Reader Don W. forwarded this: The Flight of the Money – Where Has It Gone?; Obama’s policies terrify business community; capital is leaving, cash is being hoarded. Matt B. sent us this: Rust Discovered on Bank of Russia Issued .999 Gold Coins Items from The Economatrix: Obama Set to Sign Broadest Financial Overhaul Since the Great Depression Obama Warned by Buffett US Economy Only Halfway Back
KAF sent us this article: World at Risk of Folding in on Itself: Deputy Doom Regulators on Friday shut down three banks in Florida, two in South Carolina and one in Michigan, bringing to 96 the number of U.S. banks to fail this year Damon recommended this primer: What is the U.S. Dollar Index? From frequent content contributor RBS: Canada ponders pulling the plug on the penny. Oh, and speaking of which… Man tries to pay tax with 200,000 pennies Signs of the times: $20 Million Spent On Stimulus Signs? Items from The Economatrix: Higher Education Funds Buys Gold Over …
Dear Mr. Rawles, I was very surprised to that there was no mention of fish hooks and other fishing tackle in the recent posts regarding trade items post-TEOTWAWKI. As with ammunition and seeds these highly compact items belong to a top tier of survival items, food procurement. When looking for the essentials, think about what the native Americans were willing to give up their land rights for, knives, guns, blankets etc. Yes luxuries are nice, but the tobacco smoking population will quickly get their priorities straight when Schumer hits the fan. – Grant in Michigan
SurvivalBlog’s Poet Laureate (“G.G.”) sent this: Jim Grant Is Confident QE 2.0 Is Just Around The Corner. Grant’s thoughts on new Fed additions: “I think the first order of business will be to try once more to print enough dollars to make something happen in the U.S. economy.” Democrats and AARP want to make IRA enrollment automatic Items from The Economatrix: Eurozone: Portugal Debts Spark Panics Goldman Sachs Lifts Gold Forecast to $1,355 Dollar Slides After Greek Debt Auction Bolsters Confidence in Europe Stocks Sink On Weak Consumer Sentiments, Bank Earns Consumer Prices Dip for Third Straight Month China Reduces …
Jim: Greetings and my Compliments. I have just returned from a training meeting my employer, USDA-Rural Development. It was presented by the American Bankers Association. Bottom line, the ABA is projecting the economy not to bottom out until late in 2014. With over 90 banks already closed (in 2010) and some 775 on the the "Troubled" list, things do not look good. The troubled list has a projected 70 percent failure rate. Keep up the good work. We have a long way to go. May God Bless and keep you and your family. – Lame Wolf
Reader Bill R. sent this: Sin Taxes for 2009 at all time high. OBTW, since when is owning a gun a “sin”? G.G. forwarded a link to a piece in The Economist: Gold: Store of value. Also from G.G.: States Dodge Defaults as California May Cut Worker Pay Items from The Economatrix: The Big Crash–America Plunges Into Depression for Real Gold Keeps Rising as Panicky Investors Look for Security Harry Schultz on the Power Elite, Free Markets, The Internet, and Why Gold Is Going Much Higher China Cuts Rare Earth Export Quota 72%, May Spark Trade Dispute With U.S. Inflationville …
Federal budget gap through June tops $1 trillion amid GOP resistance to more government spending. (Thanks to KAF for the link.) Thanks to Brett G. for flagging this one: Fed Warns Economy May Take Five or Six Years to Recover Items from The Economatrix: Obscure Weimar Collapse Book a Cult Hit Central Banks Start to Abandon the US Dollar Top for Silver $100 Per Ounce? Stocks Mixed After Disappointing Retail Sales Data Home Loan Applications Down 2.9% Retail Sales Drop 0.5% in June Oil Dips Below $77 as US Crude Supplies Rise Watchdog: Small Banks Struggling Despite Bailouts A Modern …
Bill O’Reilly calls it: Economic Disaster on the Horizon. Craig S. sent this: Americans credit scores at new low. “Boosters” flagged this: Presenting The Wall Of Worry: The 50 Ugliest Facts About The US eCONomy. KAF mentioned: Secret gold swap has spooked the market Also from KAF: China to Fight Price Manipulation With Heavy Fines (Hoarding of goods will also be subject to fines of 2 million yuan.) Items from The Economatrix: Stocks Surge After Alcoa, CSX Report Strong Profit Job Openings Drop in May as Hirings Stay Weak Market Slump Expected to Dent Profits at Big Banks Chinese Rating …
G.G. was the first of several readers to mention this New York Times article: Crisis Awaits World’s Banks as Trillions Come Due. Be ready folks. We could be on the precipice of a global debt implosion that will make the current crisis seem small, by comparison. I’ve warned you before, folks: be ready for bank runs. Here is a quote: “Banks worldwide owe nearly $5 trillion to bondholders and other creditors that will come due through 2012, according to estimates by the Bank for International Settlements. About $2.6 trillion of the liabilities are in Europe.” From David W.: Historian warns …
Good Afternoon, Jim, What can Christian people do if they have lost their income when the economy crashed in October 2008 and they still have limited funds? I am a professional and the market I serve is in decline. Suggestions? I have applied to hundreds of jobs with no reply. Thanks, – Paul S. At this point, the prospects for economic “recovery” seem remote, especially with the planned tax increases (January 1, 2011) and the inevitability of higher interest rates. I recommend that you start your own business, in something recession/depression proof. Look through the 75+ SurvivalBlog articles in the …
If the power grid fails for a weekend, dollar bills will always be accepted. And I think it’s a good idea to keep at least $500 on hand in your home, in $5 and $10 denominations. If the stores are open, but their credit card machines are not working, you’ll still be fine. But what happens if things really fall apart? It’s easy to imagine a time when cash will no longer be king. What if an EMP knocks out all our electronic infrastructure? If you’ve read “One Second After,” you get a feel for how quickly all our technology …
Jimmy Rogers: ‘I don’t have investments in the UK’. (Thanks to G.G. for the link.) Items from The Economatrix: Disappearing Perk: Employee Stock Options Americans May Be Slammed with Shocking Tax Hike US Shopping Center Vacancies Approach Record High Before The Bell: US Stock Futures Down Over Worries On Growth Oil Prices Rise in Volatile Trade European Banks are Worse than Wall Street World Sovereign Default Risk Rose 30% as European Debt Crisis Deepened
KAF flagged this: Venezuela nabs two for trying to ‘Twitter’ a run on banks. Consider this fair warning on a new threat: “flash mobs” that could trigger crises including bank runs, and runs on key commodities. Do you remember how Johnny Carson made one offhand remark that sparked “The Toilet Paper Crisis of 1973”? The burgeoning social networks could be used to spread a panic far and wide, whether it is justified or not. SurvivalBlog reader Tony B. sent us this: Dollar weakness reflects optimism. Tony’s comments: “How upside-down is people’s thinking when the value of the dollar falling is …
An interesting piece, over at the Dr. Housing Bubble blog: Frankenstein real estate market – $3.5 trillion in commercial real estate debt and $10.3 trillion in residential real estate debt. Items from The Economatrix: AP Analysis: Economic Stress is Easing More Slowly Investors Shake Off Slowdown in Services Growth Deficit Hysteria in Times of Depression New, Nearly Dictatorial Powers Go to Fed Economic Gloom Shrouds Spain Market Forecaster Sees Plunge to 1,000 Dow Repeats Great Depression Pattern Retailers Launch Their Own Stimulus Packages
Randy K. zeroed in on this: Wall Street Apocalypse: The World of the Doomsday Investors G.G. flagged this: Implications of a Likely Economic Downturn Items from The Economatrix: Job Creation in Private Sector Remained Weak in June So What Exactly is a Double-Dip Recession? Mortgage Rates Scream “BUY” But Who’s Listening State Pension Woes Only Worsening ISM Says Service Sector Growth Slows in June Post Office Announces 2-Cent Rate Increase. (Say, what happened to that much-touted deflation?) Pump Prices Head Down Again After Holiday Weekend