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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
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Here comes the cavalry! Fed saves Europe's banks as ECB stands pat

Here comes the cavalry! Fed saves Europe's banks as ECB stands pat | Countdown to Financial Armageddon | Scoop.it

The Eurozone's banking and sovereign debt crisis  has become so dangerous for the world that the US Federal Reserve has been forced to take emergency action, acting as global lender of last resort to shore up Europe's banking system.

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On Brink of Failure, U.S. Debt Committee Says It's Gridlocked

On Brink of Failure, U.S. Debt Committee Says It's Gridlocked | Countdown to Financial Armageddon | Scoop.it

While Europe has all the attention, the US debt crisis is about to hit the headlines again (and for the wrong reasons)...

 

On the brink of failure, members of a special deficit-cutting committee blamed each other Sunday for the intransigence that has gridlocked the panel in its quest to cut the deficit by at least $1.2 trillion over the coming decade.

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Sen. Grassley: US Teeters on Brink of Fiscal Armageddon

Sen. Charles Grassley, the Ranking Republican on the Senate Judiciary Committee, tells Newsmax that the United States faces fiscal Armageddon because of the mammoth and growing national debt.
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Scary chart of historical long-term US unemployment

Scary chart of historical long-term US unemployment | Countdown to Financial Armageddon | Scoop.it

Just look at how many in the US have been out of work for a year or more. Scary!


Via kostasgeorgioy
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US Debt committee: Why $1.2 trillion isn't enough to stop the accumulated debt from growing faster than the economy

US Debt committee: Why $1.2 trillion isn't enough to stop the accumulated debt from growing faster than the economy | Countdown to Financial Armageddon | Scoop.it

Sometimes less is more. But when it comes to deficit reduction, if the debt committee aims only for the bare minimum of $1.2 trillion, it won't move the needle much on the country's fiscal predicament.

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US States Face Over $4 Trillion Total Debt

US States Face Over $4 Trillion Total Debt | Countdown to Financial Armageddon | Scoop.it

The total of U.S. state debt, including pension liabilities, could surpass $4 trillion, with California owing the most and Vermont owing the least, a new analysis says. The housing bust, financial crisis and economic recession caused states' tax revenue to plunge, and huge holes have emerged in their budgets over the last few years. Because all states except Vermont must end their fiscal years with balanced budgets, states have scrambled to cut spending, hike taxes, borrow and turn to the federal government for help.

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China cuts its US debt holding by $36.5 billion - the biggest sell off since 2000

China cuts its US debt holding by $36.5 billion - the biggest sell off since 2000 | Countdown to Financial Armageddon | Scoop.it

China divested $36.5 billion or 3.1 per cent of its holding in the US treasuries in August, its biggest sell-off of dollar assets since 2000.

The move came as a surprise as China had bought over bonds worth $8 billion weeks before that.

Downgrade of US credit ratings by Standards & Poor's, in early August, had created a major crisis of confidence over US treasuries all over the world.

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December deadline won't mark end of debt fight

December deadline won't mark end of debt fight | Countdown to Financial Armageddon | Scoop.it

WASHINGTON (Reuters) - December looms as the deadline for tackling a fiscal mess punctuated by a $14.8 trillion national debt. But it's December 2012, not 2011, that is really worth keeping an eye on

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Cartoon from 1912, one year before the creation of the Federal Reserve… amazing.

Cartoon from 1912, one year before the creation of the Federal Reserve… amazing. | Countdown to Financial Armageddon | Scoop.it

Ok, so this appeared on a conspiracy site, but such an arresting image!

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Vive La US Revolution! Bill Bonner muses on the growing Occupy Wall Street protests

Vive La US Revolution! Bill Bonner muses on the growing Occupy Wall Street protests | Countdown to Financial Armageddon | Scoop.it

The US is probably getting ready for a revolution. Back in the Cold War days, the CIA was asked to do a portrait of a country that might have a revolution. It decided that such a country would have three characteristics:

A big gap between rich and poor.

A middle class that was disappearing…or one that never existed in the first place.

A lot of people with a grudge.

The US fits each of these criteria. And then some others the spooks hadn’t thought about.

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Nearly Half of U.S. Lives in Household Receiving Government Benefit

Nearly half, 48.5%, of the population lived in a household that received some type of government benefit in the first quarter of 2010, according to Census data.

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No Wonder Recovery Feels Like Recession For Most Americans: They're Earning Less

No Wonder Recovery Feels Like Recession For Most Americans: They're Earning Less | Countdown to Financial Armageddon | Scoop.it

It's no surprise many Americans feel as if the economy never recovered at all. A new study found median annual incomes adjusted for inflation dropped 6.7 percent between June 2009 and June 2011, more than double the 3.2 percent drop experienced during the recession.

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'There's something happenin' here, what it is ain't exactly clear' Occupy San Diego, Day 1

'There's something happenin' here, what it is ain't exactly clear' Occupy San Diego, Day 1 | Countdown to Financial Armageddon | Scoop.it

From East Coast to West ... yes, it's where all the liberals live (allegedly), but will this nonviolent protest spread to the rump of the US?

 

It’s been a long, short week, if that makes any sense at all… I haven’t slept much in the last few days, the wheels in my head have been spinning constantly, a mantra in the near reaches of my conscious...

Via Nate Anton
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The Last Gasp of US Consumerism: violence mars US retail bonanza

The Last Gasp of US Consumerism: violence mars US retail bonanza | Countdown to Financial Armageddon | Scoop.it

The US holiday shopping season gets off to an ugly start with several shootings and two pepper-sprayings as bargain-hunters stampede stores.

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LATEST CURRENCY WAR SALVO: Obama to China: "Enough's enough" - Behave like grown up economy

LATEST CURRENCY WAR SALVO: Obama to China: "Enough's enough" - Behave like grown up economy | Countdown to Financial Armageddon | Scoop.it

HONOLULU (Reuters) - President Barack Obama served notice on Sunday that the United States was fed up with China's trade and currency practices as he turned up the heat on America's biggest economic rival.

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Has The Dollar Lost its Safe Haven Status?

Has The Dollar Lost its Safe Haven Status? | Countdown to Financial Armageddon | Scoop.it

Given the scale and complexity of the Greek crisis, it might reasonably have been expected that the euro would have plunged in value against the US dollar, the traditional safe-haven currency in times of uncertainty.

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U.S. rating likely to be downgraded again

U.S. rating likely to be downgraded again | Countdown to Financial Armageddon | Scoop.it

NEW YORK (Reuters) - The United States will likely suffer the loss of its triple-A credit rating from another major rating agency by the end of this year due to concerns over the deficit, Bank of America Merrill Lynch forecasts.

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RECOMMENDED READING: How to Survive The Coming Global Debtquake 2011-2022

RECOMMENDED READING: How to Survive The Coming Global Debtquake 2011-2022 | Countdown to Financial Armageddon | Scoop.it

How make money trading the global debt crisis.

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U.S. 'misery index' rises to highest since 1983

An unofficial gauge of humanmisery in the United States rose last month to a 28-year highas Americans struggled with rising inflation and highunemployment.  The misery index -- which is simply the sum of the country's inflation and unemployment rates -- rose to 13.0, pushed up by higher price data the government reported on Wednesday.

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Those pesky kids! 'Occupy George' protesters deface dollar notes ... but then the Fed has been doing that for decades!

Those pesky kids! 'Occupy George' protesters deface dollar notes ... but then the Fed has been doing that for decades! | Countdown to Financial Armageddon | Scoop.it

Occupy’ protesters have come up with a novel approach to demonstrate against corporate greed by adding figure infographics to dollar bills - legally!

 

“Defacement of currency is a violation of Title 18, Section 333 of the United States Code. Under this provision, currency defacement is generally defined as follows:

 

Whoever mutilates, cuts, disfigures, perforates, unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, Federal Reserve Bank, or Federal Reserve System, with intent to render such item(s) unfit to be reissued, shall be fined not more than $100 or imprisoned not more than six months, or both.”

 

So looks like the protestors are ok as the relevant serial numbers are left intact and the bills are still legal tender ... but what about the Federal Reserve itself? Surely Bernanke and his predecessors going back to 1971's Nixon Shock have a case to answer for. If fiat currency isn't the ultimate debasement of money, what is?

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"You Can’t Solve a Debt Crisis With More Debt!" German Foreign Minister Hits Back at U.S. Debt Hypocrisy

"You Can’t Solve a Debt Crisis With More Debt!" German Foreign Minister Hits Back at U.S. Debt Hypocrisy | Countdown to Financial Armageddon | Scoop.it

Germany's foreign minister today lashed out at the United States over criticism the eurozone is not doing enough to solve its economic woes, noting that US debt had also contributed to the current crisis.

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Pow! China Signals Weaker Currency After U.S. Senate Vote

Pow! China Signals Weaker Currency After U.S. Senate Vote | Countdown to Financial Armageddon | Scoop.it

For the second consecutive day after a U.S. Senate vote aimed at penalizing China for undervaluing its currency, Beijing lowered the range at which the yuan could trade against the dollar.

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War! US Senate Passes China Yuan Bill

War! US Senate Passes China Yuan Bill | Countdown to Financial Armageddon | Scoop.it

The US Senate votes through a bill which aims to punish China for keeping its currency artificially undervalued.

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Protesters attempt to occupy US Senate

Protesters attempt to occupy US Senate | Countdown to Financial Armageddon | Scoop.it

Police arrest six demonstrators after nearly 100 flooded Capitol Hill in an effort to shut down Congress.

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RECOMMENDED READING: Michael Lewis' 'Boomerang - The Meltdown Tour'

RECOMMENDED READING: Michael Lewis' 'Boomerang - The Meltdown Tour' | Countdown to Financial Armageddon | Scoop.it

"The world does seem to be falling apart," Lewis says. Even the briefest glance at the headlines would seem to confirm that opinion. As civil unrest flares in a near-bankrupt Greece and European leaders struggle to avert "contagion", it is hard not to worry that the Great Recession caused by the collapse of debt-laden banks might – horribly – be just a prelude to the even greater disaster of debt-laden countries toppling like dominoes.

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