Daily Truth Pills

Hosea 4:6 My people are destroyed for lack of knowledge…

Archive for July 11th, 2009

Biden Admission: Obama Plan Doomed

Posted by truthpills on 2009/07/11

By Gerald Celente
7-8-9

KINGSTON, NY — Vice President Joseph Biden’s admission that the Obama Administration’s economic recovery plan was predicated on egregiously inaccurate forecasts consigns the entire effort to failure, predicts Gerald Celente.

“The plan is based upon false premises,” said Celente, Director of The Trends Research Institute, referring to White House projections used to sell the stimulus package to the nation. To make their case, Washington warned that without the Obama stimulus, unemployment, then at 7.2 percent, would rise above 8 percent in 2009 and peak at 9 percent in 2010.

Yet, only midway through 2009, the unemployment rate is already 9.5 percent and rising. “This is an enormous miscalculation,” contends Celente. “In real world terms, it means that 2.5 million more Americans than anticipated have lost their jobs. The inaccuracy of the forecast undermines the validity not only of the plan, but also of the planners.”
Read the full article

Posted in Economy | Tagged: | Leave a Comment »

Hard Times

Posted by truthpills on 2009/07/11

Richard Benson
Jul 9, 2009

Our measure of how bad it is in this economy for a broad swath of Americans can be analyzed by asking three basic questions: Are people working, are they making any money, and do they have any money in reserves? To answer these questions and more, below are some shocking facts!

First, are people actually employed? The glum employment situation continues to unravel and on the summer jobs front, 16-19 year olds are facing the worst environment since 1954, before their parents were even born. In 2007, 51 percent of graduating college students had jobs lined up before graduation. This year, less than 20 percent had jobs. Because they can’t find work, the youth of America are staying at home with their parents (maybe forever) and parents can be categorized as “payrents.”
Read the full article

Posted in Economy | Tagged: | Leave a Comment »

China steps up buying spree in Africa

Posted by truthpills on 2009/07/11

by Staff Writers
Lagos, Nigeria (UPI) Jul 9, 2009
China’s oil companies, buoyed by the country’s foreign exchange reserves that now top $2 trillion for the first time, are on another buying spree in Africa, further challenging the century-long domination of the continent’s mineral wealth by Europe’s great powers.

So intense is Beijing’s drive for wider access to energy resources to fuel China’s economic growth that its main state-run oil companies are now competing among themselves.

The Big Three — China National Petroleum Corp., Sinopec and the China National Offshore Oil Corp. — are all likely to be among the top bidders when one of West Africa’s newest oil producers, the island state of Sao Tome e Principe, which straddles the equator in the Gulf of Guinea, opens up its exclusive economic zone for the first time.
Read the full article

Posted in Economy | Tagged: | Leave a Comment »

Engineering Jobless Rates Are Sky-High

Posted by truthpills on 2009/07/11

By Tudor Vieru, Science Editor
8th of July 2009, 13:02 GMT

New statistic reports show that, in the United States, the rate of employment for electrical and electronics engineers (EEs) is at its lowest in years, and that many trained professionals are kicked out of their jobs on account of the economic crisis. And, while the federal government struggles to take the country out of the mess the other government set it in, one thing becomes clear – no one can hope to drive an economy on anything else than technology. Considering the rate at which these people are losing their jobs, that seems highly unlikely to happen.
Read the full article

Posted in Economy | Tagged: | Leave a Comment »

Taibbi’s Scream: Stop the Political System That Has Let Goldman Sachs Fleece Us for 90 Years

Posted by truthpills on 2009/07/11

The sordid story of how Goldman Sachs and Co. engineered bubbles in the economy and made a hefty profit.

By Rob Johnson, AlterNet. Posted July 8, 2009.
In Matt Taibbi’s vivid and provocative new article in Rolling Stone, “The Great American Bubble Machine,” the man absolutely screams. Evoking the image in Edvard Munch’s famous Norwegian painting, Taibbi sounds the alarm to American readers as he explores the sordid story of Goldman Sachs and Co. Tracing 90 years of political and market history, Taibbi colorfully describes the firm headquartered at 85 Broad Street as: “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”
Read the full article

Posted in Corruption, Economy | Tagged: | Leave a Comment »

Yuan Deposes Dollar on China Border in Sign of Future (Update1)

Posted by truthpills on 2009/07/11

By Bloomberg News

July 8 (Bloomberg) — Huang Xinyuan, who sells mining equipment and pesticides to customers across China’s border with Vietnam, says he no longer wants payment in U.S. dollars and prefers the yuan.

Sales using the greenback at Guangxi Jinbei Group, where Huang is vice president, dropped to 30 percent of contracts in 2008 from 87 percent in 2007. The yuan, which has gained 21 percent since it was allowed to strengthen against the dollar starting in 2005, offers greater stability, he said.

Read the full article

Posted in Economy | Tagged: | Leave a Comment »