Rocky Vega

The economy is still in tatters. Despite the bailout-fueled “rally,” there are a couple of shoes that have yet to drop and, according to Financial Armageddon, there are about 23 of them. In its recent post, “the sum total of all that is wrong,” it highlights 22 major areas in which the economy is completely broken and needs a major overhaul.

Here are the top ten problems…

1. A broken global credit market that has not fully recovered.
2. Lack of transparency in Mortgage-Backed Securities and other re-packaged debt instruments.
3. The increasing Federal debt, which is growing at an unprecedented rate.
4. Mountains of consumer and corporate debt.
5. The Federal budget deficit.
6. Ever-expanding bailouts.
7. Monetization of the National Debt.
8. The destruction of the American consumer economy.
9. Chronic unemployment, possibly much higher than officially reported.
10. More than $500 Billion USD in hedge funds that have borrowed short and lent long.

The full list of 22 reasons for why this recession is different originally comes from SurvivalBlog. Financial Armageddon adds an important 23rd factor that Agora Financial editors frequently mention but is often overlooked by the mainstream media — the nation’s decrepit infrastructure.

Rocky Vega

Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let?s Go Publications, Harvard Student Agencies, and The Harvard Advocate.

Recent Articles

Bill Bonner
The Road to Zimbabwe is Paved With Central Bankers’ Good Intentions

Bill Bonner

All over the world, central bankers pretend to sweat and toil on behalf of mankind - correcting... adjusting... nullifying the decisions of honest men and women going about their daily business. But did a central bank ever add one single cent the world's wealth? Bill Bonner explores...


Profit Opportunities Rise Alongside Wages and Consumer Spending

Greg Guenthner

Consumer confidence is rising alongside middle class wages. That means the recovery is no longer resting on the shoulders of the 1%. And that's great news going in to the holiday spending frenzy. Today, Greg Guenthner explains how this presents a great investment opportunity in the retail sector. Read on...


5 Min. Forecast
OPEC Meeting Update: Beware the Oil Price Wars

Dave Gonigam

So much for Americans existing "at the mercy of OPEC." According to the Financial Times, U.S. dependence on oil imports from the OPEC countries is now its lowest since May 1985. Dave Gonigam explains how this is affecting global oil prices, and what to expect from this week's OPEC meeting. Read on...