B.B. sent: Marc Faber Spells it all out in 6 minutes
Karl Denninger warns against adopting the Bitcoin currency: BitCon: Don’t. JWR’s Comments: I use Bitcoin strictly for privacy, convenience, and as an alternative to PayPal, which has anti-gun management. (We accept Bitcoins for Ten Cent Challenge subscriptions.) I never let more than 15 BTC accumulate in my wallet. Bitcoins are not an “investment.” Since they have no tangible backing whatsoever, there is a potential for a Bitcoin crash. And, of course, if the Internet ever goes “poof”, then so will your BTC balance. If you want to invest your extra funds in something after you have your guns and grub squared away, then I recommend investing in silver coins, and keeping them in your personal possession. If your BTC wallet gets too fat, then you should translate the excess into tangibles, like field gear, from a company that accepts Bitcoins, such as Lighthound, Firesteel, Midwest Cord, or Survival Camping Store. Just be sure to avoid buying Chinese junk items.
Items from The Economatrix:
Pending Sales of US Existing Homes Decline 0.4%