Inyokern sent this “must read” piece that compares the current collapse with 1929: Surviving the Great Collapse Mike K. spotted this telling news article: A Trashed Economy Foretold, Intake at Landfills Has Been Falling From Joan M.: Canada’s dirty subprime secret Laura H. sent this: Banks scramble to return bailout funds From Ben in Nevada: Dollar Crisis in the Making – Before the stampede
From Eric in Tennessee: China ‘worried’ about US Treasury holdings. Reader Kyle D. sent the same link. Kyle quipped: “At least they didn’t say the dreaded ‘D’ word: Default.” The Other Chris sent this: Homeowners See U.S. Taxes Rise as Property Values Sink Amid Deficits. “Gee, Wally, if property values are declining, shouldn’t our taxes be going down?” Courtesy of Jay, comes: Glenn Beck’s The Inconvenient Debt. Jay’s comment: “[In this video segment,] there is great chart presented by Glenn Beck on the US money supply since 1929. It is shocking.” DD forwarded this from MSNBC: Investors and homeowners woes …
Matt in Texas sent this “must read” link: Martin Armstrong: Is It Time To Turn Out The Lights? Here is a key quote: “We are standing on the edge of a cliff in the middle of nowhere. … We must ask our politicians a very important question: Where are you going? To date, the answers have been more of a riddle… In other words, we get a paradoxical explanation that is of something that is the opposite of what it suggests. … This Economic Depression is unstoppable, regardless what Government says. … Unless we start to get sane people with …
Hi – I just read your comments regarding not holding jewelry for precious metals holdings. As one who makes his living (and has done so for decades) in jewelry, coins and guns, I fully agree with your comments. I have had many customers in over the years that had decided that jewelry was a good place to invest in precious metals, and after I went over it with them, they have all switched to good products. There are some very good fake jewelry out there these days that will fool many, even with the use of a stone and acid. …
I was interviewed again briefly by the folks at the Fox Business News “Happy Hour” television show. The topic was, of all things, “buying off grid rural property.” Folks are waking up! From H.P.D.: 8,000 Earmarks. Kevin A. spotted this: Freddie Mac Lost $265 Million Per Day. “The main skill required to run Freddie Mac seems to be the ability to light three one thousand dollar bills on fire every second of every day. If these guys keep it up, they may even be able to get a job at AIG one day.” The Other Chris sent this Rise in …
Jon sent this sobering news story: 45 percent of world’s wealth destroyed: Blackstone CEO. “Between 40 and 45 percent of the world’s wealth has been destroyed in little less than a year and a half,” Schwarzman told an audience at the Japan Society. ‘This is absolutely unprecedented in our lifetime’” J.W.P. mentioned this video interview of Dimitri Orlov. J.W.P.’s comment: “I continue to be amazed at how people actually believe that the current U.S. government will “find a way to get us out of this mess.” It can’t, and it won’t. We’ve seen how recent and current this administrations have …
Hello Jim, Been learning a lot from Survival Blog, thanks for the great work. I’m just wondering if sterling silver and 14 karat [gold] jewelry (plain [rings or chains], or gemstones would make good bartering items? Have been thinking of selling them and using the money for preparedness, etc but wondered about this. Thanks very much for all the useful information. – Mrs. H. JWR Replies: Although at first blush keeping jewelry on hand might seem practical, in actuality its drawbacks outweigh its benefits. Perhaps metals, but gemstones are a definite no. Gemstones–either diamonds or colored stones–will not be trusted …
Jasper found this item from the McClatchy News Service for us: Regulatory reports show 5 biggest banks face huge losses. Here is a key quote: Citibank, Bank of America, HSBC Bank USA, Wells Fargo Bank and J.P. Morgan Chase reported that their “current” net loss risks from derivatives — insurance-like bets tied to a loan or other underlying asset — surged to $587 billion as of Dec. 31. Buried in end-of-the-year regulatory reports that McClatchy has reviewed, the figures reflect a jump of 49 percent in just 90 days. Hmmmm… “Derivatives.” Where have I heard that word before? DD sent …
James, We finally caught up on magazine sales in late February, filling our last outstanding back orders, and I actually have a limited number of C Products AR-15 magazines in stock and some Magpul PMags (which I really like). The manufacturers tend to send out a half of an order and then a few weeks later, the balance of it. They are clearly allocating inventory across their customer base and I would estimate that they are running two to three months behind. The delivery situation is getting worse, and my guess is that new orders placed today would likely arrive …
JWR, I attended a gun show in a Southern state this weekend and wanted to share my observations. I got there very early and was among the first ten in line. By the time we were allowed to enter, the line was out the door of the building and around the corner. I’d estimate around three hundred people in line. I left the show a mere hour later and the room probably had in excess of eight-hundred people and the line was still quite long. Ammo, of course, went fast. I was able to acquire all the ammo I desired, …
Video clip from Australia: Jim Rogers calls is straight on the MOAB, economic recovery, switching to tangible assets, and buying productive farmland. Rogers: “Yes, we are going to have another depression in the United States.” Thanks to FloridaGuy for this: Pontiac, Michigan may lay off all school teachers GG sent a link to an Ambrose Evans-Pritchard video interview on the rush into gold over “high degree of fear” regarding hyperinflation and economic collapse From R.S.R.: Statistician Says US Joblessness Near Depression Highs (19.1%) Items from The Economatrix: Gunmakers and Retailers Post Strong Sales Increases World Stock Markets Fell Again (Monday) …
Jim, While we prepare to break ground for this years garden I’m still preparing my financial stores long before my harvest comes in. There is still one question I can’t find an answer for that satisfies me. Are U.S. Savings Bonds safe? We have allot of EEs that can be cashed in but if they are safe as Bonds why not leave them. But if every thing is headed down the tubes how likely is the U.S. Government to default on this paper just like it would on another paper currency? Southern-Survivor in North Alabama JWR Replies: As I’ve written …
Bill N. sent this very observant piece: Gold, Spam, and Ruger vs the S&P 500.Bill notes “This is an interesting article, it even has a graph at the end comparing the S&P 500, gold, Hormel (makers of Spam), and Ruger Firearms for the last year.” Insurance giant AIG (now 80% US government owned, thanks to a $125 billion bailout with taxpayer funds) is not out of the woods yet. Asset values are continuing to decline, creating more credit default swap (CDS) derivatives counterparty risk. $300 billion in assets have already been affected. For some details, see this Wall Street Journal …
SurvivalBlog’s Editor at Large Michael Z. Williamson sent us a link to an interactive unemployment map. OBTW, speaking of Mike, I just heard that his recent sci-fi novel “Better to Beg Forgiveness…” is now out in paperback! (Be forewarned that this is not a children’s book!) D.S. flagged this from US News & World Reports: How to Handle Your Job and Finances If There’s a (Yikes!) Depression Signs of the times, courtesy of FloridaGuy: Stark, Ohio’s hottest job: Janitor – Over 700 applications for one slot. Holding a layoff-proof, low-paying civil servant job may become the source of envy, as …
Do you recall the warnings that I’ve made, starting in 2006, about derivatives counterparty risk? Well, CDS paper is just one aspect: Pressure to reveal major AIG counterparties grows.Stay tuned, as the economic depression unfolds, and we see hundreds of counterparties cease to exist. Who will get caught holding the bag? I spotted this linked at Drudge: 12 percent are behind on mortgage or in foreclosure. “A stunning 48 percent of the nation’s homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure…” From reader Mike K.: We Are Facing an ‘Inflation Holocaust’: Jim Rogers. …