I couldn’t help but notice that the spot price of gold jumped $30 per ounce [1] at the opening bell in Asia on Monday morning. (Which was Sunday evening, Rawles Ranch [2] time.) Get ready for a very scary ride in all of the markets this week!
Reader J.D.D. sent this: World Financial Officials Hold Emergency Call to Discuss U.S. Credit Downgrade [3][JWR’s Comment: “Call in the tailors for an emergency meeting!” cries Les Empereur Sans Culottes.]
Four links from G.G.: Two bank closures on August 5th bring total for 2011 to 63 banks [4]. (One of them was inside the American Redoubt [5].)
Marc Faber: Brace for a Global ‘Reboot’ and a War [6].
What a difference a week makes: ECB says will “actively implement” bond-buying [7]. (A tip of the hat to Marilyn R. for the link.)
FY2011 deficit tops $1 trillion, with two months to go [8].
Catherine Austin Fitts at The Solari Report: Federal Budget 101 & Catherine’s Response [10]
France and Italy stand by to bail out biggest banks as euro crisis worsens [11] (Thanks to J.B.G.)
Items from The Economatrix:
“Sudden And Unexpected” Burst of Downsizing Causes Layoffs to Explode Nearly 60% in July [12]
US Recession Fears Grow as Consumers Curb Spending [13]
Euro Money Markets Freeze as Crises Escalate in Italy and Spain [14]
Europe on Brink of “Major Financial Collapse”: Guggenheim CIO [15]