Grand Theft Economics
Sat Jan 7, 2006
Sat Jan 7, 2006
Mon, 09 Jan 2006 12:00 CST
LONDON (Reuters) - The preserved remains of two prehistoric men discovered in an Irish bog have revealed a couple of surprises --- one used hair gel and the other stood 6 foot 6 inches high, the tallest Iron Age body discovered.
Comment: Comment: Read the rest of the article above and then marvel at the moral progress humanity has made in 2,300 years.
BBC News
07/01/2006
BBC News
07/01/2006
Mon, 09 Jan 2006 12:00 CST
Bolivia's President-elect Evo Morales has met French President Jacques Chirac in Paris on the latest stage of an international tour.
The two leaders discussed proposals by Mr Morales to partially nationalise Bolivia's gas and oil reserves.
The French energy firm, Total, is one of several foreign companies involved in Bolivia's natural gas industry.
Mr Morales, wearing his trademark jeans and shirt,thanked Mr Chirac for supporting Bolivia's indigenous people.
Comment: Comment: Notice that Morales did not visit the U.K. With the U.S. having essentially confiscated the better part of Iraqi oil and gas,(Iraq has
abundant gas reserves) those nations that have not fallen into line behind the Bush regime's plans for the world are being forced to look elsewhere to secure their energy needs, and with an impending collapse of the U.S. economy, things can only get worse for the free distrubtion of energy.
We should also note the increase in recent months of mainstream media mention of "depletion of oil reserves" and a possible oil shortage, a fiction that will nevertheless be used to by the U.S. government to justify further invasions of foreign nations.
Associated Press
Friday, December 30, 2005
Associated Press
Friday, December 30, 2005
Mon, 09 Jan 2006 12:00 CST
WASHINGTON Treasury Secretary John Snow said yesterday the United States could face the prospect of not being able to pay its bills early next year unless Congress raises the governments borrowing authority, now capped at $8.18 trillion.
Snow, in a letter to lawmakers, estimated that the government is expected to bump into the statutory debt limit around the middle of February.
At that time, unless the debt limit is raised or the Treasury Department takes authorized extraordinary actions, we will be unable to continue to finance government operations, Snow wrote.
Comment: Comment: As more and more people are saying, the U.S. economy is no longer sustainable. Massive overspending on needless wars, including 1 trillion dollars that the
Pentagon can't account for means that a 'readjustment' is needed. As always, this debt will be passed on to the American people - specifically those Americans who can least afford to support it. In practice, this means job losses on a large scale, factory shutdowns, a sharp rise in the 'cost of living', including oil prices. The price of gold will probably go through the roof.
By Joshua Holland
AlterNet
January 6, 2006
By Joshua Holland
AlterNet
January 6, 2006
Sat, 07 Jan 2006 12:00 CST
Why are folks so pessimistic about our boom-boom American economy? Because for most of us, it's painful to live in.
The economy the cable news networks gush about is going gangbusters. We're hearing about 10 straight quarters of strong growth in gross domestic product, and jobs being created at a clip of over 2 million per year. Unemployment is down, and more Americans own their homes than ever before. And don't forget, Americans' net worth is at an all-time high! And all this prosperity, the corporate media will tell you, is thanks to five years of President George Bush.
But that's an economic picture you won't find hanging on the wall in any normal American house. Most of us know that we're not doing as well today as we were a few years ago. According to a recent Gallup Poll, almost two-thirds of those asked said the economy was "fair" or "poor," and almost six in 10 thought it was getting worse.
The News Tribune
January 6th, 2006 02:30 AM
The News Tribune
January 6th, 2006 02:30 AM
Sat, 07 Jan 2006 12:00 CST
WASHINGTON As it hunted down tax scofflaws, the Internal Revenue Service collected information on the political party affiliations of taxpayers in 20 states.
Sen. Patty Murray, D-Wash., a member of an appropriations subcommittee with jurisdiction over the IRS, said the practice was an outrageous violation of the public trust that could undermine the agencys credibility.
IRS officials acknowledged that party affiliation information was routinely collected by a vendor for several months. They told the vendor last month to screen the information out.
By The Associated Press
January 7, 2005
By The Associated Press
January 7, 2005
Sat, 07 Jan 2006 12:00 CST
It will cost Americans 2 cents more to mail a letter starting Sunday. First-class postage rises to 39 cents for the first ounce.
Reuters
Fri Jan 6, 2006 2:19 PM ET
Reuters
Fri Jan 6, 2006 2:19 PM ET
Sat, 07 Jan 2006 12:00 CST
NEW YORK - U.S. stocks extended their gains on Friday, pushing the Nasdaq index above 2,300 for the first time since May 2001, with rival Internet search companies Google Inc. and Yahoo Inc. leading the way.
The Dow Jones industrial average was up 73.40 points, or 0.67 percent, at 10,955.55. The Standard & Poor's 500 Index was up 11.07 points, or 0.87 percent, at 1,284.55. The technology-laced Nasdaq Composite Index was up 26.66 points, or 1.17 percent, at 2,303.53.
Comment: Comment: All that remains is for someone to echo Yale economics professor Irving Fisher's infamous remark:
"Stocks have reached what looks like a permanently high plateau."
The next day saw the 1929 stock market crash that sparked the Great Depression.
By Myra P. Saefong
MarketWatch
4:18 PM ET Jan. 6, 2006
By Myra P. Saefong
MarketWatch
4:18 PM ET Jan. 6, 2006
Sat, 07 Jan 2006 12:00 CST
SAN FRANCISCO -- Gold futures closed above $541 an ounce Friday to log a gain of more than 4% for the week with a decline in the U.S. dollar driving investors toward precious metals as a hedge against potential losses.
Gold for February delivery closed at $541.20 an ounce on the New York Mercantile Exchange after touching an intraday high of $541.80. Prices haven't closed at a level this high since March 1981, though on an intraday basis, they touched $543 on Dec. 12 of last year. [...]
"China's announcement of wanting to diversify their foreign-exchange reserves holdings is going to have a profound effect on financial markets worldwide," said Peter Grandich, editor of the Grandich Letter.
Campaign for America's Future
FOR IMMEDIATE RELEASE
JANUARY 5, 2006
Campaign for America's Future
FOR IMMEDIATE RELEASE
JANUARY 5, 2006
Fri, 06 Jan 2006 12:00 CST
WASHINGTON - An analysis released today by the Institute for America's Future finds that retail behemoth Wal-Mart Inc. sucked more than $20 billion out of local economies across America this holiday season.
Despite slower-than-projected revenue growth for November and December, Wal-Mart still brought in a record $66 billion for the holiday season - more than five times the revenue of its next- largest competitor. Looking more closely, Wal-Mart's siphoning means a loss of billions in wages and benefits paid, lost purchases of inventory, supplies and services from other local businesses, lost tax revenue to local government and lost contributions to local charities.
"America, as we know it, can't afford Wal-Mart," said Robert Borosage, president of the Institute for America's Future.
By Glenn Somerville
Reuters
Friday January 6, 10:20 PM
By Glenn Somerville
Reuters
Friday January 6, 10:20 PM
Fri, 06 Jan 2006 12:00 CST
WASHINGTON - U.S. employers added a smaller-than-expected 108,000 new jobs in December but that followed a much stronger wave of hiring than previously thought in November when rebuilding after hurricanes was getting under way, a government report on Friday showed.
In its monthly report on employment, the Labor Department said the unemployment rate fell in December to 4.9 percent from 5 percent in November.
The December new-jobs total was well below Wall Street forecasts for 200,000 jobs. But it came after an upwardly revised 305,000 new jobs in November -- the strongest hiring month since April 2004 -- instead of 215,000 that the department reported a month ago.
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