Prophecy in today's headlines

The End of the U.S. Economy

What happens when more of us work for the government — or receive paychecks from the government without work — than those of us who work in the private sector? We’re soon going to find out. This week, CNBC reported that social welfare payments now comprise 35 percent of wages and salaries this year. In […]

Utah Considers Return to Gold and Silver Coins

It’s been nearly 80 years since the U.S. stopped using gold coins as legal currency, and nearly 40 since the world abandoned the gold standard, but the precious metal could be making a comeback in the United States — beginning in Utah.The Utah House was to vote as early as Thursday on legislation that would […]

Chinese President Hu Says U.S. Dollar is a ‘Product of the Past’

Chinese President Hu Jintao emphasized the need for cooperation with the U.S. in areas from new energy to space ahead of his visit to Washington this week, but he called the present U.S. dollar-dominated currency system a “product of the past” and highlighted moves to turn the yuan into a global currency. Read More

Alabama Town’s Failed Pension Is Warning to Cities and States

Coming to a city or town near you… This struggling small city on the outskirts of Mobile was warned for years that if it did nothing, its pension fund would run out of money by 2009. Right on schedule, its fund ran dry. Then Prichard did something that pension experts say they have never seen […]

The Danger of a Global Double Dip Recession Is Real

The modern world has for centuries been dominated economically, intellectually, and physically by the civilization that arose in Western Europe in the wake of the Renaissance and Reformation and spread across the Atlantic. Will that one day be seen as a passing phenomenon doomed to ascend ever upward and then slowly fizzle out like a […]

Delaying Tax Vote Could Crash Stock Market

Failure by Congress to extend the Bush tax cuts, especially locking in the 15 percent capital gains tax rate, will spark a stock market sell off starting December 15 as investors move to lock in gains at a lower rate than the 20 percent it would jump to next year, warn analysts. Read More

Next Debt Crisis May Start in Washington

The US needs to take urgent action to cut its debt in order to prevent the next financial crisis, which may start in Washington, Sheila Bair, chair of the Federal Deposits Insurance Corp. (FDIC) wrote in an editorial in the Washington Post. The federal debt has doubled over the past seven years, to almost $14 […]

Dow Repeats Great Depression Pattern – CNBC

The Dow Jones Industrial Average is repeating a pattern that appeared just before markets fell during the Great Depression, Daryl Guppy, CEO at Guppytraders.com, told CNBC Monday. Unemployed men queuing for coffee and bread at a soup kitchen run by the Bahai Fellowship at 203 East 9th Street, New York, circa 1930. “Those who don’t […]