Brett G. sent us this troubling article: Treasury Report: US Debt to Skyrocket to $19.6 Trillion by 2015 [1]. Hmmmm… Lets’s do the math: The current “official debt” is around $12 Trillion, which is around 93% of our GDP. And $19.6 Trillion would be a 63% larger debt. If the economy doesn’t grow, then that means that by 2015 the debt will be…uh-oh. And as a data point, Greece is presently in a full-blown crisis that is about to crater the Euro, because their debt got to 130% of GDP.)
Kevin S. sent this: Sovereign Credit-Default Swaps Surge on Hungarian Debt Crisis [2]
Also from Kevin: Banking System Collapse: Wake Up America Your Banks Are Dying [3]
Dave C. suggested this analysis of the current economic situation, comparing it to the Great Depression of the 1930s: Haven’t We Been to This Show Before? [4]
Items from The Economatrix:
Germany Signals End of Love Affair With Europe [5]
If 1 + 1 Still Equals 2 Then Gold Will Explode [6]
Gold $2,500 Still Looks More Likely Than Ever [7]
No Escape [8] (The Mogambo Guru)
More lies from Helicopter Ben: Bernanke: Recovery on Track Despite Despite Headwinds [9]