Home > detroit unemployment decay > take a look at Detroit

take a look at Detroit

By Craig Harris
EarthBlog News©
TinyURL for this article [http://wp.me/pOhuI-g]

This is your country. Take a look at Detroit. Detroit is one of many US cities which has lost it’s manufacturing base. Along with that comes a 50 percent unemployment rate.

Detroit’s Unemployment Rate Is Nearly 50%, According to the Detroit News
Officially, Detroit’s unemployment rate is just under 30 percent. But the city’s mayor and local leaders are suggesting a far more disturbing figure — the actual jobless rate, they say, is closer to 50 percent. As many have noted, the Bureau of Labor Statistics, which culls federal unemployment data, does not account for all of the jobless in its widely-quoted national unemployment figures. Among those omitted: part-time workers who are looking for full-time jobs and frustrated job seekers who abandon their job search altogether.

A Tour Of Detroit‘s Ghetto (tags: third world, this is your country, things the corporate media won’t show you)

Detroit Housing Apocalypse (filed under: the “good” side of town)

Detroit– City in Ruins (tags: OMG, five star production, Iraq USA)

Detroit homes sell for $1 amid mortgage and car industry crisis
One in five houses left empty as foreclosures mount and property prices drop by 80%
By Chris McGreal, in Detroit
Tuesday 2 March 2010

Detroit wants to save itself by shrinking
Blighted city considers plan to turn large swaths of land back into fields
Detroit, the very symbol of American industrial might for most of the 20th century, is drawing up a radical renewal plan that calls for turning large swaths of this now-blighted, rusted-out city back into the fields and farmland that existed before the automobile.

  1. Anonymous
    January 4, 2010 at 4:51 pm

    I knew it was bad in Detroit but I had no idea how bad. Those videos are positively shocking. There is trash piled up 30 feet high in one of them and in another one, it more resembles some third world poverty stricken country. Ugh.

  2. Jimmy
    January 4, 2010 at 7:31 pm

    Very nice blog, only 2 question:1) Is that you?Craig HarrisPresidentHarris Capital Management, Inc. CTAhttp://www.harriscapitalmanagement.com 2) How do you think about the future of Platinum and Rhodium as precious metal? And the monetary relevance/ wealth preservation of these precious metals?(On older posts, I saw your good prediction on platinum: On Platinum below $400/oz in May 1997"platinum is cheap anywhere under 400." – 05/15/1997)SincerelyJimmy

  3. Craig Harris
    January 4, 2010 at 8:53 pm

    Hi Jimmy.I used to own a brokerage firm called Harris Capital Management, Inc. CTA but I left the brokerage business a few years ago to simplify my life and concentrate on my own trading. My website has been gone for years now. It was me who made the comment about platinum below $400 being cheap in 1997 via the HCM Newsletter, but the link you listed to harriscapitalmanagement is some entity who apparently assumed my old URL and is an entirely different firm with no relation whatsoever to me or the firm I used to own. Today I operate strictly as an unregulated private citizen.I am going to dodge your question about platinum and rhodium and refrain from commenting about the metals or anything else in public since I reserve that for my subscription service, "Earthblog News" where I discuss what I'm doing as a private citizen and why.

  4. Anonymous
    January 4, 2010 at 9:14 pm

    I viewed the detroit video over the weekend after reading what the author wrote about it. Its disgraceful and shocking. I've watched it like three times because I just didn't believe it. I also found a link for east saint louis that resembles detroit. I have had nightmares ever since I watched these videos. Its funny in a way but its not in another. Now I look around where I live and think damn could we turn into detroit? Its definitly possible.I have wrote to all the conservative websites that deleted my post referncing the article about the future on earth blog news. I informed them that they are frauds and all there readers are robots and I removed them from my favorites. I will never visit those websites again. Instead I will turn my attention away from politics and focus on the dollar and finances.

  5. Jimmy
    January 4, 2010 at 9:46 pm

    Hi Craig,Thank you for your reply.I also operate strictly as unregulated private citizen in Belgium, but for free (only commenting on some good blogs, owns no blogs)So I posted a simply comment about Platinum/Rhodium on the site of FOFOA:After reading your discussion about the monetary value of gold and silver:I agree with FOFOA that Silver is more commodity-related than monetary-related on this moment. The same argue for Platinum, Palladium and Rhodium, it’s more industry-related.The volume of the total reserves of silver is so big, that the value will not rise so much on the long term. Only a sharp rise on short term, then it would be very interesting to invest in the silverminers now: look to the commentaries of Bob Moriarty ). Maybe after selling the ‘new’ silver would stabilizing the silverprice (there is so much silver to mine and flood the market…) On the short term very interesting to speculate with the ratio’s (buy now silver, later to swap in gold when the ratio is high, for example 1:10 (1kg gold = 10 kgs silver)).But I’m more interested in Platinum and Rhodium than Silver because the volume of Platinum is 10 times littler than gold and Rhodium is again 10 times littler than Platinum. These are called rare earth-metals. After the crash in 2008, are the prices of these two PM’s on all time lows (maybe it could going lower, because the industry demand is bigger than investors demand…). But be aware that the Japaneses are buying Platinum like fools (see the review of Johnson Matthey)… Chineses are also looking out for this PM… And on the long term I think they will discover Rhodium as better bet than Platinum, because Michelle Obama is very proud on her jewels of Rhodium and it’s rarest PM of the earth…And these PM’s (Platinum and Rhodium) are very good bet when the economy would recover… You will not plunge with the plunging goldprice (most scary prediction of one fool, that I couldn’t believe it: $200 per ounce gold, then it will be hard to caught this sledgehammer) But the price of Rhodium will then recover to $10.000 per ounce (ratio gold/rhodium: 50:1, then you could swap more into gold than with silver into gold…) or with platinum the same argue…And also a very, very important argue: These PM's are all hyperinflation-hedge… So you’re safe against this ‘Precious Swan’…SincerelyJimmyMaybe could you correct my thoughts about these precious metals after reading this post, to expand my autodictact knowledge, if you want/could? On gold, I'm simply bullish on the long term. And also hyperinflationista on the long term, betting on "Argentina-scenario, mixed with Herzegnovia-risks as grey swan"…SincerelyJimmyps: And I found your references on 321gold.com.and the blue text is a link to another site, you could click on this links without copy/paste

  6. Jimmy
    January 4, 2010 at 10:13 pm

    And more about possible new global currency:UN to produce bullion coins as world currencyUnited future world currencySo your prediction for 2010 could be possible to become true…

  7. Anonymous
    January 4, 2010 at 10:47 pm

    The gold price will never go below $1,000 again. Marc Faber said that. I would rather take his advice than Jimmys. Just because you prefer metals no one really talks about doesn't mean you have to knock gold and silver. There are thousands of investors who get paid to give advice who say gold and silver are good investments. You may be right about the metals you mention I'm not a hater I hope you make a ton of money with them. But don't hate on us gold and silver bugs. Tyler

  8. Craig Harris
    January 4, 2010 at 11:01 pm

    The one comment I will make publicly on gold is this. Gold along with other commodities represents a claim on human labor and materials. It takes a discrete, finite amount of effort in order to mine and smelt an ounce of gold. That discrete, finite amount of effort moves on the technology curve, so the amount of effort always reflects the best available technology. There are wide ranging estimates regarding the current amount of labor required to obtain an ounce of gold, but I go with somewhere in the neighborhood of 100-500 man hours.So if you are walking around with $1000 in your pocket, you have a token of an unpayable debt which is only payable in more tokens and only has legitimacy so long as the government has legitimacy. When you carry an ounce of gold, you are carrying a claim against 100 or more hours of human labor plus materials which is currency independent. Even Alan Greenspan said recently that gold remains the ultimate form of payment, because fiat "money" is debt. As a matter of fact, there is an excellent video at youtube and google video called "money as debt" which I highly recommend.That said, I don't care for the term "goldbug" and I don't consider myself one. I think "goldbug" is a somewhat derogatory term used by the corporate media to imply that anyone who doesn't trust the currency is a little bit off and I don't believe that is accurate. It's a form of propaganda.

  9. Anonymous
    January 4, 2010 at 11:34 pm

    I felt weird calling myself a gold bug. I didn't realize the corporate shills created that despicable word. Anything those bastards create I will refrain from using. That definitly won't happen again. I've only been investing for a year but have seen that word a lot. This is exactly like the media calling people like me who wanted obama to produce his long form birth certificate birthers. The media is pro obama and anti gold. Thats a given.Jimmy I hope you don't take my comments the wrong way. You may very well be right about what your saying. I read what you wrote a second time and it didn't really sound like you were knocking gold in fact you said you are bullish long term. I just got a little pissed when you said silver may have short term gains but not long term. You provided a website that pretty much said that. I just happen to be of the frame of mind that all metals are a good investment for what is coming. I don't think I would feel comfortable saying one metal is good and the other metal isn't. They'll all go up in price. No other metal has the corporate elite bankers surpressing its price like silver does. I'm young I have sixty years for that to end and then silver will be valued for what its worth and its not fifteen measly bucks an ounce.

  10. Craig Harris
    January 5, 2010 at 1:48 am

    Corporate media propaganda is very insidious and very highly evolved. It works best when it is disguised as the truth or made to seem that everyone thinks a certain way, or that people who think in some way are all (something). The techniques work and they work very well, especially on people who lack the capacity for independent thinking which unfortunately is most people. Those are the people on the other side of my trades who I make my living off of.It doesn't matter which US financial news channel you watch, they all act like people interested in gold have a screw loose (in a subtle propagandist way) and what you're supposed to be doing ALWAYS is buying stocks. At the top of the NASDAQ bubble, you were supposed to be buying stocks and are still underwater now if you were. The corporate media offers no recourse for following their shameless used car salesman hype of stocks 24/7/365. They could save a lot of programming time by just holding up a card at the beginning of each day. "buy stocks". That's no coincidence, because the management and boards of directors are all the same people who are a revolving door with Wall Street, the Government, and the FED. Anyone who doesn't tow the party line gets turned into an un person. It's a sad day when having the balls to utter the truth costs you your job but that's where we are today. I could name names but not in public. Luckily for the corporate media, when a propagandist gets out of line and gets un personed, they can always find enough soulless shills waiting in line to pay to promote the party line… buy stocks. I have as much contempt for them all as they do for me.

  11. Anonymous
    January 5, 2010 at 2:15 am

    I agree Craig. I realized pretty quick after investing in gold and silver that the main stream didn't look kindly on it. Larry Kudlow calls it a four letter word. He hates gold and says some awful things about it. Some of the attacks on gold and metals are as vicious as one could imagine. Its like these people think of gold as hitler or something. I bought a mutual fund when I was like thirteen and I forgot I had it, so about five months ago I remembered I had it called the broker and she told me how much I had. I said I don't feel safe in the market can I put it in a gold mutual fund? She laughed and said they aren't good. So a lady who gets paid to put people in mutual funds advised against a mutual fund. I told her gold has gone up close to four hundred percent the last eight years and she acted like she had no clue which I'm pretty sure she didn't. Its a joke. I got my money from her and bought physical silver. Tyler

  12. Anonymous
    January 5, 2010 at 2:21 am

    I thought I would add, after all that talk of gold why did I buy silver? I have enough for now and I'm just getting into silver. Tyler

  13. Craig Harris
    January 5, 2010 at 5:22 am

    Well I don't advocate the buying or selling of anything, but sometimes I may mention what I am doing or have done. In general I try to make my living by buying low and selling high rather than buying high and selling higher.Someone made a good point above which was to take a look at Detroit and ask, could that happen to my city? Even if it only got 50 percent as bad, you would be talking about a serious situation. Detroit is just my poster child, but there are many other US cities in deteriorating conditions headed towards detroit. You can call it a lot of things, but it is obviously a declining standard of living.

  14. Jimmy
    January 5, 2010 at 10:01 am

    @Anonymous: No, I’m not taking your comments on the wrong way. It’s right to buy silver for wealth preservation and the reason: there is a bigger short position on silver than on gold (if it will squeeze, then you will surely be happy man…). Yes, I have some physical silver, only for ‘buying usage’ like buying food, dvd’s,… if we change the monetary regime (fiat money into goldmoney). But not so much. Only, I’m investing on the long term and buying on the lows (like Craig). Now, the lows are there for Platinum and Rhodium, so it’s buying time… Don’t bet all your money in one asset, but diversificate in different PM’s. Also for confisquation reason (like the great depression confisquation of physical gold by the governmentgangs… Thieves!). There were never talked about confisquation of platinum and rhodium… @Craig: You write Corporate media propaganda is very insidious and very highly evolved. Right, here too in Belgium , there is mainstraim propaganda and they hates ‘goldbugs’. They created the word by the ‘anti-marketing propaganda think tank’, whose are paid by the head shareholders and advertisers. Or they lose their income/work when they speak the truth… They manipulates our brains with ‘nazi-indoctrination methods’. When you hear on the mainstraimmedia: buy shares, then you must think ‘sell shares’, because the insiders would sell their shares to the dumb people… Then they promotes actors (mainstraimeconomics) to spread the lie on the tv, like bad cancer spreads in your body…

  15. Anonymous
    January 6, 2010 at 9:34 pm

    Why haven't they bulldozed those hellish looking buildings? When a house sells for a dollar you won't losing anything by tearing them down. And people think the government is looking out for us? Do you obama supporters actually beieve that? Detroits been run by liberals for seventy five years theyve had democrat governors for twenty years and not one of them took up the detroit issue? Have they no shame? Don't they take pride in there country or state? Obviously not. I'm embarrased this is going on in America.

  16. Craig Harris
    January 7, 2010 at 1:59 pm

    There actually was a story going around late last year, that a proposal had been floated to bulldoze several US cities whose manufacturing bases have collapsed.When you talk about bulldozing a city however, you are also talking about trampling on the already decreasing private property ownership rights.US cities may have to be bulldozed in order to surviveDozens of US cities may have entire neighbourhoods bulldozed as part of drastic "shrink to survive" proposals being considered by the Obama administration to tackle economic decline.By Tom Leonard in Flint, MichiganPublished: 6:30PM BST 12 Jun 2009http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5516536/US-cities-may-have-to-be-bulldozed-in-order-to-survive.html

  17. Anonymous
    January 9, 2010 at 7:50 am

    I would say bulldoze the abandoned buildings. Theres no property rights involved in that. The governments been buying peoples homes for years. This is a case I am for it the other cases were ridiculous. Theyd bulldoze a home for a casino or something like that. In the case of detroit it should be done. How longs it gonna take his sorry butt do do it? His third term?

  18. December 4, 2010 at 2:54 am

    Thanks I finally came to a website where the webmaster knows what they’re talking about. Do you know how many results are in Google when I search.. too many! It’s so irritating having to go through page after page after page, wasting my day away with thousands of owners just copying eachother’s articles… bah. Anyway, thanks for the information anyway, much obliged.

  1. February 19, 2010 at 12:14 am

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