China soon to overtake US economy

August 18, 2008 by asgard14.

As George Bush goes to war of words with Russia over Georgia, protects Israeli interests (Iraq War) and failing to stop Mexican Illegal Immigration, the US economy is soon to be overtaken by China…

Here’s a stat to get the old ticker pumping first thing in the morning:

Past 25 Year Growth Rates:

China: 8%+
U.S.     3%

on an inflation-adjusted average annual rate

Does that place a recent meme circulating on Wall Street (particularly from right-leaning economists) that the increase in Oil prices is due to “speculators” into some context?

Understanding this trend is far from academic, with an impact likely to shake up businesses and governments and today’s U.S.-driven world order. Having the world’s largest economy will give China a greater say in global affairs. Its currency, which is now pegged to the U.S. dollar, will join the yen and the euro as globally traded currencies and in doing so will erode the dollar’s position as the world’s default coin of choice. China’s military, which has enjoyed double-digit budget increases for much of the past 15 years, is likely to grow larger, bolstered by the huge economy.

The Central Intelligence Agency, for one, is taking note. A research arm, the National Intelligence Council, issued a report last month likening China’s emergence and its impact on the world to that of the U.S. in the last century and Germany in the 19th. The report says that by 2020 the world’s geopolitical center of gravity will tilt toward Asia, especially China, the economy of which will have surpassed Japan’s to become second only to that of the U.S.
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As war with Iran is on the horizon, US company General Motors nearing bankrupty

August 1, 2008 by asgard14.

It has been said that “as goes GM, so goes America.” With GM teetering on bankruptcy - and suffering massive losses due to lack of foresight on how to compete with foreign car makers - Americans need to stop, think, and realize that GM going down means America is not far behind. My guess is those GM executives never dreamed that BushCo policies would turn out to be so devastating to America, and their business.

Folks, you have not seen the worst of it yet. This Super Storm is just now getting warmed up and will be the equivalent of “The National Weather Service has issued a Severe Tornado Warning for the entire United States”

As the US tries to explain away to the American Sheeple why the cost of gasoline is now so high, read this recent article and consider the extent DC is lying to America yet again. They like to use the typical lies of ’shortages’ and ’supply versus demand’ but global production is at an all-time high and demand is dropping.

“The 1.6 million barrels a day in record petroleum exports represented 9 percent of total U.S. refining capacity of 17.6 million barrels a day. However, with refiners operating at 85 percent of capacity during the January-April period, the shipments represented a much a larger share of total U.S. oil products produced.”
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Ron Paul: Pending financial disaster for the US economy

July 3, 2008 by asgard14.

 

The following statement is written by Congressman Paul about the pending financial disaster. He will introduce this statement as a special order and insert it into the Congressional Record next week. Fortunately, we have the opportunity to debut it first on the Campaign for Liberty blog. It reads as follows:

I have, for the past 35 years, expressed my grave concern for the future of America. The course we have taken over the past century has threatened our liberties, security and prosperity. In spite of these long-held concerns, I have days—growing more frequent all the time—when I’m convinced the time is now upon us that some Big Events are about to occur. These fast-approaching events will not go unnoticed. They will affect all of us. They will not be limited to just some areas of our country. The world economy and political system will share in the chaos about to be unleashed.

Though the world has long suffered from the senselessness of wars that should have been avoided, my greatest fear is that the course on which we find ourselves will bring even greater conflict and economic suffering to the innocent people of the world—unless we quickly change our ways.

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Outsourcing may cost Australia 1 million jobs

May 30, 2008 by asgard14.

THE service sector is at risk of losing more than one million jobs during the next two decades as a result of big business outsourcing work overseas, a union report predicts.

One in 10 service jobs could be sent offshore, the report prepared for the Service Unions of Australia reveals today.

The service sector accounts for four out of five jobs and 80 per cent of economic activity in Australia and includes banking, insurance and finance, telecommunications, media and retail, as well as government services such as education, health and welfare.

“A worst case scenario could see Australia losing 1000 of these jobs every week offshore over the next 20 years,” Finance Sector Union national secretary Leon Carter said today. That could lead to a loss of 1.04 million service jobs during that time.

Just over 10.7 million Australians are currently employed in the labour market.

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US Government Facing Fiscal Armageddon- US Dollar in Deep Trouble

May 7, 2008 by asgard14.

The U.S. Government Accountability Office (GAO) — the auditing arm of the U.S. Congress — warns that the nation’s deficits and debts are now so overwhelming, America may face fiscal Armageddon.

Unfortunately, the warning has fallen on deaf ears — so much so that long-time GAO head David M. Walker has recently resigned, hoping he can get his message out more effectively on his own. His main points:

1. The federal deficit is not something that comes and goes. It’s built in. It’s very large. And its growth trajectory takes America on a veritable collision course with bankruptcy! According to the GAO, unless radical fiscal reform is instituted quickly, the U.S. federal deficit could reach 20% of GDP , or five times greater than the worst level of this century.

2. State and local deficits are on a similar path. Thus, any efforts to shift some of the fiscal burden from federal to local governments will be futile.

3. This astronomical — and potentially devastating — growth in our debt has little to do with the ups and downs in the economy and has everything to do with locked-in, predictable aging of our population.

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China Dumps Dollar - US Meltdown Underway

April 16, 2008 by asgard14.

Comments by China that it intends to move away from its reliance on the dollar triggered a sharp drop in the Dow Jones Industrial Average and heightened worldwide fears about the U.S. currency’s stability. Chinese Central Bank Vice Director Xiu Jian said that his country is planning to shift much of its $1.4 trillion national currency reserve from dollars to more stable currencies, such as the euro or Canadian dollar. After these comments, the dollar fell to record lows relative to other currencies — the lowest ever against the euro, the lowest in a generation against the British pound, and the lowest in 57 years against the Canadian dollar.”The big issue on any currency is if its rate of depreciation is so fast that it scares away all capital, and the announcement that we heard from China sort of feeds those fears,” said Larry Smith, chief investment officer at Third Wave Global Investors.

China is the world’s largest investor in U.S. Treasury bonds and securities, holding more U.S. debt than any country but Japan. Because China’s currency is linked to the dollar, the country also maintains a massive reserve of the currency.

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Sweden: The cost of immigration

April 9, 2008 by asgard14.

Stig-Björn Ljunggren, political scientist, thinks it’s reasonable to calculate how much immigration costs society. Immigration minister Tobias Billström thinks the debate should be more about immigration as a positive force.

Ljunggren is a professor of national economy and works at the Center for Labor Market Policy Research at Växjö university. He speaks of Bromölla municipality, which ended up in trouble when they wanted to make an account of immigration in the city. People like Marita Ulfskog, Social Democrats party secretary, opposed it.

Ljunggren says people should be able to check immigration just like everything else. There are different ways of calculating things such as unemployment and sick leaves Like all other economic activities it depends on which parameter people choose. Despite that he is certain that it’s possible to calculate how much immigration costs society.

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Why America is losing

April 9, 2008 by asgard14.

Percentage of foreign-owned (China and Japan) American industries:

· Sound recording industries - 97%
· Commodity contracts dealing and brokerage - 79%
· Motion picture and sound recording industries - 75%
· Metal ore mining - 65%
· Motion picture and video industries - 64%
· Wineries and distilleries - 64%
· Database, directory, and other publishers - 63%
· Book publishers - 63%
· Cement, concrete, lime, and gypsum product - 62%
· Engine, turbine and power transmission equipment - 57%
· Rubber product - 53%
· Nonmetallic mineral product manufacturing - 53%
· Plastics and rubber products manufacturing - 52%
· Plastics product - 51%
· Other insurance related activities - 51%
· Boiler, tank, and shipping container - 50%
· Glass and glass product - 48%
· Coal mining - 48%
· Sugar and confectionery product - 48%
· Nonmetallic mineral mining and quarrying - 47%
· Advertising and related services - 41%
· Pharmaceutical and medicine - 40%
· Clay, refractory, and other nonmetallic mineral products - 40%
· Securities brokerage - 38%
· Other general purpose machinery - 37%
· Audio and video equipment mfg and reproducing magnetic and optical media - 36%
· Support activities for mining - 36%
· Soap, cleaning compound, and toilet preparation - 32%
· Chemical manufacturing - 30%
· Industrial machinery - 30%
· Securities, commodity contracts, and other financial investments and related activities - 30%
· Other food - 29%
· Motor vehicles and parts - 29%
· Machinery manufacturing - 28%
· Other electrical equipment and component - 28%
· Securities and commodity exchanges and other financial investment activities - 27%
· Architectural, engineering, and related services - 26%
· Credit card issuing and other consumer credit - 26%
· Petroleum refineries (including integrated) - 25%
· Navigational, measuring, electromedical, and control instruments - 25%
· Petroleum and coal products manufacturing - 25%
· Transportation equipment manufacturing - 25%
· Commercial and service industry machinery - 25%
· Basic chemical - 24%
· Investment banking and securities dealing - 24%
· Semiconductor and other electronic component - 23%
· Paint, coating, and adhesive - 22%
· Printing and related support activities - 21%
· Chemical product and preparation - 20%
· Iron, steel mills, and steel products - 20%
· Agriculture, construction, and mining machinery - 20%
· Publishing industries - 20%
· Medical equipment and supplies - 20%

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More Americans on Food Stamps than ever

April 7, 2008 by asgard14.

Driven by a painful mix of layoffs and rising food and fuel prices, the number of Americans receiving food stamps is projected to reach 28 million in the coming year, the highest level since the aid program began in the 1960s.The number of recipients, who must have near-poverty incomes to qualify for benefits averaging $100 a month per family member, has fluctuated over the years with economic conditions, eligibility rules, enlistment drives and disasters such as Hurricane Katrina, which led to a spike in the South.Recent rises in many states seem to result mainly from the economic slowdown, as well as inflation in prices of basic goods that leave more families feeling pinched, officials and experts say.

Citing expected unemployment growth, the Congressional Budget Office this month projected a continued increase in the monthly number of recipients in the next fiscal year, starting Oct. 1 - to 28 million, up from 27.8 million in 2008 and 26.5 million in 2007.

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USA 2008: The Great Depression

April 1, 2008 by asgard14.

We knew things were bad on Wall Street, but on Main Street it may be worse. Startling official statistics show that as a new economic recession stalks the United States, a record number of Americans will shortly be depending on food stamps just to feed themselves and their families.

Dismal projections by the Congressional Budget Office in Washington suggest that in the fiscal year starting in October, 28 million people in the US will be using government food stamps to buy essential groceries, the highest level since the food assistance programme was introduced in the 1960s.

The increase – from 26.5 million in 2007 – is due partly to recent efforts to increase public awareness of the programme and also a switch from paper coupons to electronic debit cards. But above all it is the pressures being exerted on ordinary Americans by an economy that is suddenly beset by troubles. Housing foreclosures, accelerating jobs losses and fast-rising prices all add to the squeeze.

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US Faces $53 Trillion Financial Asteroid

March 29, 2008 by asgard14.

Let’s say a giant asteroid was headed toward Earth right now and experts say it has a good chance of ending civilization as we know it. Let’s also say that we’ve known about this asteroid for years but even as it gets closer and closer our leaders do nothing.

“Don’t worry,” they tell us, “The next administration will figure something out.”

With the future of our country at stake, would Americans really sit back and tolerate that kind of inaction? Of course not — we’d be sharpening our pitchforks and demanding answers.

Well there may not be a space asteroid heading toward us, but there is an economic one — and the threat to our future is just as severe.

You might think that I’m talking about the recession (sorry: potential recession) or credit crisis, but I’m thinking bigger. Much, much bigger.

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American Universities see spike in applications from abroad

March 28, 2008 by asgard14.

For overseas students, a U.S. college education has suddenly gotten much cheaper — and many more are applying to study here.University of Washington officials say the number of foreigners applying to be freshmen this fall is up a whopping 40 percent.And the UW is not alone: Foreign applications are up 32 percent at Washington State University. Across the 10-campus University of California system, foreign freshman applications are up 25 percent this year and 50 percent over the past two years.

The tumbling dollar, experts say, is one factor.

“Our major [college] competitor has been the U.K. But the pound is so strong,” said Madeleine Green, vice president for international initiatives at the Washington, D.C.-based American Council on Education. “Every day, we get cheaper than Europe and the U.K.”

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Zimbabwe’s Farm Targeting Continues

March 23, 2008 by asgard14.

Robert Mugabe turns the screw on Zimbabwe’s dwindling white farmers

President Robert Mugabe’s regime is stepping up its intimidation of Zimbabwe’s white farmers as he seeks a sixth term in office.A few hundred landowners managed to stay put on small portions of their original properties despite Mr Mugabe’s land seizures, which began in 2000 and destroyed commercial agriculture, the backbone of the economy. But the president’s re-election campaign ahead of next weekend’s election is driven by the notion that the country’s independence is under threat.

He has long presented the farm confiscations as part of Zimbabwe’s struggle for freedom.

Deon Theron, a vice-president of the Commercial Farmers Union, is on trial in Harare magistrates’ court. He faces a two-year prison sentence if he is convicted of trespassing on the farm he bought 24 years ago.

His farm in Beatrice, about 40 miles south of Harare, used to produce about two per cent of all the milk consumed in the capital, but an eviction order was issued against the Therons a year ago.

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Tent cities spring up in Los Angeles from the mortgage crisis

March 23, 2008 by asgard14.

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American Refugees are flooding into Canada

March 23, 2008 by asgard14.

In September of 2007, the city of Windsor, which borders the United States, officially asked for financial assistance from Ottawa to deal with American refugees flooding into Canada. This is proving to be the tip of the iceberg, and only the first wave of economic refugees that have been created in the United States.

There are now tent cities being built outside most large metropolitan areas, one of the largest of which is in Los Angeles. The following report from the BBC highlights the consequence of the US subprime meltdown and the fears that the crisis is growing.

The homelessness situation has grown so rapidly in the United States that certain cities are issuing color-coded wristbands blue for those who can stay, orange for people who need to provide more documentation, and white for those who must leave. Refugees will no longer be able to stay in one area, meaning that many towns and cities will now have to be prepared to receive migrant refugees displaced by local governments from other districts and States.

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