C.D.V. sent this alarming article: US Is in Even Worse Shape Financially Than Greece: Gross. JWR’s comment: Default may be delayed, but it looks inevitable!
The latest from Tyler Durden at Zero Hedge: The Fed’s $600 Billion Stealth Bailout Of Foreign Banks Continues At The Expense Of The Domestic Economy, Or Explaining Where All The QE2 Money Went. (Thanks to C.R.W. for the link.)
Sue C. suggested: Goodbye Recovery, Hello Recession. Sue’s humorous comment: “Wish I had noticed when we came out of the recession.”
Also from Sue: “Meaningful probability” of a China hard landing: Roubini
A.N.R. sent this bit of commodities news: Nickel Plunging Into Bear Market on Biggest Glut in Four Years. This means that we will likely have an extra year’s reprieve to stock up on U.S. Nickels (5 cent pieces) before the Treasury debases their composition.
Items from The Economatrix:
St. Louis Fed Chief Sees US Default as Big Global Risk
Fed: Default Would Be Dangerous
Martin Armstrong: Is The End Near?
Pimco’s Bill Gross Says Get Out of Treasuries
30% of People With a 401(k) Have Taken a Loan Against It; New All Time Record