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Sunday, October 20, 2013

Economic Stories of Relevance in Today's World -- October 20, 2013

Economist Dr. Paul Craig Roberts contends, "The situation is unsustainable." It will blow up at some point, and Dr. Roberts predicts, "It will be worse than the Great Depression because in the Great Depression, prices fell along with employment. Now, prices will be rising and employment would be falling. . . . Gold and silver prices will explode in dollar terms." Join Greg Hunter of as he goes One-on-One with former Assistant Treasury Secretary Dr. Paul Craig Roberts.

Millennials Devastated As American Dream Becomes Nightmare For Most - Zero Hedge - Tyler Durden - October 1, 2013 - 

The young are earnings less and less relative to the average earnings in the US...

as the younger generation's participation in the labor force fell more than 3 times as fast in the "lost decade" as in the previous two decades...

Weekly Drop in U.S. Economic Confidence Largest Since '08 - Decline of 12 points to -34 is largest since Lehman Brothers collapsed - Gallup - Alyssa Brown - October 8, 2013 - 

Furniture Brands International files for Chapter 11 bankruptcy - AP throgh USA Today - September 9, 2013 - Oaktree Capital to buy bulk of Thomasville, Broyhill, Lane and Drexel Heritage brands - The maker of furniture brands such as Thomasville, Broyhill, Lane and Drexel Heritage said Monday that it has filed for Chapter 11 bankruptcy protection.                            Furniture Brands International said it hopes to sell the bulk of its business to investment firm Oaktree Capital Management. The St. Louis-based company, which also runs the Thomasville chain of furniture stores, struggled like many other companies after the collapse of the housing market. But unlike some of its peers, its business has not rebounded with the recovery in home sales and the broader economy. Furniture Brands reported in August that it widened its fiscal second-quarter net loss to $40.8 million on weaker revenue and major charges to write down the value of its brands. It also said that it would cut costs and pursue the sale of some of its assets.

UPDATED: Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers - Capital controls imposed on small business owners - - Paul Joseph Watson - October 17, 2013 -  Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States by imposing capital controls.

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