More than 20 readers sent us links to various articles about Gerald Celente’s recently very gloomy predictions, including this one: Celente Predicts Revolution, Food Riots, Tax Rebellions By 2012 [1]
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Eric flagged this one: Root cellars thrive as food prices rise [2]. Oh, and BTW, count this as yet another greenie that doesn’t mind giving an exact location to reporters. How incredibly naive! (“Don’t forget to mention the nearest cross-street!”)
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From Cheryl, our Economic Editor, comes another big batch of news and commentary. It is noteworthy that the most incisive reporting on the US economy now comes from UK newspapers. The US mainstream media is treating Americans like mushrooms (to wit: keeping us in the dark and feeding us manure). Wall Street Finishes Lower on Recession Worries, CitiGroup Layoffs [3] — Aid Prospects Darken for Desperate US Carmakers [4] — Collapse of the Real Economy [5] — Paulson Blunders as Debt Market Remains Frozen [6] — The G20’s Secret Debt Solution [7] — Japan Slides Into Recession as Exports Dive [8] — 50,000 UK Realtors Gone in Nine Months [9] — Crisis is Beyond the Reach of Traditional Solutions [10] — Fears Drive Gun Buyers to Stock Up [11] — S&P: 85 Companies Default on Debt in 2008 [12] — CitiGroup’s Survival in Doubt [13] — Automakers Beg for Aid as Bailout Bill Stalls [14] — EU, Asia Stocks Decline, Led By Banks [15] — October Producer Prices Fall Record 2.8% [16] — Volcker Issues Dire Warning on Slump [17] — The Global Dow [18] — Roubini’s Latest List of “Why Things Are Hopeless” Contains Record 20 Items [19] — Experts Warn of Security Risks in Economic Downturn [20]
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David V. sent us this article that shows that even the mainstream media is catching on to the COMEX [21] gold spot price farce: Why Gold Is Down, But You Can’t Get Your Hands on Any [22]. There is a growing realization that the “gold as a commodity” market is quite different than the “gold as a currency” market. Although industrial demand will continue to wane in the recession, even the talking heads at CNBC recognize that the price of gold is primed to zoom upward [23], as currencies crumble. Gold is the ultimate safe harbor when the economic seas get stormy.
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David V. also sent us this: Depression 2009: What would it look like? [24]