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OIL, OIL and MORE OIL! AMERICA HAS MORE THAN ANY OTHER NATION!
OIL—you better be sitting down when you read this ! !
Here’s an astonishing read. Important and verifiable information :
About 6 months ago, the writer was watching a news program on oil and one of the Forbes Bros. was the guest. The host said to Forbes, “I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S. have in the ground?” Forbes did not miss a beat, he said, “more than all the Middle East put together.” Please read below.
The U. S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn’t been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota , western South Dakota, and extreme eastern Montana ….. check THIS out:
The Bakken is the largest domestic oil discovery since Alaska ’s Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable… at $107 a barrel, we’re looking at a resource base worth more than $5…3 trillion. Read more…
Middle Class Shrinking; Poverty Class Expanding
No Jobs, No Hope, No Future: 27 Signs That America’s Poverty Class Is Rapidly Becoming Larger Than America’s Middle Class
In the America that most of us grew up in, most Americans considered themselves to be part of the “upper middle class”, the “middle class” or “the lower middle class”. Yes, there have always been poor people and homeless people, but they were thought to be a very small sliver of the population. Well, today all of that is dramatically changing. America’s emerging “poverty class” is exploding in size at the same time that America’s middle class is rapidly disappearing. You won’t hear it on the mainstream news, but the truth is that the United States has lost ten percent of its middle class jobs over the past decade. Only the top 5 percent of income earners in the U.S. has had their incomes increase enough to keep up with the rising cost of living over the past 40 years. The truth is that today there are a whole lot of people aggressively jostling for the small number of good jobs that are actually available and each year millions more Americans are being squeezed out of the middle class. The number of Americans that are financially dependent on the U.S. government continues to set new records month after month. The number of Americans that are participating in the labor force continues to go down. The sad reality is that the “American Dream” that so many Americans used to take for granted is being ripped away from us. If you still believe that the United States is guaranteed to always have a very large, very prosperous middle class then you really need to read the statistics listed below.
If you told most Americans ten years ago that in 2011 over 43 million Americans would be on food stamps hardly anyone would have believed you.
But yet here we are.
The U.S. economy simply is not producing enough good jobs anymore. Most of those that are able to acquire one of these jobs have been able to cling to middle class status, but for millions upon millions of others economic desperation has become “the new normal”.
In fact, more Americans than ever seem to have Read more…
Gold is to China as paper currency is to US
Bill Bonner
We’d still like to see a deep decline in the gold price. Too many people are getting onto gold. Most of them have no idea of what they are doing. Like readers of MONEY magazine, they’re buying the yellow metal as a speculation. Most likely they’re going to lose money. Almost everyone who speculates on gold loses money. Don’t ask us why. It’s just one of those Iron Laws of investing.
Gold goes up for 10 years straight. Speculators notice. They jump on board. And then the train runs off the tracks.
That’s just the way it works.
Besides, remember that this Great Correction is not over yet…not by a long shot. It has barely begun to correct the excesses of the Bubble Era. A quarter of all homeowners are said to be underwater on their mortgages – that still needs to be sorted out. And the whole financial industry – with the collusion of the Fed – is sitting on trillions of dollars’ worth of mortgage backed securities, pretending that they are good credits.
There are still major bankruptcies ahead…and deflation of assets prices. And in all the sturm and drang of it, the price of gold could go down too.
But if you’re acquiring gold, you have some powerful competition. As nations become rich and powerful, they accumulate gold. Those that are getting weak and poor give it up. Here’s The Financial Times with the latest news: Read more…
More than a million immigrants land U.S. jobs
Stepped-up enforcement is not deterring trend of foreign-born employment
DALLAS — Over the past two years, as U.S. unemployment remained near double-digit levels and the economy shed jobs in the wake of the financial crisis, over a million foreign-born arrivals to America found work
, many illegally.
Those are among the findings of a review of U.S. Bureau of Labor Statistics and Census Bureau data conducted exclusively for Reuters by researchers at the Center for Labor Market Studies at Northeastern University in Boston.
Often young and unskilled or semi-skilled, immigrants have taken jobs Americans could do in areas like construction, willing to work for less wages. Others land jobs that unemployed Americans turn up their noses at or lack the skills to do.
With a national unemployment rate of 9.4 percent, domestic job creation is at the top of President Barack Obama’s agenda and such findings could add to calls to tighten up on illegal immigration. But much of it is Hispanic and the growing Latino vote is a key base for Obama’s Democratic Party.
Many of the new arrivals, according to employers, brought with them skills required of the building trade and found work in sectors such as construction, where jobless rates are high.
“Employers have chosen to use new immigrants over native-born workers and have continued to displace large numbers of blue-collar workers and young adults without college degrees,” said Andrew Sum, the director of the Center for Labor Market Studies. Read more…
12 Economic Collapse Scenarios That We Could Potentially See In 2011
What could cause an economic collapse in 2011? Well, unfortunately there are quite a few “nightmare scenarios” that could plunge the entire globe into another massive financial crisis. The United States, Japan and most of the nations in Europe are absolutely drowning in debt. The Federal Reserve continues to play reckless games with the U.S. dollar. The price of oil is skyrocketing and the global price of food just hit a new record high. Food riots are already breaking out all over the world. Meanwhile, the rampant fraud and corruption going on in world financial markets is starting to be exposed and the whole house of cards could come crashing down at any time. Most Americans have no idea that a horrific economic collapse could happen at literally any time. There is no way that all of this debt and all of this financial corruption is sustainable. At some point we are going to reach a moment of “total system failure”.
So will it be soon? Let’s hope not. Let’s certainly hope that it does not happen in 2011. Many of us need more time to prepare. Most of our families and friends need more time to prepare. Once this thing implodes there isn’t going to be an opportunity to have a “do over”. We simply will not be able to put the toothpaste back into the tube again.
So we had all better be getting prepared for hard times. The following are 12 economic collapse scenarios that we could potentially see in 2011….
#1 U.S. debt could become a massive crisis at any moment. China is saying all of the right things at the moment, but many analysts are openly worried about what could happen if China suddenly decides to start dumping all of the U.S. debt that they have accumulated. Right now about the only thing keeping U.S. government finances going is the ability to borrow gigantic amounts of money at extremely low interest rates. If anything upsets that paradigm, it could potentially have enormous consequences for the entire world financial Read more…
The Great American Decline
By Joseph G
Do you remember the 50’s 60’s and 70’s? I don’t because I wasn’t even born then, however, my parents and grand parents told me that those years were the golden years. Inflation wasn’t that high then, so you could go out and purchase a hot dog, pop corn, soda and a movie all for a shiny quarter! When you went to go to work or run errands you didn’t even lock your house front door as theft was not an issue at that time. We Americans seemed like we were in pretty good shape as we had Detroit pumping out the latest cars and everyone had jobs but most of all we had each other as in strong family ties. My dad used to say there was only one TV in the whole house and there was such a time as “Family Time” when all of the siblings and adults get together in the living room and actually converse with one another without the distraction of electronics or television. Everyone used to go to church and worship God as a family then come home to a large dinner composed of baked chicken, corn on the cob, greens, buttery dinner rolls with peach cobbler on the side. There was a great sense of pride amongst families of all walks of life in those days. But that was then, now lets fast forward a few decades.
You turn on the news and what do you see? 9 times out of 10 that news is bad news. In this day and age where information is transferred in fractions of nano seconds, it appear as if things should be better right? I mean we have laptops, 3D TV’s , cell phones, Ipads, Starbucks, and fast food joints, what could be possibly wrong with that? It appears that our hard work has paid off during the middle of the century so now we can just kick back and reap the rewards. In the face of our pride however we have created a beast. Look around you it’s everywhere! It’s physically inescapable as far as the eye can see and the nose to smell. With the invention of TV’s and ON-DEMAND no one wants go for a walk or even physically go to the movie theater. Its Convenience 101. The plethora of fast food is so tempting not only because of the taste of the inferior low quality food but for the ability upon demand you can order whatever you want and presto its on your plate. What ever happened to actually cooking food with your own personal seasonings and spices like grandma used to make but oh you want it now and cooking just takes too long. Remember when kids actually played with toys and dolls instead of playing video games and watching Disney Channel all day? Many kids now have a hard time being social with their peers due to long-term isolation. Read more…
America will collapse’ After a collapse, the only thing left is crime. This is a must see video
The American experiment is almost over. The ability to grow the economy is over. Printing of money will not create employment.. We need to create a different economy based on production. The collapse of America is unavoidable. How can we prepare a different economy? It’s in this video. What should people do to prepare for the collapse? It’s in this video. This is a must watch video. We need to help each other…. Click here to watch the video:
90% of US Cities will Go Bankrupt in 5 Years
“Throughout the country, 90 percent of cities and states are going to go bankrupt within the next five years, many of them sooner.” So says former Los Angeles Mayor Richard Riordan.
Reason.tv’s Tim Cavanaugh sat down with Riordan to discuss state and local budget crises, public-sector unions, and why Riordan recently became a fan of current LA Mayor Antonio Villaraigosa.
Approximately 9:40 minutes.
Obama’s Push for China Currency Changes Could Cost U.S. Consumers
When President Obama meets with Chinese President Hu Jintao this week, one of the top items on the agenda will be resolving a dispute over how China sets the value of its currency. If Obama gets his way, it could spur U.S. exports, but it could also mean higher prices for American consumers.
For over a decade, China has held down the value of its currency, the Yuan, in relation to the dollar. That helps keep the cost of the goods Americans buy from China low and the price of American goods sold in China high. The cheap Chinese currency has helped open a wide trade imbalance between the two countries. In 2010, China’s trade advantage with the U.S. was more than $252 billion.
The Obama administration has made stopping China’s currency manipulation a central focus of the president’s push to increase American exports.
“China still closely manages the level of its exchange rate and restricts the ability of capital to move in and out of the country,” Treasury Secretary Timothy Geithner said is a speech last week. “As the [International Monetary Fund] has said consistently, these policies have the effect of keeping the Chinese currency substantially undervalued.”
On the surface, it’s a positive for Read more…
Northeast Braces for Powerful Snowstorm That Paralyzed South
A major snowstorm that paralyzed much of the South is expected to hit the Northeast on Tuesday, possibly dumping more than a foot of snow in regions still digging out from recent storms.
The National Weather Service issued a winter storm watch for New York City from Tuesday evening through Wednesday afternoon, calling for the city and its suburbs to get between 6 and 12 inches. Forecasters also predicted up to 8 inches in Philadelphia, while parts of Massachusetts could see 18 inches.
The storm will produce near-blizzard conditions with frigid temperatures, MyFoxBoston.com reports, and is expected to fall heavily, at a rate of 1 to 3 inches an hour. The Weather Channel also reports that storm systems from the South and Midwest are expected to merge.
The wintry blast, which pounded the South on Sunday and Monday, sent cars sliding off the road, emptied grocery shelves and had officials nervously watching ice-laden powerlines and tree limbs.
Snow ranging from several inches to more than a foot blanketed states from Louisiana to the Carolinas — a region where many cities have only a handful of snowplows, if any. And more misery was on the way: The snow began turning to freezing rain in numerous areas, and low temperatures threatened to turn roads that may have thawed icy overnight.
“I had God with me this morning!” Yolanda Hill, manager of a Shell station north of Columbia, S.C., said of her drive to work. “I drove in the middle of the street, but, hey, I’m here.”
Freezing rain followed the snow in many spots, turning major highways into ice rinks and coating pine trees and power lines.
“If you’re off the main roads, it’s a skating rink, Read more…
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