Category: Economics & Investing

When Faith In U.S. Dollars And U.S. Debt Is Dead The Game Is Over — And That Day Is Closer Than You Might Think. Wayne Root: Why the Greatest Depression of All Time Has Begun How Gold Could Reach $13,644 An Ounce And Silver $843 An Ounce Reader K.A.F. sent a link to and article that illustrates that the implication of metals stripping can go far beyond crack heads electrocuting themselves: CSX train derails in Taunton; police investigate theft of railroad tracks Dulce et decorum est: Bank of America Gets Pad Locked After Homeowner Forecloses On It. (Thanks to Greg …

JWR, Thank you for your site, I read it daily. I would like to point out that local coin auctions are another good place to pick up some silver. I came across an ad in the classified section of the local paper for a coin auction that was being held at one of our local auction houses. They had a web site that listed all of the coins that were to be for auction that following weekend. There were over 500 lots of coins for auction that day. I picked up several 40% Ike dollars for $3-$5 less than what …

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 …

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 …