ECONOMIC COLLAPSE NEWS
Interest rates are set to be cut again this year, leading economists said last night ahead of official data today that showed the UK economy in a growth slump deeper than all expectations. With a disastrous 0.7 per cent plunge in output between April and June, Britain is suffering its longest and deepest double-dip recession for more than half a century. Even before the growth shock, Capital Economics was putting a 50-50 chance on the Bank of England cutting rates to 0.25 per cent or beyond in the coming months. The money markets backed up that view today, as in the aftermath of the data they priced in the first cut to rates for November or December. | Read More
Foreclosure filings rose in almost 60 percent of large U.S. cities in the first half of 2012, indicating many areas will have more distressed homes on the market later this year, reported. More than 1 million homes in metropolitan areas with populations of at least 200,000 received notices of default, auction or repossession, up 1.5 percent from the last six months of 2011, the , California-based data provider said today in a statement. Among the 20 largest markets, Tampa, ; Philadelphia; Chicago and City had the biggest percentage increases in filings. | Read More
The world's most valuable technology company -- which throughout the global recession near-unfailingly smashed Wall Street forecasts -- is beginning to lose its aura of invincibility. The company has missed Wall Street targets twice in under a year. CEO Tim Cook may now have to worry more about economic and product launch cycles, and the whims of fickle consumers. Tuesday's numbers also showed the impact of the economic slowdown in Europe on its sales, something a smaller, less-exposed Apple was able to dodge a few years ago. "Apple is a little bit more vulnerable," said Giri Cherukuri, head trader at OakBrook Investments. "There are chinks in their armor now." The reason for its vulnerability: its very success and size. | Read More
WASHINGTON -- The poor and middle classes have shouldered by far the heaviest burdens of the global political obsession with austerity policies over the past three years. In the United States, budget cuts have forced states to reduce education, public transportation, affordable housing and other social services. In Europe, welfare cuts have driven some severely disabled individuals to fear for their lives. But the austerity game also has winners. Cutting or eliminating government programs that benefit the less advantaged has long been an ideological goal of conservatives. Doing so also generates a tidy windfall for the corporate class, as government services are privatized and savings from austerity pay for tax cuts for the wealthiest citizens. U.S. financial interests that stand to gain from Medicare, Medicaid and Social Security cutbacks "have been the core of the big con," the "propaganda," that those programs are in crisis and must be slashed, said James Galbraith, an economist at the University of Texas. |Read More
WASHINGTON -- In a rare moment of bipartisanship, the House overwhelmingly passed a bill by Rep. Ron Paul (R-Texas) to audit the Federal Reserve. The bill, which has 270 co-sponsors, passed 327 to 98. All but one Republican -- Rep. Bob Turner of New York -- voted for it, along with 89 Democrats.
Fed Chairman Ben Bernanke recently told the House Financial Services Committee that he agrees with the "basic premise" that the Fed should be transparent, but raised concerns that Paul's bill doesn't exempt monetary policy and deliberations from its reach. Not including an exemption on this point could create "a political dampening effect on the Federal Reserve's policy decisions," Bernanke warned. But Rep. Dennis Kucinich (D-Ohio) pointed out that the House vote on the bill comes on the same day that the that the New York Fed "did not communicate in key meetings with top regulators that British bank Barclays had admitted to Fed staffers that it was rigging LIBOR,” the index which sets interest rates worldwide. | Read More
WAR / REVOLUTION / SOCIAL PROTESTS NEWS
- Syrian civil war escalates (but there’s no civil war in Syria because the UN has not declared it yet!)
Fighting continues in Syria's key city of Aleppo, with troops trying to halt a rebel advance. The country's commercial hub has been plagued by fierce street battles for several days, since opposition fighters began their assaults. RT's Oksana Boyko is one of the few international reporters still in Syria, and brings us the latest on the conflict. RT LIVE
- Anaheim police killings of unarmed men spark riots bring back memories of Rodney King LA riots of ‘92
Residents of Anaheim have clashed yet again with police following the weekend shootings that killed two men. Hundreds of demonstrators gathered in the center tossing rocks and bottles at police and ignoring warnings to disperse. PHOTOS:
A group of legal experts have published a report which contains 130 cases that can be qualified as police brutality against Occupy Wall Street protesters in New York. Researchers at NYU and Fordham University have concluded that NYPD officers acted beyond their powers during their intense crackdown against Occupy protesters. Findings from the eight-month study serve to validate months of claims that demonstrators were, in fact, mistreated by officers.