Category: Economics & Investing

Charley keyed in on a piece in The Atlantic, where Jeffrey Goldberg contemplates survivalism: Why I Fired My Broker. The accompanying video clip, titled “The Con Game” is quite entertaining and has some snippets about his acquaintance Cody Lundin–a survivalist and author.(Cody is the author of When All H*ll Breaks Loose: Stuff You Need To Survive When Disaster Strikes — currently around #300 in the Amazon ranks.) Here is a quote from the print article: “For the record, I don’t think the grid is buckling under the weight of consumer debt or the mistakes of AIG. But we’re in a …

D.S. flagged this:Why There will be no other Bubble to Save us from this 40 Year Financial Bubble: From Manufacturing, Technology, and Financial Services. Real Estate Bubble. Drop in Corporate Tax Receipts D.S. also recommended an Op-Ed piece by Paul Krugman in The New York Times: Green Shoots and Glimmers Kern County, California unemployment jumps to 15.9 percent. (Thanks to JWP for the link.) Krys in Idaho sent us this article. US regulators close American Sterling Bank. Krys’s comment: “In case anyone’s counting, that’s an average of almost 1.5 banks closed every week so far this year. It is only …

Craig W. recommended this Don McAlvany address, in MP3 format: The Global State of Emergency Made Local Reader G.G. sent this: Capital One sounds alert over surge in credit card loss rates D.S. flagged this: A Thought for Tax Day: The Real Fiscal Crisis Is Yet to Come. The numbers cited are staggering! Items from The Economatrix: A “Copper Standard” For The World’s Currency? “China has woken up. The West is a black hole with all this money being printed. The Chinese are buying raw materials because it is a much better way to use their $1.9 trillion of reserves.” …

From G.G.: Brace For Hyper-Inflation Spotted in the Drudge Report news links: Magazine Ad Pages Decline Almost 26% in First Quarter G.G. also sent a link to yesterday’s Dilbert cartoon strip. G.G.’s comment: Dilbert is channeling [economist Gerald] Celente. Items from The Economatrix: How Consumers Can Take Smart Advantage of Falling Prices Fed Finds Faint Signs Economy Starting to Level Off Ron Paul: Audit the Fed Art Market Crashes 401(k) Losses Devastate Retirees Glamour Dims as Hecklers Hit Auto Shows Gasoline Expected to Remain Cheap this Summer Food Auctions Thrive During Recession General Growth, 2nd Largest Mall Owner, Fails Historic …

Laura H. sent this: In uncertain times, all that glisters is a gold standard Chauncey sent this Five Bailout Absurdities Items from The Economatrix: “Green Shoots” a Mirage in Economic Desert US Taxpayers’ Costs Likely to Rise After AIG-FP Staff Quit Wall Street Holds its Breath as 1st Quarter Results Come In GM Told to Prep for “Surgical Bankruptcy” HSBC Faces Crisis Over US Credit Cards Consumer Prices Drop Unexpectedly in March Swiss Bank UBS Cutting 7,500 More Jobs Singapore Devalues Its Fading Dollar Obama’s Economic Optimism Falls on Deaf Ears US to Reveal Results of Stress Tests on 19 …

Reader HPD: suggested this piece by Mish Shedlock: Nationwide Tax Revolt is Coming Dave (at Captain Dave’s) mentioned an interesting article on Why our current credit crisis mirrors Weimar, over at the Seeking Alpha site. G.G. sent us this: Bernanke sees signs of economic stability “I can assure you that monetary policy-makers are fully committed to acting as needed to withdraw on a timely basis the extraordinary support now being provided to the economy, and we are confidence in our ability to do so,” Bernanke said in remarks prepared for delivery at Morehouse College in Atlanta.” G.G.’s comment: “Of course, …

G.G. sent a link to a piece in The Financial Times about the threat of mass inflation: Germany warns on ‘crisis after crisis’ “‘I am concerned that the countermeasures we are seeing around the world, financed by enormous amounts of debts, could be paving the road to the next crisis,’ Mr Steinbrück told Bild, a tabloid daily.” G.G. also forwarded a link to a Barron’s article: The Lessons of the Savings-and-Loan Crisis: “The current bank scandal dwarfs the 1980s savings-and-loan crisis — and could destroy the Obama presidency.The scale of fraud is immense.” “This whole bank scandal makes Teapot Dome …

From Greg C.: Fed Said to Order Banks to Stay Mum on Stress Test Results KAF forwarded this video link: Stop Spending Our Future – The Crisis From Richard R.: Two more banks fail, lifting this year’s tally to 23

HPD mentioned a piece in Mish’s Global Economic Trend Analysis: Bartering Services to Combat the Recession David V. sent this: Social Security Bomb About To Explode Items from The Economatrix: Economic Crisis: No End In Sight; Worse Than The Great Depression. “Today five US banks according to data in the just-released Federal Office of Comptroller of the Currency’s Quarterly Report on Bank Trading and Derivatives Activity, hold 96% of all US bank derivatives positions in terms of nominal values, and an eye-popping 81% of the total net credit risk exposure in event of default.” (JPMorganChase, BofA, Citibank, Goldman Sachs, HSBC, …

I heard about this piece over at the Dr. Housing Bubble blog: Marketing Consumerism in the Boom and Bust Economy: Four Advertisements Showing the Shift in Consumer Buying Habits: Pizza, Airlines, Real Estate, Toxic Assets, and the Simpsons. The bit about Homer Simpson’s home equity line of credit (HELOC) was priceless. Eric H. flagged this one: Chinese re-embracing Marx and Mao in face of economic woes. Eric’s comment: “So much for all those ‘relax, they are becoming more like us and our differences are disappearing’ stories we were told in the past decade or so.” HPD alerted us to a …

From reader H.P.D. Mish’s Global Economic Trend Analysis: Treasury to Delay Reporting Bank Stress Test Results G.G. sent this: Businesses Gird for Depression Also from G.G.: IMF gold sale may push down prices below $800 Items from The Economatrix: Wed. Stocks End With Modest Gain CEOs Expect More Job Cuts Through End of Year Coupons.com Sees 190% Increase Over Last Year Cereal and baby food top the list Few US Cities Escape Recession’s Reach Treasury to Offer Limited Aid to Certain Insurers (Only if the insurers own banks or savings & loans) New Jobless Claims Fall More Than Expected to …

Matt B. suggested this video clip of Argentinean economist Adrian Salbuchi: Global Financial Collapse Greg C. sent this item from McPaper: Communities print their own currency to keep cash flowing D.G. suggested this from Eric Margolis at The Toronto Sun: Wall Street Ticks Off the World From G.G.: A Night with the Bears: Meredith Whitney, Nouriel Roubini, Ian Gordon and Eric Sprott put on quite a show this evening in Toronto. Items from The Economatrix: Derivatives, the New Ticking Time Bomb Politicized Accounting: No End to the Scams Soros: “Zombie” Banks Could Suck Lifeblood Out of Economy The Question that …