Economics and Investing:

Most retailers finally make it into the black during this season, but according to this link sent in by RBS, that may not be happening: Morgan Stanley predicts a bleak holiday season for most retailers

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In a surprise finding, it turns out that the US has overtaken the Caymans and Singapore as a haven for the assets of the super-rich. Sent in by GJM

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Items from Mr. Econocobas:

National Debt Likely Doubles During Obama Presidency – While this is awful, we must not forget that Obama is not alone in this; nearly all his modern predecessors stretching back to Nixon ALL doubled the national debt, with two exceptions Clinton did not, and Reagan actually increased the debt not just 100% but actually 150%.

Historical Debt Outstanding – For those interested you can see the cut thorough all the political spin and see the hard numbers reported every year for the debt outstanding for the U.S. going back to 1790.

Items from Professor Preponomics:

Ghost Cities Finally Died: Worst Outlook Ever for China’s Steel Industry (Zero Hedge) Hint: China can no longer afford to allow any insolvency that could lead to a bankruptcy cascade. This will add ever more to deflationary capacity.

World Bank Threatens Free Markets in Peru: Absence of Regulation Equals Underdevelopment (Mises Daily) Hint: It must be time for the World Bank to intervene!

World Stocks On Course for Best Month in Four Years (Reuters) Hint: It’s all about the central banks.

Chevron Posts Fourth Straight Quarterly Profit Decline: Plans to Lay-Off 6,000 to 7,000 (Bloomberg)

Glencore Copper Mine Shut-Down to Hurt Fragile Zambian Economy (Bloomberg) Hint: If commodity pricing does not improve, mine closures may only delay temporarily the market consequences some investors have not yet experienced in the markets of the industrialized world.