I couldn’t help but notice that the spot price of gold jumped $30 per ounce at the opening bell in Asia on Monday morning. (Which was Sunday evening, Rawles Ranch time.) Get ready for a very scary ride in all of the markets this week!
Reader J.D.D. sent this: World Financial Officials Hold Emergency Call to Discuss U.S. Credit Downgrade[JWR’s Comment: “Call in the tailors for an emergency meeting!” cries Les Empereur Sans Culottes.]
Four links from G.G.: Two bank closures on August 5th bring total for 2011 to 63 banks. (One of them was inside the American Redoubt.)
Marc Faber: Brace for a Global ‘Reboot’ and a War.
What a difference a week makes: ECB says will “actively implement” bond-buying. (A tip of the hat to Marilyn R. for the link.)
FY2011 deficit tops $1 trillion, with two months to go.
Catherine Austin Fitts at The Solari Report: Federal Budget 101 & Catherine’s Response
France and Italy stand by to bail out biggest banks as euro crisis worsens (Thanks to J.B.G.)
Items from The Economatrix:
“Sudden And Unexpected” Burst of Downsizing Causes Layoffs to Explode Nearly 60% in July
US Recession Fears Grow as Consumers Curb Spending
Euro Money Markets Freeze as Crises Escalate in Italy and Spain
Europe on Brink of “Major Financial Collapse”: Guggenheim CIO