US Action News

Economist Thomas Sowell discusses government spending, jobs, the federal reserve track record and his book Basic Economics on Judge Napolitano’s Freedom Watch.

Cotton is trading at an all time high. Flooding in Australia could cause rising beef and wool prices. Federal Reserve Chairman Bernanke says he has inflation in control. “Who you gonna believe, me or your own lyin’ eyes?” ~Groucho Marx

Erskine Bowles and Alan Simpson co-chairs of Obama’s Deficit Commission explain the dire consequences of continuing deficit spending and rising debt. Economic collapse will ‘be very swift and very dramatic’.

Rising food inflation sparked violence across the Middle East and South Asia over the weekend, as demonstrators protested the high cost of staple commodities like sugar, rice and milk.

How’s that socialist revolution workin’ out for ya Chavez?

World food prices continue to climb with sugar leading the way at 20% increase over last year.

‘Follow the Money’ panel on the risks gas prices might become too high for most people to afford. The panel misses the most critical point of the dollar devaluation that is creating inflation in all commodities and especially oil. Recently Persian Gulf economists recommended giving up on the dollar.

The former president of Shell Oil, John Hofmeister, says Americans could be paying $5 for a gallon of gasoline by 2012.

2011 likely will open with a deepening recession, increasing austerity, and falling asset prices. I expect these developments not to happen gradually, but to come in great waves.

The decline in Argentina as a parallel to what is happening in our country.