Reykjavik, Iceland - For a country that four years ago plunged into a financial abyss so deep it all but shut down overnight, Iceland seems to be doing surprisingly well.

It has repaid, early, many of the international loans that kept it afloat. Unemployment is hovering around 6 percent, and falling. And while much of Europe is struggling to pull itself out of the recessionary swamp, Iceland's economy is expected to grow by 2.8 percent this year.

"Everything has turned around," said Adalheidur Hedinsdottir, who owns and runs the coffee chain Kaffitar, the Starbucks of Iceland, and has plans to open a new cafe and start a bakery business. "When we told the bank we wanted to make a new company, they said, 'Do you want to borrow money?' " she went on. "We haven't been hearing that for a while."

Analysts attribute the surprising turn of events to a combination of fortuitous decisions and good luck, and caution that the lessons of Iceland's turnaround are not readily applicable to the larger and more complex economies of Europe.

The problems that America is experiencing right now are not just confined to the field of economics. The truth is that there are signs of deep decay wherever we look, and without question the United States is rotting from the inside out in thousands of different ways. For a long time our debt-fueled prosperity has masked much of the social decay that has been festering underneath the surface, but now it is becoming increasingly apparent that the thin veneer of civilization that we all take for granted is beginning to disappear. For many Americans, it is easy to point a finger at a particular group or political party and blame them for all of our problems, but the reality of the matter is that our societal decay cuts across all income levels, all political affiliations and all regions of the country. We are being destroyed from within, and this decay can be seen on the streets of the most dilapidated sections of major U.S. cities and it can also be seen in the halls of power in Washington D.C. and on Wall Street. It is undeniable that something has fundamentally changed. The American people do not seem to possess the same level of character that they once had. So where do we go from here?

The following are 25 signs the collapse of America is speeding up as society rots from the inside out....

Cultures that endure carve out a protected space for those who question and challenge national myths. Artists, writers, poets, activists, journalists, philosophers, dancers, musicians, actors, directors and renegades must be tolerated if a culture is to be pulled back from disaster. Members of this intellectual and artistic class, who are usually not welcome in the stultifying halls of academia where mediocrity is triumphant, serve as prophets. They are dismissed, or labeled by the power elites as subversive, because they do not embrace collective self-worship. They force us to confront unexamined assumptions, ones that, if not challenged, lead to destruction. They expose the ruling elites as hollow and corrupt. They articulate the senselessness of a system built on the ideology of endless growth, ceaseless exploitation and constant expansion. They warn us about the poison of careerism and the futility of the search for happiness in the accumulation of wealth. They make us face ourselves, from the bitter reality of slavery and Jim Crow to the genocidal slaughter of Native Americans to the repression of working-class movements to the atrocities carried out in imperial wars to the assault on the ecosystem. They make us unsure of our virtue. They challenge the easy clichés we use to describe the nation - the land of the free, the greatest country on earth, the beacon of liberty - to expose our darkness, crimes and ignorance. They offer the possibility of a life of meaning and the capacity for transformation.

Human societies see what they want to see. They create national myths of identity out of a composite of historical events and fantasy. They ignore unpleasant facts that intrude on self-glorification. They trust naively in the notion of linear progress and in assured national dominance. This is what nationalism is about - lies. And if a culture loses its ability for thought and expression, if it effectively silences dissident voices, if it retreats into what Sigmund Freud called "screen memories," those reassuring mixtures of fact and fiction, it dies. It surrenders its internal mechanism for puncturing self-delusion. It makes war on beauty and truth. It abolishes the sacred. It turns education into vocational training. It leaves us blind. And this is what has occurred. We are lost at sea in a great tempest. We do not know where we are. We do not know where we are going. And we do not know what is about to happen to us.

Why Is the Libor Scandal So Important to You?

There have been numerous big banking scandals recently.

But the Libor scandal is the biggest financial scam in world history. See this and this.

The former CEO of Barclays said today that banks across the world were fixing interest rates in the run-up to the financial crisis .


Professor of economics and law Bill Black notes:

It is the largest rigging of prices in the history of the world by many orders of magnitude.

July 1 marked the start of a new round of sanctions designed to destroy the economy of Iran, create widespread suffering among the Iranian people, and thereby effect regime change in that country. The ostensible reason for the sanctions is that Iran has a nuclear program, which Washington and its allies allege is leading to the development of nuclear weapons. The Iranian government has denied any such intention, stating that its nuclear program is for peaceful purposes.

Iran is far from the first country to suffer from a cutoff or sharp reduction in trade due to sanctions. Over the past several decades, the U.S. - sometimes through the United Nations Security Council, sometimes in coordination with its imperialist allies, sometimes on its own - has imposed sanctions, embargoes and blockades on dozens of countries. Some of the sanctions regimes have lasted for decades, in the case of Cuba a half-century.

The justifications for imposing sanctions have included alleged human rights violations, lack of democracy, military aggression in violation of international law, and engaging in terrorist acts. But a giant asterisk must be attached here, with a notation reading: "Not applicable to the United States, its imperialist allies, surrogates and puppets."

Unless you live in Seattle, you likely did not know that the National Weather Service just announced that the city endured its third coolest June on record. As much of America swelters through a heat wave, it's not surprising that the usual suspects are telling everyone that it's because of "global warming."

I have a longtime friend, Ron Marr who has a Jack Russell Terrier and in a recent commentary for Missouri Life magazine, he wrote that, "Jack doesn't believe in global warming in the least; he does not believe the recent atmospheric hellfire results from ozone holes or aerosol cans or giant leprechauns with a big magnifying glass. We share the same views on the topic and have discussed them often. Our considered opinion is that this streak of blazing nonsense stems from the fact that - to put it in scientific terms - it's summer and the sun is hot."

On July 3rd Seth Borenstein, a reporter for the Associated Press, a newswire service that has been reporting global warming lies for decades, wrote that "If you want a glimpse of some of the worst of global warming, scientists suggest taking a look at U.S. weather in recent weeks."

It's summertime, Seth! It gets hot in the summer!

It did not take long for the high priests of global warming to proclaim the current WEATHER to be CLIMATE. There's a very big difference. Weather is what is occurring now while climate is measured in terms of centuries. It's about trends and cycles.

It surely has been a hot summer thus far. Reuters reported that "more than 2,000 temperature records have been matched or broken in the past week as a brutal heat wave baked much of the United States." The announcement was made by the National Oceanic and Atmospheric Administration (NOAA) on July 2nd.

Meteorologist Joe Bastardi took another reporter to task for coupling the heat wave with global warming, pointing out that "The US is less than 10% of the globe" while ignoring that "Scandinavia had coldest June on record and that Australia is having a bad winter."

Walmart's explosive growth has gutted two key pillars of the American middle class: small businesses and well-paid manufacturing jobs

Sam Walton opened the first Walmart store in Rogers, Arkansas, 50 years ago this month. Sprawled along a major thoroughfare outside the city's downtown, that inaugural store embodied many of the hallmarks that have since come to define the Walmart way of doing business. Walton scoured the country for the cheapest merchandise and deftly exploited a loophole in federal law to pay his mostly female workforce less than minimum wage.

That relentless focus on squeezing workers and suppliers for every advantage has paid off since July 1962. Walmart is now the second-largest corporation on the planet. It took in almost half-a-trillion dollars last year at more than 10,000 stores worldwide.

Walmart now captures one of every four dollars Americans spend on groceries. Its stores are so plentiful that it's easy to imagine that the retailer has long since reached the upper limit of its growth potential. It hasn't. Walmart has opened over 1,100 new supercenters since 2005 and expanded its U.S. sales by 35 percent. It aims to keep on growing that fast. With an eye to infiltrating urban areas, Walmart recently introduced smaller "neighborhood markets" and "express" stores.

Studying inequality in America reveals some facts that are truly hard to believe. Amidst all the absurdity a few stand out.

1. U.S. companies in total pay a smaller percentage of taxes than the lowest-income 20% of Americans.

Total corporate profits for 2011 were $1.97 trillion. Corporations paid $181 billion in federal taxes (9%) and $40 billion in state taxes (2%), for a total tax burden of 11%. The poorest 20% of American citizens pay 17.4% in federal, state, and local taxes.

2. The high-profit, tax-avoiding tech industry was built on publicly-funded research.

The technology sector has been more dependent on government research and development than any other industry. The U.S. government provided about half of the funding for basic research in technology and communications well into the 1980s. Even today, federal grants support about 60 percent of research performed at universities.

IBM was founded in 1911, Hewlett-Packard in 1947, Intel in 1968, Microsoft in 1975, Apple and Oracle in 1977, Cisco in 1984. All relied on government and military innovations. The more recently incorporated Google, which started in 1996, grew out of the Defense Department's ARPANET system and the National Science Foundation's Digital Library Initiative.

The combined 2011 federal tax payment for the eight companies was just 10.6%.

What is the second half of 2012 going to bring? Are things going to get even worse than they are right now? Unfortunately, that appears more likely with each passing day. I will admit that I am extremely concerned about the second half of 2012. Historically, a financial crisis is much more likely to begin in the fall than during any other season of the year. Just think about it.

The stock market crash of 1929 happened in the fall. "Black Monday" happened on October 19th, 1987. The financial crisis of 2008 started in the fall. There just seems to be something about the fall that brings out the worst in the financial markets. But of course there is not a stock market crash every year. So are there specific reasons why we should be extremely concerned about what is coming this year? Yes, there are.

The ingredients for a "perfect storm" are slowly coming together, and in the months ahead we could very well see the next wave of the economic collapse strike. Sadly, we have never even come close to recovering from the last recession, and this next crisis might end up being even more painful than the last one.

The following are 17 reasons to be extremely concerned about the second half of 2012....

Graham Power claims he was punished for daring to investigate allegations against some of the island's power players

Before moving to Jersey to take charge of the island's police in 2000, Graham Power had served in the senior ranks of four other forces in a career spanning more than 30 years. A recipient of the Queen's Medal for distinguished service, he had been vetted by UK authorities to "top secret" level and was so well regarded that he had also been appointed an assessor for the body that selects chief officers for UK constabularies.

But after eight successful years on Jersey, Power found himself suddenly suspended in what one local politician supporter believes was a "coup d'etat engineered by a small group of powerful people who denied him natural justice".

The initial suspension, which related to Power's management and supervision of a child abuse inquiry centred around Haut de la Garenne, a children's home on the island, continues to be a hugely controversial topic in Jersey. It's an episode which Jersey's critics see as a prime example of the way the island's elite treats those who dare to challenge their authority.

Nine months before Power's suspension on 12 November 2008, the historic child abuse investigation made headlines around the globe after Power's deputy, Lenny Harper, told the world's media he thought his team had found human remains buried under Haut de la Garenne. He told hordes of journalists that suspicious forensic material discovered during excavation tallied with accounts given by various abuse victims of hearing children dragged from their beds at night who were then never seen again. .