Reader P.D. sent this: 10 Countries most likely to default. (It is notable that because of the size of its economy, they listed California among the list of “nations” at risk of default!)
Russ J. recommended a link from Nathan’s Economic Edge. to an MP3 recording of John Williams of Shadow Government Statistics. Russ’s comment: “His conclusions, if they prove out, could easily land us all in a “Patriots” scenario”.
El Jefe Jeff E. sent this: U.S. Homeowners Lost $5.9 Trillion Since 2006 Peak. Jeff’s comment: “Home foreclosures topped 300,000 in October for the eighth straight month, and still growing. As you know, the bulk of foreclosures are working its way through the system like a gopher in a garden hose.”
The folks at The Daily Bell linked to this Telegraph article: Volcker Sees No Value in Derivatives. Here is a key quote: “He said credit default swaps and collateralized debt obligations had taken the economy ‘right to the brink of disaster’ and added that the economy had grown at ‘greater rates of speed’ during the 1960s without such products. When one stunned audience member suggested that Mr. Volcker did not really mean bond markets and securitizations had contributed “nothing at all”, he replied: ‘You can innovate as much as you like, but do it within a structure that doesn’t put the whole economy at risk.’ He said he agreed with George Soros, the billionaire investor, who said investment banks must stick to serving clients and “proprietary trading should be pushed out of investment banks and to hedge funds where they belong”.
Items from The Economatrix:
Americans Want Money Spent for Jobs, Send Bill to Rich
Government Program Has Only Helped 31,000 Borrowers So Far
Stocks Rise as Trade Deficit Narrows in October
Goldman Sachs Execs Won’t Get 2009 Cash Bonus. They are receiving restricted stock awards instead
Natural Gas Prices Surge as Crude Fades
High-Stakes Duel Between Ron Paul and Bernanke Intensifies
An Obvious Question About US Government Gold Supplies Goes Begging