Posts tagged jobs

This Is What Employment In America Really Looks Like…

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Source: http://theeconomiccollapseblog.com

By Michael Snyder

This Is What Employment In America Really Looks Like…

 

Warren-Buffett-Photo-by-Mark-Hirschey-300x300The level of employment in the United States has been declining since the year 2000.  There have been moments when things have appeared to have been getting better for a short period of time, and then the decline has resumed.  Thanks to the offshoring of millions of jobs, the replacement of millions of workers with technology and the overall weakness of the U.S. economy, the percentage of Americans that are actually working is significantly lower than it was when this century began.  And even though things have stabilized at a reduced level over the past few years, it is only a matter of time until the next major wave of the economic collapse strikes and the employment level goes even lower.  And the truth is that more good jobs are being lost every single day in America.  For example, as you will read about below, Warren Buffett is shutting down a Fruit of the Loom factory in Kentucky and moving it to Honduras just so that he can make a little bit more money.  We see this kind of betrayal over and over again, and it is absolutely ripping the middle class of America to shreds.

Below I have posted a chart that you never hear any of our politicians talk about.  It is a chart that shows how the percentage of working age Americans with a job has steadily declined since the turn of the century.  Just before the last recession, we were sitting at about 63 percent, but now we have been below 59 percent since the end of 2009…

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We should be thankful that things have stabilized at this lower level for the past few years.

At least things have not been getting worse.

But anyone that believes that “things have returned to normal” is just being delusional.

And nothing is being done about the long-term trends that are absolutely crippling our economy.  One of those trends is the offshoring of middle class jobs.  As I mentioned above, Fruit of the Loom (which is essentially owned by Warren Buffett) has made the decision to close their factory in Jamestown, Kentucky and lay off all the workers at that factory by the end of 2014

Clothing company Fruit of the Loom announced Thursday that it will permanently close its plant in Jamestown and lay off all 600 employees by the end of the year.
 
The Jamestown plant is the last Fruit of the Loom plant in a state where the company had once been a manufacturing titan second only to General Electric.

This isn’t being done because Fruit of the Loom is going out of business.  They are still going to be making t-shirts and underwear.  They are just going to be making them in Honduras from now on…

The company, owned by Warren Buffett’s Berkshire Hathaway but headquartered in Bowling Green, said the move is “part of the company’s ongoing efforts to align its global supply chain” and will allow the company to better use its existing investments to provide products cheaper and faster.
 
The company said it is moving the plant’s textile operations to Honduras to save money.

So what are those workers supposed to do?

Go on welfare?

The number of Americans that are dependent on the government is already at an all-time record high.

And doesn’t Warren Buffett already have enough money?

In business school, they teach you that the sole responsibility of a corporation is to maximize wealth for the shareholders.

And so when business students get out into “the real world”, that is how they behave.

But the truth is that corporations have a responsibility to treat their workers, their customers and the communities in which they operate well.  This responsibility exists whether corporate executives want to admit it or not.

And we all have a responsibility to our fellow citizens.  When we stand aside and do nothing as millions of good paying American jobs are shipped overseas so that the “one world economic agenda” can be advanced and so that men like Warren Buffett can stuff their pockets just a little bit more, we are failing our fellow countrymen.

Because so many of us have fallen for the lie that “globalism is good”, we have allowed our once great manufacturing cities to crumble and die.  Just consider what is happening to Detroit.  It was once the greatest manufacturing city in the history of the planet, but now foreign newspapers publish stories about what a horror show that it has become…

Khalil Ligon couldn’t tell if the robbers were in her house. She had just returned home to find her front window smashed and a brick lying among shattered glass on the floor. Ligon, an urban planner who lives alone on Detroit’s east side, stepped out and called the police.
 
It wasn’t the first time Ligon’s home had been broken into, she told me. And when Detroit police officers finally arrived the next day, surveying an area marred by abandoned structures and overgrown vegetation, they asked Ligon a question she often ponders herself: why is she still in Detroit?

Of course this kind of thing is not just happening to Detroit.  The truth is that it is happening all over the nation.  For example, this article contains an incredible graphic which shows how the middle class of Chicago has steadily disappeared over the past several decades.

Once again, even though we have never had a “recovery”, it is a good thing that things have at least stabilized at a lower level for the past few years.

But now there are all sorts of indications that we are rapidly heading toward yet another economic downturn.  The tsunami of retail store closings that is now upon us is just one sign of this.  The following is a partial list of retail store closings from a recent article by Daniel Jennings

  • Quiznos has filed for bankruptcy, USA Today reported, and could close many of its 2,100 stores.
  • Sbarro which operates pizza and Italian restaurants in malls, is planning to close 155 locations in the United States and Canada. That means nearly 20 percent of Sbarro’s will close. The chain operates around 800 outlets.
  • Ruby Tuesday announced plans to close 30 restaurants in January after its sales fell by 7.8 percent. The chain currently operates around 775 steakhouses across the US.
  • An unknown number of Red Lobster stores will be sold. The chain is in such bad shape that the parent company, Darden Restaurants Inc., had to issue a press release stating that the chain would not close. Instead Darden is planning to spin Red Lobster off into another company and sell some of its stores.
  • Ralph’s, a subsidiary of Kroger, has announced plans to close 15 supermarkets in Southern California within 60 days.
  • Safeway closed 72 Dominick’s grocery stores in the Chicago area last year.

And the following are some more signs of trouble for the retail industry from one of my recent articles entitled “20 Facts About The Great U.S. Retail Apocalypse That Will Blow Your Mind“…

#1 As you read this article, approximately a billion square feet of retail space is sitting vacant in the United States.
 
#2 Last week, Radio Shack announced that it was going to close more than a thousand stores.
 
#3 Last week, Staples announced that it was going to close 225 stores.
 
#4 Same-store sales at Office Depot have declined for 13 quarters in a row.
 
#5 J.C. Penney has been dying for years, and it recently announced plans to close 33 more stores.
 
#6 J.C. Penney lost 586 million dollars during the second quarter of 2013 alone.
 
#7 Sears has closed about 300 stores since 2010, and CNN is reporting that Sears is “expected to shutter another 500 Sears and Kmart locations soon”.
 
#8 Overall, sales numbers have declined at Sears for 27 quarters in a row.
 
#9 Target has announced that it is going to eliminate 475 jobs and not fill 700 positions that are currently empty.
 
#10 It is being projected that Aéropostale will close about 175 stores over the next couple of years.
 
#11 Macy’s has announced that it is going to be closing five stores and eliminating 2,500 jobs.
 
#12 The Children’s Place has announced that it will be closing down 125 of its “weakest” stores by 2016.

But it isn’t just the retail industry that is deeply troubled.

All over America we are seeing economic weakness.

In this economic environment, it doesn’t matter how smart, how educated or how experienced you are.  If you are out of work, it can be extremely difficult to find a new job.  Just consider the case of Abe Gorelick

Abe Gorelick has decades of marketing experience, an extensive contact list, an Ivy League undergraduate degree, a master’s in business from the University of Chicago, ideas about how to reach consumers young and old, experience working with businesses from start-ups to huge financial firms and an upbeat, effervescent way about him. What he does not have — and has not had for the last year — is a full-time job.
 
Five years since the recession ended, it is a story still shared by millions. Mr. Gorelick, 57, lost his position at a large marketing firm last March. As he searched, taking on freelance and consulting work, his family’s finances slowly frayed. He is now working three jobs, driving a cab and picking up shifts at Lord & Taylor and Whole Foods.

So what does Abe need in order to find a decent job?

More education?

More experience?

No, what he needs is an economy that produces good jobs.

Sadly, the cold, hard reality of the matter is that the U.S. economy will never produce enough jobs for everyone ever again.

The way that America used to work is long gone, and it has been replaced by a cold, heartless environment where the company that you work for could rip your job away from you at a moment’s notice if they decide that it will put a few extra pennies into the pockets of the shareholders.

You may have worked incredibly hard for 30 years and been super loyal to your company.

It doesn’t matter anymore.

All that matters is the bottom line, and in the process the middle class is being destroyed.  But by destroying the middle class, those corporations are destroying the consumer base that their corporate empires were built upon in the first place.

This article first appeared here at the Economic Collapse Blog.  Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here.

 

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Image credit: http://theeconomiccollapseblog.com

 

Shocking Facts About The Deindustrialization Of America That Everyone Should Know

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Source: http://theeconomiccollapseblog.com

By Michael Snyder

Shocking Facts About The Deindustrialization Of America That Everyone Should Know

 

Abandoned-Packard-Automobile-Factory-Photo-by-Albert-Duce-300x300How long can America continue to burn up wealth?  How long can this nation continue to consume far more wealth than it produces?  The trade deficit is one of the biggest reasons for the steady decline of the U.S. economy, but many Americans don’t even understand what it is.  Basically, we are buying far more stuff from the rest of the world than they are buying from us.  That means that far more money is constantly leaving the country than is coming into the country.  In order to keep the game going, we have to go to the people that we bought all of that stuff from and ask them to lend our money back to us.  Or lately, we just have the Federal Reserve create new money out of thin air.  This is called “quantitative easing”.  Our current debt-fueled lifestyle is dependent on this cycle continuing.  In order to live like we do, we must consume far more wealth than we produce.  If someday we are forced to only live on the wealth that we create, it will require a massive adjustment in our standard of living.  We have become great at consuming wealth but not so great at creating it.  But as a result of running gigantic trade deficits year after year, we have lost tens of thousands of businesses, millions upon millions of jobs, and America is being deindustrialized at a staggering pace.

Most Americans won’t even notice, but the latest monthly trade deficit increased to 42.3 billion dollars

The U.S. trade deficit climbed to the highest level in five months in February as demand for American exports fell while imports increased slightly.
 
The deficit increased to $42.3 billion, which was 7.7% above the January imbalance of $39.3 billion, the Commerce Department reported Thursday.

When the trade deficit increases, it means that even more wealth, even more jobs and even more businesses have left the United States.

In essence, we have gotten poorer as a nation.

Have you ever wondered how China has gotten so wealthy?

Just a few decades ago, they were basically a joke economically.

So how in the world did they get so powerful?

Well, one of the primary ways that they did it was by selling us far more stuff than we sold to them.  If we had refused to do business with communist China, they never would have become what they have become today.  It was our decisions that allowed China to become an economic powerhouse.

Last year, we sold 122 billion dollars of stuff to China.

That sounds like a lot until you learn that China sold 440 billion dollars of stuff to us.

We fill up our shopping carts with lots of cheap plastic trinkets that are “made in China”, and they pile up gigantic mountains of our money which we beg them to lend back to us so that we can pay our bills.

Who is winning that game and who is losing that game?

Below, I have posted our yearly trade deficits with China since 1990.  Let’s see if you can spot the trend…

1990: 10 billion dollars

1991: 12 billion dollars

1992: 18 billion dollars

1993: 22 billion dollars

1994: 29 billion dollars

1995: 33 billion dollars

1996: 39 billion dollars

1997: 49 billion dollars

1998: 56 billion dollars

1999: 68 billion dollars

2000: 83 billion dollars

2001: 83 billion dollars

2002: 103 billion dollars

2003: 124 billion dollars

2004: 162 billion dollars

2005: 202 billion dollars

2006: 234 billion dollars

2007: 258 billion dollars

2008: 268 billion dollars

2009: 226 billion dollars

2010: 273 billion dollars

2011: 295 billion dollars

2012: 315 billion dollars

2013: 318 billion dollars

Yikes!

It has been estimated that the U.S. economy loses approximately 9,000 jobs for every 1 billion dollars of goods that are imported from overseas, and according to the Economic Policy Institute, America is losing about half a million jobs to China every single year.

Considering the high level of unemployment that we now have in this country, can we really afford to be doing that?

Overall, the United States has accumulated a total trade deficit with the rest of the world of more than 8 trillion dollars since 1975.

As a result, we have lost tens of thousands of businesses, millions of jobs and our economic infrastructure has been absolutely gutted.

Just look at what has happened to manufacturing jobs in America.  Back in the 1980s, more than 20 percent of the jobs in the United States were manufacturing jobs.  Today, only about 9 percent of the jobs in the United States are manufacturing jobs.

And we have fewer Americans working in manufacturing today than we did in 1950 even though our population has more than doubled since then…

Manufacturing-Employment-425x300

Many people find this statistic hard to believe, but the United States has lost a total of more than 56,000 manufacturing facilities since 2001.

Millions of good paying jobs have been lost.

As a result, the middle class is shriveling up, and at this point 9 out of the top 10 occupations in America pay less than $35,000 a year.

For a long time, U.S. consumers attempted to keep up their middle class lifestyles by going into constantly increasing amounts of debt, but now it is becoming increasingly apparent that middle class consumers are tapped out.

In response, major retailers are closing thousands of stores in poor and middle class neighborhoods all over the country.  You can see some amazing photos of America’s abandoned shopping malls right here.

If we could start reducing the size of our trade deficit, that would go a long way toward getting the United States back on the right economic path.

Unfortunately, Barack Obama has been negotiating a treaty in secret which is going to send the deindustrialization of America into overdrive.  The Trans-Pacific Partnership is being called the “NAFTA of the Pacific”, and it is going to result in millions more good jobs being sent to the other side of the planet where it is legal to pay slave labor wages.

According to Professor Alan Blinder of Princeton University, 40 million more U.S. jobs could be sent offshore over the next two decades if current trends continue.

So what will this country look like when we lose tens of millions more jobs than we already have?

U.S. workers are being merged into a giant global labor pool where they must compete directly for jobs with people making less than a dollar an hour with no benefits.

Obama tells us that globalization is good for us and that Americans need to be ready to adjust to a “level playing field”.

The quality of our jobs has already been declining for decades, and if we continue down this path the quality of our jobs is going to get a whole lot worse and our economic infrastructure will continue to be absolutely gutted.

At one time, the city of Detroit was the greatest manufacturing city on the entire planet and it had the highest per capita income in the United States.  But today, it is a rotting, decaying hellhole that the rest of the world laughs at.

In the end, the rest of the nation is going to suffer the same fate as Detroit unless Americans are willing to stand up and fight for their economy while they still can.

This article first appeared here at the Economic Collapse Blog.  Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here.

 

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Is College A Waste Of Time And Money?

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Source: http://theeconomiccollapseblog.com

By Michael Snyder

Is College A Waste Of Time And Money?

 

Graduation-300x300Are you thinking of going to college?  If so, please consider that decision very carefully.  You probably have lots of people telling you that an “education” is the key to your future and that you will never be able to get a “good job” unless you go to college.  And it is true that those that go to college do earn more on average than those that do not.  However, there is also a downside.  At most U.S. colleges, the quality of the education that you will receive is a joke, the goal of most colleges is to extract as much money from you and your parents as they possibly can, and there is a very good chance that there will not be a “good job” waiting for you once you graduate.  And unless you have someone that is willing to pay your tuition bills, you will probably be facing a lifetime of crippling student loan debt payments once you get out into the real world.  So is college a waste of time and money?  In the end, it really pays to listen to both sides of the debate.

Personally, I spent eight years at U.S. public universities, and I really enjoyed those times.

But would I trade my degrees today for the time and money that I spent to get them?

Absolutely.

Right now, Americans owe more than a trillion dollars on their student loans, and more than 124 billion dollars of that total is more than 90 days delinquent.

It is a student loan debt bubble unlike anything that we have ever seen before, and now even those that make their living from this system are urging reform.  For example, consider what a law professor at the University of Tennessee recently wrote for the Wall Street Journal…

In the field of higher education, reality is outrunning parody. A recent feature on the satire website the Onion proclaimed, “30-Year-Old Has Earned $11 More Than He Would Have Without College Education.” Allowing for tuition, interest on student loans, and four years of foregone income while in school, the fictional student “Patrick Moorhouse” wasn’t much better off. His years of stress and study, the article japed, “have been more or less a financial wash.”
 
“Patrick” shouldn’t feel too bad. Many college graduates would be happy to be $11 ahead instead of thousands, or hundreds of thousands, behind. The credit-driven higher education bubble of the past several decades has left legions of students deep in debt without improving their job prospects. To make college a good value again, today’s parents and students need to be skeptical, frugal and demanding.

When a lot of young Americans graduate from college and can’t find a decent job, they are told that if they really want to “be successful” that what they really need is a graduate degree.

That means more years of education, and in most cases, even more debt.

But by the time many of these young achievers get through college and graduate school, the debt loads can be absolutely overwhelming

The typical debt load of borrowers leaving school with a master’s, medical, law or doctoral degree jumped an inflation-adjusted 43% between 2004 and 2012, according to a new report by the New America Foundation, a left-leaning Washington think tank. That translated into a median debt load—the point at which half of borrowers owed more and half owed less—of $57,600 in 2012.
 
The increases were sharper for those pursuing advanced degrees in the social sciences and humanities, versus professional degrees such as M.B.A.s or medical degrees that tend to yield greater long-term returns. The typical debt load of those earning a master’s in education showed some of the largest increases, rising 66% to $50,879. It climbed 54% to $58,539 for those earning a master of arts.

In particular, many are questioning the value of a law school education these days.  Law schools are aggressively recruiting students even though they know that there are way, way too many lawyers already.  There is no way that the legal field can produce enough jobs for the huge flood of new law school graduates that are hitting the streets each year.

The criticism has become so harsh that even mainstream news outlets are writing about this.  For instance, the following comes from a recent CNN article

For the past three years, the media has picked up the attacks with relish. The New York Times, in an article on a graduate with $250,000 in loans, put it this way: “Is Law School a Losing Game?” Referring to the graduate, the Times wrote“His secret, if that’s the right word, is to pretty much ignore all the calls and letters that he receives every day from the dozen or so creditors now hounding him for cash,” writes the author.  Or consider this blunt headline from a recent Business Insider article: “‘I Consider Law School A Waste Of My Life And An Extraordinary Waste Of Money.’” Even though the graduate profiled in the piece had a degree from a Top 20 law school, he’s now bitterly mired in debt. “Because I went to law school, I don’t see myself having a family, earning a comfortable wage, or having an enjoyable lifestyle,” he writes. “I wouldn’t wish my law school experience on my enemy.”

In America today, approximately two-thirds of all college students graduate with student loan debt, and the average debt level has been steadily rising.  In fact, one study found that “70 percent of the class of 2013 is graduating with college-related debt – averaging $35,200 – including federal, state and private loans, as well as debt owed to family and accumulated through credit cards.”

That would be bad enough if most of these students were getting decent jobs that enabled them to service that debt.

But unfortunately, that is often not the case.  It has been estimated that about half of all recent college graduates are working jobs that do not even require a college degree.

Could you imagine that?

Could you imagine investing four or five years and tens of thousands of dollars in a college degree and then working a job that does not even require a degree?

And the really sick thing is that the quality of the education that most college students are receiving is quite pathetic.

Recently, a film crew went down to American University and asked students some really basic questions about our country.  The results were absolutely stunning

When asked if they could name a SINGLE U.S. senator, the students blanked. Also, very few knew that each state has two senators. The guesses were all over the map, with some crediting each state with twelve, thirteen, and five senators.

I have posted the YouTube video below.  How in the world is it possible that college students in America cannot name a single U.S. senator?…

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These are the leaders of tomorrow?

That is a frightening thought.

If parents only knew what their children were being taught at college, in most instances they would be absolutely horrified.

The following is a list of actual college courses that have been taught at U.S. colleges in recent years…

-”What If Harry Potter Is Real?

-”Lady Gaga and the Sociology of Fame

-”Philosophy And Star Trek

-”Invented Languages: Klingon and Beyond

-”Learning From YouTube

-”How To Watch Television

-”Sport For The Spectator

-”Oh, Look, a Chicken!

That last one is my favorite.

The truth is that many of these colleges don’t really care if  your sons and daughters learn much at all.  They just want the money to keep rolling in.

And our college students are discovering that when they do graduate that they are woefully unprepared for life on the outside.  In fact, one survey found that 70% of all college graduates wish that they had spent more time preparing for the “real world” while they were still in college.

In America today, there are more than 300,000 waitresses that have college degrees, and close to three out of every ten adults in the United States under the age of 35 are still living at home with Mom and Dad.

Our system of higher education is not working, and it is crippling an entire generation of Americans.

So what do you think?

Do you believe that college is a waste of time and money?

This article first appeared here at the Economic Collapse Blog.  Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here.

 

 

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Potent Propaganda: The College Debt Bubble Is Set to Explode (Micro Documentary)

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Source: http://www.shtfplan.com

By Mac Slavo

Potent Propaganda: The College Debt Bubble Is Set to Explode (Micro Documentary)

 

 

This month President Obama issued a directive that will penalize “for-profit” trade schools because students are amassing huge levels of debt they can’t pay off. According to the President and the Department of Education these specialty training schools promise to train students and prepare them for a career in everything from computer design to personal training. But when graduates get out of school they often lack the skills necessary to land the high paying jobs they were promised, leaving many without the income to service their loans.

The proposed regulations would penalize career oriented programs that produce graduates without the training needed to find a job with a salary that will allow them to pay off their debt. Schools, for-profit or not, that don’t comply would lose access to the federal student aid programs.
 
“Today, too many of these programs fail to provide students with the training that they need at taxpayers’ expense and the cost to these students’ futures.”

What President Obama won’t tell you is that it’s not just trade schools that promise young and optimistic high school graduates a future full of big money and easy living. And though most universities claim they are non-profit pedagogic institutions whose goal is to serve and mold young minds for the future, the fact is that there is a ton of money to be made by everyone involved including teachers, administrators, banks and periphery industries that service colleges.

According to a new documentary from Crush the Street obscene debt levels are being amassed on all levels of secondary education – even if the college in question is not “for profit.”

If you have kids entering college, in college, or graduates living with you at home, the following documentary is one you’ll want to share – just so they know exactly how they’ve been brainwashed into believing that the road to success requires a degree. Moreover, it reveals the reasons for why college education costs are sky rocketing, as well as the end result of the trillion dollar bubble that is sure to pop in coming years.

A Must Watch For Anyone Entering Higher Education: The College Bubble

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(Watch at Youtube)

The official fiscal year 2010 default rate was 14.7% and we can only expect that to be higher for the following years. No one but the government would guarantee a loan for anyone to go to college, for any curriculum with little regards for the likelihood of the individual to repay the loan.
 
The government gladly invests taxpayer dollars into student grants and loans. This is what has been driving the increase in college tuition bringing it above and beyond the average student and family.
 
For teenagers the propaganda is so potent that high school students in many cases have blind optimism that they will land their dream career after college and have the income to easily pay off any loan balances occurred along the way.
 
Some graduates are left with over 100,000 in debt and can barely find any job, let alone the one they pictured themselves getting into four years ago.

For starters, we are now living in a new economy, much different from the one our parents and grandparents experienced after World War II. Many of America’s high paying jobs have been outsourced to foreign countries. Manufacturing has been shifted to slave-labor economies like China. The majority of jobs left in America are low-paying, minimum wage labor. So the competition for the few high paying jobs remaining is extremely fierce.

This is why a huge percentage of American adults – nearly 30% – are living with their parents, and that includes graduates who just got out of school with tens of thousands in debt.

The government interference that caused home prices to rise ahead of the 2008 financial crisis and saw more people buy homes than ever before, is the very same effect we’re seeing in college education.

We all remember how that ended up.

College tuition cannot rise indefinitely. Eventually something will cause the great college bubble to pop.
 
Outstanding student loan debt is over $1.2 trillion. This is nearly 50% higher than outstanding credit card debt.
 
The longer the status quo is kept, the bigger the bubble is going to get… and thus the larger the crash will be.
 
In the coming years student loan payments will get so high that it’ll be unmanageable… even for the students that get the dream job that they were told their degree would award them.
 
Massive defaults will occur and colleges will soon be worse off. Prices will need to be readjusted to maintain the maximum income when attendance levels crash. Professors will face pay cuts or layoffs, along with administration, maintenance, construction and anyone else working for or at a college or university.

As an example, take a high school graduate who wants to become a teacher. She’ll spend four years in school and take on around $80,000 of debt. When she gets out of school, she’ll make around $35,000 a year. At that rate it would literally take her two decades to pay off her loan. Others might not be so lucky and will end up shackled with debt for their entire life, or they’ll simply default. Consider a liberal arts major who, in essence, is being trained for a “career t”hat produces a service that the majority of Americans won’t have the money to pay for. How will this individual pay back tens of thousands of dollar in debt?

The simple answer? They won’t.

There are certainly jobs out there that require higher education. But even those industries, such as the medical field, are being gutted from within.

This is just another example of what happens when government gets involved in the free market. Overblown prices, life-long debt commitments, and a future of destitution is what college graduates can expect over coming decades.

What high schoolers don’t realize – and many will never be taught under Common Core’s curriculum – is that the key elements for success are, among other things, self-education, focus, adaptability, resilience, persistence and an optimistic attitude. You know, all of those things that made America great to begin with. A college degree is secondary.

Image credit: http://www.shtfplan.com

 

55 Things About America You May Not Know

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Source: http://endoftheamericandream.com

By Michael Snyder

55 Things About America You May Not Know

 

American-Flag-2014-Photo-by-HARRIS-News-300x225Is America the greatest nation on the planet?  Before you answer that question, you might want to check out the statistics that I have shared in this article first.  The reality is that the United States is in a deep state of decline, and it is getting harder to deny that fact with each passing day.  Mentally, emotionally, physically, spiritually and financially we are a train wreck.  Many that are “patriotic” attempt to put a happy face on our growing problems, but the truly patriotic thing to do is to admit just how bad things have gotten so that we can start finding solutions.  If you truly love this country, then you should know that this nation needs a huge wake up call.  We have abandoned the values and the principles that early Americans held so dear, and as a result our society is a giant mess.  The following are 55 things about America that you may not know…

#1 We are supposed to have a government “of the people, by the people, for the people”, but only 25 percent of all Americans know how long U.S. Senators are elected for (6 years), and only 20 percent of all Americans know how many U.S. senators there are.

#2 Americans spend more on health care per capita than anyone else in the world by far, and yet we only rank 35th in life expectancy.

#3 Only one state in the entire country has an obesity rate of under 20 percent.  11 states have an obesity rate of over 30 percent.

#4 Of all the major industrialized nations, America is the most obese.  Mexico is #2.

#5 Back in 1962, only 13 percent of all Americans were obese, but it is being projected that 42 percent of all Americans could be obese by the year 2030.

#6 According to a new report from the U.S. Department of Agriculture, 31 percent of all food in the United States gets wasted.  In case you were wondering, that amounts to approximately 133 billion pounds of food a year.

#7 America has the highest incarceration rate and the largest total prison population in the entire world by a wide margin.

#8 In America, we even put 81-year-old women in prison for feeding the birds.

#9 According to a Newsweek survey taken a few years ago, 29 percent of all Americans could not even name the vice president.

#10 Americans spend more time sitting in traffic than anyone else in the world.

#11 60 percent of Americans report feeling “angry or irritable”.  Two years ago that number was at 50 percent.

#12 36 percent of Americans admit that they have yelled at a customer service agent during the past year.

#13 Only 30 percent of all Americans can tell you in what year the 9/11 attacks happened.

#14 There are more “deaths by reptile” in America than anywhere else in the world.

#15 Right now, 29 percent of all Americans under the age of 35 are living with their parents.

#16 Average SAT scores have been falling for years, and the level of education that our kids are receiving in most of our public schools is a total joke.

#17 According to a study conducted by the Mayo Clinic, nearly 70 percent of all Americans are on at least one prescription drug.  An astounding 20 percent of all Americans are on at least five prescription drugs.

#18 Americans spend more than 280 billion dollars on prescription drugs each year.

#19 According to the Centers for Disease Control and Prevention, doctors in the United States write more than 250 million prescriptions for antidepressants each year.

#20 Children in the United States are three times more likely to be prescribed antidepressants than children in Europe are.

#21 In the United States today, prescription painkillers kill more Americans than heroin and cocaine combined.

#22 America has the highest rate of illegal drug use on the entire planet.

#23 According to the federal government, the number of heroin addicts in the United States has more than doubled since 2002.

#24 It is hard to believe, but 56 percent of all Americans now have “subprime credit”.

#25 America exports more weapons to other countries than anyone else in the world.

#26 The United States has the most complicated tax system on the entire planet.

#27 Corruption is rampant throughout our society.  In fact, America leads the world in money given to fake charities.

#28 America leads the world in soft drink consumption by a wide margin.  Today, the average American drinks more than 600 sodas a year.

#29 In 2008, 53 percent of all Americans considered themselves to be “middle class”.  In 2014, only 44 percent of all Americans consider themselves to be “middle class”.

#30 70 percent of Americans do not “feel engaged or inspired at their jobs”.

#31 40 percent of all workers in the United States actually make less than what a full-time minimum wage worker made back in 1968 after you account for inflation.

#32 Back in the 1970s, about one out of every 50 Americans was on food stamps.  Today, about one out of every 6 Americans is on food stamps.

#33 The marriage rate in the United States has fallen to an all-time low.  Right now it is sitting at a yearly rate of 6.8 marriages per 1000 people.

#34 In the United States today, more than half of all couples “move in together” before they get married.

#35 America has the highest divorce rate in the world by a good margin.

#36 America has the highest percentage of one person households on the entire planet.

#37 100 years ago, 4.52 were living in the average U.S. household, but now the average U.S. household only consists of 2.59 people.

#38 According to the Pew Research Center, only 51 percent of all American adults are currently married.  Back in 1960, 72 percent of all adults in the United States were married.

#39 For women under the age of 30 in the United States, more than half of all babies are being born out of wedlock.

#40 At this point, approximately one out of every three children in the United States lives in a home without a father.

#41 In 1970, the average woman had her first child when she was 21.4 years old.  Now the average woman has her first child when she is 25.6 years old.

#42 America has the highest teen pregnancy rate in the world by a very wide margin.

#43 Approximately one out of every four teen girls in the United States has at least one sexually transmitted disease.

#44 America has the highest STD infection rate in the entire industrialized world.

#45 According to the latest figures released by the U.S. Centers for Disease Control, there are 20 million new sexually-transmitted infections in the United States every single year, and Americans in the 15 to 24-year-old age range account for approximately 50 percent of those new sexually-transmitted infections.

#46 As I wrote about recently, there are 747,408 registered sex offenders in the U.S. according to the National Center for Missing & Exploited Children.

#47 America produces more pornography than any other nation in the world.

#48 America has the most lawyers per capita in the entire world.

#49 If you choose to be a “Constitutionalist” in America today, you may get labeled as a potential terrorist by the U.S. government.

#50 America has the largest national debt in the history of the world.  Back in 1980, the U.S. national debt was less than one trillion dollars.  Today, it is over 17 trillion dollars.

#51 According to the Congressional Budget Office, interest payments on the national debt will nearly quadruple over the next ten years.

#52 Americans spend more money on elections than anyone else does in the world by a very wide margin.

#53 65 percent of Americans are dissatisfied “with the U.S. system of government and its effectiveness”.  That is the highest level of dissatisfaction that Gallup has ever recorded.

#54 Only 8 percent of Americans believe that Congress is doing a “good” or “excellent” job.

#55 70 percent of Americans do not have confidence that the federal government will “make progress on the important problems and issues facing the country in 2014.”

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This article first appeared here at the The American Dream.  Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here.

 

 

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How Pizza Hut Is Preparing for the Coming Hikes in the Minimum Wage

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Source: http://www.economicpolicyjournal.com

By

How Pizza Hut Is Preparing for the Coming Hikes in the Minimum Wage

 

Super cool automation that will replace high cost waiters, waitresses and cashiers.

 

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Screen capture of pizzahut produced video added to Bob’s original post.

 

Obama Killing Whales for Oil Companies

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Obama Killing Whales for Oil Companies

 

Next News Network video capture

Next News Network video capture

 

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Published by NextNewsNetwork

Published on Mar 3, 2014

Could whales be driven to extinction by a new order from the Obama Administration? Environmentalists say the administration may have sold out the species to oil company interests. Only 500 of the highly-intelligent, social mammals are known to exist in the world. They make seasonal migrations up and down the east coast of the United States.

Oil companies want to explore areas offshore for oil. Many of these grounds have been drilled before, but industry officials say new technology could find reserves in areas once believed to be dry.

A new sonic gun will create massive shock waves that will travel through the water, and through the sea bed. These guns will fire every ten seconds, 24 hours a day, for over a year.

Suzie Hodges of Oceana said “It’s disruptive, destructive, and directly threatens the survival of marine creatures like dolphins, whales, and turtles.” (1)

Whales, dolphins and other marine animals depend on sound for navigation and communication. The Bureau of Ocean Energy Management estimates over 138,000 marine mammals could be injured or killed by the order. Sonic guns are powerful enough to kill eggs or larvae in areas they are used. They can also cause temporary or permanent hearing loss in whales and dolphins.

Exploration was due to begin in 2011, but the plan was delayed after the Deepwater Horizon oil spill in 2010. Environmentalists were given until 2017 before sonic guns would be put into operation.

The Interior Department, under President Obama, has recommended the use of the guns by oil producers now.

The blasts could endanger not just the marine mammals, but hundreds of thousands of jobs along the coast, as well.

Jacqueline Savitz of Oceana said, “By failing to consider relevant science, the Obama administration’s decision could be a death sentence for many marine mammals, needlessly turning the Atlantic Ocean into a blast zone. If seismic airguns are allowed in the Atlantic, it will jeopardize wildlife as well as commercial and recreational fisheries, tourism and coastal recreation — putting more than 730,000 jobs in the blast zone at risk.” (2)

Petroleum company executives are praising the decision. With this decision from the Obama Administration, the fate of the right whale is now in the hands of the oil corporations.
#SR
Download your free Next News “Heroes & Villains” Poster here: http://nextnewsnetwork.com/the-2013-h…

Peter Schiff: Gold Update, The Dollar Will Collapse First, Janet Yellen Wants More Inflation & More

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Peter Schiff: Gold Update, The Dollar Will Collapse First, Janet Yellen Wants More Inflation & More

 

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Published by Greg Hunter

http://usawatchdog.com/were-going-to-… – Peter Schiff, the CEO of Euro Pacific Precious Metals, says, “The messes get progressively bigger because the bubbles get progressively bigger. We have the biggest bubble ever blown right now because we have a simultaneous bubble in the stock market and the real estate market and the bond market. . . . The air is coming out of all of them. The Fed knows this bubble is too big to pop. That’s why the Fed is going to come back with an even bigger round of QE (money printing) than the last round. We’re going to be hit with a tsunami of inflation. . . . I think we’re going to be stuck with a lot of the money, which means it will bid up consumer prices right here in America. New Fed Chief Janet Yellen said she wants more inflation. Well, she’s going to get it.”

Schiff thinks the U. S. Dollar will be in trouble first and not Treasury Bonds. Why? Schiff says, “The dollar will go poof first. Remember, the Federal Reserve can buy up all those bonds to stop the prices from collapsing, but in order to do so, it has to print dollars. But, eventually, the dollar collapses because the world figures out the game. The Fed can print all the dollars they want, but they can’t force people to accept them. That is going to be the problem.” (There is much more in the video interview.)

Join Greg Hunter as he goes One-on-One with money manager Peter Schiff.

 

15 Reasons Why Your Food Bill Is Going To Start SOARING

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Source: http://theeconomiccollapseblog.com

By Michael Snyder

15 Reasons Why Your Food Bill Is Going To Start SOARING

 

U.S.-Drought-Monitor-California-February-11-2014-300x231Did you know that the U.S. state that produces the most vegetables is going through the worst drought it has ever experienced and that the size of the total U.S. cattle herd is now the smallest that it has been since 1951?  Just the other day, a CBS News article boldly declared that “food prices soar as incomes stand still“, but the truth is that this is only just the beginning.  If the drought that has been devastating farmers and ranchers out west continues, we are going to see prices for meat, fruits and vegetables soar into the stratosphere.  Already, the federal government has declared portions of 11 states to be “disaster areas”, and California farmers are going to leave half a million acres sitting idle this year because of the extremely dry conditions.  Sadly, experts are telling us that things are probably going to get worse before they get better (if they ever do).  As you will read about below, one expert recently told National Geographic that throughout history it has been quite common for that region of North America to experience severe droughts that last for decades.  In fact, one drought actually lasted for about 200 years.  So there is the possibility that the drought that has begun in the state of California may not end during your entire lifetime.

This drought has gotten so bad that it is starting to get national attention.  Barack Obama visited the Fresno region on Friday, and he declared that “this is going to be a very challenging situation this year, and frankly, the trend lines are such where it’s going to be a challenging situation for some time to come.”

According to NBC News, businesses across the region are shutting down, large numbers of workers are leaving to search for other work, and things are already so bad that it “calls to mind the Dust Bowl of the 1930s“…

In the state’s Central Valley — where nearly 40 percent of all jobs are tied to agriculture production and related processing — the pain has already trickled down. Businesses across a wide swath of the region have shuttered, casting countless workers adrift in a downturn that calls to mind the Dust Bowl of the 1930s.

If you will recall, there have been warnings that Dust Bowl conditions were going to return to the western half of the country for quite some time.

Now the mainstream media is finally starting to catch up.

And of course these extremely dry conditions are going to severely affect food prices.  The following are 15 reasons why your food bill is going to start soaring…

#1 2013 was the driest year on record for the state of California, and 2014 has been exceptionally dry so far as well.

#2 According to the U.S. Drought Monitor, 91.6 percent of the entire state of California is experiencing “severe to exceptional drought” even as you read this article.

#3 According to CNBC, it is being projected that California farmers are going to let half a million acres of farmland sit idle this year because of the crippling drought.

#4 Celeste Cantu, the general manager for the Santa Ana Watershed Project Authority, says that this drought could have a “cataclysmic” impact on food prices…

Given that California is one of the largest agricultural regions in the world, the effects of any drought, never mind one that could last for centuries, are huge. About 80 percent of California’s freshwater supply is used for agriculture. The cost of fruits and vegetables could soar, says Cantu. “There will be cataclysmic impacts.”

#5 Mike Wade, the executive director of the California Farm Water Coalition, recently explained which crops he believes will be hit the hardest…

Hardest hit would be such annual row crops as tomatoes, broccoli, lettuce, cantaloupes, garlic, peppers and corn. Wade said consumers can also expect higher prices and reduced selection at grocery stores, particularly for products such as almonds, raisins, walnuts and olives.

#6 As I discussed in a previous article, the rest of the nation is extremely dependent on the fruits and vegetables grown in California.  Just consider the following statistics regarding what percentage of our produce is grown in the state…

-99 percent of the artichokes

-44 percent of asparagus

-two-thirds of carrots

-half of bell peppers

-89 percent of cauliflower

-94 percent of broccoli

-95 percent of celery

-90 percent of the leaf lettuce

-83 percent of Romaine lettuce

-83 percent of fresh spinach

-a third of the fresh tomatoes

-86 percent of lemons

-90 percent of avocados

-84 percent of peaches

-88 percent of fresh strawberries

-97 percent of fresh plums

#7 Of course it isn’t just agriculture which will be affected by this drought.  Just consider this chilling statement by Tim Quinn, the executive director of the Association of California Water Agencies…

“There are places in California that if we don’t do something about it, tens of thousands of people could turn on their water faucets and nothing would come out.”

#8 The Sierra Nevada snowpack is only about 15 percent of what it normally is.  As the New York Times recently explained, this is going to be absolutely devastating for Californians when the warmer months arrive…

Experts offer dire warnings. The current drought has already eclipsed previous water crises, like the one in 1977, which a meteorologist friend, translating into language we understand as historians, likened to the “Great Depression” of droughts. Most Californians depend on the Sierra Nevada for their water supply, but the snowpack there was just 15 percent of normal in early February.

#9 The underground aquifers that so many California farmers depend upon are being drained at a staggering rate

Pumping from aquifers is so intense that the ground in parts of the valley is sinking about a foot a year. Once aquifers compress, they can never fill with water again. It’s no surprise Tom Willey wakes every morning with a lump in his throat. When we ask which farmers will survive the summer, he responds quite simply: those who dig the deepest and pump the hardest.

#10 According to an expert interviewed by National Geographic, the current drought in the state of California could potentially last for 200 years or more as some mega-droughts in the region have done in the past…

California is experiencing its worst drought since record-keeping began in the mid 19th century, and scientists say this may be just the beginning. B. Lynn Ingram, a paleoclimatologist at the University of California at Berkeley, thinks that California needs to brace itself for a megadrought—one that could last for 200 years or more.

#11 Much of the western U.S. has been exceedingly dry for an extended period of time, and this is hurting huge numbers of farmers and ranchers all the way from Texas to the west coast…

The western United States has been in a drought that has been building for more than a decade, according to climatologist Bill Patzert of NASA’s Jet Propulsion Laboratory.
 
“Ranchers in the West are selling off their livestock,” Patzert said. “Farmers all over the Southwest, from Texas to Oregon, are fallowing in their fields because of a lack of water. For farmers and ranchers, this is a painful drought.”

#12 The size of the U.S. cattle herd has been shrinking for seven years in a row, and it is now the smallest that it has been since 1951.  But our population has more than doubled since then.

#13 Extremely unusual weather patterns are playing havoc with crops all over the planet right now.  The following is an excerpt from a recent article by Lizzie Bennett

Peru, Venezuela, and Bolivia have experienced rainfall heavy enough to flood fields and rot crops where they stand. Volcanic eruptions in Ecuador are also creating problems due to cattle ingesting ash with their feed leading to a slow and painful death.
 
Parts of Australia have been in drought for years affecting cattle and agricultural production.
 
Rice production in China has been affected by record low temperatures.
 
Large parts of the UK are underwater, and much of that water is sea water which is poisoning the soil. So wet is the UK that groundwater is so high it is actually coming out of the ground and adding to the water from rivers and the sea. With the official assessment being that groundwater flooding will continue until MAY, and that’s if it doesn’t rain again between now and then. The River Thames is 65 feet higher than normal in some areas, flooding town after town as it heads to the sea.

#14 As food prices rise, our incomes are staying about the same.  The following is from a CBS News article entitled “Food prices soar as incomes stand still“…

While the government says prices are up 6.4 percent since 2011, chicken is up 18.4 percent, ground beef is up 16.8 percent and bacon has skyrocketed up 22.8 percent, making it a holiday when it’s on sale.

#15 As I have written about previously, median household income has fallen for five years in a row.  So average Americans are going to have to make their food budgets stretch more than they ever have before as this drought drags on.

If the drought does continue to get worse, small agricultural towns all over California are going to die off.

For instance, consider what is already happening to the little town of Mendota

The farms in and around Mendota are dying of thirst. The signs are everywhere. Orchards with trees lying on their sides, as if shot. Former farm fields given over to tumbleweeds. Land and cattle for sale, cheap.

Large numbers of agricultural workers continue to hang on, hoping that somehow there will be enough work for them.  But as Evelyn Nieves recently observed, panic is starting to set in…

Off-season, by mid-February, idled workers are clearly anxious. Farmworkers and everyone else who waits out the winter for work (truckers, diesel providers, packing suppliers and the like) are nearing the end of the savings they squirrel away during the season. The season starts again in March, April at the latest, but no one knows who will get work when the season begins, or how much.

 
 
 

People are scared, panicked even.

I did not write this article so that you would panic.

Yes, incredibly hard times are coming.  If you will recall, the 1930s were also a time when the United States experienced extraordinarily dry weather conditions and a tremendous amount of financial turmoil.  We could very well be entering a similar time period.

Worrying about this drought is not going to change anything.  Instead of worrying, we should all be doing what we can to store some things up while food is still relatively cheap.  Our grandparents and our great-grandparents that lived during the days of the Great Depression knew the wisdom of having a well-stocked food pantry, and it would be wise to follow their examples.

Please share this article with as many people as you can.  The United States has never faced anything like this during most of our lifetimes.  We need to shake people out of their “normalcy bias” and get them to understand that big changes are coming.

This article first appeared here at the Economic Collapse Blog.  Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here.

 

 

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No Janet Yellen, The Economy Is NOT “Getting Better”

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Source: http://theeconomiccollapseblog.com

By Michael Snyder

No Janet Yellen, The Economy Is NOT “Getting Better”

 

Janet-Yellen1-300x300On Tuesday, new Federal Reserve Chairman Janet Yellen went before Congress and confidently declared that “the economic recovery gained greater traction in the second half of last year” and that “substantial progress has been made in restoring the economy to health”.  This resulted in glowing headlines throughout the mainstream media such as this one from USA Today: “Yellen: Economy is improving at moderate pace“.  Sadly, tens of millions of Americans are going to believe what the mainstream media is telling them.  But it isn’t the truth.  As you will see below, there are all sorts of signs that the economy is taking a turn for the worse.  And when the next great economic crisis does strike, most Americans will be completely and totally unprepared because they trusted our “leaders” when they told us that everything would be just fine.

It is amazing how deceived people can be.  Just consider the case of 56-year-old Brian Perry.  He is a former law clerk that has applied for nearly 1,500 jobs since 2008 without any success.  But he says that he is “optimistic” that he will get another job soon because he believes that the economy is recovering

By his own count, Brian Perry has applied for nearly 1,500 jobs since being let go as a law clerk in 2008. The 56-year old Perry lives in Rhode Island, where the 9.1 percent unemployment rate is 2.5 percentage points above the national average.
 
Perry remains optimistic that a job is forthcoming. He thinks a more robust economy would create better opportunities for the long-term unemployed like him.

Let us certainly hope that Perry does find a new job soon.  But if he does, it won’t be because we are experiencing an “economic recovery”.  Just consider the following facts…

-In January, we were told that the U.S. economy “created” 113,000 new jobs.  But that figure was arrived at only after adding a massive seasonal adjustment.  In reality, the U.S. economy actually lost 2.87 million jobs in January.  During the past decade, the only time the U.S. economy has lost more jobs in January was during 2009.  At that time, the U.S. economy was suffering through the peak of the worst economic downturn since the Great Depression.

-Prominent retailers are closing hundreds of stores all over the United States.  Things have gotten so bad that some are calling this a “retail apocalypse“…

  • JC Penney, which lost $586 million in three months in 2013, is planning to close 33 stores in 19 states and lay off 2,000 people. JC Penney’s stock has lost 84 percent of its value since February 2012.
  • Sears has decided to shut down its flagship store in Downtown Chicago, and it has closed 300 stores in the United States since 2010. Stock analyst Brian Sozzi noted that Sear’s inventory levels have fallen by 23.7 percent since 2006. He also noted that Sears had $4.4 billion in cash and equivalents in 2005 but $609 million in cash and equivalents in 2012. Sozzi, who calls himself a guerrilla analyst, has a blog full of disturbing pictures of empty Sears stores.
  • Macy’s, one of the few retail success stories, is planning to close five stores and eliminate 2,500 jobs.
  • Radio Shack is preparing to close 500 stores, according to The Wall Street Journal.
  • Best Buy recently closed 50 stores and eliminated 950 jobs at stores in Canada.
  • Target announced plans to eliminate 475 jobs and not fill 700 empty positions to reduce costs.
  • Aeropostale is planning to close 175 stores.
  • Blockbuster has closed down all of its stores.

-McDonald’s is reporting that sales at established U.S. locations were down 3.3 percent in January.

-In January, real disposable income in the U.S. experienced the largest year over year decline that we have seen since 1974.

-As I wrote about the other day, the number of “planned job cuts” in January was 12 percent higher than 12 months earlier, and it was actually 47 percent higher than in December.

-Only 35 percent of all Americans say that they are better off financially than they were a year ago.

-What is happening to the U.S. stock market right now very closely resembles what happened to the U.S. stock market just before the horrific stock market crash of 1929.  Just check out the chart in this article.

For dozens more statistics that show that the U.S. economy is not improving, please see this article and this article.

Meanwhile, things continue to unravel all around the rest of the globe as well.

In previous articles, I have detailed how the reckless money printing by the Federal Reserve has inflated massive financial bubbles in emerging markets all over the planet.  Now that the Fed is “tapering”, those bubbles are starting to burst and we are witnessing a tremendous amount of economic chaos.  Here are three more examples…

#1 Ghana:

Ghanaian Economist Dr. Theo Richardson says Ghana’s economy will crash by June this year if the Bank of Ghana continues with its kneejerk measures to rescue the cedi.
 
“The government is facing liquidity problems and if we don’t get the appropriate remedies to address the issues at hand the situation may worsen and by June the economy may crash,” Dr. Richardson said.

#2 Kazakhstan:

With only $24.5 billion left in FX reserves after valiantly defending major capital outflows since the Fed’s Taper announcement, the Kazakhstan central bank has devalued the currency (Tenge) by 19% – its largest adjustment since 2009. At 185 KZT to the USD, this is the weakest the currency has ever been as the central bank cites weakness in the Russian Ruble and “speculation” against its currency as drivers of the outflows (which will be “exhausted” by this devaluation according to the bank). The new level will improve the country’s competitiveness (they are potassium heavy) but one wonders whether, unless Yellen folds whether it will help the outflows at all.

#3 India:

In the wake of a global stock market sell-off driven by worries over slower growth in emerging markets, the head of India’s central bank, Raghuram Rajan, criticized the U.S. Federal Reserve as it pressed on with plans to dial back its monthly bond purchases: “International monetary co-operation has broken down,” said Rajan, who added that “the U.S. should worry about the effects of its polices on the rest of the world.”

We have reached a “turning point” for the global financial system.  Things are beginning to fall apart both in the United States and all around the world.

But at least the dogs at the White House are eating well.  Just consider the following photo that was recently tweeted by Michelle Obama

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This article first appeared here at the Economic Collapse Blog.  Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here.

 

 

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