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
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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, RealtyTrac Inc. 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 Irvine, California-based data provider said today in a
statement. Among the 20 largest markets, Tampa, Florida;
Philadelphia; Chicago and New York City had the biggest percentage increases in
filings. | Read
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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
Editor’s Note: Apple is the Nortel of the second decade of the 21st
century; a completely over-hyped and overrated company whose value will decline
significantly in coming years. The gazillion fund managers who hold Apple right
now will cost their clients billions in the future. But that is what fund
managers do: enrich themselves through fees and bonuses while shafting their
clients.
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 Washington Post reported 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
Editor’s Note: People are all excited about the US House of
Representatives passing a bill to audit the Federal Reserve. However, this is
more than likely a prelude to a coverup of the real activities of The Fed not
an exposé. Ron Paul is very much an
insider working for the Global Elites; he is controlled opposition, so he will do nothing that will actually
damage the existing power structure as he proved by indirectly endorsing Mitt Romey for
President through his son, Rand Paul.
WAR / REVOLUTION / SOCIAL PROTESTS
NEWS
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 http://rt.com/on-air
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: http://on.rt.com/14llxx
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.
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