Don’t miss watching this brief video clip: John Williams of ShadowStats Warns: Economic Depression Ahead. (A hat tip to William D. for spotting that video link.)
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Jason B. sent us this: Gulf investors may not save Citigroup, Dubai executive says. Jason’s comment: “JWR’s prediction of bank runs may come sooner rather than later.” Meanwhile, we read: Banks’ Losses Could Put $900 Billion Squeeze on Consumers.
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In a recent issue of The Daily Reckoning, Bill Bonner commented: “Among the Fed’s efforts to relieve the bankers’ pain has been a new line of credit – the Term Auction Facility. What a handy tool! It allows the banks to borrow against the same infected collateral that caused them problems in the first place. Private lenders wouldn’t touch it; but the Fed…as chump of last resort, with the taxpayers’ credit card in hand …accepts it as if it were lost Rembrandts and uncirculated gold coins.”
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Ben. L. found this: Apple Farmer Finds Pigs Work Better Than Pesticides in Apple Orchard