Oil and Indians Don't Mix Bernanke's Next Parlor Trick A Tale of Two Depressions: World industrial production, trade, and stock markets are diving faster now than during 1929-30. Consumer borrowing plunges by $15.7B in April: The Federal Reserve said Friday the April decline was the second largest ever in dollar terms following March's drop of $16.6 billion. March's decline originally was reported as $11.1 billion, which had been the most on records dating to 1943. Most banks still getting weaker, analysis shows: First-quarter reports show bad loans increasing at 60% of banks Dead Banks Walking: The Federal Deposit Insurance Corporation (FDIC) list of problem banks grew to 305 in the first quarter, the highest number since 1994, but of course the names of those banks are not released so that depositors can be forewarned.
By Greg Palast
No oil company would dream of digging on the Bush family properties in Midland, Texas, without paying a royalty. Or drilling near Malibu without the latest in environmental protections. But when Natives are on top of Exxon's or BP's glory hole, suddenly, the great defenders of private property rights turn quite Bolshevik: lands can be seized for The Public's Need for Oil.Continue
By Mike Whitney
Master illusionist Bernanke is just arranging the props for his next big trick. The fact is, Bernanke anticipated the current wave of deflation and set up a straw man (the banks) to deal with it so it wouldn't look like he was simply printing more paper to finance the deficits. Continue
Saturday, 13 June 2009
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