G.G. recommended this over at Alphaville: In fiat money we do not trust. “Monetise. Monetise. Monetise. Inflation. Inflation. Inflation.”
Chad S. sent this: Millions of jobs that were cut won’t likely return.
Darin W. was the first of several readers to send this link: Another Gold Dispensing ATM
G.G. sent this: US faces same problems as Greece, says Bank of England
Also from G.G.: Roubini: “The US Economy is Unsustainable”
From The Wall Street Journal, Four more banks closed on Friday, now 72 for the year.
And in case you missed the news last Friday: Bank closures cost $7.3 BILLION for one week. Reading through this article, one learns we are bailing out banks in Puerto Rico: “The Deposit Insurance Fund (DIF) was tapped for $6.5 billion in the first quarter of 2010 and another $9.4 billion for just the first month of the second quarter. This brings the estimated DIF deficit to $36.8 billion excluding the prepaid $46 billion that sits on the sideline for 2010 through 2012. After applying the $15,333 billion prepaid assessments for 2010, the DIF is in arrears by $28.0 billion. After you apply the total $46 billion prepayments, there is only $9.2 billion left that’s supposed to cover all losses through 2012. It looks like the FDIC will have to tap its $500 billion line of credit with the US Treasury, which will put tax payers on the hook yet again.” (A hat tip to S.M. for the link.)
Items from The Economatrix:
Protesters Attempt to Storm Irish Parliament
FDIC Backing 8,000 Banks with $13 Trillion in Assets and a Negative Deposit Insurance Fund
Gold: The World’s #1 Asset Class
Toxic Mortgage Fears Hit Morgan Stanley
UK: More than 1 Million Forced to Take Part Time Work
Panic Buying of Physical Gold in Europe Threatens Depletion of Austrian Mint