C.D.V. sent this alarming article: US Is in Even Worse Shape Financially Than Greece: Gross [1]. 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 [2]. (Thanks to C.R.W. for the link.)
Sue C. suggested: Goodbye Recovery, Hello Recession [3]. 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 [4]
A.N.R. sent this bit of commodities news: Nickel Plunging Into Bear Market on Biggest Glut in Four Years [5]. This means that we will likely have an extra year’s reprieve to stock up on U.S. Nickels [6] (5 cent pieces) before the Treasury debases their composition.
Items from The Economatrix:
St. Louis Fed Chief Sees US Default as Big Global Risk [7]
Fed: Default Would Be Dangerous [8]
Martin Armstrong: Is The End Near? [9]
Pimco’s Bill Gross Says Get Out of Treasuries [10]
30% of People With a 401(k) Have Taken a Loan Against It; New All Time Record [11]