CNBC: USA is bankrupt
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Derivatives are worth $500 Trillion estimated.
World GDP is around $40 - $50 Trillion.
USA real estates are worth $23 Trillion. World real estates are worth $300 Trillion estimated.
World stock markets are worth $30 - $40 Trillion.
World assets are less than derivatives. The world economy is hanging by a thread and on the verge of bankrupcy.
World GDP is around $40 - $50 Trillion.
USA real estates are worth $23 Trillion. World real estates are worth $300 Trillion estimated.
World stock markets are worth $30 - $40 Trillion.
World assets are less than derivatives. The world economy is hanging by a thread and on the verge of bankrupcy.
European Union president, calls US economic measures 'a way to hell'
BRUSSELS â Transatlantic tension over the handling of the global economic crisis intensified on Wednesday when the prime minister of the Czech Republic, which holds the European Union presidency, described the U. S. stimulus measures as the âway to hell.â
Addressing the European Parliament in Strasbourg, France, Prime Minister Mirek Topolanek argued that the Obama administrationâs fiscal package and financial bailout âwill undermine the stability of the global financial market.â
Mr. Topolanekâs comments, only a day after he offered his governmentâs resignation following a no confidence vote, took European officials by surprise.
The rotating E.U. presidency lasts for six months and the country that holds it is supposed to speak on behalf of the entire 27-nation bloc.
The statement came just a week before a meeting in London of the Group of 20 which will bring together the leaders of the worldâs biggest economies. to forge an international consensus on the economic crisis. His comments also underlined potential ideological strains between Washington and Europe as President Barack Obama prepares to travel to Prague in less than two weeks for a summit intended to bolster transatlantic relations and show that the United States and Europe are united over economic policy.
Only five days ago, E.U. leaders had reached a carefully constructed political truce designed to bury their differences and agree on a common policy ahead of the London meeting. At last Fridayâs E.U. summit, they pledged an additional 75 billion euros to finance loans by the International Monetary Fund and to double a credit line for its struggling eastern economies.
European countries, including Germany, have resisted calls to increase the scale of their fiscal stimulus arguing, that the G-20 should concentrate on tightening financial regulation.
One E.U. official, speaking on condition of anonymity because of the sensitivity of the issue, said the comments reflected that, unlike other East European countries such as Hungary, the Czech economy has proved relatively resilient.
âHe is sitting in the Czech Republic,â the official said âwhere growth is holding up relatively well and a
Their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it.
Democratic Representative Kanjorski explains how the Federal Reserve told Congress members about a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occurred over the period of an hour or two. And it gets worse.
On Thursday (Sept 18), at 11am the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two. The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there
http://zerohedge.blogspot.com/2009/02/how-world-almost-came-to-end-at-2pm-on.html
IMHO unemployment is way larger than they're admitting.
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People who have drawn out all of their unemplyment are not counted as unemployed. The government considers those
people 'not actively looking for work". Florida recently did
a survey to try and determine the actual unemployment rate and
the result was several percentage point higher than the official rate as reported by the government. Of course, there is no reliable method to know the true unemplyment rate much less the much greater underemployment rate.
-------------------------------------------------------------------------
People who have drawn out all of their unemplyment are not counted as unemployed. The government considers those
people 'not actively looking for work". Florida recently did
a survey to try and determine the actual unemployment rate and
the result was several percentage point higher than the official rate as reported by the government. Of course, there is no reliable method to know the true unemplyment rate much less the much greater underemployment rate.
