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Economic Expert Hunter Lewis: We Are in a Depression!
Breitbart ^ | 13 Jan 2014 | Robert Wilde

Posted on 01/14/2014 10:15:13 AM PST by xzins

On Sunday, Hunter Lewis, Founder and former CEO of Cambridge Associates, told Breitbart News Executive Chairman and host Stephen K. Bannon that, "We are in a depression."

Lewis delivered his assessment of the U.S. Economy on Breitbart News Sunday on Sirius XM Patriot radio channel 125. He explained that part of the reason the economy is in such a shambles and the political system is in such a shambles is bad economic policies that have fed special interest groups, instead of supporting the middle class and the poor. And those same policies have given us crony capitalism.

Hunter, ....has served on boards and committees of fifteen not-for-profit organizations, including environmental, teaching, research, and cultural organizations, as well as the World Bank.

We are in a depression, according to Lewis. He asserts that if we calculate unemployment as they did in the 1930s, we would have unemployment numbers that rival that era. The only reason we have the percentages we have now (6.7%) is because “we don’t include those who have dropped out of looking for a job, who have given up. If we included those, the unemployment number would be at 20%.”

(Excerpt) Read more at breitbart.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS: depression; economy; obamanomics; unemployment

1 posted on 01/14/2014 10:15:13 AM PST by xzins
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To: All
if you hear a report from NPR or other mainstream shows, you will hear that the Fed is bond-buying. “They completely leave out the fact that the Fed is creating new money in order to do its bond-buying.
2 posted on 01/14/2014 10:15:44 AM PST by xzins ( Retired Army Chaplain and Proud of It! Those who truly support our troops pray for victory!)
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To: xzins

Uh. . . . Duh !!


3 posted on 01/14/2014 10:18:18 AM PST by Salgak (http://catalogoftehburningstoopid.blogspot.com 100% all-natural snark !)
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To: Salgak

My sentiments exactly. What I find interesting is that back in 2007 I said this could get “as bad or worse than the great depression”. At the time it sounded like crazy talk, EVEN TO ME. But it seemed undeniable.

I now have absolutely no doubt it will be worse than the great depression, which was ended by a world war (if you get my drift).

In fact, I call it WDI and this WDII (World Depression II).

It’s not just the US, and regardless of what you’ve heard in the news, The PIIGS have not gone away, except maybe for Iceland. And there is a very positive story there.


4 posted on 01/14/2014 10:22:14 AM PST by cuban leaf
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To: Salgak

BTW, during WDI they didn’t call it the depression. It was given that name after the fact. Kinda like WWI wasn’t called WWI at the time.


5 posted on 01/14/2014 10:23:33 AM PST by cuban leaf
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To: xzins

Fake money covers all sins.
Entitlements funded by fake money bought the 2012 election.

The USA is like that family in 2007 riding a wave of fake prosperity with a McMansion with negative equity, two leased luxury SUVs, and maxxed out credit cards.


6 posted on 01/14/2014 10:24:24 AM PST by nascarnation (I'm hiring Jack Palladino to investigate Baraq's golf scores.)
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To: xzins
... if we calculate unemployment as they did in the 1930s, we would have unemployment numbers that rival that era. The only reason we have the percentages we have now (6.7%) is because “we don’t include those who have dropped out of looking for a job, who have given up. If we included those, the unemployment number would be at 20%.”

The reason the New York Times won't cover this story is they're part of the same type of scam... The old Audit Bureau of Circulations (now renamed) had jigged the numbers for Newspapers the same way...

7 posted on 01/14/2014 10:27:38 AM PST by GOPJ ("Remember who the real enemy is... ")
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To: nascarnation

I have a couple webpages that track unfudged data. We are treading water at the bottom of a well.
http://www.futurnamics.com/slfed.php


8 posted on 01/14/2014 10:27:47 AM PST by DaxtonBrown (http://www.futurnamics.com/reid.php)
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To: xzins

” “They completely leave out the fact that the Fed is creating new money in order to do its bond-buying. “

The Fed is designed to decide what part of the American money supply is available as ‘high powered’ money (cash) and what part is tied up in illiquid bonds. They have the power to convert Treasury bonds into cash- that’s what the ‘bond buying/new money creation’ is all about.

If the economy is stalling the Fed purchases bonds to make cash more available. If the economy is roaring ahead the Fed will sell bonds to soak up cash and slow down the economy.

If the public wants to stop the creation of new money they have to demand that Congress stop raising the debt limit. That is a truer source of the ‘new money’. An increase in the debt limit means the Treasury creates new bonds, and these are potential new money if the Fed decides to monetize them. Keep the debt limit flat or reduce it and the money supply can’t increase as easily.


9 posted on 01/14/2014 10:28:31 AM PST by Pelham (Obamacare, the vanguard of Obammunism)
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To: xzins

I’ve been telling folks for years, be patient, the trillion dollar stimulus and shovel-ready jobs are going to kick in any day now.


10 posted on 01/14/2014 10:29:28 AM PST by Rennes Templar (Hillary Clinton, you were no Dennis Rodman.)
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To: DaxtonBrown

Very interesting.
Will study in depth, thanks


11 posted on 01/14/2014 10:30:42 AM PST by nascarnation (I'm hiring Jack Palladino to investigate Baraq's golf scores.)
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To: nascarnation

I have a couple webpages that track unfudged data. We are treading water at the bottom of a well.
http://www.futurnamics.com/slfed.php


12 posted on 01/14/2014 10:30:52 AM PST by DaxtonBrown (http://www.futurnamics.com/reid.php)
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To: DaxtonBrown

ooops, double post. Wish we could edit.


13 posted on 01/14/2014 10:31:58 AM PST by DaxtonBrown (http://www.futurnamics.com/reid.php)
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To: xzins

Depression should be expected when our international crony capitalists spent the past dozen plus years exporting our economy to the rest of the world.

Look at what you buy, see where it is made, and realize how we have been screwed.


14 posted on 01/14/2014 10:32:48 AM PST by ex-snook (God is Love)
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To: cuban leaf
which was ended by a world war (if you get my drift).

There is more debt in the world that at anytime in the history of man. There are two ways to resolve a debt. The debtee can pay it back or the debtor can try and collect.

15 posted on 01/14/2014 10:35:16 AM PST by IamConservative (The soul of my lifes journey is Liberty!)
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To: IamConservative

There are two ways to resolve a debt. The debtee can pay it back or the debtor can try and collect.


And the former will not happen without hyperinflation (since countries can print money).


16 posted on 01/14/2014 10:52:15 AM PST by cuban leaf
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To: Pelham
If the public wants to stop the creation of new money they have to demand that Congress stop raising the debt limit.

I doubt that anything short of a Constitutional amendment could do it; here's what I'd propose:

Fiscal Responsibility Amendment
Section I
The power of Congress to regulate the value of the dollar is hereby repealed.

Section II
The value of the Dollar shall be one fifteen-hundredth avoirdupois ounce of gold of which impurities do not exceed one part per thousand.

Section III
To guard against Congress using its authority over weights and measures to bypass Section I, the ounce in Section II is approximately 28.3495 grams (SI).

Section IV
The Secretary of the Treasury shall annually report the gold physically in its possession; this report shall be publicly available.

Section V
The power of the Congress to assume debt is hereby restricted: the congress shall assume no debt that shall cause the total obligations of the United States to exceed one hundred ten percent of the amount last reported by the Secretary of the Treasury.

Section VI
Any government agent, officer, judge, justice, employee, representative, or congressman causing gold to be confiscated from a private citizen shall be tried for theft and upon conviction shall:
a. be removed from office (and fired, if an employee),
b. forfeit all pension and retirement benefits,
c. pay all legal costs, and
d. restore to the bereaved twice the amount in controversy.

Section VII
The federal government shall assume no obligation lacking funding, neither shall it lay such obligation on any of the several States, any subdivision thereof, or any place under the jurisdiction of the United States. All unfunded liabilities heretofore assumed by the United States are void.

Section VIII
The federal government shall make all payments to its employees or the several states in physical gold. Misappropriation, malfeasance and/or misfeasance of funds shall be considered confiscation.

17 posted on 01/14/2014 10:52:59 AM PST by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: cuban leaf

I have said for years that if we had an economic collapse comparable to the thirties it would be WORSE simply because people of that area were generally FAR MORE self-reliant and had a much greater ability to figure out how to, as we used to say, “Make a dollar out of fifteen cents.” Much of today’s population would likely starve in the circumstances in which the generation of the thirties would thrive. The only reason so many do not recognize it as a depression is that EBT cards and all the rest are not so visible as soup lines and unemployment lines. Some of our current idiotic commentaries claim that people who are living on government handouts are not living in poverty. I say that if you cannot put bread on your own table you are in poverty, no matter that someone else puts bread on your table for you.

I think it should be obvious to anyone who thinks at all that we are indeed in the middle of a depression.


18 posted on 01/14/2014 10:57:23 AM PST by RipSawyer (The TREE currently falling on you actually IS worse than a Bush.)
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To: ex-snook

And your average skull full o’ mush out there can’t really distinguish between a Capitalist and a Crony Capitalist.

Hence our headlong plunge into Socialism IMO.


19 posted on 01/14/2014 10:59:24 AM PST by Buckeye McFrog
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To: RipSawyer

Your comment about the 30’s is one I’ve brought up too. Also, the nation does not have the character it did then. Crime will be rampant.

I wonder what would happen if EBT cards suddenly stopped working for, say, a week.


20 posted on 01/14/2014 11:05:33 AM PST by cuban leaf
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To: xzins

He is right about one thing, we are in a depression.

But he is wrong about why. We are in this mess for the same reason that cause the great depression. Government handouts and socialism.

Get government out of the way and this economy will spring back to life. Stop the handouts to the dead beats and they will get up and get a job or create one.


21 posted on 01/14/2014 11:10:40 AM PST by TexasFreeper2009 (Obama lied .. the economy died.)
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To: ex-snook

You can thank the unions for that, not the “crony capitalists”

Unions and government destroyed our manufacturing.


22 posted on 01/14/2014 11:12:41 AM PST by TexasFreeper2009 (Obama lied .. the economy died.)
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To: xzins

An honest, Christian Chief Executive would acknowledge this and try to do something about.

Well, we all know that what we gots ain’t that, fo’ damn sure!

Stinkin’ traitor Muslim.


23 posted on 01/14/2014 11:12:53 AM PST by Gaffer
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To: Buckeye McFrog
"Hence our headlong plunge into Socialism IMO."

Socialism thrives when capitalism fails to produce jobs.

24 posted on 01/14/2014 11:13:12 AM PST by ex-snook (God is Love)
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To: xzins

When the Federal Reserve is disbanded the full scale of America’s economic destruction will be evident. We are in a hidden depression for years and the Americans that are sucking on the welfare had no idea the destruction they are causing. It is mounting and when the Feds are kicked out of our economy the crash will happen in days, maybe almost immediately. America is finished and may never recover but might become a dictatorship


25 posted on 01/14/2014 11:13:20 AM PST by Logical me
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To: TexasFreeper2009

With all the other manipulation of data,
there’s no doubt in my mind that the growth rate
is being monkeyed with - yes I said it - and we have
been in the negatives since 2008.


26 posted on 01/14/2014 11:15:04 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: xzins
If we included those, the unemployment number would be at 20%.”

That's been my experience in job hunting on and off the past five years. The job market is brutally tough.

27 posted on 01/14/2014 11:17:33 AM PST by St_Thomas_Aquinas ( Isaiah 22:22, Matthew 16:19, Revelation 3:7)
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To: DaxtonBrown

Excellent resource. Thanks!


28 posted on 01/14/2014 11:19:36 AM PST by St_Thomas_Aquinas ( Isaiah 22:22, Matthew 16:19, Revelation 3:7)
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To: cuban leaf

“I wonder what would happen if EBT cards suddenly stopped working for, say, a week.”

I believe we saw what happens when the cards stopped working for a few hours. Extrapolate from there.


29 posted on 01/14/2014 11:29:22 AM PST by MNGal
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To: cuban leaf
I wonder what would happen if EBT cards suddenly stopped working for, say, a week.

We saw what happens when the EBT cards stopped working for just an afternoon. Looking further, when Sandy came through, it only took 72 hours and people were dumpster diving for food.

A monetary collapse will be a truly ugly thing and I don't think it will creep up on us. Knowing this government, we might just wake up one day to closed banks and a crashed stock market.

30 posted on 01/14/2014 11:39:19 AM PST by Ghost of SVR4 (So many are so hopelessly dependent on the government that they will fight to protect it.)
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To: cuban leaf

“What I find interesting is that back in 2007 I said this could get “as bad or worse than the great depression”. At the time it sounded like crazy talk, EVEN TO ME.”

In 2007 I said, “We are in a depression.”


31 posted on 01/14/2014 11:47:17 AM PST by dsc (Any attempt to move a government to the left is a crime against humanity.)
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To: ex-snook

“Socialism thrives when capitalism fails to produce jobs.”

Lemme harken back to Hayek: what is meant by “capitalism” is simply the way people act when nobody is pointing a gun at their heads. They exchange money, goods, and services among each other as seems best to them.

Taxes, regulations, prohibitions, et cetera, distort “capitalism,” which eventually morphs into mercantilism, and this is what we in the US have had for decades, now. Perhaps a century.

People, left alone, will create jobs. The so-called problems with “capitalism” are actually problems with the distortions imposed upon “capitalism” by government.

Also good to remember that the word “capitalism” is a pejorative invented by leftards to slur the far better system of leaving people alone.


32 posted on 01/14/2014 11:59:21 AM PST by dsc (Any attempt to move a government to the left is a crime against humanity.)
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To: TexasFreeper2009

What about robotic automation? I think that has eaten into a lot of the unskilled work force. I don’t think Unions or the government are at fault for that.

Having said that, I think the USA is still the number 1 manufacturer on the planet if you look up the statistics.

I think many industries such as automobiles has some manufacturers that are unionized while others are not.

I think some manufacturing is coming back to the USA as has been reported.

I am not so convinced as you.


33 posted on 01/14/2014 12:22:08 PM PST by hawkaw
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To: MrB
With all the other manipulation of data, there’s no doubt in my mind that the growth rate is being monkeyed with - yes I said it - and we have been in the negatives since 2008.

Actually longer than that.

The blue lines = stats stripped of changess designed to hide what is really going on:






34 posted on 01/14/2014 12:43:43 PM PST by khelus
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To: OneWingedShark
You left out one. The amount of physical gold reported by the Secretary of the Treasury shall be audited by an independent auditing firm, who shall have physical access to the gold to conduct its audit.

Otherwise, the report of how much gold we have is going to be just like the unemployment numbers.

35 posted on 01/14/2014 12:44:25 PM PST by Hardastarboard (The question of our age is whether a majority of Americans can and will vote us all into slavery.)
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To: Hardastarboard
You left out one. The amount of physical gold reported by the Secretary of the Treasury shall be audited by an independent auditing firm, who shall have physical access to the gold to conduct its audit.

Otherwise, the report of how much gold we have is going to be just like the unemployment numbers.

Yeah, I was toying around with the idea that misfeasance w/ reporting numbers would be a capital offense.

36 posted on 01/14/2014 12:52:42 PM PST by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: dsc
what is meant by “capitalism” is simply the way people act when nobody is pointing a gun at their heads.

That's way more pithy than the way I put it - that "capitalism" is the default human condition, like gravity.

37 posted on 01/14/2014 12:54:09 PM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: OneWingedShark

Ah... and the left would LOVE to have capital offenses that they could manipulate to have their political enemies put to death at the hands of the State.

That’s the innermost desire of all lefties.


38 posted on 01/14/2014 12:55:38 PM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: hawkaw

eliminate the corporate income tax, outlaw unions, place limits on litigation and liability, and repeal the last 100 years of government laws and regulations (at the local, state and federal level) that negatively affect business and you would see an explosion of manufacturing in the US unlike the world has seen since the industrial revolution.


39 posted on 01/14/2014 1:21:26 PM PST by TexasFreeper2009 (Obama lied .. the economy died.)
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To: dsc

I don’t know if you would like this any better.

Socialism thrives in a democracy when business doesn’t create enough jobs.

When voters have jobs [business gets the credit], they vote Republican, Reagan 2x, Bush, Bush 2x. When voters don’t have jobs, they vote Democrat {depends on government}, Clinton 2x, Obama 2x. People vote their pocketbook, majority wins. Losing elections is the price the GOP pays for job exporting free trade agreements.


40 posted on 01/14/2014 1:23:15 PM PST by ex-snook (God is Love)
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To: xzins
if you hear a report from NPR or other mainstream shows, you will hear that the Fed is bond-buying. “They completely leave out the fact that the Fed is creating new money in order to do its bond-buying.

Is there anyone that doesn't know this? This is how liquidity is injected into the system.

41 posted on 01/14/2014 1:28:41 PM PST by Wyatt's Torch
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To: TexasFreeper2009

Actually the Canadians cut corporate tax rates and what happened was banks such as the Royal bank of Canada outsourced jobs to India instead of hiring folks.

So cutting corporate taxes is not always the best solution.

I do think cutting the rate to a reasonable level compared to other countries is a good idea. I think cutting captial gains is a good idea too as long as a good percentage of the money is reinvested.

I do not think cutting all the business laws that are designed to protect health and safety is a great idea. I think a lot of large businesses are making record profits right now as shown on the Dow Jones. I think a level playing field would be great with simplied regulations so that large corporations with their armys of lawyers and accountants don’t have advantages over small companies.

I think cheap energy is really important to drive the economy. I worry the green energy stuff is making energy still very expensive.

I think uncertainity is a big problem with the economy and that includes the health care issues. I think that really slows down hiring. That needs to be somehow altered.

I think the government should help encourage more hiring in the petroleum and gas resource end as that industry seems to be doing very well right now and show the potential to expand further in many states.
Anyway just my thoughts.

Have a great day!


42 posted on 01/14/2014 1:41:51 PM PST by hawkaw
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To: MrB; Hardastarboard
Ah... and the left would LOVE to have capital offenses that they could manipulate to have their political enemies put to death at the hands of the State.

Yes; far too easy to abuse, so I didn't include it.

Hardastarboard: I forgot to mention, take a look at sections VI and VIII — I think that would be enough to keep the Secretary of the Treasury in line.
(Misappropriation, malfeasance and/or misfeasance of funds shall be considered confiscation.)

43 posted on 01/14/2014 2:04:06 PM PST by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: OneWingedShark; MrB

You would need to have a Special Prosecutor independent of the Congress. Even then, Democrats can do whatever they want with impunity. All the laws in the world don’t help when everyone assigned to enforce them is corrupt. We have that situation with the 0bama administration.


44 posted on 01/14/2014 3:37:12 PM PST by Hardastarboard (The question of our age is whether a majority of Americans can and will vote us all into slavery.)
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To: Wyatt's Torch

My guess is that 98% of America doesn’t know this.

Nonetheless, running the printing press is running the printing press. “Liquidity” over-printed has no value backing it up other than “faith”.


45 posted on 01/14/2014 5:36:28 PM PST by xzins ( Retired Army Chaplain and Proud of It! Those who truly support our troops pray for victory!)
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To: xzins

I will agree about fiat money. I don’t agree about the liquidity being necessarily inflationary. It depends on the levels of demand for money.


46 posted on 01/15/2014 3:58:11 AM PST by Wyatt's Torch
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To: hawkaw

Overhead costs more than taxes. If you can hire some guy in India for a third the cost of a native Canadian, then taxes don’t matter.


47 posted on 01/15/2014 5:32:52 AM PST by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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