After much foot dragging, the Federal Reserve banking cartel finally fessed up [1] to lavishing $3.3 trillion in new liquidity and in excess of $9 trillion in “short term” loans. But in doing so, they soft-pedaled the fact that a good portion of that was used to bailing out soured or failed mortgage-backed securities (MBS [2]) derivatives contracts. Gee, even the biggest casino in the world [3] can get insurance, these days. But I suspect that the next derivatives meltdown will be so big that it will bring down the global financial system.
C.D.V. suggested this article: Any Talk of Recovery is False [4]. Here is snippet: “As you can see, the great retail recovery of 2010 is a sham. Comparable store sales increases of 3% are inflation-adjusted decreases of 5%. If you drive around with your eyes open, you would think the hot new retailer in America is called Space Available.”
Quest for Revenue Department: San Francisco plans tolls between Peninsula and the city [5]. (Link courtesy of SurvivalBlog’s Editor at Large Michael Z. Williamson [6])
Peter Schiff: The Dollar Threads a Needle [7]
Items from The Economatrix:
10 Signs That Confidence In US Treasuries Is Dying And That Financial Armageddon May Be Approaching [8]
Droughts, Floods, Cold, and Snow Hit Global Commodities [9]
The Fed’s Final Days [10]
Doomsday For The US Dollar: Post Mortem for the World’s “Reserve Currency” [11]
Dollar May Drop 11% in 2011 as Treasuries Fall, Says CitiGroup [12]
Chinese Take-out Of The US Economy, Debt Crisis Triggering Reserves Conversion Into Gold and Silver [13]