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From COUNTERCURRENTS

40 Bizarre Statistics That Reveal The Horrifying Truth 
About The Collapse Of The U.S. Economy

By The Truth

15 August, 2010
Thetruthwins.com

Most Americans still appear to be operating under the delusion that the "recession" will soon pass and that things will get back to "normal" very soon. Unfortunately, that is not anywhere close to the truth. What we are now witnessing are the early stages of the complete and total breakdown of the U.S. economic system. The U.S. government, state governments, local governments, businesses and American consumers have collectively piled up debt that is equivalent to approximately 360 percent of GDP. At no point during the Great Depression (or at any other time during our history) did we ever come close to such a figure. We have piled up the biggest mountain of debt that the world has ever seen, and now that gigantic debt bubble is beginning to pop. As this house of cards comes crashing down, the economic pain is going to become almost unimaginable.

Already, things are really, really, really bad out there. Unemployment is at shockingly high levels. Foreclosures and personal bankruptcies continue to set new all-time records. Businesses are being shut down at a staggering rate, more than 40 million Americans are on food stamps, and the U.S. government continues to pile up debt at blinding speed.

There is no use sugar-coating it.

The U.S. economy is collapsing.

The following are 40 bizarre statistics that reveal the truth about the collapse of the U.S. economy....

1 - According to one shocking new survey, 28% of U.S. households have at least one member that is looking for a full-time job.

2 - A recent Pew Research survey found that 55 percent of the U.S. labor force has experienced either unemployment, a pay decrease, a reduction in hours or an involuntary move to part-time work since the recession began.

3 - There are 9.2 million Americans that are unemployed but that are not receiving an unemployment insurance check.

4 - In America today, the average time needed to find a job has risen to a record 35.2 weeks.

5 - According to one analysis, the United States has lost 10.5 million jobs since 2007.

6 - China's trade surplus (much of it with the United States) climbed 140 percent in June compared to a year earlier.

7 - This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.

8 - According to a poll taken in 2009, 61 percent of Americans "always or usually" live paycheck to paycheck. That was up significantly from 49 percent in 2008 and 43 percent in 2007.

9 - According to a recent poll conducted by Bloomberg, 71% of Americans say that it still feels like the economy is in a recession.

10 - Banks repossessed 269,962 U.S. homes during the second quarter of 2010, which was a new all-time record.

11 - Banks repossessed an average of 4,000 South Florida properties a month in the first half of 2010, up 83 percent from the first half of 2009.

12 - According to RealtyTrac, a total of 1.65 million U.S. properties received foreclosure filings during the first half of 2010.

13 - The Mortgage Bankers Association recently announced that demand for loans to purchase U.S. homes has sunk to a 13-year low.

14 - Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.

15 - 1.41 million Americans filed for personal bankruptcy in 2009 - a 32 percent increase over 2008.


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Court: Israelis suspected in 'Nigerian scam' can be extradited to U.S.Seven Israelis are suspected of scamming tens of millions of dollars from U.S. pensioners in a so-called Nigerian scam over the course of four years.

By Liel Kyzer and Haaretz ServiceTags: Israel newsThe seven Israelis suspected of scamming tens of millions of dollars from U.S. pensioners in a so-called "Nigerian scam" can be extradited to the United States to face trial there, the Jerusalem District Court ruled on Wednesday.

The seven, arrested by Tel Aviv police in July 2009, have been charged by American prosecutors for a serious of legal violations, including conspiracy to commit fraud. Some of the defendants also face money laundering charges.

The defendants are suspected of building a sophisticated crime network to defraud elderly American pensioners. Over four years, the network netted tens of millions of dollars in ill-gotten gains.

The defendants, all in their 20s and 30s, allegedly phoned American pensioners, told them they had won the lottery and asked them for a fee of several thousand dollars for the transfer of the prize money, which in fact never existed.



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I still think Chumpsky is a massive fuck (and capitalist) for dodging 9/11 and anything of real significance, however he hits the nail on the head here. "Libertarians" LISTEN UP!
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