B.B. sent: Unemployment rates up in 90 percent of U.S. cities – CBS News Jerry Robinson: No Fed ‘Taper’ in 2013 An interesting new product: “Breakable” Valcambi 50 gram Gold Bars Items from The Economatrix: High Gas Prices: Relief At The Pump Coming Soon Meredith Whitney: Detroit Bankruptcy A “Game Changer” Here’s What Happens When A Central Bank Goes Bust Consumer Confidence Surges To Six-Year High Boosted By Soaring Gas Prices And Mortgage Rates
G.G. suggested: Bitcoins banned in Thailand Dr. Paul Craig Roberts – By Winter Unemployment Explodes, More Foreclosures-Worse Than Great Depression Marc Faber: It Will End Either Through War Or Financial Collapse Vinton County Woman Wants Possessions Back After Bank Tried To Repossess Wrong House
G.G. sent: Cyprus, lenders set Bank of Cyprus bail-in at 47.5 percent, sources say Over at FOREX Crunch: Is the smart money fleeing stocks? The article begins: “Institutional investors have been net sellers of stocks for the most of the past year or so.. Since late June, this trend increased, with the 4 week average flirting with sales of 1 billion dollars. On the other hand, retail investors have been net buyers since early June…” [JWR’s Comment: With the Dow Jones Average bouncing around 15,500, we are entering into what they call a “sucker’s market.” Get out of stocks, now!] …
Reader “Racefan” sent a link to some tax data that is helpful in evaluating retreat locales: Property Taxes on Owner-Occupied Housing, by County, 2005 – 2009, Ranked by Property Taxes Paid. I don’t often used the words “conspiracy theory” and “delightful” in the same sentence, but take a look at Bix Weir’s latest essay: The Hidden Meanings in the New $100 Bill! Items from The Economatrix Stagflation: The Fed’s Worst Nightmare Ron Paul Talks Gold Ron Paul On Gold And Why We’ll See More Detroits What’s Up With Inflation?
From G.G.: Family goes bankrupt after blowing their $100,000 savings on Beanie Babies they thought would become valuable. JWR Adds: I recommend investing in tangibles, but not those sorts of tangibles! Also from G.G.: Government Wastes More Money than You Think Items from The Economatrix: The Uneasiness Of Quantitative Easing: How QE Is Ineffective With Helping The Broader Economy In Favor Of Boosting Support For The Too-Big-To-Fail Banks Borrowers Redefaulting In Obama’s Housing Program Part-Time Nation: What Does It Say When A Vast Portion Of Our Society Is Now Working At Part-Time Jobs? 2013 scorecard: Minimum wage restaurant jobs added: …
WWII shipwreck off Ireland yields $38 million of silver for deep sea firm Oil falls back to near $104 a barrel IMF urges effective Fed communication on exit strategy. JWR’s Comment: It is all just talk until they actually taper, and I don’t think they can. Items from The Economatrix: Are Big Banks Driving Up Commodity Prices? Trying To Stay Sane In An Insane World, Part I A Tour Of The Post-Crisis World Economy In 10 Easy Charts Cyprus Real Estate Prices Post Record Plunge
Reader CDV sent: Peak oil lives, but will kill the economy How Detroit Drowned in a Sea of Troubles Farmland prices cooling in Iowa, Nebraska Items from The Economatrix: Worldwide Unemployment Crisis: There are 93 Million Unemployed Workers in G20 Nations Can the US Economy Keep Up With this Exponential Chart? SEC Warns: Prepare for Repo Defaults Blame Ethanol For Spike in Gas Prices
B.N. suggest an essay by Charles Hugh Smith: Is America’s Social Contract Broken? EXography: 19 U.S. cities have proportionately bigger workforces than bankrupted Detroit. (Thanks to Mark A. for the link.) G.G. flagged this from Jim Sinclair: Comex Must Change Its Delivery Mechanism Soon Items from The Economatrix: Sales of Existing US Homes Unexpectedly Decreases Pump Prices Jump 12 Cents, AAA Sees Further Rise The Tip of the Iceberg Of The Coming Retirement Crisis That Will Shake America to the Core
George Friedman of Stratfor: Big Trouble in Big China. (Thanks to P.W. for the link.) Treasuries Not Safe Enough as Foreign Purchase Pace Slows Items from The Economatrix: Bernanke: Congress Still a Risk to the Economy The Real Budget of McDonald’s Workers Home Building Slows in June
Items from The Economatrix: How Crude Oil’s Fast & Furious Rise Will Hit Consumers Hard US Outlook Raised By Moody’s Jobless Claims Fall Suddenly Why Gas Prices Are Likely To Keep Climbing
Reader James W. spotted this: IMF Economists Say The Economic Recovery Is A Fake H.L. sent us this: Now That Detroit’s Gone Bust, Is Your City Next? Items from The Economatrix: Food Stamps Are Corporate Welfare Europe: It’s Going to Get a Lot Worse Before It Gets Any Better Does It Matter That Americans Are ‘Subsidizing’ Astronomical CEO Pay?
JPM Eligible Gold Plummets By 66% In One Day To Just Over 1 Tonne, Total Gold At Fresh All Time Low Jim Rogers: Beware The Man On The White Horse…” Items from The Economatrix: Big Drop In Housing Starts Suggests a More Shaky Recovery U.S. Outlook Revised by Moody’s to Stable on Deficit Cuts Leading Economic Indicators Index in U.S. Was Unchanged
James, Regarding the article on debt collection, I would recommend these web sites which give some advice on how to deal with debt collectors: CreditInfoCenter.com DebtorBoards.com There are consumer protection laws that prohibit offensive behavior on the part of debt collectors. These sites explain how to use them. I recognize you may not agree with these site’s positions, but, just as the debt collector who wrote in says, good people sometimes get into bad situations. And, sometimes, if your state’s exemptions are too low, bankruptcy is not an option. So, yes, I consider fighting debt collectors …
As I’ve mentioned before, a big jump in interest rates could create chaos for the holders of many MBS derivatives. Here is an example of how just a small rate rise caused turmoil: Analysis: Bank of America’s interest-rate exposure may be worse than rivals. Do Western Central Banks Have Any Gold Left? Part III Detroit files for bankruptcy protection. (Is it just a coincidence that all of the city’s mayors for the past 50 years have been Democrats?) Speaking of Detroit, Commander Zero had some quite wry commentary. (Thanks to Gil in Montana for the link.) Items from The Economatrix: …
Peter Schiff: “I Think The Dollar Is Going To Collapse Before The Market Does” Over at Code Green: 70% of All Our Food Relies on Refrigeration C.D.V. sent: China reportedly planning to back the yuan with gold Items from The Economatrix: Yuan Hailed As The World Reserve Currency Karl Denninger: An Economic Collapse That is Going to be Worse Than 1929 Mac Slavo: Brinks Vaults Are Being Depleted: “This Has the Appearance of a Run on the Bank”