World-News

Simon Johnson, Project Syndicate: 'The real cost of the crisis is not measured by the profit and loss statement of any central bank - or by whether or not the Troubled Asset Relief Program (TARP), run by the Treasury Department, made or lost money on its various activities. The cost is eight million jobs in the US alone, with employment falling 6% from its peak and - in a major departure from other post-1945 recessions - remaining 5% below that peak today, 31 months after the crisis broke in earnest. The cost is also the increase in net federal government debt held by the private sector - the most accurate measure of true government indebtedness.'

http://www.truthout.org/arrogance-and-authority/1304016615

--------

The budget mess: A crisis in legitimacy

Future of Freedom Foundation Future of Freedom Foundation
by Sheldon Richman

04/26/11

Reality has finally caught up with the ruling elite, and its members inside and outside government are in a panic. They have freely spent the taxpayers? money for generations building a corporatist warfare-welfare state, and when that wasn?t enough to finance their projects, they borrowed just as freely. For a long while it paid off handsomely in power and wealth, but now even they realize things can?t go on as they have for so long...

http://www.fff.org/comment/com1104n.asp


nformant: Thomas L. Knapp



http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=recession
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Treasury
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=TARP
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=budget
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=debt
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=ruling+elite
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=warfare+state
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=corporatist
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=unemploy
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=taxpayer
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Simon+Johnson
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Sheldon+Richman
-----