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Treasury plans for Greece to go bust
Treasury ministers have admitted that the Government is drawing up contingency plans for a Greek bankruptcy after being warned by a former foreign secretary that the euro “cannot last”.
By Robert Winnett, Deputy Political Editor
9:05PM BST 20 Jun 2011
Jack Straw, the former Labour foreign secretary, said that a “quick” end to the single currency was now better than a “slow death”.
In an emergency debate, senior MPs from all parties demanded that Britain stand aside from a new rescue package for Greece and push for the country to leave the euro.
Some experts have forecast that a default would trigger another global crisis as banks refused to lend money to weaker eurozone countries. - Full Text
Originally posted by marg6043
reply to post by Imhotepsol
Unemployment in America is higher than that, the numbers do not include people that has been unemployed and do not rate unemployment benefits.
This means most of the working poor.
So the real numbers of unemployment in the US will never be known.
The Return of the Misery Index
By Addison Wiggin
06/20/11 Baltimore, Maryland – Here’s a cheery way to begin the week. For a brief moment on Friday, the “misery index” of the Jimmy Carter era reared its ugly head again.
Readers old enough to recall “the misery index” will remember it was computed by adding the inflation rate to the unemployment rate. On Friday, CNBC posted, and Drudge picked up, a brief story about how the misery index stands at its highest since 1983:
9.1% unemployment + 3.6% consumer price index = 12.7% misery index
What the story did not explain is how government has gamed both elements of the misery index in the ensuing 28 years.
People who’ve given up looking for work no longer count as unemployed. Statisticians make the rising price of steak go away by assuming you buy less steak and more hamburger. And so on.
John Williams at ShadowStats.com still runs the numbers the way they were in those bygone days. Let’s recalculate…
22.3% unemployment + 11.2% consumer price index = 33.5% misery index
Read more: Economic News and Ideas on Debt, the Market, Gold, Oil, and Investing. dailyreckoning.com...
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