Category: Economics & Investing

Ryan S. sent: IMF downgrades outlook for US and Europe economies J.W.M. spotted this: Florida credit processor to give away AK-47s Paul K. mentioned a recent BBC piece: Anarchy in the USA – could it happen here? Over at The Daily Bell: Advisers Emphasize Calm as Global Depression Gathers More nationalization down in Hugo Land: Venezuela forces miners to sell gold to government Items from The Economatrix: Stocks Plunge After Fed Announces Stimulus Steps $2,000 Gold Now in Sight Big-name Brands Cut Size Not Price Gold Will Soar on Imminent US Bailout of Europe China Pulls The Rug Out From …

I noticed over at The Daily Bell: EU – Britain Wants Out? Rolling Sovereign Debt Defaults and Euro Break-Up Ahead? Veteran content contributor K.A.F. sent this: J.C. Penney to Close Stores, Exit Catalog Business Items from The Economatrix: Stocks Rally On Hopes For Fed Stimulus Measures August Home Building Fell 5%, Slide Continues Oil Rising on Expectations of Fed Stimulus Eight Arrested as Third Day of Wall Street “Rage” Protests Clog NYC Sidewalks

Reader Larry W. recommended this commentary from Howard Gold: Lehman Brothers II crisis is coming soon John R. sent us several links to some recent Zero Hedge articles: Interactive Infographic of the Doomed European Financial System   DSK Says Greece Is Done   Is September 20 Greek Default Day?   Items from The Economatrix: Is China Ready To Pull The Plug? Is Revolution Hitting US Streets Tomorrow? The Economic Collapse – Part 1 Mayor Bloomberg Predicts Riots In The Streets If Economy Does Not Create More Jobs

America’s Poorest States. [JWR Notes: I was surprised to see Montana on the list. Of course up there they are strong on barter and self-sufficiency, and that economic activity simply doesn’t register in dollar terms. A large portion of the population in Montana cuts their own firewood, hunts, and has a vegetable garden. My consulting clients in Montana tell me that lots of transactions are paid for in firewood, shed antlers, and even frozen huckleberries.] Ayn Rand Institute president Yaron Brook the annual Ayn Rand dinner: The Coming Collapse: “We Can Buy Time, But We Can’t Change the Outcome” Deep …

J.J.H. sent this: US taxpayers could be on hook for Europe bailout Europe’s Response To Geithner’s Advice: “I’d Like To Hear How The United States Will Reduce Its Deficits … And Its Debts”. (Thanks to Jonathan B. for the link.) J.B.G. sent this: Eurozone: A nightmare scenarios. John R. was the first of several readers to mention The Economic Collapse video Part 1 and Part 2. Items from The Economatrix: Dumpster Diving? Geithner:  Economy in “An Early Stage” of Crisis US Poverty Rate Spikes as Incomes Decline Fuel Pump Woes Won’t Go Away

Refinancing Tips: What You Need to Know to Snag Today’s Rock-Bottom Rates Over at The Daily Bell: Biggest Story in the World? … China Faces Hard Landing Michael W. sent this: As prices soar, a new gold rush emerges in the West G.G. flagged this: Latest sign of hardship: Families unable to bury loved ones Items from The Economatrix: Job-Creation Plan Largely Ignores Housing Woes Gas Prices Jump But No Steady Climb Forecast Consumer Prices, Unemployment Claims Rise World Central Banks Flood Market With Dollars

China to ‘liquidate’ US Treasuries, not dollars. (Thanks to G.G. for the link.) This headline was trumpeted over at The Drudge Report: Mortgage default warnings surged in August. Kweku is in a heap ‘o trouble: UBS $2 billion rogue trade suspect held in London. (Also by way of Drudge.) Gerald Celente: “Things Are Going to Get Much Worse…Society Is Breaking Down” JDD flagged this: Trump Accepts Gold Instead of Dollars From Tenant Items from The Economatrix: US Faces Challenges The Fed Can’t Solve Unemployment Facts We Would Rather Not Face US Drops In Ranking of Most Competitive of World Economies …

Jerry P. sent this: Greece, Europe struggle to contain debt crisis Porter Stansberry: Enough Already, Let’s Return To The Gold Standard   Amid Market Turmoil, Gold Stocks Find Heavy Accumulation Willem Weytjens: Gold 1980: Deja Vu?   Items from The Economatrix: International Oil Prices Fall as Demand Eases Fear of Greek Default Hurts Markets in US, Europe Bank of America Cutting 30,000 Jobs The Gold and Silver Precious Metals Tsunami

Some serious gloom and doom from mainstream economic commentator Jim Jubak: Get ready for the next crash Reader John R. sent several interesting items: We’re All Greece – And On Fire – Karl Denninger Europe Facts, Not Fiction: Usage Of ECB Deposit Facility Goes Parabolic, Sov CDS Wider Across The Board – Tyler Durden   The Last Haven Standing (Peter Schiff) Items from The Economatrix: Here We Go Again:  US to Breach “Transitory” Debt Ceiling on Monday Gerald Celente Predicts “Winter of Discontent” Here’s Why Greece Leaving the EU Could Cause Another Depression Economy:  World Entering “Dangerous New Phase” Waking …

Three article links courtesy of loyal content contributor K.A.F.: German minister raises ‘orderly default’ for Greece Greek default jitters hammer French banks, euro Greek tax, customs workers and taxis on strike Rhonda T. flagged this: The Fed’s options are futile without Congress C.D.V. sent this: S&P Could Fall 20%, 2-Year Treasury Hit 0%: Analyst Items from The Economatrix: John Galt:  The September Calendar of Potential Doom and Disaster by Date and Event Commodities Look Set to Rocket Higher Analysis:  Pension Funds in New Crisis as Deficit Hole Grows Regulators Close Small Florida Bank; 2011 Total is 71 World Biggest Economies …

A reader in New Hampshire wrote to ask for my near-term economic predictions. Here they are, in a nutshell: Major turmoil in global credit markets will continue. Greece will require a huge, painful bailout.The credit pool is presently near collapse, and desperate attempts will be made to re-liquify the system. This means Trillions of new dollars, again created out of thin air, by Ben Bernanke’s legerdemain. The job and real estate markets will continue to deteriorate. Taxes and “fees” will be squeezed out of us turnips, by clever new artifices. Currency inflation will become an all to obvious (and popular) …

The game of public debt charades in the District of Criminals (DC) continues: Senate Approves $500 Billion Increase in Borrowing Authority. (Thanks to Chris G. for the link.) Some interesting research by Mac Slavo of SHTFPlan: Banks, Governments Move To Restrict Personal Gold Bullion Purchases Over at The Daily Bell: Fitch May Downgrade China and Japan: Worldwide Depression Draws Closer I found this linked over at The Drudge Report: World Entering ‘Dangerous New Phase’: Lagarde Items from The Economatrix: The Future for Most Americans:  Pathetic Jobs, Bad Debts, and a Lousy Economy Bring Out Your Dead – UBS Quantifies Costs …

Cue the the Gianini Requiem: Reports: Bank of America to shutter 600 branches Another Sob Story: Saab to appeal creditor protection rejection. Who would have ever thought that Saab would be bailed out by China? John R. suggested this over at Zero Hedge: ECBCTRL+P: The Next Steps In The European Implosion. The piece begins: “Wondering what is next for Europe? Don’t be. With Jurgen Stark, aka the last real hawk at the ECB, gone, here comes ‘the printing.’” Items from The Economatrix: Fed Says 12 Regions Grew Modestly this Summer The Worst is Yet to Come Only Precious Metals Can …

G.G. sent: Many baby boomers don’t plan to leave their children an inheritance Sunoco to Quit Oil Refining Business. (Thanks to F.G. for the link.) Stock Market Crash 1929, Mystery Unraveled? (The text is also available in the Dutch edition.) Items from The Economatrix: Millions of Americans Living in Long-Stay Motels Europe Stocks in Big Monday Drop US Postal Service Near Default The US Jobs Crisis Worsens Zoellick Warns of New Danger for Global Economy

Over at Dr. Housing Bubble: The California contradiction – Record high unemployment and highest home prices in the nation. Lorimer Wilson: These 100 Analysts Now Say Gold Will Go to $5,000/ oz. – or More! Michael Z. Williamson (SurvivalBlog’s Editor at Large) sent this: Should U.S. Become Biggest Landlord? G.G. sent this: Restaurants want a piece of food stamp pie Marleen from Holland recommended this news from Greece: Pensioners turn back to living off the land Items from The Economatrix: Stocks Fall Again as Europe’s Debt Worries Deepen Oil Tumbles on Fears of Economic Slump Service Firms Grew at Slightly …