Economics and Investing:

Laura H. suggested this Wall Street Journal piece: From Bubble to Depression?, by Steven Gjerstad and Vernon L. Smith

Kevin A. sent us this: Geithner’s Stress Test “A Complete Sham,” Former Federal Bank Regulator Says

Items from The Economatrix:

West Must Deal with $600 Trillion in Derivatives

Bernanke’s Financial Rescue Plan: The Growing Prospect of a US Default. Here are two keyquotes: “It is impossible to know what the long-term effects of Bernanke’s excessive spending will be, but his plan has the potential to trigger hyperinflation or spark a run on the dollar.”, and: “The recent 22 percent uptick in the stock market is a sign that Bernanke’s monetary stimulus is beginning to kick in. Oil rose from $33 per barrel to over $50 in little more than a month. Other raw materials have followed oil. The dollar has plunged every time the stock market has gone up. These are all signs of nascent inflation which is likely to accelerate after the current period of deleveraging ends. Food and energy prices will rise sharply and the dollar will come under greater and greater pressure. This is Bernanke’s nightmare scenario; a surge in inflation that forces him to raise rates and kill the recovery before it ever begins.”

75 US Towns Now Have Barter Currency

Swiss Deflation Next Chapter in World Crisis

Larry Summers, Tim Geithner and Wall Street’s Ownership of Government

No Return to Normal

Jobless Aid Running Out for Many

The Crash of ’09, The Collapse of ’10

“Recession Rage” Growing in US

G20: A Citizen’s Guide

Goldbugs Rest Assured, Inflation Will Return

US Watchdog Calls for Bank Execs to be Fired

Tea Prices are Surging. is Your Mug Next?

Empty Tables Threaten Some Restaurant Chains

Bill Moyers with William K. Black on Wall Street

Poll: Americans More Optimistic on Economy Since Obama’s Inauguration. Huh? What newspapers have they been reading?

Soros: US Recovery is Far Off; US Banks “Basically Insolvent” “The U.S. economy is in for a ‘lasting slowdown’ and could face a Japan-style period of relatively low growth coupled with high inflation….”

Dollar Devaluation is Inevitable…Just Like In 1934

So Much Nonsense (The Mogambo Guru)





Jim’s Quote of the Day:

Baruch Atah A-donai E-loheinu Melech Ha`olam Oseh Ma`aseh Breishit.” (“Blessed are You, LORD, our God, King of the Universe who makes the works of Creation.”) – From the Birkat Hachamah recitation, April 8, 2009 (14 Nisan 5769). A mitzvah recitation made just once every 28 years.



Note from JWR:

Tomorrow (Wednesday, April 8th) is Book Bomb Day! This is a reminder to please wait until tomorrow to order your copies of the new edition of my novel “Patriots”. The new edition features both an index and a glossary. Many thanks for making the launch of the new edition a success. OBTW, brief positive reviews at various forums and on Amazon.com would also be greatly appreciated.

Coincidentally, I’ve been told that April 8th of this year is also a special Jewish blessing (mitzvah) day, called Birkat Hachamah, “the sun blessing”. This blessing is recited just once every 28 years. I wish our Jewish readers a meaningful Passover. (Christ is my Passover!)



Letter Re: Preparedness Mindset and Logistics Pay Dividends

Hi James,
I am 30 years old and began my survival mindset when I was about 25. I am a single father of three and that is part of what motivated me to begin to prepare years ago. 2008 was a real eye opener for me though as it all begin to hit home. I began to sell off my possessions when times got tough. Eventually I had to file bankruptcy and move my family into a smaller more affordable place. Settled in our new place I began adjusting thinking the worst was over, I was wrong within two months I was laid off. I had no money and no job, with three mouths to feed I didn’t know what I was going to do. Fortunately, I had family who was kind enough to let us stay with them until I got back on my feet. We have been here several months and am working hard to remedy our situation.

I must say when I started preparing I tried to place emphasis on having a firearm and ammunition along with adding an occasional few cans of food here and there as we could afford, and eventually we ate the food I put back. At no time were we ever well off In fact I could have been on welfare and food stamps all along but always thought I would make it. I had to sell my off road/family vehicle which was our daily driver to buy a four-door car because of gas, but we are still blessed and much more fortunate than many. I always watched the news and it all seemed so distant and never thought it could happen to me, but it did. This along with your help has really strengthened my mindset. I really wanted to send you this e-mail not just to tell you my story, as there are so many who have similar ones. I sent this to sincerely say thank you. You have opened my eyes to so much that I had never even attempted to consider, I was and honestly still feel like an infant with the sea of knowledge of preparedness.Your web site has truly put me on track to preparing in so many areas right down to me saving the lent from the dryer. Money is tight but with your help and that of your subscribers we are still preparing.

I recently ordered your novel [“Patriots”]and I haven’t been able to put it down! Congratulations, James. It is a great book! I have learned so much from the book as well and am still not finished. I do truly believe hard times are upon us and because of you the children and I will have a much greater chance of survival. You not only have affected my life but also the life of my 10 year old son, and eight and two year-old daughters. Rest well knowing you are truly making a difference and may God bless you and your family.
Sincerely, – Kyle



Letter Re: Bastion Structures and Vauban Architecture

Jim,
I remember a while back there was some chatter about building fortifications and the subject of “bastions” was brought up. Bastions, of course, being the protrusions from castle walls that allow all exterior walls and outside corners to be defended from within the fortification. Well, I was looking at some aerial photos of the epicenter of the recent Italian earthquake and found this fortification – in L’Aquila, Italy.

It is a perfect example of a structure for which not one single inch of exterior wall cannot be defended from within. The various angles guarantee that fire can be directed down the full length of any outside wall. I just thought it was an interesting illustration of the [Vauban fortification] concept. – Matt R.



Letter Re: That Leaking Body in Your Living Room

Sir,

There have been innumerable discussions on this web site, and others across the internet, about the mindset, preparations, training and physical responses to the use of deadly force. Every gun owner (or would be owner) has had to ask themselves if they have what it takes to kill another human being. We all know the argument. When it comes down to life or death, you or them, could you pull the trigger? Let’s assume, for the sake of this segment, that your answer is yes. Now let me present you with a hypothetical situation:

It’s TEOTWAWKI. Infrastructure is nonexistent. Government collapsed. You’ve bugged out to your retreat, or hunkered down in place. Late one night, an intruder enters your home. He is armed, and threatens your family. You confront him, and shots ring out. When the smoke clears, you get a SITREP, just like you practiced. You and your family are unhurt. The intruder is dead. What do you do now? Normally, if no one had already done so, your first step would be to call the local police or sheriff’s department. They would send out uniformed officers who would interview your family, gather evidence, take photographs of the scene, fill out an incident report, and then the coroner or ambulance would cart off the intruder.

There’s only one catch. It’s TEOTWAWKI. Even if the phone would ring, there are no police on the other end. No one is coming to help. There will be no uniformed officer, no incident report, no photos, no evidence taken. It will be completely up to you to discern how he gained entry, and repair any damaged caused by his entry, and the ensuing firefight. Do you know how to fix the door he kicked open? The window he shattered? The fencing or gate he drove over? More importantly, do you have the parts and tools needed to repair or replace them? Another door? Door frame? Door knob? Deadbolt? Strike face? Spare keys to new locks? Window pane? Window frame? Whole window? Fencing? Fence posts? Gate? Do you have anything to just cover the hole where your window to be?

Oh, and there’s one more little detail you may have overlooked. There will be no coroner to call. . There will be no trained, experienced, seen-it-all-nothing-shocks-me-anymore medical examiner to rid you of your recently deceased criminal mastermind. So, what do you do with the dead guy in your living room?

Honestly, how many of us have ever actually gone so far as to consider the possibility that one day we may find ourselves in a situation like this? An intruder in the home, certainly. A firefight, probably. Taking a life, likely. But who has actually come up with a plan for dealing with the aftermath, the body growing cold between your comfy chair and coffee table? I highly doubt your spouse and children would be keen to leave it where it is, playing the role of “lumpy, rather morbid area rug/ottoman.” And that would be ignoring the fact that corpses have this annoying (and stomach-churning) habit of, well, evacuating on themselves. And rotting. Never forget the rotting. So what do you do with it?

Do you drag it outside and bury it? Burn it on a funeral pyre? Throw it in the nearest body of water and hope it floats downstream? Stake it up on the lawn like some macabre scarecrow, a warning to others? Feed it through your wood chipper? What sort of treatment or rites (if any) do you give during the internment of your would-be murderer? Does he get a pine box, a pit just deep enough to keep the wildlife from digging him up by morning, or unceremoniously dropped in a heap next to your mailbox, waiting for a trash pickup that’s never coming?

Can you even stomach the idea of handling a dead body (and its various fluids) for the length of time required to actually dispose of it? Including transport to burial site, preparation of burial site, internment, and blood stain/brain matter/bowel contents cleanup? Do you even have a cleaner that can get blood, brain, and bowel contents out of your carpets, drapes, clothing, and upholstery? Are you going to be reminded of the life you took every time you sit in your favorite chair? Will you spend hours staring out the back window at the patch of turned earth that marks his final resting place?
Do you relocate? Has his presence (and subsequent death) revealed you to the masses? Can you afford to take that chance? How many of his associates may know of your whereabouts? Will they try to avenge him? Can you repeat this whole process again? Do you have the materials to replace another door, window, or fence? Can you bear the mental strain of taking more lives? Is your yard big enough to bury them all?

I do not have the answers to these questions. I know my own self, and how I react in a situation not all that dissimilar. This is one of those rare things you really can’t properly train for, unless you happen to be coroner or mortician by trade. There are precious few opportunities to be near the recently deceased for the rest of us (for which I am profoundly grateful), and I doubt you will find a mortician willing to loan you a body to practice with. If you do, I suggest you report them to the authorities. That’s just not right.

I guess it boils down to a question of fortitude, much like the Deadly Force issue that would precede it. Can you set aside your personal feelings about the dead, the living, what he intended, what you did, and what that smell is, long enough to do what needs to be done? If you think you can, I suggest you figure out now what you’re going to do when the need arises, rather than figuring out what you’re going to do once the need has risen. Like that old saying goes; “Forewarned is Forearmed.” Food for thought. – C.M., Maine

JWR Adds: While it is difficult to predict post-SHTF circumstances, and even more difficult to predict how long they might last, it is safe to assume that eventually things will get back to some semblance of normalcy–hopefully within weeks or months. At that point, there will be some backtracking, to account for what crimes transpired during the emergency, and to insure that everyone is living at property that is legally deeded to them. Therefore, in the sad event that you are forced to take a life to defend your own, or to defend the lives of your loved ones, it is important to “cover yourself in paper” before you go burying any bodies. It is crucial get an official–preferably a sworn law enforcement officer–but failing that, any official to sign an affidavit of the circumstances of the shooting. Even if the only “official” that you can locate is a retired police officer or a dog catcher or the head of the local water district, get them to sign an affidavit, and have it witnessed by by at least three or four neighbors who will also be walked-through the scene–and be presented the “play by play” after-action report. (Relying on just one or two witness signatures might be a mistake, since people are likely to relocate or assume room temperature in large numbers during a crisis.) Also, before touching anything in the room(s), be sure to take pictures showing the location of the body (or bodies), weapons, spent brass, bullet holes in walls, et cetera. Also photograph the body in the grave, before you back-fill it.



Letter: Re: Storing Emergency Supplies in Plastic Tote Bins for Rapid Evacuation

Dear Mr. Rawles,
R.D. of Wyoming mentioned a very practical way of storing supplies – in 22 gallon plastic tote bins, each with a good variety of items to last about one month. Perhaps this is a basic system for many, but I hadn’t thought of it myself and plan to rearrange our storage items in a similar manner as soon as I can.

Presently, I am laid up with a broken leg so am ‘dead in the water’ for working on our storage program. My darling husband is tolerant of my ‘hobby’ but is definitely not one to work on it himself.
I want to remind everyone out there that a broken leg or other calamity can complicate your life very suddenly and not afford you the time to get what you need to survive. Being well prepared beforehand is so basic but it is something that a lot of people do not do, thinking “someday” they’ll get around to it. My well-stocked larder has been such a practical help while I’ve not been able to get out at all to shop.
I thank you for your informative blog and I thank R.D. for this simple but practical storage solution. – M.C. in Arizona



Economics and Investing:

G20 Summit Recovery Package: A Global Plan of Unprecedented Scale Derivatives will have to go through a central clearinghouse.

Concern Grows Over New IMF Power

G20: Fat Cats Brought Down to Earth with a Bump ” …the declaration shows how little political influence is now wielded by the once powerful vested interests of Wall Street and the City of London.”

President of European Commission Warns Millions More Europeans Will Lose Jobs

G20 Laid Foundation for Next, Bigger Crisis

Banks Could Bet on Toxic Assets with Taxpayers’ Money

“Making Work Pay” Won’t Change Many Spending Habits (Most won’t notice a $10 a week tax credit)

Death Tax Resurrected

Chrysler Stable Value Fund Loses Money Liquidated at 89 cents on the dollar

Laid-off To-do List

Recession Outlasts Extended Unemployment Benefits

Recession Erodes Everyday Conveniences Shoppers Got Used To







Note from JWR:

Today we present another entry for Round 22 of the SurvivalBlog non-fiction writing contest. The contest prizes include:

First Prize: Two transferable Front Sight  “Gray” Four Day Training Course Certificates. This is an up to $4,000 value!
Second Prize: A three day course certificate from OnPoint Tactical. This certificate will be for the prize winner’s choice of three-day civilian courses.
Third Prize: A copy of my “Rawles Gets You Ready” preparedness course, from Arbogast Publishing

Round 22 ends on May 31st, so get busy writing and e-mail us your entry. Remember that articles that relate practical “how to” skills for survival have an advantage in the judging.



Old Frontier Forts as Alternative Bug Out Locations?, by R.D. in Wyoming

I wish to present an alternative prep situation that I have not really seen talked about on your blog and at other other sites. First a small bit of biographical background and anecdotes to explain my reasons for what I (now recently we) are doing.

Ten years ago, I retired from the military (26+ years, Life Scout (in a younger form) and an ex-scout leader (both Boy and Girl Scouts), fixed income with a part time job, never lived at one address longer than three years (requirement of military lifestyle), hobbies oriented to colonial/fur trade eras (see anecdote), recent earnest prepper (caused by that feeling in the pit of my stomach and head that things really aren’t right and not going to get better). Fiscally responsible but bought the “earned your retirement” false dream long ago–that can’t be changed now.

While in the military a lifestyle of semi-preparedness was necessary because of my low income. (I suffered through the Carter and Clinton administrations). We canned food from our garden wherever we were stationed to stretch the food budget and teach our children how to make their own food; we cut firewood for heat in some locales; we relied on kerosene lamp back-up lighting and camp stove cooking because of unreliable base power grids. At one base I was even visited by the Public Works officer to find out why my quarters had lights during a power outage. Imagine his surprise to find both lights and heat off the grid, plus all my neighbors and their children warm and well fed.

At times, while in the service, we qualified for assistance food and based upon those experiences have reached some unconventional decisions. Assistance food usually meant a five-pound block of USDA cheese, #10 cans of dehydrated soups or powdered eggs, surplus breads and very large containers of dried milk. When you open these it becomes a use-it-or-lose-it menu even for a family of four!

My colonial/fur trades hobbies came about with involvement in Scouting, teaching merit badges, Indian skills and camp crafts. They are both enjoyable and practical from a barter-trades aspect: hide tanning/leatherworking, moccasin and footwear making, non-manufactured clothing making (no zippers or buttons) and using trade cloth/blankets), primitive cooking and camping skills and pioneering–the art of using logs and rope to construct bridges, platforms and watch towers, cranes and jack-legs, and other basic heavy lifting rigs. I highly recommend adding Scouting handbooks and merit badge books (older printings) to family preparedness libraries. There is a wealth of information there!

Last year, while looking for our current home, I was really taken with a 1950s home that still had a primo Civil Defense specification bomb shelter in the back yard, primarily as a safe place for my reloading and weapons storage. It was the high end style that was connected to the basement of the house with a concrete tunnel, doored at both ends, and three feet underground. It was in mild disrepair: vent system damaged and entrance sealed off at the house, but repairable. We passed on that house because it was in the end too small for our needs and in a shall-we-say “unstable” neighborhood. Six months after purchasing our current home my wife, out of the blue, says that maybe we should have bought the other house! This from a woman that has made disparaging remarks when I have added to our LBE kits and checked the status of our “homeland defense” items.

She seems to have had an epiphany after our taxes were prepared when she wanted to know why we had not taken the $3,000 credit from our small investment nest egg before and I explained that we had never lost over half of it to the economy! When the “boss” changed her attitude and became interested in my “below the radar” preps, I started to include her in the decision and prioritizing of what to buy and the impacts on our limited budget.

“Below the radar” preps means passing off a purchase as some other need (diplomatic when not everyone is on board with the idea): a small generator was for our tent camper, food items were for this summer when our grandson visits or to replace things lost in a move, water jugs were because of the places where we camp, extra gas cans were for the lawn mower (a stretch but it worked), the FRS radios were an aid when we are out hiking, though there was no need to disguise the increase in reloading components when the election results were in.
All this brings me to our different style of prepping.

While I would like to be able to stock up as is generally noted and advocated, our finances and storage space do not permit the expenditure of the amounts necessary to buy in bulk. Also from my experiences in the military I don’t like to place all my eggs in one basket. I will admit that while it is more expensive per unit cost, it is also more “do-able” in an on-going practical sense on a fixed income and has an unforeseen future benefit.

We make our storage food purchases with only the two of us in immediate mind, to aid in use and rotation, by buying individual serving packages for most of the items that we get: boxes of rice sealed in boil-in-bag pouches, powdered milk in boxes that have quart size servings inside, individual packages of Ramen style noodles, small cans of fruits and vegetables (the type with the pull-off lids), non-refrigerated microwave meals that serve one (these are very practical as they go in our lunches on a daily basis), individual packet boxes of instant oatmeal, and normal sizes of canned meat, chicken and fish. Some items naturally are bought in what would be normal sizes but for only the two of us they seem to last forever: Five pound bags of flour, sugar, cornmeal, coffee and pancake mixes. The primary factor in these purchases is getting the longest expiration dates that we can find. All this gets put into 22 gallon Totes that have latches for the lids but only one container of each item per Tote: a box of rice, a box of milk, salt, coffee, etc., 4 each of the fruits and vegetables (36 total), 4 rolls of toilet paper and towels, strike anywhere matches, sets of durable plastic knife, fork and spoon, zip-lock bag of 28 individual size soap, 4 empty plastic bullet boxes that hold 4 Bic style [disposable butane] lighters, 2 packets each type garden seeds. This list is not complete, but you get the idea. The content of each Tote equate to one month’s food and paper needs and is movable by even our 13 year old grandson. We currently have six totes filled, after only four months of serious additions. We are trying to add one Tote a month in addition to the other things that we are getting. My part-time job provides the funds for this so what we can get depends on what else is on a priority that month. We do have an additional Tote that holds 36 MREs and is marked for priority loading. Our water is stored in the newer G.I. five-gallon plastic water cans, available at flea markets. These are stored in a dark storage room. Our small camper is always stocked and ready to go no matter what season of the year.

Now for the reasoning behind this method. If TSHTF or TEOTWAWKI occurs it may be gradual or a traumatic event requiring different tactics. If gradual and we can hunker down while finishing up necessaries, only one Tote at a time needs to be opened to augment what we have. If traumatic, anyone can carry/load the Totes into one of several available G.O.O.D. vehicles or the trailer while another watches their “six”. The urgency of a bug-out may dictate how much can be loaded in the time available. The more Totes that can be grabbed, the longer we can make do but the MRE Tote and water is always loaded first. This is in addition to B.O.B.s and homeland defense items.

Now for the unforeseen future benefits that I mentioned. As you have noted several times and places, I too could not turn away others that are in need if I can help. But giving someone a #10 can of beans or soup will not really help them. A grocery bag of individual servings that they are familiar with and provide variety and full meals for one or two days plus a means to heat it will help while not depleting our stores. Secondly, if a bad guy finds a single Tote with a few of everything in it, they may assume that’s all there is and not attempt to engage in a protracted search for more.

One last item that may not meet with approval but is out-of-the-box thinking in the selection of several fallback retreat sites that most others probably will not think of. If we cannot stay in the city, as small as it is, I have found a couple of locales that would prove ideal. One is a semi-restored 1870s military post. Yes, I know that I don’t own it in the traditional sense though I have paid for it through my taxes, but if there is no more authority in force, it could prove useful. The fort is already set up to function without power as we are used to, just coal or wood heat and cooking (there is no electricity on site), bulletproof buildings and pre-determined fields of fire, close to a year round water source, small homes for families and barracks for singles and designed by some of the best military minds of their times. Even has a powder magazine and jail! It also has a very low visitor count. If it is occupied or contested, no problems, as there are others at regular distances closer or farther. If not, then it allows for a rally point and the expansion of a Group as others arrive that are aware of my thinking. And they are not unique to our Area of Operations (AO). I have been to some really complete ones back east, in the south, and on the west coast. Let your mind do the walking.

I didn’t realize how long this became. If you find it suitable for others to see to help them achieve their goals with limited or minimal means, please feel free to chop it as necessary.

Very Respectfully of your efforts to aid others, – R.D. in Wyoming

JWR Replies: That is an interesting concept, but implementing as you describe would require a quite unique set of circumstances. Namely, it could only happen if there were a sudden an near total collapse of society, and if all law enforcement evaporated overnight. It is far more likely that we will witness a “slow slide” from recession to depression, (and then, much less likely) to collapse. For most that continuum, your actions would be seen as criminal, and you’d quickly attract the attention of government. So then you might end up behind some other very stout walls. And BTW, any of these forts that are on National Forest or National Park land are considered Federal property, so any occupation deemed “trespassing” would be a Federal offense and likely carry a much more severe penalty than trespass on state or county parklands. So it is best to make this a “very low likelihood” contingency plan.

In my estimation the only pragmatic way to occupy an old fort in the midst of a slow slide situation would be to include representatives of county, state or perhaps even Federal government as part of your planned cadre, and characterize it all as a “continuity of government” (COG) endeavor. Bureaucrats often enjoy thinking (or pretending) that they come up with original ideas. Given the promise of safety for “selected” people, this should not be too difficult to orchestrate, especially as the economy worsens and the crime rate escalates. Creating a nexus with a governmental organization could be as complex as getting qualified as an EMT, or as simple as joining a Sheriff’s Posse, joining a County SAR team, or becoming a RACES-affiliated ham radio operator.



Three Letters Re: Some Practical Lessons with Daily Concealed Carry

Jim,
I thought your reader “D” in North Carolina had some very good observations on daily carry. In particular the mindset advice was solid.

I would like to point out that despite the majority of his info being spot-on, I have to take a different perspective on his “fifth lesson.” First, it’s your choice who you choose to tell that you’re carrying, I’m not trying to tell your readers what to do specifically, but rather I’m trying to shed more light on the topic. It’s actually beneficial if some people know you carry (that you trust) as they will likely have a better idea how to react in a situation or can even back you up if they carry too if you have to present your weapon, rather than just standing there thinking, “where the heck did he get that?” or “Oh my gosh, he’s got a gun!” Now, like “D” said, consider the possible reaction of those you are with when presenting your weapon.

While most gun guys and most law enforcement know that a fanny pack and/or a photographer’s vest screams “gun,” (and you should consider such a thing if you don’t want law enforcement to know you’re carrying) the average person and average crook do not. As a follow up to this point, while I will not say it has never happened, in years of searching and asking friends, law enforcement and online forums for a story, I still have yet to hear of a single time where a bad guy walked in and shot the first person he saw with a photographer’s vest or fanny pack… or even shot a person openly carrying a handgun (other than law enforcement in uniform). Again, “D’s” advice on staying discreet if you need to still applies, but don’t think that you’ll get shot just cause you dress a certain way.

Kudos to “D” for the solid info!!! I suggest to SurvivalBlog readers (particularly those new to carrying a firearm) who haven’t done so already, to read his post, and re-read it. Consider it, and chew it over and decide now what you will do “when” trouble comes your way.

I know that you’ve promoted Front Sight, to which I say it fits very well with “D’s” overall view and combines teaching mindset with firearm skills and trains you in just about everything “D” said. Train, train often, and learn/decide the mindset now! Mindset first, tool second! – PPPP

 

Jim:

I got this NYPD training image awhile back and gives great advice and common pitfalls of people that conceal carry.

Quite a bit of it is common sense, but a great learning aid. – Jimmy McC

James:

Check out this interesting piece at the US Concealed Carry web site: A Concise Primer on Concealment Holsters, by Dr. Bruce N. Eimer, Ph.D. Regards, – Chester



Economics and Investing:

Laura H. suggested this WND article: Families learning of $163,000 tax ‘bomb’, Economics prof says deficits heading toward ‘banana republic levels’

From reader AC: Social Security Surplus Already Gone

Reader Jon M. flagged this, over at Seeking Alpha: Did the ECB Save COMEX from Gold Default?

Items from The Economatrix:

Congress, Bankers Just Don’t Get It “Changing the way you account for losses on bad assets doesn’t mean the losses have gone away. If anything, the obfuscation of those losses will drive investors away because balance sheets in the financial sector will become more opaque.”

What to Buy Before the Economy Improves

Inside Obama’s Bank CEO Meeting “‘My administration,’ Obama said, ‘is what stands between you and the pitchforks.'”

Unemployment Rise Shows Recession is Far From Over

Gerald Celente: Optimism Opium. Here are a couple of snippets: “Following the Group of 20 summit, Barack Obama, while acknowledging there are no guarantees of success, declared, ‘I have no doubt, though, that the steps that have been taken are critical to preventing us sliding into a depression.'” and, “Given that President Obama cannot provide guarantees, how can he “have no doubt”?”