This past while we have been hearing from the MSM how corporations are sitting on a pile of cash, implying that they have been profitable beyond our wildest expectations. What the MSM neglects to tell us hillbillies is that corporations have also been taking on unprecedented amounts of debt as this Telegraph article now comes out and admits. How come CNBC, Bloomberg and their ilk couldn't make this connection when those in the blogosphere have been screaming from the rooftops to be not fooled by corporate earnings claims? HP is not laying off 27,000 people because it’s making oodles of profits but because it is not! Most consumer products like computers, TVs, appliances, and autos have been declining in sales since 2008, and they will probably never regain those types of sales numbers ever again. So this whole concept of constant growth is an illusion; with declining sales of just about all consumer products, how can there be growth? Sony for example, lost 16 billion last year, that’s billion with a B. I doubt that there are many multi - national corporations that are profitable. Bankia, the Spanish bank reported a profit of 100 million or so last year but has now revised it to a loss of some 1.3 billion euros. If I did accounting like that when reporting my taxes, I'd be in jail. How on Earth, when you supposedly have the best accounting firms doing your books, can a profit of 100 million become a loss of 1.3 billion? Maybe, it is because they employ the best accounting firms, like Arthur Andersen that they are able to report whatever suits them and the MSM swallows it hook, line and sinker!
When it suits these corporations they report a profit; when they need a bailout, meaning a taxpayer handout, the profit magically becomes a mega loss. Look for more corporations, especially banks that reported profits last year to suddenly re-adjust their profits to massive losses. JPM has already set up the stage for huge bailouts by reporting a trading loss earlier this month; a loss that keeps on growing. Almost all MSM reported numbers are fake, and are proven to be so sooner or later, yet the media reports them as gospel truth. The truth we report, months, and sometimes years in advance, is almost always proven to be true. So the collapse that we (meaning myself and others in the Alternative Media), foresee coming is coming for sure; it may be delayed till Nov. till after the US Predidential elections but it is coming; if it wasn’t, there would be no need for governments to lie, for corporations to lie, for bankers to lie, and for the MSM, which is the mouthpiece of the political / business elite to constantly bombard us with lies. So you can believe their lies, which are almost always proven to be lies, or you can use your own God given faculty of logic and believe the truth, which is the opposite of their lies; there is no Recovery, just a collapse that has been developing is slow motion since 2008 but is now gaining speed rapidly in 2012, and will more than likely fully materialize in 2013!
Telegraph article: Debt crisis: a $46 trillion problem comes sweeping in: