Charles Hugh Smith: The Recession That Never Ended: 2008 -2013 (and Counting) B.P. in Colorado sent: Durable goods orders drop 7.3% Items from The Economatrix: Let us count the ways of inflation: While the CPI understates inflation Americans are living out the days of a contracting standard of living. Schiff: Spectacular Gold Rally Is Coming The 5% Recovery: Why Most Are Still In Recession
Hi-yo silver! (I hope that you folks bought during the summer doldrums, as I had suggested.) Is Europe still in crisis? “Eurogeddon” was the buzzword on everyone’s lips in 2011. But is a euro recovery real or imagined? Community South Bank, Tennessee, Becomes Second Largest Bank Failure of 2013 Items from The Economatrix: Peter Schiff: The Market That Lives By QE Dies By QE Moody’s eyes downgrade of biggest US banks Asia Shocks West By Demanding Their Gold Be Sent Home
Hit in the Gut by the Internet Sales Tax. The advent of this tax is yet another reason to support small “mom and pop” businesses. (They will be exempt from collecting Internet sales taxes–at least for now.) Reader James W. suggested: Cashless: The Coming War on Tax-Evasion and Decentralized Money Italian factory owner moves company to Poland while staff are on holiday Items from The Economatrix: 18 Signs That Global Financial Markets Are Entering A Horrifying Death Spiral 401(k)s: Delivery Problems of a Different Nature Health Insurance Premiums Rise Faster Than Wages Obamacare clock stops for your boss, not you
Wim Grommen: The Dow 30 Stock Market Index is the Greatest of All Ponzi Schemes Abandoned Dogs Roam Detroit in Packs as Humans Dwindle. (An estimated 50,000 dogs at stray!) Items from The Economatrix: Get Ready: The Great Transfer of Wealth in Gold and Silver is Coming Your Future: “We Are Now at a Point Where the Crisis Will Happen Almost Overnight” Ron Paul And Jim Rogers Discuss Economic Collapse
Bond Investors Beware: Mutual Fund Outflows Accelerating as Interest Rates Climb Higher Doug Casey: “We’re Still In The Midst Of The Biggest Bubble In World History” Indian Gold Dealer: “Gold Is Now Trading At $1800oz.—Small Factories And Workshops Are Shutting Down” Items from The Economatrix: Consumer Confidence Misses Expectations By Most On Record Housing Starts, Permits Miss; Single-Family Housing Market Weakest Since November 2012 Defunding wouldn’t kill Obamacare taxes
On Monday, August 5, 2013, I posted a piece titled “Calling It Quits With Mulligan Mint.” It was pointed out to me that it included a factual error, so I’ve truncated that post. I’d like to give everyone an update on what has transpired since then. First, the Good News: 1. I have been impressed that the staff of Mulligan Mint has overcome all of the hurdles of transitioning from a fledgling company that simply struck outside vendor-supplied .999 fine dimensioned blank planchets into a company that now consistently turns raw .999 fine silver into finished coins, in quantity. They have …
Stocks end higher despite Nasdaq system crash Reader Peter S. sent: Gold flows from Britain to Switzerland surge in H1. [JWR’s Comment: The Smart Money must see storm clouds approaching.] Total Public Debt Now Eclipses GDP Items from The Economatrix: What Is Going To Happen If Interest Rates Continue To Rise Rapidly? Gold Market Update Compare And Contrast: Public Versus Private Retiree Underfunding In One Chart
The Lesson Of India’s Gold Saga The epic crisis in retirement savings: Vast majority of Americans unprepared for retirement. Median retirement savings for those 25 to 34? Zero dollars. Items from The Economatrix: Walmart Earnings Disaster Exposes a Collapsing Economy U.S. jobs, inflation data support tapering of Fed bond buying Behind Wal-Mart’s Earnings Miss; Weekly Jobless Claims; What Billionaires Are Buying Poll: How Wise Is It to Be Unloading Gold?
A new CATO Institute study found that a mother in New York State with two children is eligible for $38,004 in welfare benefits–which is greater than the annual salary of a first-year New York school teacher. Note where Idaho falls in the benefits spectrum. (Idaho certainly can’t be faulted for “encouraging multi-generational dependency.” (Thanks to John in Washington for the link.) G.G. sent: $2,001,093,000,000: Fed’s Ownership of U.S. Debt Breaks $2Trillion for First Time. Items from The Economatrix: Stars Aligned For “Serious” Stock Correction Dave Hodges: Escape From Wall Street Cramer: Giant Reset Looming For Markets
Reader H.L. sent: China Gobbling Up Wheat, as US Exports to Nation Soar Where the Housing Recovery Is Strongest and Weakest Buy Gold Now That Soros & Paulson Are Done Liquidating, Says Analyst Bill O’Neill Items from The Economatrix: How Bad Can Things Get? Obamacare Rate Calculator The Most Important Number For The Market: 2.75%
Foreign Holders Dump A Whopping $40.8 Billion In Long-Term Treasuries Gold Trader: “Big Money Is Now Trying To Get In—On A Violent Regression To The Mean” Items from The Economatrix: Fitch Rings Warnings On Canadian Banks Uninsured next year? Here’s your Obamacare penalty. The Smart Money Is Leaving the Building
India Bans All Gold Coin Imports, Increases Capital Controls Carolina Jim recommended an essay by Paul Rosenberg: The Blow That Killed America, 100 Years Ago. Dire Consequences Await As U.S. Debt Nears A Tipping Point. Items from The Economatrix: That Which Is Incapable Of Reforming Itself Disappears How To Prepare For An Economic Depression US Consumer Bankruptcies Jump By Most In Three Years; Third-Party Collections At All Time High
Reader C.D.V. sent: New Fox, Same Henhouse: Wall Street Takes Over LIBOR. This piece includes some interesting thoughts on derivatives: “A former trader who worked in both New York and London recently told me, ‘At the end of the day, this market is running on the [Federal Reserve]. Once they pull out it’s all over. Cheap money, loads of people making loads of money, but no lessons learned.’” I noticed that Backwoods Home magazine now has a “pay for your subscription in pre-’65 silver coins” option. (We do likewise, for our voluntary Ten Cent Challenge subscriptions.) Similarly, Late’s diner offers …
G.G. flagged this item: A Blunder at the Money Factory Items from The Economatrix: Bernanke Just Felt a Chill Down His Spine Suppressing wages and increasing corporate profits: The tough math behind the current economic recovery. They Are Systematically Destroying Our Independence And Making Us All Serfs Of The State
Eight College Degrees with the Worst Return on Investment. [JWR’s Comments: One loser program that they left off the list: the Bachelor’s Degree in Social Work (BSW.) OBTW, is it just a coincidence that many of these degree programs are dominated by leftists–both students and faculty?] Reader CJA suggested: The Incredible Shrinking COMEX Gold Warehouse Inventories US debt six times greater than declared – study Items from The Economatrix: How Washington Could Push Gas Prices Higher Next Fed Chair Will Lead Us to ‘Economic Ruin,’ Says Peter Schiff Top technician: Yes, 2013 does look like 1987