More Evidence That The Middle Class In America Is Dying o o o JWR has been warning about this for years: $1.5 Quadrillion Derivatives Bomb And The Great Financial Disaster Sent in by RBS o o o Items from the Economics Team: 10 Signs You’re Not as Rich as You Could Be (Huffington Post) Dear Dave & Teaching Teens to Budget (Dave Ramsey) 18 Tips for Extreme Penny Pinching (Life Hack) Saudi Arabia Broke In 5 Years? (Zero Hedge) \
Sent in by T.P. Bank’s severance deal requires IT workers to be “on call” for two years Then, of course, the question becomes “how do you enforce the terms of the deal?” o o o SurvivalBlog reader B.B. sent in this article showing a comparison of age/savings/expectations: Confusion, Delusions & Illusions o o o Items from the Economics Team: 52 Ways to Save $100 Per Year (Money Saving Mom) Hint: Scroll Down and You’ll Discover Links for the Weekly Installment Articles Governor of the Bank of Italy Investigated for Fraud and Corruption (Business Insider) Writing is on the Wall for …
Items from The Economics Team: In Latest Humiliation For Illinois, Fitch Downgrades State’s Credit Rating To BBB+ (Zerohedge) Tennessee County Closes Schools, a Casualty of the Cost of Obamacare (The Tennessean) People want to spend money, even money they don’t have… (My budget 360) Robert Shiller is Shilling for Socialism (Mises Institute) Saudi Arabia Delays Contractor Payments to Preserve Cash (Zero Hedge) Can Charter Schools and Suburbanites Reverse Chicago’s Economic Woes? (George Will via LenConnect) o o o Items from Mr. Econocobas: Death of a Patriot at the Hands of Corrupt Government – Irwin Schiff WalMart Suppliers Brace For The …
SurvivalBlog reader sent in this link: L. TODD WOOD: The day China says its currency is backed by gold (Washingtion Times) o o o Meanwhile, China’s Selling Tons of U.S. Debt. Americans Couldn’t Care Less. (Bloomberg) Sent in by G.P.) o o o Items from the Economics Team: US banks build defenses against downturn (Financial Times – Requires login) Obamacare’s Latest Casualty: Largest Colorado Exchange Abruptly Collapses (Zero Hedge) Public Remains Wary of Federal Government’s Power (Gallup)
This Is How Bad It Is: “The World Must Create 5 Million Jobs a Month Just to Prevent the Situation from Getting Worse” (SHTF Plan) Sent in by B.B. o o o Items from The Economics Team: Signal of Global Trade Collapse Coming From India (Zero Hedge) The Scoop on When You Can Expect Your Stuff to Break (Frugal Living) Glencore Watch: Glencore Plans More Debt Cuts (Wall Street Journal) Bank Securities Analysts Cheating on Tests? It can’t be! (Bloomberg) Rich Nations Lose Emerging Markets Motor (Wall Street Journal) This is an interesting article (and short read) which should give …
SurvivalBlog reader B.B. sent in this jewel of an article calling the economy what it is: Ignore The Media Bullsh*T – Retail Implosion Proves We Are In Recession (The Burning Platform) o o o Dollar Death Sentence (Daily Reckoning) Sent in by G.G. on the Economics Team. o o o The Brutal Reality of Municipal Bankruptcy: Vallejo, California (Huffington Post) Puerto Rico’s Severe Financial Crisis (The Puerto Rico Report) Signal of Global Trade Collapse Coming From India (Zero Hedge) Sent in by T.A. on the Economics Team. Items from Mr. Econocobas: Biggest US Debt Sell-Off In 15 Years Capitalism Explained …
B.B. sent in this article: 77.5 Million Households Are Not Paying Federal Income Taxes (CNBC) o o o D.S. informs us that Illinois to Postpone Pension Payments “We Are out of Money Now” (The Daily Sheeple) o o o From the Economics Team: Wal-Mart Tumbles Most in 15 Years After Predicting Profit Slump (Bloomberg) Hyperinflating Argentina Forces Government To Increase Banknote Denomination (Zerohedge) Repossessions spike 66% as foreclosure crisis lingers (CNBC) Sanders and His Followers are NOT Outliers (Mises Institute)
B.B. sent us this gem from Zero Hedge: The Problem Explained In 110 Words o o o R.V. spotted this: US Banks Build Defenses Against Downturn. R.V.’s comment: In spite of the title, the article is actually about how banks have taken down loan loss reserves to bolster profit, not about how they have increased the reserves. If I reduce the loan loss reserve, I have to back out the previously recognized expense, which has the effect of increasing profit. So if I increase my loan loss reserve, it is an expense, which would lower profit and reduce assets (loans …
Tesla Model X Buyers Get $35,000 Tax Break o o o The Fed Just “Discovered” Another $2.7 Trillion In Debt: “Quietly Boosted Total Credit” o o o Items from The Economics Team: Fed Quietly Raises Debt to 350% of GDP (Zero Hedge) China is Becoming a Big Red Flag for U.S. Stocks (Market Watch) The Greek Crisis (GreekCrisis.net)
B.B. sent this Reuters article: Big U.S. firms hold $2.1 trillion overseas to avoid taxes: study o o o An interesting price comparison chart: Gasoline prices, worldwide. (Venezuela has the lowest price, at just $0.06 per gallon!) Items from The Economics Team: It’s Time to Start Talking about RECESSION Fed Seems Ready to Deploy Negative Interest Rates in the Next Crisis The Worst Slump in Commodities Prices Isn’t Over
I suspect most of us who are interested in self-reliance are preparing on a budget. While it would be great to order a year’s worth of food at a time, and rotate them by donating them to the local food bank, that is just not practical for most of us. Likewise with equipment, tools and other survival needs. It would be easy to just go to Amazon and order whatever we want, but I for one will need to wait until I win the lottery first. The Internet is full of places you can buy supplies, tools, food and anything …
The drop in the labor force is coming from prime-age Americans, not aging retirees: Examining the 94.6 million Americans not in the labor force o o o RBS sent this: The Final Leaked TPP Text is All That We Feared o o o Anthony Wile: Let’s Get This Show on the Road (The Daily Bell) Items from The Economics Team: FOMC Minutes Confirm Economy Not Ready For Rate-Hike This Year, Worried About Inflation, “Global Risk” It’s Time For Negative Rates, Fed’s Kocherlakota Hints
Video is now available from the recent Mises Institute’s seminars on Political Correctness. o o o House votes to lift 40-year-old ban on US crude oil exports o o o Items from The Economics Team: Pimco Placing Its Bets: Emerging Market Currencies Set for Further Losses U.S. Consumer Confidence Flat in September (Gallup)
G.G. flagged this: Red flag: Insiders aren’t buying stocks o o o Also from G.G.: Dollar Death Sentence Items from The Economics Team: Deutsche Bank Preannounces Massive 3rd Quarter Loss (Zero Hedge) BanksMay Have $100 Billion in Exposure to Glencore (Market Watch) The Burden on Renters to Increase (MyBudget360)
Veteran content contributor B.B. suggested this piece at Zero Hedge: How and Why Banks Will Seize Deposits During the Next Crisis o o o Mac L. spotted this in The Wall Street Journal: Once the Biggest Buyer, China Starts Dumping U.S. Government Debt o o o $3 trillion corporate credit crunch looms as debtors face day of reckoning, says IMF Items from The Economics Team: If you don’t like who I am, you won’t like what I do! (Zero Hedge) $45 Billion in Chinese Construction Projects Delayed (Reuters)