Category: Economics & Investing

Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’ – JBG o o o When you have to trot out analysts to characterize something as a “calculated retreat” and “not a panic”, it’s a pretty good guess that the panic is on… Greek Debt Crisis – J.H. o o o Items from Mr. Econocobas: Greece Will Default To IMF Tomorrow, Government Official Says – There is still decisions to be played out here but if there is a “default” (extremely likely) and a no vote on Sunday, how this plays out could very well be very ugly… Greece Closing Banks …

Nature Provides Novel Solution To Energy Storage Problem o o o A Wary Athens Awaits the Referendum on Austerity. – JBG o o o Puerto Rico Debt Crisis Mounts With Key Deadline Just Week Away. – G.G. o o o Greece Update: Run On Banks Risks Leaving Them Cashless – JBG o o o The world is defenseless against the next financial crisis, warns BIS. – G.G. o o o Items from Mr. Econocobas: Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday

Video: Queues form outside Greek banks after referendum announcement – JBG o o o Greeks Line Up – Drain ATMs of Cash – T.P. o o o Lines form at Greek banks as PM Tsipras calls historic bailout vote o o o Items from Mr. Econocobas: What Electricity Consumption Tells Us About The State Of The US Economy – An Update: This is an interesting concept. This is a little geeky and probably hard to really gauge, but interesting. 18 Years Ago This Country Collapsed Overnight——Could It Happen Again?

The Economic Collapse Blog Has Issued A RED ALERT For The Last Six Months Of 2015. – B.B. o o o TOP 5 GOLD PRODUCERS: Stunning Decline In Gold Productivity o o o Items from Mr. Econocobas: Tsipras Meets With Merkel, Hollande Before Saturday Aid Decision Greece Rejects Bailout Extension: Tsipras “Won’t Be Blackmailed”, Threatens Snap Elections IMF Says It Still Expects Greece to Pay $1.7 Billion Due Tuesday

The Mystery Of The “Missing” Inflation Solved: Record Number Of US Renters Can’t Afford Housing. – H.L. o o o When Will US Debt Hit the Wall? o o o Items from Mr. Econocobas: Forget Grexit, “Madame Frexit” Says France Is Next: French Presidential Frontrunner Wants Out Of “Failed” Euro The Economy’s All Fixed—–Only 70 Million Adults Teetering On The Edge Of Ruin Chart Of The Day: Greece’s Money Goes Under The Mattress Credit Market Warning- Chris Martenson

Forget Greece, Portugal is the eurozone’s next crisis . – H.L. o o o Gold & Silver Eagle Sales Spike In June As The Market Senses Financial Turmoil o o o Investing In Nuclear Power Just Got More Interesting o o o Billionaire Warns of Looming Disaster: “Derivatives Are Still Weapons Of Mass Destruction”. – E.B.

First Strike Capability: Gold or War o o o Economically Key Industrial Metals Complex Is Breaking Down. – H.L. o o o Infographic: The Looming Copper Supply Crunch. – D.S. o o o The 10 most tax-friendly states for retirees. – H.L. o o o 70 million Americans teetering on edge of financial ruin. – G.G.

Seneca’s Cliff: Greece, Debt and Paper Silver o o o These 15 states still haven’t recovered jobs lost in recession . – H.L. o o o Items from Mr. Econocobas: Existing Home Sales Spike To Highest Since Nov 2009 As Prices Soar For Expensive Homes Greek Banks “Unofficially” Limit Walk-In Withdrawals To €3,000, FT Reports ECB’s Nowotny – Greek banks have funding extension for today (Monday) “It’s Time To Hold Physical Cash”, Fidelity Manager Warns Ahead Of “Systemic Event”

Jim Rogers: Turmoil Is Coming. – G.G. o o o The Next Great European Financial Crisis Has Begun. – B.B. o o o Tens of thousands march against austerity in London. What will happen in our inner cities when America is similarly really BROKE????? Those in better neighborhoods will be struggling, BUT will be in more danger from those feeling “deprived”! – H.L. o o o Why A U.S Shale Slowdown Will Hardly Effect Oil Prices

‘It’s time to hold physical cash,’ says one of Britain’s most senior fund managers. – G.P. o o o Citi forecasts Greek devastation, unstoppable debt spirals in Italy and Portugal. – JBG o o o ‘Last Days of Pompeii’ in Greece as crunch time approaches. – JBG o o o “Bank Holiday” Preparations Begin In Greece, Lines Form At Athens ATMs

Suppose on January 1, 1995, over 20 years ago, you quit smoking one pack per day and bought silver instead… Assume: One pack of cigs per day at their average price each month over those 20 years in the United States. Instead of buying cigs, you purchased silver once per month on the last day of the month with the savings. Some states have higher or lower taxes than average. For example, the national average price for a pack of cigs might be $6.50, while some states average over $10 per pack. Use the average price for calculations. Savings: One …

U.S. Changing Credit Card Liability on October 1, 2015. – D.F. o o o Record number of too big to fail banks: 59 banks in the United States now have over $20 billion in assets. Top 3 US banks hold $6.3 trillion in assets. o o o Government Debt Threatens To Send U.S. Economy Into Death Spiral, Social Security Trust Fund Gone In 2029, Entitlement And Debt Payments Will Consume All Taxes In 2032 o o o Watchdog: IRS cuts had minimal impact on tax collections

ECB not sure if Greek banks would open on Monday. – G.P. o o o The Economic Depression In Greece Deepens As Tsipras Prepares To Deliver ‘The Great No’. – H.L. o o o Items from Mr. Econocobas: Game Over For Greek Banks: Depositors Yank €2 Billion In Past Three Days Bank of Greece Issues Grave Warning of Grexit as British Government Prepares for Fallout Greece Could be Forced to Lock Down Savers’ Cash as Debt Crisis Worsens U.S. Mortgage Applications Fall as Rates Highest Since October 2014

Greetings Hugh, I used to follow [Robert] Prechter somewhat closely back in the dotcom and housing bubble days because my Dad was a huge fan and I’ve read most of his books (in that regard I concur Conquer the Crash is a worthwhile read that, unlike most of his writing, is accessible to the layman). While I find his unconventional “Socionomics” theories relating social mood and human behavior generally reasonable and I still analyze world events in light of them, I long ago decided they may be useful to the average person for explaining history and generally anticipating future macro …

Greek crisis: Protesters demand end to austerity, with EU future in doubt – as it happened. – JBG o o o China Dumps Record $120 Billion In U.S. Treasurys In Two Months Via Belgium o o o Items from Mr. Econocobas: Bank of Greece Warns of ‘Uncontrollable Crisis” Without a Deal Greeks Stashing Bundles of Cash in Homes in Fear of ‘Grexit’… The Next Great European Financial Crisis Has Begun – Not certain a “deal” wont be reached to kick the can a little further, but a “grexit” or default is possible. Video: Gordon Long-Cashless Society Idea Will Accelerate in …