Banks loosen lending standards to levels seen before financial crisis – G.G. o o o Russian bank manager: “This is the end of the banking system” – CDV o o o Items from Mr. Econocobas: U.A.E. Sees OPEC Output Unchanged Even If Oil Drops to $40 Russia Defends Ruble With Biggest Rate Rise Since 1998 Russian Rate Jump Fails to Stop Ruble Crash – This is looking like it is about to spiral out of control..
Same Currency War, New Battle Phase o o o Russian Rate-hike Stunner. – CDV o o o Low Oil Prices Could Point To A More Serious Problem o o o Multiple countries have closed their embassy in Egypt, as their country struggles with solvency concerns. It’s the worst economic crisis to hit Egypt since the 1930’s. Such a threat could lead to war. The worst economic crisis to hit Egypt since the 1930’s – CDV o o o Milk prices are about to fall big time. – K.W.
Paying Down The Debt Is Now Almost Mathematically Impossible. – E.B. o o o Items from Mr. Econocobas: Venezuela Has a 93% Chance of Defaulting on Its Debt Greek Bonds Extend Worst Week Since Euro Crisis Greek Stock Rout Means ASE Is 2014 Worst After Russia Memo To Citigroup CEO Michael Corbat: Does Your Crony Capitalist Plunder Know No Shame? – FDIC is not a free market solution, and Glass–Steagall was only needed because of FDIC. It’s an example of government regulations necessary to protect us from a prior government mandate. Perhaps we could try the free market again? Perhaps …
Cronyism and ensuring American taxpayers bailout the finance industry during the next crash: Nostradamus like spending bill will ensure big banks never fail with your money. o o o The US Mint (and Congress) inch forward to composition changes (or phase out) of pennies and nickels. (It looks like we will have at least one more year to accumulate “25/75” composition nickels.) o o o Items from Mr. Econocobas: Giving Up Your U.S. Passport Getting More Expensive Russia’s Rate Increase Fails to Halt Ruble’s Slide to Record Congress Narrowly Averts Government Shutdown
The Morality and Legality of Debt Jubilee, Part III o o o Items from Mr. Econocobas: 1.1 Trillion Dollar Spending Bill Unveiled So What’s In The Bill Giving Up Your U.S. Passport Getting More Expensive Russia’s Rate Increase Fails to Halt Ruble’s Slide to Record
Pay off our debt? Not likely, say some. – G.G. o o o Ellen Brown: Big Banks Will Take Depositors Money In Next Crash o o o Russia is finally using all that gold they’ve been hoarding. On Thursday, the Central Bank of Russia announced that gold reserves dropped by $4.3 billion in just one week, reports Vesti Finance. – CDV o o o Items from Mr. Econocobas: “These Are Astonishing Figures, Evidence Of A 1930s-Style Depression” One-Fifth of Americans Don’t Plan to Pay Off Their Debt Russia Set to Raise Main Lending Rate
The American Dream deferred for young Americans: Living in rentals, inflated college tuition, and low wages await millions of young Americans. o o o Welcome To The Recovery: 40% of Americans Live Paycheck To Paycheck (Up From 30% In 2012) – G.G. o o o Items from Mr. Econocobas: Why the Greek Stock Market Is Crashing Again Video: Peter Schiff – Fed Can’t Raise Rates Without Pricking Bubble Chris Martenson interviews Mike Maloney – The Coming Wealth Transfer
Another Fabricated Jobs Report. – RBS o o o Greece’s stock market just suffered its worst collapse ever . – CDV o o o Items from Mr. Econocobas: Gold Bulls Return as Wagers on Stimulus Accumulate: Commodities Video: John Williams from Shadow Stats – America and Dollar in Trouble It’s Time to Start Paying Attention to Greece Again
New Rules: Cyprus-style Bail-ins to Take Deposits and Pensions o o o Average Federal Spending Per Household Nearly $30K. – P.M. o o o Egon von Greyerz: Global Deflationary Implosion Will Start Money Printing o o o Items from Mr. Econocobas New Law Would Make Taxpayers Potentially Liable For TRILLIONS In Derivatives Losses – This essentially already exists as they have an implicit guarantee from the government but suppose this would have it officially explicit. JWR has been warning about the derivatives since 2006 Japan Third-Quarter GDP Revised Down to 1.9% Contraction Rate Rises Spark ‘Massive Volatility’ Warnings
Social Security has become the de facto retirement plan for millions of Americans. o o o New Study Claims US Shale Gas Quantities Grossly Exaggerated o o o Macroeconomics Finally Gets Interesting o o o Are We Reliving The 1930s?
Creator of ‘Liberty Dollar’ Sentenced to Home Detention o o o Thanksgiving weekend sales fall 11%: NRF o o o The New Depression: 5 Decades in the Making and No End in Sight o o o Items from Mr. Econocobas: The Incredible Shrinking Incomes of Young Americans – A good article, but the author (like many) clearly misunderstands this to be a real recovery and thus is puzzled by this. They also don’t understand that falling prices, because of increased production, doesn’t cause a loss of jobs if we had a true, free market economy. ‘Near Perfect’ Indicator That Precedes …
JPMorgan Rushed to Hire Trader Who Suggested on His Resume That He Knew How to Game Electric Markets. – P.M. o o o The Morality and Legality of Debt Jubilee o o o Items from Mr. Econocobas: David Stockman: How The Federal Debt Went From $1 Trillion To $18 Trillion in 33 Years – Interesting since Stockman was the budget director the day we passed the $1 trillion mark. Plummeting Oil Prices Could Destroy The Banks That Are Holding Trillions In Commodity Derivatives It’s Official: America is Now No. 2
Plummeting Oil Prices Could Destroy The Banks That Are Holding Trillions In Commodity Derivatives o o o Video: Afterburner w/ Bill Whittle — Lights Out! How We Could Lose Everything. – G.G. o o o Items from Mr. Econocobas: Russia Recession Signs Mount as Central Bank Stems Ruble Losses Guess What Happened The Last Time The Price Of Oil Crashed Like This?… T. Boone Pickens Predicts Return to $100 a Barrel – T. Boon Pickens has an agenda of his own but nonetheless worth reading what he is saying.
Chicago to boost minimum wage to $13 by 2019 . – RBS o o o New Signs Gold and Silver Are Returning As Monetary Assets o o o Items from Mr. Econocobas: Surprise End to India Gold Controls Boosts Wedding Demand The Retail Apocalypse Accelerates: Collapsing Holiday Sales Are A Signal That A Recession Is Coming PETER SCHIFF: Fed Yearns for Higher Inflation to Disguise Asset Bubbles
India Submits To The Free Market, Fails To Suppress Gold o o o Could Falling Oil Prices Spark A Financial Crisis? o o o Items from Mr. Econocobas: Ponzi: Treasury Issues $1T in New Debt in 8 Weeks—To Pay Old Debt Moody’s Downgrades Japan as Concerns Grow – This is the kind of thing you might see as a headline in a JWR novel, like Liberators. “The news came just after the country’s main stock market, the Nikkei, closed at a seven-year high.” Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama