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”
This is an introduction to collections, charge off, repossession, and the current debt cycle that many good people are finding themselves in. It will be a generalization of the rules and laws as they differ from state to state. Let me start with my credentials. I have been a collector for the last 14 years. I have worked first party and third party files (the difference between the two will be described herein). The accounts I have worked have ranged from five days past due to 10 to 20 years past charge off. I have worked commercial, Small Business …
I heard from the folks at Mulligan Mint that the one ounce American Redoubt silver coins, are still selling well, and they have cleared most of their order backlog. When I last checked they only had about 500 ounces in Redoubt coins left to fulfill, and they expected to mail all of those this week. But anyone placing orders henceforth can still expect delays of up to three weeks, during times of peak demand. (Whenever spot silver dips below $20 per Troy ounce, the floodgates open.) For some perspective: The U.S. Mint reported that it sold a whopping 27.6 Million …
Jumbo Mumbo Jumbo: Treasury: Debt Has Been Exactly $16,699,396,000,000.00 for 56 Days. (Thanks to Darin Mc.C. for the link.) Fraud Confirmed: 100-Day Delay to Take Bullion Delivery in London Deutsche Bank Opaque Loans From Brazil to Italy Hide Risk It is sad to see The Daily Bell closing down. I’ve been a reader since back before their name was truncated. I’m also someone who observed the SEC’s merciless attack on Anthony Wile’s good name. (Lesser men would have called it quits, but to his credit, he persevered.) The good news is that all of The Daily Bell content will be …
SurvivalBlog reader V.H. suggested this interview with Doug Casey: You MUST get assets outside of the U.S. Der Gruppe Deutsche Börse’s MNI reports: China Government Advisor Says Economy In Crisis As Debt Costs Spiral. (Thanks to Andre D. for the link.) Items from The Economatrix: Game Over – “It’s All A Farce, The Fed & German Gold Is Gone” The Flash Point Looms The Decline Of Breadwinner Jobs Has Resulted In The Longest Bread Lines In American History Fed Split In June On QE Timing; Bernanke Sees Easy Policy For Now
Five years of the Fed and Treasury Department’s forced Zero Interest Rate Policy (ZIRP) have badly distorted our economy, removing any pretense of a “free market.” All that we have left are markets on life support. With yields of less than 1/4 of 1%, passbook savings accounts are joke. Money market rates ranging from 0.40% to 0.85% aren’t much better. With ZIRP, local, state, and Federal government over-spending has had no serious consequences. But when rates eventually do spike, there will be a bloodbath. Bond yields are completely out of whack. Banks have been given unrealistically high reserves. So ZIRP …
Gold And Silver – Knowledge Is Not Of Value. Using It Is Bill Bonner’s latest commentary on mass inflation: Gono, but Not Forgotten F.G. sent this news from Arizona: APS seeks higher bills for new solar customers Items from The Economatrix: Dr. Paul Craig Roberts: US Trying to Push Back a Dollar Blowup US Consumer Borrowing Up As Credit Card Use Rises 15 Signs That The Quality Of Jobs In America Is Going Downhill Really Fast
Simon Black of Sovereign Man reports: The situation on the ground in Athens Items from The Economatrix: Obamacare Strikes: Part-Time Jobs Surge To All-Time High, Full-Time Jobs Plunge By 240,000 Market Turmoil: Portugal Slides Closer to Abyss with Forced Austerity Measures Bernanke Seen Sticking to QE Tapering Plan After Jobs Report
Some great reading by the folks at Casey Research that echoes my warnings: Market Moves Ahead Should be Good for Gold, Bad for US Dollar Rick Santelli Asks The Only Question That Matters J.B.G. sent: The wheels are coming off the whole of southern Europe Items from The Economatrix: Stuck On Stupid Looking Out To August As July Melts: All Hell Will Likely Break Loose Next Week Going Into Earnings Season Jobs Picture Improves–But Not In Manufacturing
The global derivatives bubble continues to inflate. According to the BIS there are now $564 Trillion in over the counter derivatives, which includes $441 Trillion in bets on small moves in the direction of interest rates. If and when interest rates spike (and they will!), the counterparty risk will be huge, and spectacular derivatives implosion could bring down the global credit market. Vince W. wrote to mention a new vehicle that is going to be made here in the U.S. at an old GM plant in Louisiana. They claim it will get 84 mpg, and have an 8 gallon gas …
E.S. suggested this at Zero Hedge: A Historic Inversion: Gold GOFO Rates Turn Negative For The First Time Since Lehman Marc Faber: China Puts Global Markets at Risk. (Dr. Doom discusses China’s credit bubble and recommends selling stocks and buying gold, citing $1,222 as a quite reasonable buy price.) Mike T. sent us this: Here’s how much your carrier makes selling your data to the Feds. No wonder they are so consistently complicit, when implementing tyranny is a profit center… Items from The Economatrix: Too Many Workers Hate Their Jobs, And That’s Hurting The Economy Sequestration Forces Cuts To Long-Term …