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economy

Detroit Symbolizes America's Decline

by Stephen Lendman

America's economy is sick. It's getting sicker. Coverup and denial conceal reality. Census data say record numbers of US counties are dying. It's over one in three.

It reflects population shifts and Depression conditions. America's decline gets little attention.

Since 1981, 42 US municipalities declared bankruptcy. Ten did so in the past four years. Expect more to follow. Hard times getting harder assures it.

Detroit once symbolized industrial America. Might Motown resembles a ghost town. It's dying. It nears bankruptcy.

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economy

US Economy: Troubled or All's Well?

by Stephen Lendman

Headlines flashed warning signs. Commentaries downplayed them. A Wall Street Journal editorial headlined "As Contractions Go…."

US Q IV GDP shrank, "but not to worry. The report is better than it sounds, the stock market is rocking, and (the Fed will) keep both feet pressed firmly on the monetary accelerator."

The Financial Times headlined "US outlook still clear despite shower," saying:

Predicting recession "based on (-0.1% GDP decline) "is a bit like expecting rain because somebody threw a bucket of water out the window."

The wildcard is "if Congress decides to dump water out the window every month, via across-the-board 'sequester' cuts" expected soon.

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Form every TV and radio news broadcast, the words, `fiscal cliff' are being mentioned, in a tone and frequency of dread and fear.
Listeners, viewers and readers can sense the dread and faux fear, but little clarity arises from the dust.
What is the fiscal cliff?
It is a political creation – made by Congress itself, as a self- made rule to force agreement (but really to blackmail political opponents), or else massive cuts will be automatically made in defense, social services and other government programs.

In the Mel Brooks-made cowboy comedy, Blazing Saddles, a Black sheriff moseys into town to the shock and surprise of the white townspeople.  When things get ugly, the sheriff (played by actor Cleavon Little (1939-1992), pulls out his Colt. 45 and points it at himself, warning them to get back, or else he'll shoot.

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While the national focus is on a make-believe deficit “crisis”, Philadelphia is facing an all too real income crisis. Too many families, including many with at least one full time worker, simply can’t meet their basic needs.

caution-fiscal-cliff-ahead.jpg

Of course our entire State includes huge numbers of struggling families, 840,000 families to be exact, including 2.3 million individuals, according to a recent study by Pathways PA. But Philly is tops in “income inadequacy” with 42% of our entire population not able to meet basic needs such as housing, child care, food, health care and taxes. Yes, the poor and the marginally poor do pay taxes.

During the Presidential campaign, the problems of these folks, and the cities like Philadelphia that are home to so many of them, fell off the cliff. Instead another cliff engendered all the conversation, and continues to, the so-called “fiscal cliff.”

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MANILA, Philippines – As the first female chief of the International Monetary Fund (IMF) visited the country for the first time and met with Pres. Benigno S. Aquino III Friday morning, debt watchdog Freedom from Debt Coalition staged a protest near the Malacañan Palace, in solidarity with the peoples of the Eurozone.

“For FDC, the IMF is dead, a walking dead,” said the group’s president, Ricardo Reyes. “The sooner we bury this economic zombie, the better for the economies and the peoples of the world.”

IMF Managing Director Christine Lagarde arrived Thursday afternoon and met with the President Friday, ostensibly to solicit insights on how to solve the Eurozone economic crisis and also to advise the Philippine government to rationalize tax incentives granted to business. She is in the country as part of a visit to Southeast Asia. She is also scheduled to attend a meeting of ASEAN nations in Cambodia early next week.

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Freedom of Information (FOI): A Key to Freedom from Debt and Economic Justice

The Freedom from Debt Coalition (FDC) joins the growing public clamor for the government to take decisive action on the passage of the Freedom of Information (FOI) Bill in the 15th Congress. FDC believes that an FOI Law is a key to freedom from debt and to economic and social justice.

An FOI Law is a landmark measure that will ensure our constitutional right to information and an effective tool to fight corruption, and will ingrain the culture of transparency and accountability in government.

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Let’s not hold our breaths just yet — China is not nearly capable today of becoming the new capitalist center. Its military and economy are much too small.

Hand-wringing over China increasingly seems to be a preoccupation of mainstream journalism, popular culture and the world of politics. Speculation abounds on when China will be crowned the world’s largest economy.
 

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Today, the Sisters of Charity of New York delivered thousands of petitions to NBC Nightly News and ABC World News to urge them to stop their blackout coverage of the London Interbank Offered Rate (LIBOR) scandal since it broke 3 months ago. The bank manipulation of a critical interest rate that impacts all of us - from home mortgages to credit cards, its affects are wide-ranging, especially for the poor and most vulnerable.

Today, the Sisters of Charity of New York delivered thousands of petitions to NBC Nightly News and ABC World News to urge them to stop their blackout coverage of the London Interbank Offered Rate (LIBOR) scandal since it broke 3 months ago. The bank manipulation of a critical interest rate that impacts all of us - from home mortgages to credit cards, its affects are wide-ranging, especially for the poor and most vulnerable.

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on oil, gas, and energy, advisor to 16 governments (verifiable), is namesake of law that says oil and gas double every 5 years. Up 15% each year--you can (will) see it yourself.

A New "Moors' Law" -- For Oil, Not Chips
Moore's Law for transistor count has ended, but now there's Moors' Law for oil and it says gasoline -- US national average -- will be $7 in 2017 as oil reaches $240 a barrel. The law is named for Kent Moors, a professor Duquesne U. Specifically, the price of oil and the number of cars in China, which drives it, double every 5 years. These murderous prices change everything in society.
 
Moors' LAW FOR OIL PRICES: (Kent Moors):
 

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MANILA, Philippines - The Philippine government’s decision to extend a US$1-billion loan to the International Monetary Fund (IMF) to supplement the Fund’s Financial Transaction Plan (FTP) of $456 billion to contain the economic crisis in Europe is an “arrogant pretension of a country very much in debt,” according to the Freedom from Debt Coalition (FDC).

In a protest action outside the Bangko Sentral ng Pilipinas (BSP) building along East Ave. in Quezon City, FDC members lambasted the government for “being fast in allowing the IMF to manage our money, yet being slow in allocating funds for basic social and economic services.”

“May pera pala tayo?” asked Mercy Donor, an urban poor leader and a member of FDC. “Bakit kapag sa pagkain ng mga nagugutom, sa edukasyon ng mga bata, sa kalusugan ng mga may sakit, at sa pabahay para sa maralita, kung hindi kulang, walang budget?”

“Puro pasikat lang yata ang alam ng gobyernong ito,” she added.

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