S.J. sent us this link: The Scariest Unemployment Graph I’ve Seen Yet Dave D. suggested this article: U.S. may face deflation, a problem Japan understands too well Reader “AmEx” (American Expatriate) sent us this: Uncle Sam has worse woes than Greece From reader RBS: U.S. Rescue May Reach $23.7 Trillion, Barofsky Says Geithner: Let Tax Cuts Die. (Can you detect the desperate need for revenue?) A hat tip to B.G. for the link.
Recent news articles about U.S. tax law changes have prompted dozens of SurvivalBlog readers to contact me with their concerns. Some of these e-mails asked me for advice on how to minimize the impact of these tax law changes. First let’s go over the changes in the tax law that have been announced: 1.) The Federal income tax rates are increasing starting with tax year 2010, with the top tax rate jumping to 39.6%. Meanwhile they are reinstituting the death tax, creating higher capital gains taxes, and the elimination of some exemptions for people that are married and for those …
SurvivalBlog’s Poet Laureate G.G. sent this: Nielson Probability of US Hyperinflation or Debt Implosion Both G.G. and John G. suggested this article by Ambrose Evans-Pritchard: The Death of Paper Money F.G. mentioned: The Middle Class in America Is Radically Shrinking. Here Are the Stats to Prove it K.A.F. sent this Fox news item: Treasury Plans to Sell 30% More of Citi Stake.
KAF sent this: Bernanke Says Extending Bush Tax Cuts Would Maintain Stimulus to Economy. Frequent content contributor B.B. sent this: Chinese Central Bank Outlines Plan To Ditch The Dollar As The Yuan’s Peg SurvivalBlog’s Poet Laureate G.G. spotted this: White House predicts record $1.47 trillion deficit Items from The Economatrix: Sales of Previously Occupied Homes Falls 5.1% These 72 Analysts Believe Gold Will Go Parabolic to Between $2,500 and $15,000 Per Ounce Infowars.com Poll: Majority Believe Road Warrior Depression Coming Nothing Was Sacred: The Theft of the American Dream Economic Meltdown: The Final Phase
Bobbi-Sue and G.G. both suggested this piece over at Seeking Alpha: The One Economic Chart That Really Matters Thanks to readers Brett G. and “Tanker” for this link: Bernanke: Further Easing Hinges on Jobs KAF flagged this: Central bank official suggests move away from dollar as benchmark Another news item from G.G.: Bank failure tally passes 100 for the year Items from The Economatrix: Leading Indicators Drop in June as Recovery Slows Mortgage Rates Hit New Record Low Elevated Jobless Claims Point to Weak Labor Market UPS Raises Outlook for Year Despite Mixed Economy
G.G. flagged this: Marc Faber expects a return to massive quantitative easing by October China: The US is “Insolvent and Faces Bankruptcy” (Our thanks to B.B. for the link.) Items from The Economatrix: Stocks Surge on Upbeat Earnings, Forecasts It’s TEOTWAWKI Filibuster Broken, Jobless Benefits May Flow Soon Jobless Rates Improve But Many Have Given Up Looking The Retirement Nightmare: Half of Americans Have Less than $2,000 Saved for Retirement Intrigue Builds in the Comex Silver Pits Penniless Idiocy (The Mogambo Guru) US Housing Starts Drop to Lowest Levels Since October Fed to Push Rates Lower? Some Traders Betting on …
B.B. was the first of several readers to mention this item: US financial system support up $700 billion in past year-watchdog. “Total US government financial system support seen at $3.7 trillion.” Yikes! Brett G. sent this one: How to Upgrade an Old Phone into a Porsche. M.E.W. spotted this: Why Are Banks Withholding Highend Repossessions Over $300,000 From the Market? G.G. suggested the latest from The Mogambo Guru (Richard Daughty): Raising Taxes to Combat Recession: The Ultimate Fiscal Folly Items from The Economatrix: Stocks Drop as Bernanke Warns of Uncertain Economy Firms Want to Rehire, Skilled Workers Scarce Cities Rent …
Dormant accounts to fund ‘big society’ bank. (A hat tip to Chris P for the link.) Norman A. mentioned: King World News interviewed John Williams of ShadowStats. Anthony M. sent this item: Nearly half of North Carolina’s state-chartered banks ‘troubled’ Items from The Economatrix: The Real US Unemployment Rate Could Be 25% Or More US Consumer Confidence Slides To Lowest In A Year The Geography of a Recession (Now updated through May, 2010) Stocks Slump on Weak Revenue for Goldman, IBM Home Construction Sinks to Lowest Level Since October Desperate Retailers Push Christmas in Summertime
G.G,. sent this: Homeowners Associations: The New Foreclosure Ireland’s credit rating downgraded by Moody’s. Down to Aa2. Ouch! (Thanks to John in Ohio for the link.) Items from The Economatrix: Stocks Rebound as Investors Await Earnings IBM Lifts 2010 Forecast But Economic Worries Loom Homebuilders Losing Confidence in the Recovery Average Gasoline Prices Down From a Month Ago UK: Hedge Funds Accused as Food Prices Soar Stress Testing Euro Banks Won’t Stave Off a Deflationary Vortex Markets Braced for Turmoil After IMF and EU Pull 17 Pound Billion Hungary Financing Deal
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 …