Category: Economics & Investing

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 …

T.E.M. suggested: 10 ways to save money: How the old-fashioned barter system is making a comeback “Benny Flag” liked this piece by Dr. Gary North: Sovereign Debt, Sovereign Bank Runs Reader Grace H. wrote to mention: “In 1999 in preparation for Y2K, I purchased a number of DAK brand canned hams for $1.00 a piece.  These 16 oz. cans were readily available everywhere.  The other day my dimpled darling suggested that we needed some of those “little canned hams” in our prepping supplies.  I obediently went on the search thinking that it would be easy.  Nope!  Few stores around me …

B.B. sent this: Economist Calls Entitlements A Massive Ponzi Scheme And Says US Is Actually $211 Trillion In Debt Dan H. suggested this NPR piece: Switzerland: Too Strong For Its Own Good Euro’s Future—When Will Rioting Start? (Thanks to Ben S. for the link.) European Stocks Fall Sharply as Debt Fears Hit Banks Items from The Economatrix: Government Doubles Layoffs Illusion of Stable Currency Vortex Why Gold is Going to $2,000/oz. By The End of September Self-Employed Struggle as U.S. Recovery Offers Few Opportunities Even Goldman Sachs Secretly Believes that an Economic Collapse is Coming

We Are in ‘Worse Situation’ Than in 2008: Roubini. (Thanks to Neil H. for the link.0 S.M.O. sent a link to some astute observations by Jeffrey Snider about what he calls a silent run on fiat currencies: Ghosts of Lehman And a Budding Bank Crisis. U.S. Debt Held by Public Tops $10 Trillion for First Time—Up 59 Percent Under Obama Federal, State, and Local Expenditures as a Share of GDP at WWII Levels. (Thanks to G.G. for the link.) ‘Houseboats’ for Rough Economic Waters G.G. sent this: Chart Shock: The Real Unemployment Rate is 22% K.A.F. liked this humorous piece …

Gold is for Wealth Preservation and Silver is for Bartering K.A.F. sent this: US Department of Energy devises security system to thwart rampant copper thefts G.G. flagged this: US economy created no job growth in August, data show: First time since 1945 that government has reported net monthly job change of zero Steve K. forwarded this: The Future of the European Union May Be Decided in Less than a Week Gold wedding bands get dumped for tungsten. (Thanks to R.B.S. for the link.) Items from The Economatrix: Natural Gas Rises as Power Demand Returns to East Double-dip Fears Across the …

G.G. flagged this: Belarus Hyperinflation Update: Food Runs Out As Friendly Foreigners Take Advantage Of The “Favorable” Exchange Rate Arb John R. sent this: Analysis: As debt maturities loom, U.S. needs to extend Also from John: Fearing An Even Worse Inflationary Depression Ahead (Bob Chapman) Reader Hal C. sent this link: John Williams of ShadowStats interviewed by Goldseek. He is predicting hyperinflation. B.B. suggested: Maple Leaf sets silver record: 2010 bullion sales rise 74% from 2009 Items from The Economatrix: After Bumpy August, Economy Shows Signs of Growth Retailers Report Solid Gains For August Carmakers Report Surprisingly Strong August Sales …

K.A.F. sent this: Awful August, Get Set for September Over at Dr. Housing Bubble: Shadow Inventory Armageddon – Foreclosure timeline up to an average of 599 days with 798,000 mortgages having no payment made in over 1 year and no foreclosure process initiated. Shadow inventory grows to over 6,540,000 properties. Making privacy a crime: U.S. aims to track ‘untraceable’ prepaid cash cards. (Thanks to Steve M. for the link.) China’s sword of Damocles: “More Cow Bell!”. “More kowtow!” Forget Irene: The Drought in Texas Is the Catastrophe That Could Really Hurt. (Kudos to Chris M. for sending the link.) Items …

G.G. flagged this: Belarus Hyperinflation Update: Food Runs Out As Friendly Foreigners Take Advantage Of The “Favorable” Exchange Rate Arb John R. sent this: Analysis: As debt maturities loom, U.S. needs to extend Also from John: Fearing An Even Worse Inflationary Depression Ahead (Bob Chapman) Reader Hal C. sent this link: John Williams of ShadowStats interviewed by Goldseek. He is predicting hyperinflation. B.B. suggested: Maple Leaf sets silver record: 2010 bullion sales rise 74% from 2009 Items from The Economatrix: After Bumpy August, Economy Shows Signs of Growth Retailers Report Solid Gains For August Carmakers Report Surprisingly Strong August Sales …