Economics and Investing:

From “Kevin Lendel”: China airs fears on US debt, dollar: lawmaker

10 big banks get OK to repay $68B in bailout money (Thanks to H.D.K. for the link) “Experts say allowing 10 banks to return $68 billion in bailout money illustrates some stability has returned to the system but caution that the crisis isn’t over. Some worry the repayments could widen the gap between healthy and weak banks.” Cheryl N. notes. “Just remember, these banks suddenly were able to pay their bills after the FASB changed some accounting rules. It’s just more “green shoots” based on falsified accounting records.

HPD spotted this piece by Mish Shedlock: Eight Step Program to Improve Fed’s Image

Items from The Economatrix:

Charles Hugh Smith’s commentary: Why The Current Depression Will Be Deeper Than 1929

Justice Ginsburg Delays Chrysler Sale

Geithner to Sen. DeMint: Bailouts May Never End, No Exit Plan. JWR Adds: Gee, that sounds like the very definition of the MOAB

Obamanomics: How Stupid Do They Think We Are?

The Economy is Still at The Brink “We have both spent large chunks of our lives working on Wall Street, absorbing its ethic and mores. We’re concerned that nothing has really been fixed. We’re doubly concerned that people appear to feel the worst of the storm is over —and in this, they are aided and abetted by a hugely popular and charismatic president and by the fact that the Dow has increased by 35 percent or so since Mr. Obama started to lay out his economic plans in March. But wishing for improvement and managing by the Dow’s swings are a fool’s game.”

Bank Profits From Accounting Rules [Relaxation] Masking Looming Loan Losses “The revival may be short-lived. Analysts who have examined the quarterly profits and government tests say that accounting rule changes and rosy assumptions are making the institutions look healthier than they are.”

Economist: Housing Bubble Caused Great Depression, Too

Skousen: Something Rotten In Auto Bankruptcy Deals

Medvedev: Russia, China Should Dump Dollar In Trade “Medvedev said bilateral currency deals between trade partners ease impact of the economic crisis in an environment when many countries have difficulties tapping international capital markets.”

Russian Rouble to Go Palladium

US Expert: India, China Ready to Rule World Economy
“… the Centre for Economics and Business Research (CEBR), a London-based economic consulting firm, had predicted emerging market economies may overtake the US and the rest of the Western world this year instead of 2015 as predicted earlier.”

Peter Schiff: The Charm Offensive “…no matter how slick the sales pitch, no amount of lipstick can dress up this pig.”