Oblivious Because of Mainstream Media

By Greg Hunter’s USAWatchdog.com

 I think most people are simply oblivious to the enormous dangers the world economy faces.  Oh, I think we will all get through Christmas and New Years without a meltdown, but all bets are off in 2012.  A new acquaintance of mine told me last Friday, “Isn’t the economy getting better?”  I just looked at her and shook my head in the negative.  Then she said, “I guess if it was getting bad, the media wouldn’t tell us the truth.”  I shook my head in the affirmative.  My new friend is 75 years old and gets a Social Security check every month.  She’s pretty sharp, but I don’t blame her for being misinformed.  She gets her news the old fashioned way—from the mainstream media (MSM).  

There is no wonder so many are in the dark and completely unprepared for the next crash.  The front page of USA TODAY, last week, touted a headline that read: “Are We There Yet?”  The article said, “The economic signs are encouraging, but we’re a long way from a comeback.”  It covered recent upticks in auto and home sales.  It also said the unemployment rate recently fell to “8.6%.”  The USA TODAY story went on to say, “Although the decline was partly due to a 315,000 drop in the labor force as discouraged job seekers simply gave up, employment is up an average 321,000 a month since August, according to the Labor Department’s household survey. Most encouraging: Much of the hiring appears to be by small businesses, which typically fuel job growth in a recovery.”  Wow, the fact that 315,000 people “simply gave up” seemed completely glossed over.  Why did more than 300,000 people give up?  Maybe it’s because there are precious few jobs.  And what about the 400,000 people every week filing unemployment claims?  Never let the facts get in the way of positive spin to please the advertisers.  The USA TODAY story closes with a business professor who said, “I have a lot of confidence in the future.”  (Click here for the complete USA TODAY story.)     

I am happy for him, but for a little balance and more accurate reporting, maybe the newspaper could have also quoted an economist who wasn’t so optimistic?  John Williams of Shadowstats.com can provide that balance.  In his latest report, Williams calls the recent unemployment numbers “nonsensical hype,” and “. . . help-wanted advertising has been in monthly decline since May of this year.”  The report goes on to say, “November retail sales and industrial production both showed renewed faltering in the U.S. economy, reflecting the impact of the structural impairment of consumer liquidity.  Although the headline CPI inflation number was flat for November, underlying detail showed the still spreading impact of high oil prices.  Inflationary pressures continue to be from Federal Reserve polices, not from strong economic activity.  As the Fed increasingly is pushed to support the banking system, the central bank’s actions should accelerate the pace of U.S. dollar debasement, as well as the pace of rising U.S. inflation and precious metals prices.”  (Click here for the Shadowstats.com home page.)  Inflation, by the way, is running at 11% annually. (According to Williams, that would be the true inflation rate if it were calculated the way Bureau of Labor Statistics did it in 1980 or earlier.) 

The economy is so weak, the Fed is going to be “pushed to support the banking system!”  That means the Fed will print money to continue bailing out the banks, and not just the banks here, but overseas as well.  The Fed recently opened up a new round of bailouts for European banks with what are called dollar swaps.  The head of the International Monetary Fund (IMF), Christine Lagarde, warned last week of the global damage that could happen if the sovereign debt crisis in the Eurozone spun out of control.  FT.com reported, “There is no economy in the world, whether low-income countries, emerging markets, middle-income countries or super-advanced economies that will be immune to the crisis that we see not only unfolding but escalating.”  (Click here for the FT.com story.) 

One escalation could be the long rumored credit rating cut of French sovereign debt.  The Guardian UK reported over the weekend, “France could be stripped of its triple-A credit rating before Christmas, raising new doubts about the survival of the euro, analysts have predicted.  Standard & Poor’s – one of the three top rating agencies – is expected to cut France’s rating within days, in a move that would weaken its ability to raise funds on financial markets.”  (Click here for the Guardian UK story.)  A rating cut to Europe’s second largest economy is not a sign of a turnaround—quite the opposite. 

Finally, the USA TODAY story mentioned housing making a significant comeback next year.  The story said, “After adding virtually nothing to — or subtracting from — economic growth in recent years, “You’re talking about housing finally being a meaningful contributor to the overall economy” in 2012, Mesirow Financial’s (Diane) Swonk says.”  I guess the editors didn’t think it was important to mention the gigantic ongoing foreclosure crisis in the U.S.  On the same day as the USA TODAY story was published, CNBC reported, “Despite a seasonal slowdown in overall foreclosure activity, and a process still bogged down and backed up by the “robo-signing” processing scandal, the U.S real estate market is about to be hit by another surge of bank repossessions, according to a new report from the online foreclosure sale site RealtyTrac. As banks resubmit millions of documents and courts begin hearing cases again, the backlog of over four million delinquent loans will start surging through the pipeline again.”  (Click here for the complete CNBC story.)  What effect will these foreclosures have on home prices and retail sales?  I’ll bet it will not be positive for new home sales. 

Listen, there is nothing wrong with putting positive facts or quotes in a story, but when you ignore something as big as a foreclosure crisis with “more than four million delinquent loans,” you are not writing an unbiased story.  You are creating propaganda that gives a completely false picture of the economy.  If you are reporting the news, your job is not to make people feel good.  It is to give them the facts and analysis that delivers a clear picture of what is truly going on.  The MSM is simply not doing its job.  In the next meltdown, the excuse “Nobody saw this coming,” will not be credible and neither will the MSM.   After all, that was what they said in 2008. 

 

Comments
  1. Nathan

    Hey Greg , you’ve reported news or have been part of the media for a majority of your life . Have you ever seen any year compared to 2011 in your career? The Arab spring , European riots , Historical flooding , droughts, wildfires , tornados ,droughts , heatwaves . Congressional approval of 9% . The European debt crises . Nuclear meltdowns and tsunamis . 13 Deadly Earthquakes . The rise of the East and slow death of the west , 1700 cities protesting the 1% ….etc etc, etc ? Just wondering ? Thanks Nate ….This years been like a walk through the Book of Revelations that leads to the doorway of Mayan prophecy . LOL .

    • Greg

      Nathan,
      No I haven’t and you have summed it up nicely. Thank you.
      Greg

    • Occupy Torrington

      It is my belief that our thoughts are energy and all of the Revolutions are related to all of the other upheaval in the world. Everything is connected. We all have a responsibility to facilitate the change necessary to advance the human race. NOW…not 100 years from now. Wake up people, it’s the end of the world as we know it, & I feel FINE!!!!!

  2. ross

    Greg, I really think you are kicking a dead horse. The people of the US are just too stupid to get it. Perhaps it is a result of your substandard educational system that has produced your nation of morons.

    After all, who but morons would stand by while their government takes away freedoms that have been paid for with blood over the last couple of hundred years, with the National Defense Authorization Act? In fact most of the morons in America actually think things are improving, while your government prepares for Marshall Law. After all, the 1%, corporate crooks and corrupt politicians must be protected.

    Why aren’t you honest with your readers and let them know it is inevitable your once great country will have no choice but to devalue your currency. When it happens, and it will, things will really hit the fan once the morons of America realize they have been fleeced by greed, corruption and a government owned by corporate America.

    Did it ever occur to the morons of America that the FEMA detention centers are being built to protect the people who got you into this mess in the first place?

    Your country is screwed.

    • Greg

      Ross,
      Much of what you said is true, but we are not all morons. Don’t count America out. It Is going to be a struggle that I hope the folks who believe in the Constitution win.
      Greg

    • MasterLuke

      The ignorance of Ross is only superseeded by his host Alex Jones and the additional conspiracy theorist who blindly give host without facts. And Ross I have to ask why so serious? You sound disturbed and disconnected like the unfortunate state of affairs will not find you somewhere on this globe.

      • Ross

        Unlike you Luke I don’t wear rose colored glasses. You want facts take a look at this article: http://www.businessinsider.com/economic-numbers-important-2011-2011-12

        There is a ton of other stats. You see Luke I live in a country where we are smart enough to realize that someone has to pay for Government subsidies and freebies. You guys keep voting them in. Here in Canada we kick the bums out.

        I don’t live in a country with literally hundreds of banks that have gone under over the last couple of years. Here in Canada, where we still have regulations, we haven’t had one single bank go under.

        I don’t live in a country where 1 in 4 children are on food stamps, with growing shanty towns spread throughout the country.

        I don’t live in a country where a corporation is considered to be a person.

        As far as the keystone pipeline goes I hope it never happens. The reason being is by the time it is built your country will be a nation of deadbeats who can’t afford our oil. Your money will be toilet paper by that time.

        Of course I expect the fallout will affect our country but we will do just fine. In fact, I expect our biggest problem will be how we deal with the hordes of American morons trying to escape your country. I have news for you. The US isn’t the only game in town.

        The thing you have to realize Luke is that your political and economic system is broken. The real problem is it can’t be fixed because your politicians are nothing more than corporate stooges on the payroll. Your entire system is rotten to the core and will remain so until Corporate America is removed from the political process, which Canada did in the early 90s.

        You can’t expect to just keep printing money and hope things get better. Sooner or later the World will recognize that your entire economy and political system is one big Ponzi scheme.

        But then Luke I see you are still in denial as your country is turning into a 3rd rate banana republic. You know, a country where the 1% control 40% of the wealth. Oh, I forgot, you are already there.

        As far as Alex Jones, I have never heard of him. I base my conclusions on cold hard economic facts and research you probably can’t afford. If you can’t see the writing on the wall, then maybe you should wake up and smell the coffee.

        • MasterLuke

          Black is the absence of color and your s### clearly smells better than mine so keep trying.

        • Wayne

          Ross…can’t really disagree with much of what you say but unless Canada’s dollar is gold backed and disengaged from the rest of world’s fin’l system you’ll be riding down the same slippery slope as a lot of people who’ll see much of what they own that’s denominated in paper dissolving right before their eyes when things finally do go south.

          There are a lot problems each country has in it’s own right but the common thread is that we’re all at the mercy of a fiat currency system that’s backed by nothing except the empty promises of pathological liars well versed in deception and sleight of hand.

          • Ross

            Canada and the US have a close relationship and I love your country. Perhaps this is why I find it hard to believe that a country we used to look up to is literally coming apart at the seams, as a result of systemic greed and corruption.

            I apologize if I have offended anyone, but my intent was to try and get some people to wake up to the fact they are being scammed by the mainstream media and telling it like it is. What absolutely blows me away is that your country blindly takes what the 1% controlled mainstream media says at face value. Your country has been hijacked and the majority of your people are too lazy to find out what is really going on.

            The US political parties (both) and mainstream media could care less about what is best for their people. All they care about is campaign contributions and your country is now owned by the 1%, lock, stock and barrel. They aren’t satisfied with 40% and are using the mainstream media to advance their agenda.

            Yes Canada will feel the effects when your economic system collapses and the US is no longer the World reserve currency. However, we are a TRUE AAA country and unlike your dollar our dollar is backed by enormous natural resources. We have more oil than the Saudis.

            Canada uses mark to market accounting so we have a true picture where our financial institutions stand. When MF Global collapsed we were paid 100 cents on the dollar in 10 days, unlike US and UK investors who are left holding the bag. The reason is because we actually have regulations that prevent comingling of funds.

            I really hope the US pulls out of the nose dive but I just don’t see the political will for real change and transparency. Our country was faced with the same problem of corporations starting to control our political system in the early 90s. However, we actually did something about it. We don’t allow corporations to buy our politicians.

            You guys can talk about your screwed up political system and mainstream media all you want. But until your country wakes up and gets the “money” out of your political system your people will continue trying to bail out a sinking ship.

            I hope I’m wrong and people like Greg open enough eyes so that the sheep of America actually realize how badly they are being sheared by a mainstream media that is no longer impartial but merely a mouthpiece for the corporations who got you into this mess in the first place.

            And Luke, having to revert to 4 letter expletives simply tells me you can’t handle the truth. But then I realize it must be rough watching your economy go down the tubes while your mainstream media spins half-truths and ignores the facts.

          • masterluke

            Sorry please forgive my words but I just got the wrong first impression. I’m not big on being labeled ignorant. I now see you changed your tone and you present intelligence.

        • Sean

          Ross,

          Keep dreaming, friend. Canada is under the same corporate / private banking control as the rest of the western world. And worse. I remember watching the opening ceremony for the Vancouver Olympics and truly felt embarrassed for the Canadian people when the Queens appointee (the non-elected Governor General who has veto power over ALL Canadian legislation) was honored for hosting the event – while the Canadian Prime Minister was left in the background. How sad and sick is that? And Canada is better off than the US? What color pill are you taking?

          In the United States, corporate control of government comes from various sources but is primarily centralized in the private (invite-only) Council on Foreign Relations (CFR) and various affiliated foundations who funnel money and policy towards everything from education (forming young minds in their favor) to healthcare to arts and to media – which is all in addition to domestic and foreign government policy. For example, over the last 60 years the majority of Secretary of State, Secretary of Defense, Treasury Secretary, CIA Director, UN Ambassador, and other high ranking appointed (non-elected) positions in the US have been filled by people who were (or are) CFR members, regardless of which party holds office in the US. It’s often said that in the US, the CFR is the establishment. It’s membership controls more than 90% of US media, almost every US based international bank, the leaderships of almost every prominent university, and most of the most senior US positions in the Federal government and at the United Nations. They are the globalists who are breaking the US as part of their effort to integrate a single interdependent global economy – under their control.

          In the UK, the same scenario/control model exists under the Royal Institute of International Affairs (RIIA). And in Canada, it is no different. The Canadian flavor is the Canadian International Council (Formerly the CIIA, modeled after the RIIA in the UK). For example, the CIC has been working within Canada and with the US government to form NAFTA, to create the Security and Prosperity Partnership (SPP) to create a common North American border, and with globalist organizations like the United Nations and NATO who were sold to us for years as the “good guys” but have used their influence and force to serve the economic interests of the private globalist banks who control government policy.

          Canada is no different than the rest of the nations who’ve had our government usurped by private interests. If you have the guts to take the blinders off, it’s not hard to see that all of these institutions whom our “trustworthy” media and school textbooks have popularized and promoted are now working against the interests of peace and humanitarianism. NATO “peacekeepers” are orchestrating war on less powerful nations who refuse to participate in the corporate controlled global economy. You’ll never see it unless you make a decision to look at it, no matter how “bad” or “dirty” it makes you feel to consider that maybe the system you were raised to believe in has been constructed by private money to support a cause that most of us would fundamentally disagree with.

          • Maxwell

            Very well said Sean, Ross seems to think that the “mapleleafers
            are immune to this , because the QUEEN will snap her finger and the Governor General, will clap them crooks in leg irons. Well that is’nt going to happen, did you read in the news as of late
            how your goverment has been and continues to threat the , what do yall call them up there indigenous peoples of your great country,the so called schools for Those People? Well your country has went along with ALL the NORTH AMERICAS BINDING
            AGREEMENTS, or should we say the blending of all of these countrys,have they not? read the fine print if you can find it? So actually. We all are in a heap of hurt be we US educated
            or no……Why do canadains treat the U S with such distain, when all we do is help your country? We’ve gave a hell of alot
            to you people and all we get is comments like you give.The count dracula family owns your country LOCK-STOCK- & BARREL!!!Im sure your press reported on The Prince being ralated to VLAD the impaling lunatic,so Yall’ are in as deep as the rest of the world like it or no…

      • chefcale

        MasterLuke Alex Jones does not sit and spout off conspiracy theories , everything he reports is backed up by fact and research, he and his team are some of the hardest working journalists in the business, If you only get your news from the MSM than you are awash in propaganda. Its hard to come out of the coma but you are here on this site which means there is still hope that you might wake up someday.

    • wisefool

      They aren’t too stoopid to get it. It’s called willingly ignorant. They DON’T WANT TO KNOW THE TRUTH. Most people do not have a love for the truth. That’s why the world is filled with “acceptable” lies and many false religions.

      • Greg

        Wisefool,
        Love this line: “That’s why the world is filled with “acceptable” lies. . .” Thank you for the comment.
        Greg

  3. George Too

    Greg,
    I recall several people see it coming. Besides you, there were others but all were marginalized by MSM. I found your predictions on Utube. It was not a rosy picture but when looked at now with what you predicted then: Spot on!
    Keep reporting the real news. Another wild card today Kim Jong Il is dead leaving North Korea leaderless. We have so many wild cards out there. Iran, North Korea, Obama, McCain, Pelosi
    Every time I get behind Ron Paul, he says something so monumentally stupid, I mark him off the list. He would allow Iran to get nukes. Dumb A$$. For such a bright guy does he not understand that one will end up in the hands of a terrorist and detonated in Washington, DC. But then again, if it gwipes out the full Congress, lobbyist, the President and Supreme Court…heck, it might be worth it at that. At least the political crooks would have to figure out how not to get caught.
    I voted Dumb A$$ last time, might as well do it again.

    • Greg

      Thank you Art and George Too.
      Greg

  4. Art Barnes

    Greg, informative article, thanks for it. MSM has done a top notch job at their new imperative, that is, to continue the myth of the recovery, after all Santa Claus is still taught to children. That being said it simply isn’t credible any longer to continue to believe in Santa. MSM is there now to hold the system up for the elite of which they are a member of. My daughter can’t find a job. My son-in-law is a electrical civil engineer working way below status to get by, a good friend’s hours were cut last week, my neighbor has a friend from his church staying with him because of a job loss, and so on and so on. This so-called recovery is the “new norm” of America and that is what needs reporting. The wealthy are getting richer and the middle class is poorer pretty much sums the whole thing up. The next meltdown will just do more of the same to the late great middle class all the while our leaders will march around saying the next election will solve the problems for the people. Keep believing in Santa Claus America and have a Holly Jolly Christmas this year.

  5. Ted Kramedas

    By not reporting all the news, MSM is setting up 10s of millions of Americans
    for major losses in their savings/retirement accounts. When hard times arrive,
    many people will not be financially ready and will suffer the consequences.

  6. rio

    I don’t like hope. I like courage. The media gives us false hope which makes us prone to errors of judgment such as “They’ll never let it happen here or things are improving.

    Far better to abandon hope, demand that our politicians tell us the painful truths [fat chance] and then act with courage on accurate information.

    Call me a dreamer………..

  7. Sean

    Thanks for posting this, Greg.

    I was watching 60 Minutes over the weekend. Among other things, the show was focusing on the mortgage foreclosure crisis. The producers had selected several inner-city ladies who were struggling to put food on the table and keep their homes. The topic was the level of character it takes to maintain your commitments and not walk awy from your responsibilities by filing bankruptcy or letting a property go into foreclosure. Those who walked away had devastated the community.

    The overall 60 Minutes message to viewers on the mortgage crisis is this: We (the American people) wouldn’t be in this financial mess if irresponsible and unsavory middle and lower income families hadn’t taken mortgages they couldn’t afford, or hadn’t walked away from mortgages when times got tough and they lost a job or two.

    Isn’t that a nice perspective? CBS chose to completely ignore Massachussets and the actions being taken right now by their brave AG. CBS also chose to ignore robo-signing, fraudulent mortgage derivatives, which is what led to TARP and over $15 trillion in bailouts so far. These $15 Trillion bailouts were conducted in secret and were only revealed as a result of the Fed audit that was pushed into place by Congessman Ron Paul earlier this year. The media has failed to report on this in any broad or meaningful manner. That’s FOX, CNN, and PBS combined. 60 Minutes failed to cover that in their show, and they failed to assign any semblance of responsibility resulting from corporate risk practices, or the Washington appointees from Wall Street who drove deregulation that helped lead to the mess. It’s all on the backs of the mortgage holders.

    Here’s some additional personal perspective on the mortgage crisis. In the 2004 timeframe I was living in the NYC market but performing some long-term work for a client in the midwest. So in addition to my purchased home, I had an apartment close to my midwest client. At least once a week I was delivered flyers telling me that I could own my own brand new home for less than rent, with no downpayment and a poor credit history. The flyers all hide nice visuals and told me it was easy and smart to stop renting and to buy. Lower income families and bad risk borrowers, most with little or no understanding of the mortgage finance industry, were lured in targetted advertising campaigns by lenders into purchasing mortgages under the new federal and corporate rules. The media has yet to report or offer meaningful perspective on that fact.

    As related aside regarding media and 60 Minutes, ABC and CFR member Barbara Walters have been up to their old propaganda tricks again. 60 Minutes recently aired a Walters interview of the Syrian President. In typical fashion ABC chopped up Barbara’s questions and the Syrian leaders answers on the editing floor to paint him as irrational and worthy of hating etc. When the Syrian government posted the unedited version of the Walters interview to their official Facebook page, Facebook shut down the Syrian governments page (who controls Facebook?). None of the mainstream media agency’s reported this. In fact, none of those bastions of conservatism on the “right” from talk radio reported it either, despite the chance to dig hard and deep at their liberal “rivals” at ABC, whom the Limbaugh’s and Hannity’s of the airwaves love to demonize.

    FYI, I’m certain that the Syrian leadership is all kinds of things that none of us in the US who desire Constitutional government would agree with. But cutting up and rewording an interview to influence the US people into another possible war is nothing short of criminal. And if we do end up in a battle with Sysria, for the rest of media and for the government to remain silent about this deception is a form of complicity. And that’s at best. You only need to look at one example like this to recognize how far and deep this control of media reaches, and to understand that it’s condoned by those who control our government.

    • Greg

      Sean,
      Thank you for contributing to this post with your analysis.
      Greg

  8. Ted Faraone

    I think that CNBC has done a pretty good job of keeping people apprised of the dangers to the US from a European meltdown.

    • Greg

      Ted,
      I have to agree ,but you still have to cut through the spin at CNBC and they too are guilty of just not covering the real news that would surely piss-of their advertisers. Not much mentioned of the $billions in back door bailouts at Fannie and Freddie. No questions about that ongoing taxpayer ripoff. They don’t touch the naked short selling and not a word about the phony accounting being used to prop up the system since 2009. They also have characterized the foreclosure fraud tragedy as sloppy paperwork and “robo-signing when it is out right fraud.” Also not much about the fraudulent mortgage-backed securities created and TARP was a good idea even though no “troubled assets” were bought. ,and not much on the $16 trillion pumped out by the Fed to save the world. Although they did cover the more than $7 trillion given to the banks after the 2008 meltdown but that too was a good idea. And never any difficult or probing questions to the Fed and their banker buddies about the mes they cause with fraud and greed. Also not to many stories on how the ratings companies and the regulators have been bought off by Wall Street. And by all means no uncomfortable questions about how there is zero enforcement of regulations and zero people have gone to jail for crime. In the wake of the S&L crisis 1,000 financial elites were successfully prosecuted. The 2008 meltdown was 70 times larger and zero people have gone to jail. No questions about that. Other than that, CNBC has done a goo job.
      Greg

      • Steve

        Greg, you nailed it on the head,

        you said, “real news that would surely piss-of their advertisers.”

        THE ADVERTISERS!!

        Greg …. it is all about the money, MONEY and MORE MONEY!!

        That is how the news makes it the Tel-lie (TV) If any show, station wants to remain “on the air” MONEY!!

        He who has the most of it, wins!!

        • Greg

          Thank you Steve!
          Greg

      • Gary

        Not to mention the $770 trillion in total interest rate and credit swaps that remain outstanding. If too many of the European banks run out of liquidity then the avalanche of bad sovereign debt will bury all of us. The whole derivative market is an insane combination of old fashion mumbley-peg and musical chairs.

  9. M SMITH

    Greg, I see more people out of work in west TN & it’s not getting better. What gets me is local papers try to paint a different story, this does no good for the people who have been out of work over two years & the amount of crime has increased big time.

    After much reading this week end on what many think will happen soon in Europe & the rest of the world as the economic system we grew up knowing falls to pieces, it makes me wonder what will replace the current system we use in the U.S.?

    Greg, I have been following this blog for some time, http://fofoa.blogspot.com/ the Dec 11,2011 article is full of important data about MF Global, quotes from Zerohedge & Jim Sincliar and what this means to all of us in the coming days, months & years. The thinking process is very deep in so much about fiat & gold. I am always stuck to my seat when I read this blog & all the comments that reacts to what the article brings to the discussion of the day. All the diferent views on the EU & the FED tends to go against the many views we get from experts who we look to perserve any wealth we have left after the politicans find a way to steal it from us.

    As we already know those in power will not give that power up. They use the MSM to spread their message of how they will do this for those who will vote to keep them in power. Knowing this is important for all of us who see there is grave problems in the debt based currency system we have and how fast things are coming to a head where the rule of law has came apart at the seems. Those who have vast wealth are always ahead of the common folks & when they see a threat to that wealth they are 1st in line at removing that wealth from the banks & we are last to know about the run on banks. MF Global showed this while the rest have to wait to see if they will ever get any of their money back, the super wealthy took action. Jim Sinclair said become your on banker because no one is going to look out for you & I believe this to be true. A milliom dollars in gold can be held in a small box, but if that same gold was stored in a bank, you will have to wait to get access to your gold. I think what I am saying ,is that soon physical gold may get harder to find now that MFG has showed us the system is broken & there is no fix coming. Again, no one is going to take care of you, so be prepared, hold you insurance close & buy more on the dips.

    • Greg

      M Smith,
      Thank you for the reporting and analysis.
      Greg

  10. MasterLuke

    Prob a good time to buy gold.

  11. M SMITH

    Armstrong has released a piece supporting Ron Paul, he adds proof to what many of us already know about the corruption in the NYC Courts & the courts across the USA. ‘Ron Paul our Last Great Hope’ can be found at http://armstrongeconomics.files.wordpress.com/2011/12/armstrongeconomics-ron-paul-last-hope-121911.pdf.

    How to get this out to all Americans is a vital mission, if only the social networks would push the content showing the people just how much of our freedoms have been took away & how the rest of them is at stake of being gone forever if voters stay dumbed down by the MSM & the power eleites vast agents who spread propaganda to fool the sheep to stay on the path to a police state with a King in charge. I will do my part, will others do the same even if means putting your own butt on the line? I Pray Americans will wake up fast, thanks again Greg & Merry Christmas.

  12. AndyB

    Greg: Great post. The propaganda is getting really heavy and thick these days and there is a sinking feeling in my stomach that we are, like the frog, being slowly boiled. The insanity of PMs being manipulated down when the fundamentals are screaming raging bull, the FEMA camps being prepared; the final latest Congressional destruction of the Bill of Rights………………something wicked this way comes. Another false flag attack, bank holidays, martial law? Who knows; these are certainly scary times.

  13. ken

    Normalcy bias runs right along with the MSM. I see and here it everyday.

  14. David Conrad

    Hi Greg,

    Let’s hope that in 2012, folks will stop watching/listening to MSM, and look to you and other credible people for the real news. Keep up the great job!

    • Greg

      Thank you David!!
      Greg

  15. Bill

    there all mindless drones the old people, believing everything the government tells them, but the first ones to cry like babies when the s/s check don’t come on time. there foolish old people with there heads stuck up there rear ends, they supposed to have some kind of wisdom when they get up in age, but all I see is these old people with tatoos, long hair, earings in the ears, bracelets around there ankles acting like the fools they are. the young are the same way , idiots in cognito just like the elderly.
    I hate to generalize, but everywhere I go I seee these idiot old people looking like jerks. no wonder why our nation is in the mess that’s in.

  16. Bob

    I can’t add much, but who gives a sh=t what Standard @ Poors has to say. Also if somebody gets a nuke who cares. We who lived throw the cold war , were driven by fear to get to were we are now. All we can do is stay healthy and hope we have the back bone are forefathers had when times get hard.

  17. John I

    As always Greg, you’re right on the money.
    Some of us at work decided to stop our 401k contributions for 2012. It’s 2 pronged by putting valuable extra cash into our pockets when we will need it and keep it out of the Wall Street vulcher’s pockets. We believe getting enough people to buy into our plan could significantly choke off the weekly flow of funds they use against their own customers…US! This would be like ‘Bank Transfer Day’ on steroids.

    • Greg

      Thank you John and good luck.
      Greg

  18. Jan

    Greg,
    Great article and commentary here is always the best. I was appalled at the 60 Minutes piece last night. The banks will not negotiate with the homeowners or write down mortgages. I admired the people doing their best to honor their mortgage contracts. These are real Americans. I wish there was a way to set up a fund to give them a hand.

    The banks lose by the actions of the City of Cleveland tearing down the empty properties to maintain the value of the neighborhood. I think it is a brilliant move by that City and I hope others will follow their lead. Take the power to destroy away from the crooked banks.

    Here is a nice quote from George Washington:

    “The marvel of all history is the patience with which men and women submit
    to burdens unnecessarily laid upon them by their governments.”
    George Washington

    The American people are submitting to the massive debt burden government and the banker have laid across their shoulders. How much more will they be asked to bear? Then again, what can we do?

    • Greg

      Thank you Jan.
      Greg

  19. David (archivesDave)

    Thanks Greg:
    This entire travesty reminds me of pigging out at a smorgasbord and realizing I’ll eventually throw it all up.
    I can continue to chug-a-lug the Pepto bismol in attempting to keep it down or I can perform the jetsam schtick & get rid of the flotsam.

    The sooner we get back to economic solvency, ie Iceland, the sooner we can restore this country to sanity and global leadership.

    • Greg

      Thank you Dave!!!
      Greg

  20. mile

    no need to worry, rumor has it that Jeb Bush is rising…so if you think the military industrial complex and big business can prosper again by killing a few more millions, hope and happy days are here again..

  21. joe

    On the subject of the republican nomination, I refuse to let the idiot press dictate to me who I vote for based on their partisan witch hunts. I will not UNDER ANY CIRCUMSTANCE vote for the second-coming of John McCain…Mitt Romney, which is who they are setting us up for as our selected candidate.

    I have voted republican all my life, but they have turned their backs on their core constituents and I am through with them.

    So here’s how it’s going to shake out…the king-makers have determined that Mitt is going to get the republican nomination because he’s a party man. Unfortunately, he’s also the most beatable by the likes of obama. The tea party will not lay down for those running the republican party, so a viable third party candidate (Palin or Paul?) are going to jump in the race. Mitt will get maybe 20% of the vote, the third party candidate will get 30%, and obama (with the help of the MSM) will get 40%. The bad news is that obama will get re-elected. The good news is that those running the republican party will have to realize they are officially out-of-step with those they claim to represent.

    On a lighter side, the idiots running the senate will lose and reid will be delegated to the back of the room (finally). On a darker side, the republicans in congress will prioritize staying in power and will behave like eunuchs, allowing obama to dictate laws from the executive branch with immunity.

  22. Robert Tartell

    As hard-hitting as Greg’s piece is, even he pulls his punches when it comes to the Great Satan of the financial world (I hope this does not get me put on the belligerent list)when he says of the Fed “As the Fed increasingly is pushed to support the banking system.” (George Too, take note, too- Ron Paul is the only one to call a spade a spade when he calls them a a cancer on society.) Their “Quantitative Easing” was and continues to be trillions almost interest-free to the very banks who own it (Albert Fall, of Teapot Dome notoriety, was the only Cabinet member to go to jail- for accepting a one million dollar interest free loan- a nano-peepot compared to Bank of America and the rest.)Supporting the banking system is not the same as supporting Americans. Making it a crime of usury to pay 0.10% on savings while charging 25% on credit cards (plus debit card swipe, late and special fees to make it 30%) would be a good start, plus breaking the banking system into “none too big to fail” would be next.
    The Axis-of-Evil has got nothing on the Axis-of-See-No-Evil. The real terrorists run the banking system, and lead Congress by the nose.

    • Greg

      Robert Tartell,
      First of all this quote if from economist John Williams: “As the Fed increasingly is pushed to support the banking system.” I think you are misreading it because it is a prediction of more money printing and more inflation. Williams has been predicting an inflationary depression leading to hyperinflation that my happen suddenly because of the $12 trillion liquid dollar assets held outside of the U.S. I have quoted Williams many times and no punches are pulled here by him or myself. You are not on the “belligerent list” I think we agree on almost every point. Thank you for the comment.
      Greg

  23. Susan

    Real estate a “meaningful contributor to the overall economy”. Yeah –sure – maybe in 2032. Setting aside all the foreclosure and value damage already done by Wall Street racketeering enabled by the corrupt government and judicial system, the Fed has made a super bubble in the mortgage market – vastly larger than the last – with the suppression of interest rates for three years. They just won’t stop with the “easy money” that distorts all basis of value. When the interest rates pop a complete collapse in real estate prices will come like a blood bath. God help us all.

    • Greg

      I am with you Susan. Real estate will take a loooooong time to recover and before that another painful downturn. Wait until mortgage interest rates rise to around 7%and see what happens. Thank you for your comment and analysis.
      Greg

  24. Frank Rizzo

    I do believe you are absolutely right about all the propaganda spin being placed on our economy, but I believe with a confidence-based currency the federal government believes it is necessary. While most people remain blissfully unaware, the more intellectual and informed prepare for the inevitable collapse. How exactly it will unfold is unknown but it is clear that the faults are systemic and global. I think the necessary storing of universal resources, whatever they may be will be the security of the future.

    I also believe with the passing of the indefinite detention bill for citizens, our civil rights will be gone. Websites like this will be suppressed or even shut down. Files will be created to watch you and possibly labeled a terrorist. Just like the days of Mccarthy, you will be labeled and with that label all sorts of crimes will be imputed to you. History may offer retribution but the suffering will be devastating.

    • Greg

      You are scaring me Frank but that is a possibility. Before all that happens the Internet will be turned off at least for awhile. Thank you for your stark warning.
      Greg

  25. BK Aloha

    The M$M has a lot of temerity to try to convince us that the economy is improving by citing an uptick in housing sales. How can we trust any number generated by the National Association of Realtors? They have been lying to us since 2007! And then the NAR has the gall to try and weasel out of this by concocting a silly story about how they reevaluate their methodology from time to time – everything’s fine, citizens! Nothing to worry about!

    After such a critical misstep during the worst housing slump in history, the NAR should be blacklisted as a source of information. Isn’t that the way it’s supposed to work? For instance, if I proclaimed myself as an expert on oil, and I regularly appeared on news shows spouting numbers that were later proven to be lies, shouldn’t I be blacklisted forever?

    I used to trust all major sources of news, but nowadays I look for reasons for bias first.

  26. Michael Nagel

    I’ve also addressed the unreliability of MSM as a source of information with which to guide the decisions which carry forward our lives. See “When Truth is Banned from the Marketplace of Ideas” at http://personal-authenticity-project.com/truth-marketplace-ideas .

    I concluded the post with: In search of the truthful information which we each need to successfully guide our lives, we must do more than rely solely upon sources whose existence depends upon the existing economic order. To a significant extent, the quality of our lives depends upon the quality of the information upon which we base our decisions.

  27. Kappy

    Thanks for the article. I personally don’t understand how shadowstats has credibility given their (IMHO) ridiculously overstated inflation numbers. While the government cpi numbers may be a bit low, they are at least somewhere in the realm of credibility (e.g. $20 in 1980 is the same as $60 now, according to cpi-u). Shadowstats puts $20 in 1980 the same as $200 now. Please.

    • Greg

      Kappy,
      You are using government numbers for comparison. Did you take out all the accounting gimmicks that make inflation look better than reality?. Please. Williams is using a BLS inflation computation as it was done in 1980. I am sorry you do not like the data but it is fact. Thank you for your comment.
      Greg

    • josh

      in 1980, if memory serves, coffee at the diner was about 30 cents and a kitkat bar was a dime. today it’s about $2 for the coffee and $1 for the kitkat. there is no doubt that we are undergoing serious currency debasement.

      i always considered the ny times to be the paper of record but its become just another flak machine. if it wasn’t for the guardian and the blogoshere (e.g. greg) i wouldn’t have a clue as to what’s really happening.

  28. Sean S

    RE: MSM

    A couple of observations Greg.

    1. If MSM report things as they are editors and owners inevitably get jumped on by those in power and accused of “harming confidence” and “talking down the economy” or words to that effect. You don’t want to get the power merchants in Washington offside if you own big media unless you know they are about to be voted out of office.

    2. It’s bad for your advertising revenue to paint a glim picture of the economy. Advertising budgets are the first to be trimmed in tough economic conditions. So every piece of good news, even if just minor, is seized upon and given exposure out of proportion to it’s true worth. At the same time, you frequently highlight in your articles how often bad news is “sanitised”.

    Wishing you a very happy Christmas and all the best for 2012 to you and your family.

    It has been a pleasure reading your take on issues during the year and hopefully you will be continuing your reporting well in the future.

    Cheers

    • Greg

      Sean,
      Good analysis man!!! Merry Christmas to you and yours!!! Thank you for your participation in this site.
      Greg

  29. norcar survivor

    This conversation is a joke from the Democratic side. Obama had two years to address the economy when he had a Democratic House and Senate and all he accomplished was Obama care. You blame a do nothing congress for the continued problems? the current situation from the Congress is that The republicans want spending addressed. Dems want to tax the rich, which will not bring in enough money to even smooth the potholes much lass pave the way towards financial discipline. I am a democrat and I want change I can believe in. When Obama was a Senator he voted present 129 times. That’s 129 I don’t know what I think votes. Between vacations and holiday and vacations he can’t even count present as President. The few things (he) has accomplished from a security position were merely reactions to the actions of others. He did not put the people or programs into action that made those successes possible. He even fought them in his campaign for the presidency. I too was not a Bush fan, but at least I knew he was an American by the stances he took in the White House. No apologies rendered and none expected. Obama has plans for the transformation of America and I for one will give every drop of blood in my body to see that he fails. America is the last hope for a free world. We don’t always get things perfect but in an inperfect world, we are always the worlds first source for assistance when the s#@t hits the fan and that means something. If you’ve ever had a big brother you would know what that means. I’m voting him out. If I could, I would vote him gone.I wish life was so simple. When someone stands before you with a knife or a gun, that is not the time to be philosophical, it’s time to be afraid. I, as a citizen of this fine country, am afraid for the first time of what this president is doing. I am not alone nor an I in a small percentage of Americans of all ages and stations in life. That alone is all the evidence you need to know he is doing poorly. There have never been more backdoor politics in the history of this country. I voted for him so I am free to speak as I wish. One of the most impressive things I voted for was his determination to see that all bills were able to be reviewed for up to 5 days before voting on. He broke that promise on his first opportunity. We have to pass it to see what is inside of it. Those are the scariest words I have ever heard from my government yet it was accepted by the main stream media as well as the public and now we see what was inside. That is just one example ow why he is not my president. My president does not lie. He stands strong for America and does not go on an apology tour across the globe. He takes NO responsibility for the past three years economy. One can complain about how we got here only so long. We need action to take us away from here. I have been unemployed since May of this year with nothing on the horizon but more of the same. Trillions of dollars spent with no accountability for where it went and for what it did or (DID NOT DO). Hell yes. Americans are angry at this president because he has an agenda that does not include US. I have great HOPE for CHANGE and I vote.

  30. Herman Gerbils

    I used to be a MSM junkie, I used to Tivo all 3 hrs of Morning Joe (because everybody the internet warned me about was on it) and joked that they were the marketing department for GE’s weapons division. Fox’s Saturday business shows, Cooper, Matthews and Olberman (right up to the 2008 Dem Con)Smith and Kelly in the afternoon….and they wound up being the reason I cancelled my cable. I got so disgusted about the lack of real news coverage and by what they considered news. And look who sponsors the programs, banks, defense contractors and oil companies, they aren’t going to bite the hand that feeds/owns them. The American/Western public faces the most formidable weapons of mass distraction ever set loose on a public body. Billions have been spent on advertising, propaganda, public relations, mass marketing/psychology, focus groups etc to keep us clueless. The two German gentlemen whose names combine into my bad pun of a screen name would dream of such capabilities.

  31. david walters

    Dear Greg,
    May I recommend rt.com as an intelligent news service? They don’t advertise… They expose the truth.

    RT TV (available from dish cable network, and I apologise for the plug) will open your eyes to the true state of current events. It is counter intuitive that the best reporting I have yet seen on America is coming from Russia. You definitely need to check them out. Give me your rating on bias in their news, as you are wiser than I.

    David Walters

  32. slingshot

    Hey! Will somebody help me find my dead horse. I need to beat it some more.

    That Canadian fellow better start building a wall like we have on the Mexican border. I can hear him sounding the alarm, “The Morons are coming, the Morons are coming”

    The sad thing about it is that he is right. Our country is filled with MORONS! Morons that were more concerned about how big of a house or flat screen they could buy instead of watching what they were doing in Washington D.C. Our educational system that teaches Political Correctness/ Don’t step out of line, turning out functional illiterates who want to be a NFL or NBA star. Everybody is looking for a free meal ticket.
    We do not have representatives in Congress anymore. We have BUSINESSMEN. Aided by a controled News Media. Financed by international banking/Corporations. Why is it that there is someone affiliated with Goldman Sachs in every important monetary position? Is this just dumb luck?
    The Government is corrupt. All three branches.
    They control the money.
    They control the news.
    They own the minds of our young.

    Does it really matter who you vote for?

  33. Wayne

    Great article and replies…..the only thing I would disagree with is that there is no longer any reason to call these ‘infotainment / useful idiot / talking heads’ the mainstream media any longer. It’s obvious they’re tools of TPTB and distraction plus deflection is their mission.

    The real mainstream media is now the likes of you, John Williams, Jim Sinclair, Bob Chapman, Peter Schiff et al and it’s not even close as to who’s been most accurate and informative.

    • Greg

      Wayne and T Brown,
      You will get no argument from me. Good points from both.
      Greg

  34. t brown

    Please refer to the media by its correct name – “corporate media” – not ‘mainstream media.’ The Internet is the mainstream as corporate media loses readers and viewers due to their lies and omissions. So please stop giving them some titled credit they do not deserve.

    Thank you

  35. Tom

    Greg,

    I appreciate your views.
    Read it whenever I can, as they tell the truth.

    However, I disagree on the US$ debasement.

    OPEC and CHINA still support the US$.
    Japan, Russia and Brazil.
    As does the US military.
    All commodities trade in US$.

    Ergo, recession will last FOREVER!

    How do I know?
    C$/A$/NZ$ ALWAYS trade with commodities.

    C$ does not need to be supported by gold.
    It is supported by OIL
    and BANANA BEN, my best friend.

    Who even cares about gold/silver?
    What am I going to do with it?

    Good luck Greg.

    By the way, US$ is down again.
    That means C$/A$/OIL/GOLD/SILVER are up.

    • Greg

      Tom,
      You mean you missed out on the run up from $250 to $1600. You can’t put that oil in your pocket and it there is massive selling of the liquid U.S. dollar assets held outside America you will wish you had some. My bet is you would figure out a use for it, but I appreciate your point of view and I am happy to have you comment here anytime!! Thank you for supporting the site.
      Greg

  36. Tom

    Greg, the run up was from $250 on September 18, 2001
    to $1910 on September 10, 2011.

    How do I know?

    I follow the tops and bottoms for C$.

    You mean, you don’t?

    You miss the bottom on March 9, 2009?
    I couldn’t even if I wanted to.
    That was the bottom for C$ and OIL
    and $spx/$hgx/$bkx!

    My motto remains:
    RECESSION FOREVER

    US$ cannot be destroyed!

  37. Greg Williams

    Hi Greg

    I think you’re a lil off about the MSM, they ARE doing their jobs, which I believe is to deliberately misinform and mislead their listeners and viewers. Which is why I constantly seek out as many alternative sources of news and information outlets as I possibly can, of which your site happens to be one. Thanks, and keep up the good work my friend.

    • Greg

      Thank you Greg, Art and Ed for the comments.
      Greg

  38. Fnpmitchreturms

    If the “placebo effect” holds up about 30 percent of people will blindly believe anything….. I have to laugh because my mother who just had her birthday Sunday is 79 and she is mad as hell. She is watching and waking up …… yet she questions what she can do …. I told her to educate others and tell them not to blindly believe political propaganda which the left and right spew.

  39. Chris

    The NAR (Nat’l Association of Realtors) can’t be trusted either! They admitted the numbers they gave on housing were wrong! There were more foreclosures and the data they submitted was wrong! They pulled an MF Global. Who can you trust at this point?!

  40. Bob K

    Greg: I just recently learned (fortunately) of your website USA Watchdog. This was the first article I read, “Oblivious Because of the Main Street Media”. I am in agreement with you ; however, I also blame a large majority the citizens of this country who are also culpable. Many possess IGNORANCE & APATHY. Their attitude is “I don’t know and I don’t care”!Their too busy spending their precious time watching “reality” show’s , playing games on their computer’s etc. etc. Those who do not know History are doomed to repeat it. We, as a country, are fast approaching our day of reckoning.

    • Greg

      Bob K,
      Good point. I have no argument. Thank you for making it here!!
      Greg

  41. chefcale

    Greg, I heard you on the Alex Jones Show today and you were really brilliant! Alex ALWAYS has great guests on and in my book you are at the top of that list! Have you ever been on Antiwar Radio with Scott Horton? He is also a very switched on host and you would make a great contribution there as well.

    • Greg

      chefcale,
      Thank you for your kind words and support.
      Greg

  42. Bob K

    Greg: Thank you for responding to my post. Many DO NOT take the time nor effort to do so. Have a Merry CHISTmas and a Happy & Healthy New Year….GOD bless!

    • Greg

      May God bless you too my friend!
      Gregt

  43. Fred

    Greg,
    Enjoyed ur int w AJ last week. U really told it like it is without hyperbole or scare tactics. Just the facts. Awesome.
    I am also enjoying ur site and all the info herein, truly informative and without bias.
    I’ve turned a little bit if money into physical PM’s and am starting to prep. My wife and I recently moved to a small town down south, mostly as a way to raise our child in a (relatively) safe environment in the coming crisis, as I see it. Do u see a crisis coming, with regard to the economy?
    What is ur opinion of where PM’s will go and what would u recommend doing in order to prepare for what many like-minded ppl see coming? What are you doing. If anything?
    Thank much, and keep up the good work!

    • Greg

      Thank you Fred and George Too.
      Greg

  44. Just the Facts

    G’day Greg,
    I’m among those that have just recently discovered your website. (Kudos to you for your hard work and scholarship).

    The real story here isn’t the sheeple that don’t get what’s transpiring in Amerika today–it’s those that do and are in the process of leaving the sinking ship. The majority of the retirees that can afford to are now looking to reside somewhere other than in the US. A newsletter is now highlighting the “best fit” countries for those retirees wishing to depart Obamaville.
    Times must have changed for I always thought that America would always adhere to the old smoker’s slogan “We’d rather fight than switch”.

    • Greg

      Just the Facts,
      Thanks for the comment. I hope you are one of the ones fighting!
      Greg

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