Stocks were down yesterday, but precious metals were up. Its a good thing that you are a SurvivalBlog reader, and wisely got out of stocks and into silver and gold, long ago.
G.G. sent this: Long-term unemployment soaring
Also from G.G.: John Williams: A Hyper-Inflationary Great Depression Is Coming
In a recent issue of his excellent (and free) Outside The Box e-newsletter, John Mauldin had these comments: “It now looks like almost 30% of the Greek financing will come from the IMF, rather than just a small portion. And since 40% of the IMF is funded by US taxpayers, and that debt will be junior to current bond holders (if the rumors are true) I can’t tell you how outraged that makes me. What that means is that US (and Canadian and British, etc.) tax payers will be giving money to Greece who will use a lot of it to roll over old bonds, letting European banks and funds reduce their exposure to Greece while tax-payers all over the world who fund the IMF assume that risk.”
Items from The Economatrix:
Stocks Plunge, Dow Has Record Drop, Then Recovers. (Dropped almost 1,000 points within 30 minutes almost 90 minutes before close, then somebody propped the market up, to close at only a 347 point loss (down 3.20%). Perhaps it was that “mythical” Plunge Protection Team.
Moody’s Warns Greek Crisis Could Spread to UK
Greek Crisis: Three Bank Workers Killed in Greek Riots
The Laughable Nature of GDP Growth (The Mogambo Guru)
Karl Denninger: Threats of Civil War