Reader H.H. recommended a speech by economist Marc Faber, titled Mirror, Mirror, On The Wall, where he talks about what will be the next entity like AIG to fall. At minute 54, he says to buy a house in the middle of nowhere” to avoid the various forms of social unrest he believes is coming. He also recommends, of course, that you buy physical gold as a hedge against inflation. It sounds like he’s now in accord with economist and investing guru Barton Biggs, who has also recommended buying retreat property: “Your safe haven must be self-sufficient and capable of growing some kind of food,” Mr. Biggs writes. “It should be well-stocked with seed, fertilizer, canned food, wine, medicine, clothes, etc. Think Swiss Family Robinson. Even in America and Europe there could be moments of riot and rebellion when law and order temporarily completely breaks down.”
Robin C. sent this: Paying a price for risky schemes; Derivatives meltdown costs metro Atlanta entities $394 million
Soaring costs force Canada to reassess health model. (Thanks to Brian B. for the link.)
Items from The Economatrix:
BP Shares Plunge as Company Struggles to Plug Leak
Euro Hits New 4-Year Low Against Dollar [JWR Adds: Meanwhile, gold is approaching “I told you so” price levels. It is not to late to buy on the dips. And FWIW, I think that silver is the better investment, at present.]
Hewlett-Package to Cut 9,000 Jobs; Restructure 6,000 of Them
Construction Spending Jumps 2.7% in April [JWR Adds:Of course a lot of that was “stimulus” driven, using nonexistent dollars.]
The US Economic Collapse Top 20 Countdown
The Looming Financial Holocaust is Closer than We Thought