Barry Ritholtz: FDIC Bank Failures Chart. (Thanks to SurvivalBlog’s Poet Laureate “G.G.” for the link.) Chad S. sent a link for the few folks who feel that they don’t get enough gloom and doom from reading this column: DailyJobCuts.com. Items from The Economatrix: US Home Price Fall “Beats Great Depression Slide” Dreaded Double Dip In Housing Is Here Consumer Confidence Falls Unexpectedly In May The Brittle Financial American Middle Class
You may recall Buckeye, Arizona, as the home of a couple of the fictional characters in my novel “Patriots“. (They are also featured in the sequel, “Survivors”, that will be released in October.) Here is a video that shows a 3-bedroom, 2-bathroom house built in 2006 currently on the market in Buckeye. Its price has dropped from $184,900 to just $39,900. Yikes! Prepare for More Money Printing: Analyst Reader G.P. suggested this from The Telegraph: The Bank of England’s astonishing escape from the financial crisis. SurvivalBlog’s G.G. sent this: Time To Celebrate The Recovery: Food Stamp Usage Hits Fresh Record …
Jim, The Economatrix recently posted this article link: Welcome to Debtor’s Prison, 2011 Edition. I’ve read others like it and I feel compelled to comment. In most states in the union someone cannot be sentenced to jail merely for owing money to someone else. But in some states, you can, when it comes to child support and alimony. In these cases, a judgment creditor (spouse) can almost literally take the shirt off your back (even in my pro-debtor Texas) and send you to jail, sometimes facing felony charges. If you read the article carefully, you will see that despite the …
Reader John T. sent a link to some ominous commentary by Bob Moriarty about derivatives: The Ticking Time Bomb Horror for US Economy as Data Falls off Cliff G.P. suggested this by Bob Chapman: The Euro-Debt Crisis: Greece, Portugal, Spain. The Debts are Unpayable. Once the Lending Stops the Bottom Falls Out. Casey in Arizona mentioned a recent piece by Michael Panzner, over at his excellent Financial Armageddon blog: Easy Way Out. Mac Slavo: “America Will Be Dismembered By Its Creditors” 77,000 federal workers paid more than governors. (Thanks to Pierre M. for the link.) G.G. sent this by Puru …
Twenty years ago a friend of mine came to me and said I should be buying silver. He took the time to show me what he’d bought with a small inheritance he’d received that year: 900 troy ounces of silver rounds. He packed them up in a couple of .50 cal. ammo cans and spent the next 20 years moving them around [buried caches in] his back yards. Back then he paid something under $4 per ounce for an investment total of under $3,600. Twenty some years ago I had at least a hundred other things I could have done …
Mobius Says Financial Crisis ‘Around The Corner’ (Not surprisingly, Templeton says that it is derivatives that are to blame.) Over at The Daily Bell: The Aden Sisters on Money Metals, Where the Market Is Headed and Why Gold Is Going Up Thanks to William B. for sending this: Ireland may need more EU/IMF cash Reader Paul B. spotted this commentary: Gold signaling hyperinflation? Neal E. sent links to a pair of great articles over at Zero Hedge: Chart Of The Day: Currency Devaluation, Old School Style and Charting The Non-Linearity Of Hyperinflation, And Predicting America’s Future Courtesy Of Ancient History. …
Markets Fret About Euro ‘Slow-Motion Car Crash’ U.S. Debt Ceiling Is Like ‘Playing With a Tactical Nuclear Weapon’: Former Comptroller General L.M.W. sent this: Why a Hedge Fund Comprised of Junior Congressional Democrats Should Outperform the Market By 9%. L.M.W.’s comment: “I’ll bet you didn’t know that it’s legal for Congresscritters and Senators to use inside information to play the stock market. Did you? Yes, indeed, acting on inside information, which would get anyone else caught doing it arrested and charged with a felony, is perfectly legal for the people who write the rules. Interestingly, junior Democrats seem to be …
USPS warns of default on retiree benefits. Recession-proof waste management industry: Down in the dumps. (Thanks to Haiti Guy for the link.) Comin’ this summer… $5 gas Items from The Economatrix: US Consumers in Spending Retreat 20 Questions to Ask Anyone Foolish Enough to Believe the Economic Crisis is Over Second Biggest Weekly Drop Ever in Treasurys Held in the Fed’s Custodial Account as Foreigners Dump Why Gold is Going Higher
The ultimate tangible? Currency Devaluation in Belarus Causes a Run on Toilet Paper (Thanks to G.P. for the link.) Housing Apocalypse Tomorrow – 675,000 homes in foreclosure have made no payment in over two years. Consumer spending, income drop as inflation accelerates. (Thanks to C.D.V. for the link.) Items from The Economatrix: Gas Tanks Are Draining Family Budgets Rising Consumer Confidence Lifts Stocks April Consumer Spending Shows Weak Gain Nine Ways That The World Has Gotten Even Crazier in May 50 Things Every American Should Know About the Collapse of the Economy Glut of Foreclosed Homes Threaten Market US Worse …
Peter Schiff: “You are going to see riots in the streets”. (Thanks to Bob G. for the link.) Fed Gave Banks Crisis Gains on $80 Billion Secretive Loans as Low as 0.01%. (Thanks to Pierre M. for the link.) C.D.V. forwarded this item: Foreclosure sales slow, but remain very high Huge backlog of distressed properties means any housing recovery is a long way away. Here is a brief quote: “Sales of homes in some stage of foreclosure declined in the first three months of the year, but they still accounted for 28 percent of all home sales — a share …
A foretaste of life in the U.S. in the near future?: Belarus devaluation spreads panic. On the same topic, Tyler Durden of Zero Hedge posted some commentary and a scary “hockey stick” currency chart: Welcome To Hyperinflation Hell: Following Currency Devaluation, Belarus Economy Implodes, Sets Blueprint For Developed World Future J.B.G. sent this: Greece risks ‘return to drachma’ World Bank Predicts the Demise of the US Dollar by 2025 Items from The Economatrix: Stocks Likely To Face Bumpy Ride Into Summer Gas Prices Dampen Memorial Day Vacations States Shorten Duration For Unemployment Benefits What Is Behind Europe’s Stock Market …
As the saying goes “preventive medicine is the best medicine”, this can be said for many aspects in life. Why wait until something happens to fix it? Why not perform proper maintenance procedures so you don’t have to fix it? Frankly, before I became a prepper, I’ve always found this approach to be best. It can save you time, money, frustration. Even if something is going to break no matter what, with preventive procedures, you can sometimes see it coming, therefore fixing or changing a part. From a prepper’s perspective, preventive measures are a necessity. The U.S. military puts an …
Ah, yes, the inevitable rush into tangibles: Belarus snaps up TVs, fridges as ruble plunges. (Thanks to Diana V. and Jay H. for the link.) QE2 was a bust. (A hat tip to John R. for the link.) Linda U. sent this report from Texas: Record farming, ranching loss seen. (Stock up on cotton socks and jeans, since cotton prices are likely to skyrocket in 2012.) Why The “Is QE 3 Coming?” Debate Is A Moot Point. (Thanks to John R. for the link.) Items from The Economatrix: Eurozone Woes May Boost Gold Foreclosure Flood May Not Have Crested Yet …
Money Magazine: Another Economic Crisis Coming. (Thanks to J.B.G. for the link.) Seniors Have Lost 32 Percent of Their Buying Power Since 2000 Reader Robert H. recently found this message waiting for him when he re-visited an Internet shopping site, after a three month absence: “Please note that the price of Great Lakes Select Honey, Clover, 32-Ounce Bottles (Pack of 3) has increased from $16.75 to $23.08 since you placed it in your Shopping Cart. Items in your cart will always reflect the most recent price displayed on their product detail pages.” (That is a 37% increase!) Items from The …
Matt R. sent this: Greece default fears rise as reprofiling talk flounders Deputies confiscate 250 pounds of copper during exchange Bank of America to give away houses. (Thanks to KAF for the link.) Kirk Elliot puts the unemployment rate in proper perspective. Items from The Economatrix: Greece on Verge of Defaulting What Destroyed Rome Was Its Unfunded Government Employee Pensions US Stocks Plunge On European Debt Worries What Happens When Greece Defaults BoE Chief Warns Of More Tough Times