Economic "Doom" Mega thread

richc

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Folks in their late 40's, fifties and older have a terrible time finding comparable employment.

Last year we hired a woman with an MBA and years of mid-level management experience as our bookkeeper. She'd been out of work for two years. She's smart, hard working and was unable to find a job.

The wife of a good friend was a mid-level manager at a retail fashion biz and her job was outsourced to southeast Asia. She's been out of work for three years, although she's begun picking up hours in a retail shop to get out of the house.

Both of these women are in their early fifties. Yes, they have jobs now, but they are woefully underemployed. And that's not going to change.

So they may not count as unemployed any longer, but unemployment rates are binary and don't include any parameters for the underemployed. And, of course, unemployment rates also don't include "discouraged workers", or those who have been out of work for a year or more and it's just assumed that they are no longer interested in a job. Yeah, right.

There's way more than the numbers indicate going on, but our political pundits choose not to discuss these poor folks.




"Raytheon layoffs in New England coming to a neighbor near you."

That is pretty tragic. Those people are some of the brightest folks. Will they ever be absorbed back into new tech jobs? With the decimation of the mil I see a sad future for many in that field around here. I can only hope that those workers can "retool" and build other products instead of defense related products.
 

Varmint

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It's not a recession. It's a DEPRESSION. I wonder, if all the GDP, falsified employment numbers, faked other numbers, etc. were all brought to the TRUE numbers, where the economy would be at, right now.
If you think about all the 401k plans in the whole country, everyone combined contributes about $200 billion a year. Until recently, the Fed was printing that much in just 2 and a half months, and most of that money went right into the stock & bond markets. Then there's the 0% interest rates which let big corporations replace all their debt with 0% interest, and also invest money borrowed at 0%.

So yeah, if the Fed weren't printing trillions out of thin air, and promising (wink-wink) to resume the printing at the first sign of a market crash, we'd be deep in a depression.
 

GM-GUY

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An attack such as they are talking about - the markets would tank as they know they have been lied to for years "Everything is Fine - we're feeling up grandma to keep you safe". The American people would know it too "They just want to come here for a better life" with complete willful ignorance that an open border allows anyone access.

Could I see US Citizens taking retribution on the US Govt for allowing it (by open borders and no tracking of visitors) again ? Yes, I could see it and I would vote not guilty on a jury also.

In regards to the Economic Collapse, on 9/11/01 the Russians and Chinese spoke of dumping all their dollars - the Chinese refused "It wasn't time yet". This time would be the time, the Russians hate us more, the Chinese hate us more. They both have designs on various parts of the world and with a collapsed US - they could take whatever they want with minimal effort. What they would take would more than compensate them for losses in USD.

Keep you pantries full and a good idea of where your loved ones are.
 

rjh200

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Really interesting video - take it or leave it. The General has nothing to gain and a lot to loose by being wrong.

Not discounting what is being said in the video but it seems like a lot of piece work being pulled together from over the last 6 months. I am interested in hearing the Fox news interview with the General from 8/23 in it's entirety, but I can't seem to find the video anywhere.
 
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Admin

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France's Socialist Government Dissolves In Internal Feud

PARIS (AP) — President Francois Hollande is weighing his options after dissolving the government on Monday over open feuding in the Cabinet about how much cutting — or spending — will revive the country's stagnant economy.

Hollande is to announce a new government on Tuesday. The debate among French Socialists mirrors one taking place across Europe on whether to pursue a German-led model of fiscal austerity or use more government spending to spur growth.
http://www.huffingtonpost.com/2014/08/25/france-government-dissolves_n_5707935.html

The socialists will never get it.
 
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GAZPROM will only accept payment in Yuan or Ruble. Petrodollar is dying quickly!
http://www.zerohedge.com/news/2014-08-27/gazprom-begins-accepting-payment-oil-ruble-yuan.

The Russian government and several of the country’s largest exporters have widely discussed the possibility of accepting payments in rubles for oil exports. Last week, Russia began to ship oil from the Novoportovskoye field to Europe by sea. Two oil tankers are expected to arrive in Europe in September.

According to Kommersant, the payment for these shipments will be received in rubles.

Gazprom Neft will not only accept payments in rubles; subsequent transfers via the ESPO may be paid for in yuan, the newspaper reported
 

darrowj

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The last few days I have had to learn about the Foreign Account Tax Compliance Act (FATCA) for work. The brass balls American politicians have to think it is OK to impose these regulations on other countries is blowing my mind.

Here is a video that is both funny and educational as far as FATCA goes: https://www.youtube.com/watch?v=Y-EVF7CZt_w
 

GM-GUY

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Another Dodd-Frank happy story, oh yeah, thanks Scott Brown, you signed onto this.

http://www.shtfplan.com/headline-ne...ze-your-money-to-recapitalize-itself_08272014

What it means, in the event of a bank going belly up, you get to make good on all the banks debts. FDIC - good luck with that.
You are now an 'unsecured creditor' and your accounts actually belong to the banks they just pay you back from time to time.

If you have money in the banks just sitting around - GET IT OUT, at least some of it - no sympathy when it goes away.
 
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exojam

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The last few days I have had to learn about the Foreign Account Tax Compliance Act (FATCA) for work. The brass balls American politicians have to think it is OK to impose these regulations on other countries is blowing my mind.

Here is a video that is both funny and educational as far as FATCA goes: https://www.youtube.com/watch?v=Y-EVF7CZt_w
Good video. Even though it is BS other countries go along with that crap.
 

exojam

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Many are just closing all accounts of Americans or anyone subject to these restrictions. We are destroying our ability to function in the global economy much less as a destination of choice for investment.
Well our gov sure seems to mess up more things than they fix, that's for sure.

If I am not mistaken this is the first Imhad ever heard of this, that is why that video was good to watch (for me at least).
 
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Buy Silver, buy Gold, buy ammo, buy dry beans while your dollar still has value...
This is so true. Its a shame that middle class America, with a "C" will have to go from cheap hamburg 73/20 to beans/rice. I'm so farrrggin done with this shit, I've seen my business income go from 500k to 30k post 2009 and I don't have the clients, bang my head on the wall some more, it just sucks. I'm really at a point of hoping the country does completely fail, the people on the bottom can't go any further down, but those on top can fall immensely. I'm disgusted and really frustrated. I would love to go back on the road and work, employment is minimal, at best.
Sucks
 

GM-GUY

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I used to work in making Printed Wiring Boards (actually laminating, drilling holes, plating - all that), I was an Engineer - self taught. Nothing I couldn't do in the shop. Made 60K/yr at one time, after that shop went belly-up I went to 3rd shift, further away and made less than half as a CAD tech (sitting at a computer all day). Take expenses/taxes into account and I got to keep ~ $5K/yr.

Stay at home dad - soon to be transitioning to CDL driver. They can't ship the job overseas and everyone seems to screaming for people as more and more of the 1970's boom retire.

Anyway, yes, sucks bad.


I have minimal cash in the bank - no need to risk what little I have on a bail-in or whatnot.
My 401k was cleaned out early this year, bought Gold & Silver + Year Supply of FD Food (#10 cans).


With all the potential hot spots out there today (Ukraine, Syria, Iraq, Iran, Libya) and the continuing bad economic data while QE is pulled in (officially) - not sure The Fed and ECB aren't swapping buying each others to hide what is really going on. With the state of affairs being so tenuous, one wrong move or unexpected disaster and the whole mess could come down fast.

And with that, it's off to run the Chainsaw and make a blind for my father-in-law for hunting season. He has a bad hip and a 20 ft ladder stand probably isn't the best idea.
 

calsdad

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"Raytheon layoffs in New England coming to a neighbor near you."

That is pretty tragic. Those people are some of the brightest folks. Will they ever be absorbed back into new tech jobs? With the decimation of the mil I see a sad future for many in that field around here. I can only hope that those workers can "retool" and build other products instead of defense related products.
Not for nothing - but the military - along with just about everything else in this country - is completely out of control. The fact that people are being dumped out of the "defense" ([rofl]) sector - is a good thing.

They're jobs largely depend on consuming your tax dollars for producing nothing of any real long standing value.

My take on it is that "defense" - will likely get cut first - but that is just the canary in the coal mine, because what comes next are cuts to entitlements. They'll NEVER be able to cut entitlements without sacrificing spending on the military - that's just the way the political cookie crumbles in this country.
 

Bob J

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Many are just closing all accounts of Americans or anyone subject to these restrictions. We are destroying our ability to function in the global economy much less as a destination of choice for investment.
Not an accident..... Keeps the investments onshore where the .gov can easily access if/when it becomes necessary.....
 

cekim

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Not an accident..... Keeps the investments onshore where the .gov can easily access if/when it becomes necessary.....
Amazingly self-destructive. Our premium on this planet was begotten by virtue of the security, transparency and certainty of our markets.

The idea was that a tin-pot dictator or strong-man could not take your money if it was in a US bank.

That is no longer true as we now have one or both of those things - a regulatory system that giveth and taketh on a whim.

As a result, our standard of living and wealth will at best revert to a global mean FAR below what we have enjoyed since WWII.
 

GM-GUY

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McConnell - yeah, he's 'electable'

http://blogs.marketwatch.com/capito...-says-he-wouldnt-allow-a-government-shutdown/

So he won't shutdown the govt - so 0bama could come with a $10T budget and not budge from it and McConnell would eventually cave.

I hope all the foreign investors (and investors in general for that matter) - the US Govt will never balance a budget again; so whatever debt ratio you consider too high - it's just a matter of time.

Sometime soon the United States Dollar will be like wallpaper - Marc Faber


As a side note, building a log cabin type blind with a chainsaw is entertaining. Milling the logs free hand and stacking them without power assist by myself - clears the cobwebs out of the brain and get some tension relief.
 

calsdad

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France's Socialist Government Dissolves In Internal Feud



http://www.huffingtonpost.com/2014/08/25/france-government-dissolves_n_5707935.html

The socialists will never get it.
No - they won't. That's why it's best for all concerned that they crash and burn in spectacular fashion. The only way the human body politic seems to ever swear off certain forms of political or social thought - is when they collapse in a highly dramatic and/or painful fashion.

You want to get rid of "socialism" - then some country somewhere is going to have to demonstrate in a very loud and explosive manner why socialism doesn't work.

France seems to have self selected themselves for this learning exercise.
 

GM-GUY

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Holy K-Rap, CNBC !!!!

http://www.cnbc.com/id/101950613


60% Total Market 'Correction' and 52% out of 35K respondents believe that there will be no correction anytime soon. So more than 1/2 the respondents are in denial and twice that number aren't even paying attention (they are on TMZ).

So, with the massive leveraging and behind the scenes heaping, stinking, steaming piles of monkey crap more will fail than the last time and viola Bail-In's are here.

FOOD, WATER, GUNS, AMMO, MEDICAL & A PLAN.

BE READY.
 

calsdad

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Exactly.

Will?

They've already been doing that. A couple of pages back I think it was GM-GUY that posted the amount of money that's spent on interest. And we have historic low rates now. Those start rising - and the game is jig is going to be closer and closer to being up.

They've already been printing for a while - but that can only go on for so long. Sooner or later either thru math or social and political pressure - entitlements WILL get cut.

What I mean by social and political pressure is - let's they start to REALLY decimate the military - not the smoke and mirrors BS they're doing now - then sooner or later people will look around them and see the country's defenses going to crap - and wonder why there's still Cadillac driving 400 pound welfare recipients sucking off the public teat and buying up all the good meat in the supermarkets.

Serious political pressure will get applied at that point. When everybody is getting what they want - then the current system basically just keeps filling the trough up so all the pigs can feast. If one trough runs dry - then they pigs at that trough will scream bloody murder about the other trough still being full.

Welfare WILL get cut - if the military gets cut too far. These things go hand in hand on the way up - and the way down.
 

GM-GUY

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