In August there were announcements of many large companies laying off employees, like the following:
UBS – cut 40,000 jobs
HSBC – cut 30,000 jobs
Barclays- cut 3,000 jobs
Credit Swiss – cut 2000 jobs
The above is the most amount of financial firm job cuts since 2007-2008 before, during and after the big crash. The pattern is similar, and it would seem like everything is just getting worse.
Here is a Bloomberg Business article that details the destruction of jobs, caused by the economic crisis that was in the making before 2007, and subsequently reared its ugly head in 2007-2008. It takes you from the past 50 years until now. Interesting read.
About a year ago, I listened in its entirety the book “Third World America” by Arianna Huffington and was amazed at how she was able to describe in details the problems the United States was facing and will face in the foreseeable future.
QE2 didn’t work, it just made the stock market run higher, which gives the illusion of wealth and things are better, when it is really not for the average Joe on the street. It only helps Wall Street, they make money…what’s could for Wall Street is not good for America. This is because Wall Street has taken over America, but you ask most American’s they have no idea what is going on.
If you ask me looking at the jobs numbers and the headlines about layoffs along with lots of companies now not meeting their numbers and having negative forward guidance, it looks like we are heading into a big recession.
After watching the video from Sky News UK, it would seem that the rioters and looters of the London riot were mainly people who didn’t have much in terms of money and jobs. I guess they saw it as an opportunity to get things they can not otherwise afford. The rioting was trigger by the killing of a boy shot by police.
The music is a little creepy, but there is a lot of solid evidence that points to the collapse will come for the United States and global depression. It can come in 3 to 5 years, exactly when is not know, these issues which has been kicked down the road always takes time to work itself out, but when it does it hits fast.
With the current economic situation in the United States which has somewhat spilled over into Canada, it would seem that most Canadian’s that are close to retirement are destined to work well into old age because they have not saved enough or are burdened heavily by debt.
A Canadian Imperial Bank of Commerce poll this week showed that only half of Canadian Boomers aged 45 to 64 have some type of regular savings programs in place. And a TD Waterhouse survey found 31% of retirees aged 55 to 70 are spending more in retirement than expected.
As this video shows, the previous U.S Government reports that the economy is growing and that a recovery was under way. What a crock of crap from the U.S Government.
In reality statistics has been revised downward, and earlier this year the U.S economy did not grow at all, and recently only grew 1.3%.
Watch the FOX Business News video:
http://finance.yahoo.com/video/economy-18773128/economy-still-facing-lackluster-growth-26110669;_ylt=Ag95C2guyDj_qrLea1e4X1vki7p_;_ylu=X3oDMTEzbW1qMnM5BHBvcwMxBHNlYwN2YXJfbW9kMgRzbGsDZWNvbm9teXN0aWxs
All this crap in the media about the American debt limit is political posturing. The stupid American politicians are just putting on a show, they already know that by the August 2nd deadline they will raise the debt limit to 15 Trillion. Apparently they have pushed the U.S debt limit higher and higher over 40 times in the past.
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