Spain’s poorest region suffers 32% unemployment. (Thanks to Pierre M. for the link.) People Not In Labor Force Soar By 522,000, Labor Force Participation Rate Lowest Since 1981 Each Child Born Today will Inherit $1.5M of National Debt, Study Shows Items from The Economatrix: Euro-area Unemployment at 15-year High as Slump Deepens Private-sector Hiring Slows In April, Stirs Concern April Turns Weak For Retailers Jobs Report Preview: Traders Fear Evidence of a Downtrend
B.B. suggested a piece over at Zero Hedge: Hugh Hendry On Europe “You Can’t Make Up How Bad It Is” Also from B.B. came a link to this piece by Monty Pelerin: The Economic Charade is Almost Over. His essay begins: “As we near the end point, the point where the economy collapses, government becomes more desperate to convey the myth of a recovery. Government data have always been suspect because of the political ramifications of a good vs. bad economic report. Fudging the numbers, or at least the ways of measuring various statistics, likely began once government began issuing …
When I put some serious thought into purchasing silver as a hedge against the rapid inflation of the US dollar, I was overwhelmed by the complexity of the task. Go to eBay’s web site and type in the search criterion “junk silver” and you will be slammed with about 2,000+ different auctions on an average day advertising everything from “face value” (FV), to Troy weight and standard weight, to vials of silver flakes and silver jewelry from someone’s estate sale. A little bit of knowledge goes a long way when it comes to buying precious metals, especially if you’re shopping …
When currency isn’t current: Old $50 bill found real, but not before bearer arrested. SurvivalBlog’s Editor at Large Michael Z. Williamson sent this: Wealthy Americans Queue to Give Up Their Passports C.D.V. suggested this commentary from Jim Powell at Forbes: Obama’s Plan to Seize Control of Our Economy and Our Lives Items from The Economatrix: What if a Collapse Happened and Nobody Noticed? Jobs Growth Seen Rebounding in April Factory Growth Best in 10 Months; Bolsters Outlook Smart Money Banking Big on Gold and Silver to Soar
G.G. flagged this: The Media Won’t Touch this Story About the End of the US Dollar Coincidentally, M.E.W. noted one large paper that just did: How US debt risks dollar doomsday: The US dollar is getting perilously close to losing its status as the world’s reserve currency. Should it cross the line, the 2008 financial crisis could look like a summer storm. Mac Slavo: What is America’s Economic Breaking Point? Items from The Economatrix: The Illusion of an Economic Recovery Jim Sinclair Has Something to Say US Economy Grows at Tepid 2.2%, Misses Estimates Oil Prices Rise On Improvement In …
Gary S. spotted this: The Next Metal Crisis: Copper The cascading waves of debt implosion – 5 charts looking at debt leverage, velocity of money, and contagion impacts from the European crisis. 25 Horrible Statistics About The U.S. Economy The Daily Bell reports: Austerity Staggers, Germany Blows Up? Items from The Economatrix: Maybe No Housing Rebound For a Generation US Slowdown Intensifies Global Economic Crisis Signs of Slowing Economy Drive S&P Down in April Five Banks Fail in Worst Week Since April 2011
Peter S. sent this prediction of housing market doom: Maybe no housing rebound for a generation: Shiller . In an another interview, he said: We Are in Age of ‘Late Great Depression’ Michael Pollaro: The Bernanke Bust, the why how and when The Results Are In: Conservative States Prosper, While Liberal States Decline. (Thanks to James C. for the link.) G.G. flagged this evidence that the Mother of All Bailouts (MOAB) is far from over: Senate votes to slow closing of post offices Items from The Economatrix: Gold Will Win Money War Derivatives: The Unregulated Global Casino For Banks Two …
From G.G.: 45% Of Americans Will Probably Run Out Of Money By Their 75th Birthday Failed Illinois Governor Quinn: “Our Rendezvous With Reality Has Arrived”. (Kudos to B.B. for sending the link.) Bryan E. sent this: Congress steering US economy toward a ‘fiscal cliff’ Economy’s Biggest Drag Right Now is Government K.T. sent this: Missouri House Votes for Gold and Silver Tender Graham Summers, by way of Zero Hedge: Spain is About to Enter a Full-Scale Collapse Speaking of Spain, Peter S. sent this: S&P Lowers Spain’s Rating Items from The Economatrix: Sinclair – Shorts Now Trapped & Gold Could …
Sue C. sent us this: Jim Rogers: US Looks Headed for Recession, Stock Crash in 2013 Also from Sue, this Reuters article: Britain in recession, intensifying government woes Jon in Montana spotted this: Detroit Mayor Bing’s proposed budget slashes government services by 50%. Jon asks: “Is this a sign of things to come, across the country? John Grgurich: Spain is Struggling with its Debt, and You Should be Worried Items from The Economatrix: New IMF Figures Show at Current Rate Central Banks Will Buy Almost 700 Tonnes of Gold this Year Gas Prices Seen Headed Lower at Pump State …
Ambrose Evans-Pritchard: Europe faces Japan syndrome as credit demand implodes C.D.V. liked this Wall Street Journal piece: The Great California Exodus The young and the jobless – Half of bachelor’s degree-holders under the age of 25 are unemployed or underemployed, in the US. Social Security short fall highlights deeper reality of economy. Pierre M. sent this: De Borchgrave: Geneva gnome’s global dread Items from The Economatrix: Russia and Mexico Both Buy Nearly $1 Billion in Gold in March 22 Red Flags that Indicate that Very Serious Doom is Coming For Global Financial Markets What Happens When All the Money Vanishes …
Jim Sinclair: The Implications of China Paying in Gold. (Thanks to K.T. for the link.) G.G. flagged this one: In apparent first, a public pension plan files for bankruptcy. Bram S. spotted this: Doug Casey on Taxes and Freedom Over at Dr. Housing Bubble: The crashing US housing metro areas – Atlanta home values crash by 17 percent in last year and Las Vegas continues to move lower. Chicago, Los Angeles, and San Francisco continue to make post-bubble lows. Items from The Economatrix: Social Security Fund to Run Out in 2035, Trustees Say In an Apparent First, a Public Pension …
The following observations are geared toward expats or even locals living in the Third World, although most would apply as well to residents of the First World. Here in México, there have been countless horror stories, albeit, most of them not life threatening and essentially not classifiable as DEFCON 1 situations. Both expats and locals have been the victims of countless assaults. An acquaintance on the street was recently told simply to hand over his money and music player. Another fellow, a philosopher, became inspired at midnight on a city street and only had his laptop to record his divine …
G.G. flagged this one: FDIC closes bank in New Jersey, makes 17 US bank failures so far in 2012 Also from G.G.: 1 in 2 new graduates are jobless or underemployed Items from The Economatrix: Currency Wars: Gambling With Other People’s Money China Buying Gold at Discount US Stocks Join Global Slump On Europe’s Political Woes Durable U.S. Recovery At Hand As Growth Shifts
Daniel R. Amerman: Inflation & Hidden Gold Taxation: Three Historical Case Studies The Daily Bell reports: Spain Bans Cash Items from The Economatrix: How Iceland Recovered Without Bailing Out Banks Jobs Beat Foreclosures as Housing-Market Guide Falling Energy Prices: Good For Jobs, Not So Good For Gasoline Fears Rise That Recovery May Falter In The Spring
Reader Jay B. wrote to mention this: IMF doubles lending capacity. Jay’s comment: “Didn’t you hear the printing presses speed up? You didn’t? Well, I will give you a hint, and it sounded like a sonic boom.” Coin Dealers Squeezed By New Ordinances. JWR’s Comment: To expect a coin dealer to hold merchandise for 15 to 30 days in a volatile precious metals market is absurd. No doubt their bid prices will be decreased, to cover the additional risk. Doug Casey: Expect Extreme Volatility a the Titanic Forces of Inflation and Deflation Fight Each Other The big swindle and a …