Evan D. suggested this: The Death of Las Vegas [1].
Niall Ferguson: Debt Has Taken Down Empires Before, There Is No Reason Why It Won’t Happen Again [2]. (Thanks to Eric J. for the link to the lecture. JWR Adds: Don’t miss his discussion of “The Metrics of Doom”, starting about 28 minutes into the video.
Europe Troubles Are About to Start: Wilbur Ross [3] (Thanks to Brian B. for the link.)
Kevin A. sent this incredible article: State Wants to Borrow From Pension Fund, to Pay the Fund [4]. The article begins: “Gov. David A. Patterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund. And in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund – from the same pension fund.” [JWR Adds: If this sounds absurd, then just consider that conceptually, there isn’t much difference between this and the US buying its own Treasury paper!]
In 1930, They Didn’t Know It Was “The Great Depression” Yet [5]. Talk of “recovery” in the midst of a Depression isn’t new… (Thanks to Evan for the link.)
Items from The Economatrix:
Homebuilders Less Confident in Housing Market [6]
US and Other Countries Buy US Treasury Debt [7]
US Stocks Rise After European Markets Climb [8]
German Investor Confidence Tumbles Amid Crisis [9]
Markets Braced as Greek Credit Rating Cut to Junk Again [10]