Exactly Like 7 Years Ago? 2014 Is Turning Out To Be Eerily Similar To 2007

Bubble - Photo by Jeff Kubina

The similarities between 2007 and 2014 continue to pile up.  As you are about to see, U.S. home sales fell dramatically throughout 2007 even as the mainstream media, our politicians and Federal Reserve Chairman Ben Bernanke promised us that everything was going to be just fine and that we definitely were not going to experience a recession.  Of course we remember precisely what followed.  It was the worst economic crisis since the days of the Great Depression.  And you know what they say – if we do not learn from history we are doomed to repeat it.  Just like seven years ago, the stock market has soared to all-time high after all-time high.  Just like seven years ago, the authorities are telling us that there is nothing to worry about.  Unfortunately, just like seven years ago, a housing bubble is imploding and another great economic crisis is rapidly approaching.

Posted below is a chart of existing home sales in the United States during 2007.  As you can see, existing home sales declined precipitously throughout the year…

Now look at this chart which shows what has happened to existing home sales in the United States in recent months.  If …read more

Secret American base in Libya reportedly seized by jihadists

Reuters / Esam Omran Al-Fetori

Reuters / Esam Omran Al-Fetori

A secret base in Libya that has reportedly been used up until recently by United States special operations forces may have been taken over by local militants linked to Al-Qaeda, a new report suggests.

The Daily Beast’s Eli Lake claims that a team led by longtime Al-Qaeda affiliate Ibrahim Ali Abu Bakr Tantoush has seized a base 27 kilometers west of Tripoli that was established by the US in the summer of 2012 “in order to hone the skills of Libya’s first Western-trained special operations counter-terrorism fighters.”

Lake says his allegations — published in a report on the Daily Beast’s website on Wednesday this week — stem from local media accounts, Jihadist web forums and US officials. If it proves to be accurate, then a veteran Al-Qaeda member considered by both the US and United Nations to be a supporter of terrorism has taken the helm of a hush-hush base that has been the host of US-led training missions for two years following its refurbishment by American Green Berets.

An Arabic-language news report published earlier this month and cited by Lake suggests that Tantoush has recently taken command of the base and, …read more