Economics and Investing:

State auditor: California’s net worth at negative $127.2 billion

Mt. Gox under largest DDoS attack as bitcoin price surges

A Tipping Point In The Financial System

Reader Lance in Michigan wrote to chime in with this sign of the times: “Yesterday I went to our bank here to begin withdrawing excess reserves and was told to come back today. While there, a woman queued up at the teller window next to me was upset that they wanted to know what she was planning to do with the $20,000 she was withdrawing. My mere $7,500 didn’t solicit the same question. My teller commented: ‘Everyone seems to be taking large amounts all of a sudden.’ All the employee’s there seemed bewildered as to why this is happening.”

Speaking of preparedness for bank runs, I quizzed my own dear mother and learned that she never requested an ATM card for her largest account, at a her local bank. She plans to remedy that, post haste. Be ready, folks!

Items from The Economatrix:

Central Banks Gone Wild: Japan Raises Stakes In Losing Battle

Where US Economy Has, And Hasn’t, Recovered. [JWR’s Comment: Don’t let these platitudes fool you. The only reason that “Household Net Worth” has recovered is because the Fed has re-inflated the housing bubble by pushing interest rates down to absurd levels and more than tripled the monetary base since 2009. The Quantitative Easing monetization scheme is now directed at buying up Mortgaged Backed Securities. This is false prosperity, folks. The end game will be ugly. Inflation is a hidden form of taxation. In real terms, we are worse off than in 2009, and we now face the prospect of an enormous financial tsunami.

Marc Faber:  What Happened In Cyprus Will Happen Everywhere

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