National debt soars to highest level since WWII

Scrap dollar as sole reserve currency: U.N. report

A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.

http://tinyurl.com/28asvk9



National debt soars to highest level since WWII

The federal debt will represent 62% of the nation's economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office.

http://tinyurl.com/236dml9



New jobless claims rise in sign of weak job market

Initial claims for unemployment benefits rose last week for the second time in three weeks. At the same time, more than a million people have lost benefits and more could be cut off now that Congress has failed to extend federal jobless aid.

http://tinyurl.com/249nofv



More Red Flags for the Economy

By Mike Whitney

"We are now, I fear, in the early stages of a third depression....And this third depression will be primarily a failure of policy. Around the world ... governments are obsessing about inflation when the real threat is deflation, preaching the need for belt-tightening when the real problem is inadequate spending. ..."

http://www.informationclearinghouse.info/article25879.htm



Dow Repeats Great Depression Pattern: Charts

By CNBC.com

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.

http://www.informationclearinghouse.info/article25874.htm



A Stock Market Forecast that Says 'Take Cover'

By Jeff Sommer

With the stock market lurching again, plenty of investors are nervous, and some are downright bearish. Then there's Robert Prechter, the market forecaster and social theorist, who is in another league entirely. Prechter is convinced we have entered a market decline of staggering proportions - perhaps the biggest of the last 300 years.

http://www.informationclearinghouse.info/article25876.htm


From Information Clearing House

--------

1.3 Million Unemployed Won't Get Benefits Restored After Senate Fails to Overcome Filibuster

http://www.commondreams.org/headline/2010/07/01

Congressman Dennis Kucinich: Americans Are Hanging on by Their Fingertips
http://www.commondreams.org/newswire/2010/07/01-13

Center for Economic and Policy Research (CEPR): U.S. Experiencing Worst Episode of Prolonged Unemployment Since Great Depression
http://www.commondreams.org/newswire/2010/07/01-15

US Experiencing Worst Episode of Prolonged Unemployment Since Great Depression
http://www.commondreams.org/headline/2010/07/02-5

Fears Grow as Millions Lose Jobless Benefits
http://www.commondreams.org/headline/2010/07/14-0

--------

US Dollar Unreliable Global Reserve Currency
http://www.lewrockwell.com/celente/celente39.1.html

With the US Trapped in Depression, This Really Is Starting to Feel Like 1932
http://www.lewrockwell.com/orig10/evans-pritchard31.html



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