Last week, new claims for jobless benefits showed worrying signs for the US labour market. It has reached the half-million mark which is a new nine-month high. It has increased by 12,000 from the past month although Wall Street analysts initially expected claims to actually decrease. The jobless claims this month has been the highest since November 2009.
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China just inched ahead of Japan, making it the second largest economy after the US. It is predicted that although China is still behind the US, it will not be long until the US will be number two. Economists are predicting that it will take them less than 20 years to do so.
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Wasn’t the new health care reform law supposed to make health care more affordable for everyone? Well, imagine my surprise when I opened up a letter from my health insurance company recently and found out that my health insurance premiums were going up by nearly 50 percent. I am in perfect health and I have never had a single health insurance claim with this company. Unfortunately, after doing a little research, I discovered that I am far from alone. All over the United States, people are being hit with double-digit percentage increases in their health insurance premiums even as the health insurance predators continue to rake in record profits. At a time when millions of American families are barely making it from month to month, the last thing they need is to be figuratively kicked in the groin by the health insurance companies. But that is exactly what is happening.
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A Huge Mystery Remains To Be Solved
Yesterday marked the 39th anniversary of the day when the US Government declared bankruptcy. Oh, they didn’t call it that at the time. But what happened on August 15, 1971 was that the US defaulted on its promise to pay gold for dollars.
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Yep, you read it right. While America is almost choking to death by the impossible national debt it is in, the system that Man of the Year, Bernanke, set up is responsible for monetizing on this debt to make a few wealthy man behind the Federal Reserve, the “central bank” of America even wealthier.
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The National Inflation Association just finished a video to explain how bad the impact is when the US dollar continues to lose its value as it is doing now. Marc Faber explains that the US dollar has already lost 95% of its value since the introduction of the Federal Reserve. But it took 100 years to get there. This time around, it will only take them 10 years to lose that much of what is left of the US dollar value. “They have become more efficient,” Faber jokes.
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The US took the US dollar off the gold standard in 1971 which was done by Nixon. This basically gave the Federal Reserve unlimited authority to print money as much as they want. What they are really doing is printing out Monopoly money. If you have ever played Monopoly, you may realize (or maybe not) that one of the important rules in Monopoly is that the Bank never goes bankrupt. If the Bank is out of Monopoly money, it can just write a number on an ordinary piece of paper and that will be accepted as “official” Monopoly money. This is exactly what is happening.
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Marc Faber gave an interesting closing speech in the Agora Financial Symposium in Vancouver, which was held July 19-23, 2010. The symposium was the 11th annual anniversary of Agora Financial and the topic was “Assault on Enterprise – How to Invest in the Age of Rising Taxes, Wall Street Crooks and Government Boondoggles”.
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Even though the stock market has shot up by 7% this month after a very miserable drop in May and June, Marc Faber does not change his opinion and is not buying the “good news”. The reason why Marc Faber is holding his ground is because the US is in deep debt and in order for them to get out is only more quantitative easing.
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I am talking about the financial reform bill that has been referred to many times as completely and utterly worthless. Barack Obama trumpeted the reform bill excitedly and called it as “the biggest rewrite of Wall Street rules since the biggest depression.” However, the Wall Street got their hands to it and carved their own agenda into it, leaving the bill completely watered down and toothless.
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