Sunday 30 December 2012

Economic news - 30 December, 2012

Well, it is nearly the end of 2012.

Here is a compilaton of stories related to economic collapse from Rice Farmer, with his end-of-year comments.

Well, that ends it for this year. It is abundantly clear that expensive energy and accumulated debt — the two horsemen of the apocalypse — are dragging the industrial world inexorably into a quagmire of decline in all respects. Keep making your preparations, and do not be distracted by the frothing-at-the-mouth rantings of government officials, politicians, Mayan calendar/alien invasion doomsayers, or investment gurus who insist that you put your nest egg in the stock market. And by all means, avoid falling into a bunker mentality. Active engagement with the world around us, building mutually supportive communities, and living on the Earth (not under it) will pave the road to the future.

-- RF

Meltdown of the global ponzi scheme

"Spain's local and national government agencies are $18.1 billion behind on paying their bills, a government report said."

"The Spanish government has decided to do away with medium-distance train lines and replace them with buses to save money, officials said."

"Imagine going to work every day and not getting paid. Then, one day, you're told there's no work to do — so you must pay the company for the privilege of not working."

"Business Spectator reported that the global steel sector is expected to recover only slightly next year as weak demand and low prices continue to squeeze company earnings, according to an industry survey conducted by the Financial Times."

"Egypt’s central bank will start foreign-exchange auctions tomorrow in order to preserve foreign reserves after they plunged to “minimum and critical” levels."

"Corporate bond sales worldwide are approaching an unprecedented $4 trillion this year as yields touch all-time lows and investors pump record amounts of cash into fixed-income securities."

"The European Commission has approved the latest, €90bn restructuring plan for Dexia, a Franco-Belgian bank bailed out at the height of the financial crisis which has struggled ever since."

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