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Falling off the American Dream treadmill – Real median U.S. household income falls under $50,000. Poverty rate has grown exponentially since 2000, during the housing bubble.
The U.S. Census Bureau recently released troubling data on the status of American families. The first disturbing point was that 43.6 million Americans now fall under the poverty category. This works out to 1 out of 7 Americans. The growth has come from many people falling off the middle class treadmill. While the echoes of recovery blast through Wall Street the grim reality for most people is that there is a greater and greater divide occurring. The top 1 percent still has significant control over financial resources and wealth disparity is as high as it was during the 1920s. While many American families wait in lines outside of Wal-Marts so their food assistance debit cards refill to buy food, those calling a recovery are usually those who have been protected via bailouts since the recession started.
The data on poverty is grim and disturbing:
Source: Census
This data takes into full account the deeper blow of the recession. The supposed recovery is nowhere Read more…
U.S., Japan told time running out to deal with debt
IMF warns Japan and United States on need to tackle debt
* Politics make reining in U.S., Japan deficits difficult
* S&P downgrades Japan, sees no strategy to handle debt
* Bond markets calm on Friday, Japan vows fiscal discipline (Adds bullet points)
By Tetsushi Kajimoto and Lesley Wroughton
TOKYO/WASHINGTON, Jan 28 (Reuters) – Japan and the United States faced new pressure to confront their swollen budget deficits as the IMF and rating agencies demanded more evidence they can bring their public debts under control.
The International Monetary Fund said the G7’s two biggest economies needed to spell out credible deficit-cutting plans before the markets lose patience and dump their bonds.
On Friday, Japan’s Prime Minister Naoto Kan vowed to push ahead with tax reforms aimed at curbing the country’s debt, but an uncooperative opposition and divisions within his own party on policy make the chances of success slim.
“The important thing is to maintain fiscal discipline and ensure market confidence in Japan’s public finances,” Kan, who took over in June as Japan’s fifth premier since 2006, told parliament’s upper house.
Ratings agency Standard & Poor’s cut Japan’s long-term debt rating on Thursday for the first time since 2002, and hours later Moody’s Investors Service warned the risk of the United States losing its top AAA rating, although small, was rising. Read more…
Seismic fault beneath us is ‘fully loaded’ after 311 years
Julie Muhlstein, Herald Columnist
As if you didn’t have enough worries, here is one more to add to that massive list:
“It’s been 300 years,” Bill Steele said Tuesday. “We have a fully loaded subduction zone.”
Actually, it’s been 311 years since the .
Steele, a University of Washington seismologist and spokesman for the Pacific Northwest Seismic Network, said scientists have determined the monster quake occurred Jan. 26, 1700 — 311 years ago tonight.
It happened off the Northwest coast, and created huge tsunamis that devastated shorelines here and in Japan.
What’s amazing is how much is known, considering that in 1700 there were no Europeans in the Northwest. British Capt. George Vancouver wouldn’t find his way here until 1792. The Lewis and Clark Expedition to the West didn’t start until 1804. Historians have no original account of the 1700 quake written from a Western perspective.
“There’s quite a detective story of how we know all that. It’s fantastic,” Steele said.
First, a quick explanation of what happened from the online encyclopedia HistoryLink: Read more…
PATRIOT Act extension would add judicial oversight
Bill would shift next extension away from election year
Senate Judiciary Committee Chairman Patrick Leahy (D-VT) introduced legislation to the Senate Wednesday that would extend expiring provisions of the controversial PATRIOT Act.
“Congress now faces a deadline to take action on the expiring provisions of the USA PATRIOT Act,” Sen. Leahy said in a statement. “The USA PATRIOT Act Sunset Extension Act of 2011 will preserve law enforcement and intelligence techniques that are set to expire on February 28, 2011, and extend them to December 2013.”
The legislation, titled “The USA PATRIOT Act Sunset Extension Act of 2011,” would extend the roving wiretap provisions, the “lone wolf” measure and the “library records” provision. The provisions allow authorities to conduct surveillance without identifying the person or location to be wiretapped, permits surveillance of “non-US” persons who are not affiliated with a terrorist group, and lets the government gain access to “any tangible thing” during investigations, respectively.
The bill also increases judicial oversight of government surveillance powers, such as requiring authorities to list the facts that justify obtaining a court order and raising the standards for gaining permission to conduct wiretaps.
“While this bill makes important changes to the Patriot Act to increase oversight of its powers, it unfortunately allows many dangerous provisions to continue,” Michelle Richardson, American Civil Liberties Union legislative counsel, said. Read more…
China Funneling Weapons to Afghanistan
Originally published on www.DarkGovernment.com
The Chinese are believed to be working with Afghan Taliban groups who are now in combat with NATO forces, prompting concerns that China might become the conduit for shoulder-fired anti-aircraft missiles, improved communications and additional small arms to the fundamentalist Muslim fighters.
QW-1M / SA-18 Grouse Anti-Aircraft Weapon
A British military official contends that Chinese specialists have been seen training Taliban fighters in the use of infrared-guided surface-to-air missiles. This is supported by a May 13, 2008, classified U.S. State Department document released by WikiLeaks telling U.S. officials to confront Chinese officials about missile proliferation.
China is developing knock-offs of Russian-designed man-portable air defense missiles (manpads), including the QW-1 and later series models. The QW-1 Vanguard is an all-aspect, 35-lb. launch tube and missile that is reverse-engineered from the U.S. Stinger and the SA-16 Gimlet (9K310 Igla-1). China obtained SA-16s from Unita rebels in then-Zaire who had captured them from Angolan government forces. The 16g missiles have a slant range of 50,000 ft. The QW-1M is a variant that incorporates even more advanced SA-18 Grouse (9K38 Igla) technology. Read more…
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…
China used downed U.S. fighter to develop first stealth jet
China was able to build its first stealth bomber using technology gleaned from a downed U.S. fighter, it has been claimed.
Beijing unveiled its state-of-the-art jet – the Chengdu J-20 – earlier this month.
Military officials say it is likely the Chinese were able to develop the stealth technology from parts of an American F-117 Nighthawk that was shot down over Serbia in 1999.
Lift-off: China’s J-20 stealth plane has made a successful test flight. Military officials say it is likely the Chinese were able to develop the stealth technology from parts of an American F-117 Nighthawk that was shot down over Serbia in 1999
It was during Nato’s aerial bombing of Serbia during the Kosovo war, that an anti-aircraft missile shot a Nighthawk (pictured). It was the first time one of the ‘invisible’ fighters had ever been hit
During Nato’s aerial bombing of the country during the Kosovo war, a Serbian anti-aircraft missile shot the Nighthawk. It was the first time one of the ‘invisible’ fighters had ever been hit.
The Pentagon believed a combination of clever tactics and luck had allowed a Soviet- 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…
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