B.B. was the first of several readers to send this article: China Has Divested 97 Percent of Its Holdings in U.S. Treasury Bills [1]. here is a key quote: “Most of the U.S. national debt is made up of publicly marketable securities sold by the Treasury Department and I.O.U.s called ‘intragovernmental’ bonds that the Treasury has given to so-called government trust funds—such as the Social Security trust funds—when it has spent the trust funds’ money on other government expenses.” Talk about a Ponzi scheme!
The Sky Is Falling, It Is Time To Panic And The U.S. Economy Has Fallen And It Can’t Get Up [2]
Like something out a novel: Chaos in Yemen Drives Economy to Edge of Ruin [3]. (A hat tip to G.P for the link.)
Greeks Grab Their Money from the Banks – Time is Running Out [4]
L.M.W. liked this editorial: Socialism’s Army of Occupation [5]
Items from The Economatrix:
US Service Sector Grew In May [6]
Bleak Jobs Report Dampens Hopes of Steady Growth [7]