The Wake Up Project

Unemployment numbers belie the announced recovery, credit card interest still killing consumers, market changes the balance over manipulation, economic recovery not possible without a manufacturing base, dollar abandoned worldwide, a second downturn is forecast This past week the BLS released the September unemployment statistics and they worsened as usual, as America enjoys its recovery. * Those unemployed 15 weeks or longer, as a percent of the civilian labor force was 5.4%. * Job losers and persons who completed temporary jobs, as a percent of the labor force was 6.8%. * Total unemployed, as a percentage of the civilian labor force, the official unemployment rate, 9.8%. * Discouraged workers 10.2%. * Total unemployed plus discharged workers, plus marginally attached workers 11.1%. * Total unemployed as a percent of the civilian labor force 17%. If the birth/death ratio is removed, U-6 is in reality 21.3% total US unemployment. The estimate is that 824,000, more jobs m...

Iran's President Mahmoud Ahmadinejad has ordered the replacement of the US dollar by the euro in calculating the value of the country's Oil Stabilisation Fund (OSF). The edict, issued on Sept 12, follows a recommendation by the trustees of the country's foreign reserves, Iran's English-language daily The Tehran Times said on Monday, citing Iran's semi-official Mehr News Agency. The move was taken because the government wishes to protect itself from the fragility of the US economy and the weak dollar. The OSF, which forms part of Iran’s foreign exchange reserves, is a contingency fund set aside to cushion the economy against fluctuating international oil prices. It is also used to help both the public and private sectors with their hard currency needs by extending loans. Press TV meanwhile reported that following the switch the interest rate for facilities provided from the foreign exchange reserves is to be cut to 5 percent from 12 percent. Since its introduction in...

by Larry Edelson on September 18, 2009 This week, we’ve examined three powerful forces now arrayed against the U.S. dollar … * President Obama and Fed Chief Bernanke are not only refusing to defend the dollar, they are intentionally causing its demise with out-of-control spending and money-printing. Their motives are clear: Gutting the greenback’s value is the ONLY way they can ever hope to service our massive debt. * Foreign governments, central banks, financial institutions and investors are slashing their dollar investments. In some cases, they are dumping dollars to insulate themselves from the greenback’s head-long plunge. And by doing so, they’re causing the dollar’s decline to accelerate. * The United Nations and the G-7 plus China, France, India, Russia, Brazil and others are already laying plans to replace the U.S. dollar as the world’s reserve currency — and by doing so, will crush what little international demand remains for the greenback and...