Reader Steve H,. sent an interesting quote from BHO: “But while our markets are improving, and we appear to have averted global collapse, we know that too many people are still struggling. So we agree that full recovery is still a ways off; that it would be premature to begin winding down our stimulus plans; and that we must sustain our support for those plans to lay the foundation for a strong and lasting recovery. We also agreed that it’s equally important that we return to fiscal sustainability in the midterm after the recovery is completed.” [Emphasis added.] Steve’s comment: “I found that statement interesting, especially given that so many folks thought economic doomers and survivalists were way off base saying collapse was possible (I guess there is the outlying question of “what do you mean by collapse?”). While I hope things don’t collapse, I get a “famous last words” feeling reading it.” JWR Adds: And the reason that the collapse was averted was only because of a massive injection of liquidity, and a delay of implementation of strict accounting procedures. They are doing their best to re-inflate the debt bubble. The latest charade seems to be to create another bubble in derivatives trading of carbon credits. How long can they expect to keep this game going?
DD spotted this: More trouble ahead for housing
A piece from Market Watch, sent by regular content contributor GG: Latest Schultz Shock: a ‘bank holiday’
Allison K. sent this: Michigan could hit 20% jobless rate
From RVC: China criticises dollar
Items from The Economatrix:
Small Investors are Hoarding Gold
Congress Warned Again About “Meddling” in the Fed’s Affairs
Shiny Days Ahead for Silver (The Mogambo Guru)