State auditor: California’s net worth at negative $127.2 billion
[1]
Mt. Gox under largest DDoS attack as bitcoin price surges [2]
A Tipping Point In The Financial System [3]
Reader Lance in Michigan wrote to chime in with this sign of the times: “Yesterday I went to our bank here to begin withdrawing excess reserves and was told to come back today. While there, a woman queued up at the teller window next to me was upset that they wanted to know what she was planning to do with the $20,000 she was withdrawing. My mere $7,500 didn’t solicit the same question. My teller commented: ‘Everyone seems to be taking large amounts all of a sudden.’ All the employee’s there seemed bewildered as to why this is happening.”
Speaking of preparedness for bank runs, I quizzed my own dear mother and learned that she never requested an ATM card for her largest account, at a her local bank. She plans to remedy that, post haste. Be ready, folks!
Items from The Economatrix:
Central Banks Gone Wild: Japan Raises Stakes In Losing Battle [4]
Where US Economy Has, And Hasn’t, Recovered [5]. [JWR’s Comment: Don’t let these platitudes fool you. The only reason that “Household Net Worth” has recovered is because the Fed has re-inflated the housing bubble by pushing interest rates down to absurd levels and more than tripled the monetary base since 2009 [6]. The Quantitative Easing monetization scheme is now directed at buying up Mortgaged Backed Securities. This is false prosperity, folks. The end game will be ugly. Inflation is a hidden form of taxation. In real terms, we are worse off than in 2009, and we now face the prospect of an enormous financial tsunami.
Marc Faber: What Happened In Cyprus Will Happen Everywhere [7]