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The Obama administration's $78 billion cut to US defense spending is a mere "pin-prick" to a behemoth military-industrial complex that must drastically shrink for the good of the republic, a former Reagan administration budget director recently told Raw Story. "It amounts to a failed opportunity to recognize that we are now at a historical inflection point at which the time has arrived for …

Economist Michael Hudson joins Thom to talk about countries looking for alternatives to US dollar and rescued banks teetering towards collapse.    

We were told the world economy was back on track, but festering problems threaten to hit developing countries hard By Jayati Ghosh December 30, 2010 "The Guardian" – -It's been an difficult year globally. It began with much relief and congratulations all round, based on perceptions that the financial crisis had been handled effectively, that the Great Recession was over and …

America's military and economic empire could collapse at any time, but predicting the precise day, week or month of its potential demise is unattainable, according to a former New York Times war correspondent who spoke with Raw Story. "The when and how is very dangerous to predict because there's always some factor that blindsides you that you didn't expect," Pulitzer-winning journalist …

  It is feasible that the euro will not survive the current sovereign debt crisis sweeping Europe, one of the Treasury's leading independent forecasters has said. Greek prime minister George Papandreou and European Commission president Jose Manuel Barroso speaking to the press on Monday Photo: BLOOMBERG Under questioning from MPs on the Treasury Select Committee, Stephen Nickell, a member of the …