The Fiscal Times reports: Disability Benefit Program Is Going Broke. (Thanks to G.G. for the link.) Corn prices hit record as crops shrivel Get ready to pay more for your steak Items from The Economatrix: Home Prices: Bottom Or Bubble? Future Silver Supply More At Risk Than Gold Still Think That Money Market Fund Is “Cash”? 17 Reasons Why Those Hoping for a Recession in 2012 Just Got Their Wish
J.N. suggested this over at Zero Hedge: $10 Trillion M2 Is Now In The Rearview Mirror. So the aggregate money supply has been expanded from $4 trillion to $10 trillion in less than 12 years. So it is no wonder gasoline and milk are both over $3 per gallon. Martin Armstrong: Why Property Taxes Will Soar, Why the Risk of Civil Unrest is Rising Exponentially and Why We Will See The Rise of a Third Political Party Items from The Economatrix: Earnings Show Recession May Be “Fast Approaching” Growth In U.S. Slows As Consumers Restrain Spending First Year of U.S. …
Reader C.S. wrote to note that Smith & Wesson stock was up 214% in the past 12 months. Well, at least BHO can say that he personally revitalized one sector of the economy. White House projects $1.2 trillion deficit, lower economic growth in 2012. (Thanks to SurvivalBlog’s G.G., for the link.) At least three banks seen central to Libor rigging Items from The Economatrix: Gold And Silver in Deflation Mainstream Media Recovery Hoax Oil Trades Near Week High On Euro Pledge, US Economic Outlook Jim Sinclair: The System Here And There Is Totally Broken
Reader J.D.F. sent this news of 3 million lost jobs: Economy lost more than 200,000 small businesses in recession, Census shows H.L. sent this: The US Garbage Indicator Is Sending An Ominous Sign For The Economy Transparency: Paying the Same Amount for Smaller Products. (Thanks to Joe K. for the link.) Ian R. forwarded this link: Economists issue euro crisis blueprint, warn disaster looms Items from The Economatrix: New Home Sales Tumble, But Trend Intact 12 Signs That Spain Is Shifting Gears from Recession to Depression Charting the High-Beta Horror of Hedge Funds Worldwide Debt Default Is The Only Solution
Debt crisis: Greece to run out of money by August 20. (Thanks to J.B.G. for the link.) Doug C. recommended this: Failing to Break Up the Big Banks is Destroying America Santelli Rants: “Ditch The Duct Tape; The Problem Is Insolvency”. He says in summary: “We need pro-growth policies and spending cuts, right now.” (Thanks to B.B. for the link.) Economy: The U.S. Retail Collapse Accelerates Items from The Economatrix: The War On Silver Everything You Need To Know: The Economic Collapse For Dummies “Micro Documentary” Europe Is Sleepwalking Toward Imminent Disaster, Warn Top Economists Global Economy In Worst Shape …
The hindrance of global debt – Spain accelerating to major bailouts and bond markets react. Eurozone stock markets in major decline. David B. sent this: Fed Plans Dollar Devaluation, New Evidence; Why Now? G.G. suggested this: David Stockman: “The Capital Markets Are Simply A Branch Casino Of The Central Bank” (Includes a link to an insightful video interview of Stockman.) Also from G.G.: San Marino falls victim to the eurozone crisis Items from The Economatrix: Greece Now in “Great Depression,” Says PM Is Vegas Signaling the Consumer is Folding? Europe’s Systemic Collapse…And What it Means for Us and You Wall …
Reader B.B. sent this: 8,753,935: Workers on Disability Set Another Record in July; Exceed Population of 39 States Federal Government’s Debt Jumps More Than $1T for 5th Straight Fiscal Year More mainstream media Pollyanna nonsense: Wall Street Journal: The U.S. Housing Bust Is Over. (Thanks to C.D.V. for the link.) Sue C. sent this: US poverty on track to rise to highest since 1960s J.B.G. suggested this article: Blaming the Spanish victim as Europe spirals into summer crisis Items from The Economatrix: Five Banks Fail, 2012 Tally at 38 Gold Shaping Up for a Major Uptrend Gary North: Central Banks …
QE is Coming! Bleak jobs outlook raises heat on Fed: Chief of San Francisco reserve sees benefit of open-ended QE. Inevitably, monetization leads to inflation. Ken W. sent: Analysis: Shoppers may be spared worst of corn price surge. Ken’s Comment: “I ain’t believing it!!!…” Over at Dr. Housing Bubble they spell out the impact of $1 trillion in student debt: Mortgaging your way to a college education – the burden of student debt and the impact on the starter home market. LIBOR suit threat from small banks Items from The Economatrix: Ron Paul Interview With Gold Seek Radio What’s So …
Steve W. mentioned a Numismaster article about nickels. Although it is presently illegal, it almost inevitable that following a debasement that the law willl change, and there will be large scale nickel melting. Do I detect a hint of panic? IMF Calls on Euro Authorities to Stand Behind Deposit Insurance. (Thanks to Rhonda T. for the link.) Quantitative Easing: QE3 Is Coming and Here’s How To Prepare 12 Signs Showing The Next Recession In The U.S. Is Underway Items from The Economatrix: This Is The Government: Your Legal Right to Redeem Your Money Market Account Has Been Denied Why the …
Dear Editor: First off, as a Federal Law Enforcement Officer, a Senior Patrol Agent in the United States Border Patrol, I am getting tired of being vilified by the media and American public for picking a career that has a somewhat decent retirement system. I’m tired of my Union being vilified. In fact, I’m just tired of being vilified in general. It seems like most people are just suffering from sour grapes for not having picked a career that has a somewhat decent retirement system. Why should we be punished for taking a job that offered this retirement? Shouldn’t this …
Rhonda T. suggested a New York Times slideshow on Stockton, California’s bankruptcy. Steven M. sent: Subterranean Swiss Hotel Sells for Shocking Price. “In what may be the deal of the century, a lucky buyer paid just $1,020 at auction for a luxury underground hotel in Switzerland worth an estimated $3.8 million. However, keep in mind, it IS a former artillery bunker.” G.G. sent this: Regulators close five small banks in Georgia, Florida, Kansas, Illinois for total of 38 US failures in 2012 Items from The Economatrix: One-On-One With Craig Roberts #2: Libor Fraud Now Part Of The System S&P …
Sir: Bob G. wrote on July 19th regarding pension obligations for retired government workers. The implication seemed to be that they are excessively generous and should be cut. I am a retired teacher and a taxpayer, so I have two dogs in this fight. As a taxpayer, I want to hold the line on government spending. As a retiree, I depend on the money I was promised for my livelihood. Pensions are a contractual obligation backed by the ‘full faith and credit’ of government. If government had properly funded the liability in the first place, the money to pay pensions would be there today. …
Reader M.E.W. suggested: The Federal Reserve Is Not Going To Save Us From The Great Depression That Is Coming Default? U.S. Post Office Might Miss Retirees’ Payment. (Thanks to SurvivalBlog’s G.G. for the link.) Items from The Economatrix: Psychopaths Caused The Financial Crisis…And They Will Do It Again And Again Unless They Are Removed From Power Beginning Sovereign Debt Crisis Endgame, Attack of the Zombie Banks and the New Religion of Europe These 12 Hellholes are Examples of What the Rest of America Will Look Like Soon Bad Economic Signs 2012s
The “well funded” Social Security myth: $20 trillion timebomb. (Thanks to G.G. for the link.) Reader AmEx sent an article by Paul Farrell: How Bernanke will cause the next crash before 2014 Over at Alt-Market: Bad Economic Signs 2012 Ol’ Remus of The Woodpile Report alerted me to an article wherein Karl Denninger summarizes the enormity of the LIBOR scandal: So I Need To “Be An Adult” About Fraud Eh? Here is a key quote: “There are hundreds of trillions of dollars of interest-rate derivatives linked to LIBOR, directly and indirectly. A 1% move would be something like $3 trillion …
James: I just read Warren Buffett’s comments about municipal bankruptcies on the rise. (See: Buffet Says Muni Bankruptcies are Set to Climb.) Much of the problem is the super generous retirement plans available to many state, federal and local government workers. As always, a bit of common sense would help cushion the impact of this largess. After 30 years of service workers are allowed to retire with a full pension. Many retiring workers are still in their early fifties. In many cases pensions are being paid out for 10-15 years before the workers are eligible for SS. To put this …