Eurozone Ministers OK $10.7 Billion Greek Loan – AP/Yahoo   “Eurozone finance ministers ponder previously unthinkable options in race to save the euro”

Christie Rips Obama over Deficit Talks: ‘What the Hell Are We Paying You For?’ – The Hill   “calling the president ‘a bystander in the Oval Office’ ”

Euro Zone on the Brink: A Continent Stares into the Abyss – Der Spiegel

Europe Struggles with Rescue Fund, May Turn to IMF – Reuters   So, now the rest of the world will get to pay for Europe’s socialist spending!

Obama’s Tooth-Fairy Tax Policy – Washington Times   “High-tax advocates are either credulous or envious of wealthy”

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By John Tamny

As someone who graduated from college in 1992, I remember vividly the downcast economic outlook for me and my fellow graduates. Those who entered the real world in 1974 and 1980 no doubt faced similarly bleak futures.

“Generation X” was the blanket adjective foisted on college graduates of the early ‘90s period, and with the U.S. economy still on weak footing following the 1990-91 recession, conventional wisdom said my supposed Read More »

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American Airlines Files for Bankruptcy: Is Nationalization Next? – Yahoo

Why Congress Can’t Save the Postal Service Right Now – CNN Money

How Paulson Gave Hedge Funds Advance Word in 2008 – Bloomberg   Where is the SEC on this?

Senate Defies Obama Veto Threat in Terrorist Custody Vote – Washington Times   “voted Tuesday to give the U.S. military first crack at holding al Qaeda operatives, even if they are captured in the U.S. and are American citizens.”

Barney Frank: Don’t Blame Me for Fannie, Freddie Problems – Wall Street Journal

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By Peter Morici

As Italy teeters on insolvency and the euro on collapse, European leaders are desperately seeking amendments to EU treaties that would legally limit national budget deficits.  However, a new fiscal discipline would not address fundamental flaws in the euro architecture that caused Mediterranean states to become uncompetitive and borrow too much.

In the last week, Germany could not sell a significant share of a new bond offering, France and other stronger Read More »

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By The Economic Collapse

Does anyone need any additional evidence that our political system is completely broken?  The bipartisan congressional supercommittee that was given two months to come up with at least $1.2 trillion in deficit cuts over the next decade has failed to reach an agreement.  It is an epic failure and a national embarrassment.  The truth is that they never even came close to an agreement. In fact, as you will Read More »

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Preparations by Democratic Operatives for the 2012 Election Make It Clear for the First Time That the Party Will Explicitly Abandon the White Working Class – NY Times   Hmmm! I thought they did this three years ago!

Fitch Keeps U.S. Credit Rating at ‘AAA’, Cuts Outlook to Negative – Fox Business

Banks Step Up Warnings on Euro Breakup – Bloomberg

Should the Fed Save Europe from Disaster? – Telegraph

The Face of Wall Street Arrogance: Jon Corzine – NY Post

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It’s time to think what hitherto markets have regarded as unthinkable – that the euro really is on its last legs.

By Jack Kneafsey

These comments are part of what I believe is a very important commentary from Jeremy Warner at The Telegraph in London. Specifically, both he and I believe that we may have reached a “tipping point” in the ongoing Eurozone sovereign crisis, when, by all accounts, the recent auction of Read More »

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Moody’s: Crisis Threatens EU Sovereign Ratings – Reuters

Thanksgiving Sales Set Record as Shoppers Chase Bargains – Bloomberg

Senate Moves To Allow Military To Intern Americans Without Trial – Info Wars

Greeks Balk at Paying Steep New Property Tax – NY Times   As this reaction was expected, this will not help raise tax revenue.

When Economic ‘Unthinkables’ Become Reality – Orange County Register   “This is ‘not just normal volatility,’ he said referring to recent turbulence in the financial markets, it’s ‘unsettling.’ “

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By Bill Bonner

What did you give thanks for, Dear Reader?

Our thoughts turned to house, hearth, family, friends…

…and to rich people.

Yes, dear reader, we gave thanks for the wretched 1% of the population that has made such spectacular financial progress over the last 10 to 20 years. They are reviled. They are hated. They are criticized and blamed. Poor things! What have they done to deserve it?

The typical working stiff earns less real Read More »

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