Category: Economics & Investing

G.G. was the first of several readers to mention this article by Ambrose Evans-Pritchard: With the US trapped in depression, this really is starting to feel like 1932 Todd M. sent us this: Banks Too Big to Fail, Too Big to Bail Out: Roubini B.B. sent this: Investors Fear Rising Risk of US Regional Defaults Bernanke Created Half of 234 Years’ Worth of Money Supply. Here is a quote: “The U.S. turned 234 years old yesterday, and yet over half of the nation’s money supply was created since Helicopter Ben took over the flight controls four years ago. No wonder …

B.B. spotted this item in The New York Times: Robert Prechter’s Market Forecast Says ‘Take Cover’ Tom J.in Vermont sent this: Davidowitz: US Economy a “Complete Disaster” Thanks to Chris G. for this link: Barack Obama: The great jobs killer “Falcon” suggested this piece by Bob Chapman, who suggests that thing might get downright medieval: Struggling and Faltering to Manage Economic Recovery. Chapman writes: “As a result of this and other failures we are about to experience the worst economic collapse since 1348 [during the Great Plague.]” Items from The Economatrix: Fannie-Freddie Bailout Could Cost Taxpayers $1 Trillion Why Canada’s …

SurvivalBlog’s Poet Laureate, George Gordon (“G.G.”) sent us this one: Illinois facing ‘outright disaster’ amid budget crisis Items from The Economatrix: 40% of Florida Home Sales are Foreclosures Fed Made Taxpayers Unwitting Junk-Bond Buyers Denninger: The Clock is Running Out Gold Miners and Explorers Face Serious Supply Problems Pelosi: Unemployment Checks Fastest Way to Create Jobs Market’s Swoon Prompts Fear of the Dreaded “Death Cross” A Depressing Thought: Deflation Pending Home Sales Plunge Record 30% Layoffs Climb as Housing Slump Deepens 1.3 Million Unemployed Won’t Get Benefits Restored Stock Futures Head Lower to Open Third Quarter New Jobless Claims Rise …

Reader M.T. sent us this link: Gerald Celente: The Crash Is Underway H.L. sent this: Fears of Global Slowdown Hammer Stock Market Payback Time – Budget in the Red, Illinois Has Stopped Paying Bills (thanks to B.B. for the link.) Items from The Economatrix: Obama Says US Economy “Strengthening” Despite Weak Data US Auto Sales Seen Slowing with Recovery in Doubt City Budgets Snuffing 4th of July Fireworks Joint Chiefs Chair Reiterates Debt Is National Security Threat BP Shares Soar on Takeover Talks Greek Austerity Rage Spills Into Athens Streets One Million Protest Italy Austerity Package Crackdown! Is the Massive …

Chris G. sent us this troubling news article: House Democrats ‘Deem’ Faux $1.1 Trillion Budget ‘as Passed’ Recession cut into employment for half of working adults, study says. (Thanks to frequent content contributor B.B. for the link.) Items from The Economatrix: BofE Rate Setter Fears New UK Recession Nearly 1 in 3 First-Quarter Home Sales a Foreclosure Sold at Steep Discount Central Banks Warn of New Crisis if Exit Left Too Late China Slowdown Fears Hit Global Markets It’s Everyone for Themselves After Toronto Failure Europe’s Recovery Falters Double-Dip Recession Warning Signs are Everywhere! Batten Down the Hatches! Payrolls Drop …

KAF sent us this: National debt soars to highest level since WWII Thanks to RBS for spotting this: Oregon city turns off streetlights to save money Courtesy of reader John R.: Corruption Suspected in Airlift of Billions in Cash From Kabul. (Gee, do you think it might be suspicious?) I was doing some web wandering, and I found a fascinating history piece on AIG, and its parent company, AIC. Items from The Economatrix: Europe’s Banks Still on Life Support Roubini Says Greece Needs Orderly Debt Restructuring to Avoid “Inevitable Default” Britain “Might Not Cope with Another Bank Emergency” You Don’t …

A dark day for personal privacy in America: $600 Sale? Get Ready for Tax Form. Essentially, this makes everyone into unpaid de facto IRS agents. (Thanks to “Boosters” for the link.) Gregory S. sent this: Dollar should be replaced as international standard, U.N. report says Items from The Economatrix: Silver Posting Best Streak Since Hunt Conspiracy No Matter Which Way Economy Turns Stamp of Idiocy (The Mogambo Guru) Home Prices Rose 0.8% in April Over March Consumer Confidence Tumbles in June Oil Prices Plummet on Concerns About US Demands Gold May Reach New Highs on “Double Dip” Fears

KAF sent this: Five minutes of waiting to exhale A 17 percent plunge in Citigroup Inc. today triggered a five-minute trading pause, making the bank the second company halted by the two-week-old circuit- breaker program created to prevent market panics From reader S.M.: The Third Depression Also from S.M: US State Budget Crises Threatens Social Fabric Items from The Economatrix: Derivative Market: Alive and Kicking Despite Reforms Banks Told to Hoard Cash in Case of Crisis New UK ATMs to Restrict Money Supply 46 US States Facing Greek-Style Crisis Oil Price Rises Over Tropical Storm Concerns Unemployed Face Abuse from …

Yishai sent us this (by way of Glenn Reynolds at Instapundit): Foreign Central Banks Going for the Gold RBS tells clients to prepare for ‘monster’ money-printing by the Federal Reserve. Here is a quote: “We cannot stress enough how strongly we believe that a cliff-edge may be around the corner, for the global banking system (particularly in Europe) and for the global economy. Think the unthinkable.” (Thanks to Brian B. for the link.) S.M. sent this: Biden: We Can’t Recover all the Jobs Lost Items from The Economatrix: Derivatives Blow for Wall Street Banks Under Historic US Reforms. Translation: The …

James Wesley: I noticed about two weeks ago, that the chart movement for the price of gold is almost a carbon copy of the price of silver, one goes up, so does the other in almost the same amount. Admittedly two weeks is not a long time but is is still uncanny. The charts are almost identical, only the values are different. Check the Kitco silver chart, and then select the gold chart on the left side then back to silver. Notice the movement is almost identical? This may not mean anything, but I think the odds are too high …

Ben Bernanke needs fresh monetary blitz as US recovery falters. (A hat tip to G.G. for the link.) As I’ve warned before, The Mother of All Bailout s(MOAB)is inexorable. It will continue, round after round, until the US Dollar is destroyed as a currency unit. Clint L. sent this: Silver Without a Cloud by Richard Daughty, aka The Mogambo Guru Items from The Economatrix: 20 Must-See Charts on America’s Disastrous Level of Government Spending California to Offer Program to Trim Underwater Mortgages Fannie Mae Gets Tough with Homeowners Who Walk Away Economy Faces Tough Road Ahead with Slower Growth The …

Frequent content contributor RBS sent this: New uses for silver to grow demand in next 10 years. K. in Montana forwarded this: Gold on Longest Winning Streak Since 1920. Reader Dan E. spotted a telling news item: More than 40 million now use food stamps The Friday Follies continue, with bank closures in New Mexico, Georgia, and Florida. Items from The Economatrix: Federal Reserve Cautions on US Economic Growth Bernanke Needs Fresh Monetary Blitz as US Recovery Falters Senate Republicans Defeat Jobless Aid Measure Over Deficit Fears Geithner: US Can “No Longer Drive Global Growth”