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US: The Next USSR? Ferguson Says Economy on Edge of Chaos

Finally, Congress appears ready to hold some high-profile hearings - except they won't be about the most important scandals of the past decade, like how the United States was misled into the Iraq invasion, how the Afghan War was bungled, how torture became a U.S. practice, or how bank deregulation and Wall Street greed nearly destroyed the economy.

With top corporations expecting another year of record profits, economists offer a pessimistic vision of America

(Part 2 of 2 - see first part below) What impact do the incredible salaries of superstars have on the rest of us? What has changed, technologically and socially, to precipitate these inequities? This article also offers a brief look at the relationship between income inequality and economic growth, comparing the US throughout its history and the US vis a vis several European countries.

Control this, don't get too close, don't say that. Don't touch this, don't use that word, don't own this, don't use that. Don't argue too loud, don't get too emotional, don't engage in rhetoric. It's the left, it's the right, it's the speech, it's the radio, it's the tv, it's the politicians, it's the economy, it's the healthcare, it's the currency, it's the movies, it's the music. What is coming down the pike and is there any stop to it?

We can have the kind of economy, government, environment, and country we want, if we keep pushing, organizing, building, and otherwise doing the work of democracy.

Republicans are telling Americans a Big Lie, and Obama and the Democrats are letting them. The Big Lie is our economic problems are due to a government that's too large, and therefore the solution is to shrink it. The truth is our economic problems stem from the biggest concentration of income and wealth at the top since 1928, combined with stagnant incomes for most of the rest of us. The result: Americans no longer have the purchasing power to keep the economy going at full capacity. Since the debt bubble burst, most Americans have had to reduce their spending; they need to repay their debts, can't borrow as before, and must save for retirement.

Regardless of the promises made by President Obama in the State of the Union speech to improve the economy and create jobs, the pain quotient for many Americans is quite high now!

'Deficits can be addressed by raising revenue, plugging tax loopholes, putting people to work, and developing the economy long-term in all the ways the President has discussed. But deficits are not what really matters to conservatives. Conservatives really want to change the basis of American life, 

Thousands are rallying in Wisconsin and across the nation to oppose conservative governors who are attacking the collective bargaining rights of our civil servants. And the people in the streets are not just public sector union members. Why? Why are so many who are not part of a union so committed to protecting the role of organized workers in our government and our economy?

Federal Reserve Bank of Kansas City President Thomas Hoenig said U.S. regulators should avert another crisis by breaking up large financial institutions that pose a threat "to our capitalistic system." 

The European Parliament has given its overwhelming support to a tax on financial transactions which, it said, could lead to banks paying as much as €200 billion a year in reparations for damage they have caused to the European economy.

Some sixty percent of the world's economies will be so in debt by 2060 that their debt will be downgraded to "junk" status, effectively bankrupting the countries, says a report from Standard & Poor's ratings agency, which also warns that attempts to deal with the problem could cause social instability.

Civilizations rise, decay and die. Time, as the ancient Greeks argued, for individuals and for states is cyclical. As societies become more complex they become inevitably more precarious. They become increasingly vulnerable. And as they begin to break down there is a strange retreat by a terrified and confused population from reality, an inability to acknowledge the self-evident fragility and impending collapse. The elites at the end speak in phrases and jargon that do not correlate to reality. They retreat into isolated compounds, whether at the court at Versailles, the Forbidden City or modern palatial estates. The elites indulge in unchecked hedonism, the accumulation of vaster wealth and extravagant consumption. They are deaf to the suffering of the masses who are repressed with greater and greater ferocity. Resources are more ruthlessly depleted until they are exhausted. And then the hollowed-out edifice collapses. The Roman and Sumerian empires fell this way. The Mayan elites, after clearing their forests and polluting their streams with silt and acids, retreated backward into primitivism. As food and water shortages expand across the globe, as mounting poverty and misery trigger street protests in the Middle East, Africa and Europe, the elites do what all elites do. They launch more wars, build grander monuments to themselves, plunge their nations deeper into debt, and as it all unravels they take it out on the backs of workers and the poor. The collapse of the global economy, which wiped out a staggering $40 trillion in wealth, was caused when our elites, after destroying our manufacturing base, sold massive quantities of fraudulent mortgage-backed securities to pension funds, small investors, banks, universities, state and foreign governments and shareholders. The elites, to cover the losses, then looted the public treasury to begin the speculation over again. They also, in the name of austerity, began dismantling basic social services, set out to break th

The past three years have been a disaster for most Western economies. The United States has mass long-term unemployment for the first time since the 1930s. Meanwhile, Europe's single currency is coming apart at the seams. How did it all go so wrong?

Economist and writer John Perkins was deeply involved in Washington's economic schemes to create a global empire. Now he tells RT what's come out of it - and who really controls the world's biggest economy.

But Barry's words ring true. The city of Detroit stands as a mirror to the United States' battered economy and failing wars. Our nation's continued military exploits in Iraq and Afghanistan are fueling Detroit's destruction. Taxpayers from Detroit shell out over two billion dollars a year for war, money that could cover healthcare for over 150,000 children or the payment of some 3,000 teachers' salaries. While Senator Levin might not want to make the link between war funding and the financial woes of our cities, mayors around the country are doing just that. At this year's annual US Conference of Mayors, to be held from June 17-21 in Baltimore, hundreds of mayors will gather to discuss diverse issues from job growth to homeland security. One of the issues they will vote on is the Bring Our War Dollars Home resolution, introduced by Mayor Kitty Piercy from Eugene, Oregon, which calls on Congress to redirect military spending to domestic priorities.

In case you had any doubts, Thursday's more than 500-point plunge in the Dow Jones industrial average and the drop in interest rates to near-record lows confirmed it: The economy isn't recovering, and Washington has been worrying about the wrong things.