wiped off their value today in the biggest ever fall as the bank crisis swept around the world. The FTSE-100, which had at one point collapsed by 430 points or nearly 9%, closed 391.1 down at 4,589.2.
Worst-case scenario is approaching rapidly: The credit crisis, which has been building slowly for the past year, is now moving so fast that governments around the world are finding it impossible to keep pace.
Credit doors are closing : A crucial source of financing for companies and banks is making some ominous grinding sounds. The market for commercial paper, which is high-quality, short-term debt, shrank by a record $95 billion last week, to $1.6 trillion, according to the U.S. Federal Reserve. That's down from nearly $2 trillion before the credit crunch.
Full of Doubts, U.S. Shoppers Cut Spending: Cowed by the financial crisis, American consumers are pulling back on their spending, all but guaranteeing that the economic situation will get worse before it gets better.
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