Economics and Investing:

Lisa forwarded us the link to the PDF of a new think tank report: Manning the barricades: Who’s at risk as deepening economic distress foments social unrest

SurvivalMama sent a great Schumeresque snippet from Brad DeLong’s Grasping Reality With Both Hands blog:

Q: What if markets never recover, the assets are not fundamentally undervalued, and even when held to maturity the government doesn’t make back its money?
A: Then we have worse things to worry about than government losses on TARP-program money–for we are then in a world in which the only things that have value are bottled water, sewing needles, and ammunition.”

Reader D.D. suggested this from Jim Jubak: Fluke? Credit crisis was a heist

Also from D.D.: The five biggest lies on Wall Street

Items from The Economatrix:

Geithner Seeks Sweeping New Powers Over Financial (Non-Bank) Companies

IMF: Economic Slump to Engulf the World

Fears of Record Hedge Fund Withdrawals (I warned you about this, back in October, 2007!)

Savers Withdraw Money as Returns Deteriorate

Nine AIG Top Bonus Earners Agree to Repay in Full

China to Keep Buying Treasuries

Geithner’s Plan “Extremely Dangerous” Says Economist

Falling Dollar Prompts BRIC Dollar Reserve Rethink

Job-saving Nonsense (The Mogambo Guru)

Peter Schiff: All Bubbles Burst

Administration Seeks to Free Frozen Credit Market

Another Saab (Sob) Story: Sweden Says No to Saving Saab

Millions Take to Streets in Economic Protests



Odds ‘n Sods:

Thanks to Cheryl (aka The Economatrix) for sending this: How To Grow Strawberries At Home To Start Your Victory Garden

   o o o

The current huge popularity of gardening books (like the Square Foot Gardening book–presently #23 on Amazon.com), is obviously much more than just a seasonal blip. People are clearly getting quite concerned about the economy. So it is just a display of good old-fashioned common sense for folks to revert to self-sufficiency mode. I’m glad to see this happen. Two other popular books that are riding this wave of popularity are: Gardening When It Counts by Steve Solomon, and The Encyclopedia of Country Living by Carla Emery

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KT sent this: You and I Can’t Buy the Guns Mexican Cartels Own: The Administration is Not Dealing Straight With Us on Mexico’s Gun Problem

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Also courtesy of Cheryl: How to Find Free Stuff





Note from JWR:

Today we present another entry for Round 21 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 21 ends on March 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.

The author is Dr. K., an active duty American military physician. I plan to post Part 2 on Thursday.



TEOTWAWKI Medicine and Minor Surgery–Part I: Ingrown Toenails, by Dr. K.

Introduction

Onychocryptosis (ON-ee-ko-krip-TOE-sis), an ingrown toenail, is a very common problem that usually affects the big toe. This occurs when the corner of the toenail grows into the soft tissue on the side of the toe. This can cause pain, redness, inflammation, and even an infection. Signs of an infection are warmth and drainage of pus. Prevention and treatment of an ingrown toenail is relatively basic, and it is a valuable skill to have at TEOTWAWKI.

Causes
An ingrown toenail is caused when the nail curves down and grows into the skin at the nail border. The most common causes of an ingrown toenail are improperly trimmed toenails and poorly fitting footwear. Other causes include unusually curved toenails, excessive sweating, trauma, fungal infections which cause the nail to grow abnormally, cancers, and even obesity.

Complications
If an infection is left untreated, it can spread into the toe bones. This may lead to amputations, and even death, in rare, worst case scenarios.

Prevention
If you are working outside a lot, which would be most of us in a TEOTWAWKI scenario, then study boots are recommended; consider steel-toed boots if you don’t already have them. Regardless of the footwear you use, make sure that they fit properly! There should not be too much pressure on the top of your toes, and shoes should not pinch your toes together.

Toenails should be kept at a length even with, or just barely shorter than, the tips of your toes. Too long and toenails can break easily or get jammed into the toenail base. Too short and the toenails can be pushed down by your shoes and grow into the soft tissue of the toe. Trim your toenails straight across or with a slight curve. Do not curve your nails to match your toes, and do not trim the outer angles of your toenails. Finally, do not pick, tear, (or bite!) your toenails; only use a toenail clipper and file.

Non-Surgical Treatments – this treats 70%+ of ingrown toenails
* Wear very comfortable shoes; consider wearing sandals until the ingrown nail resolves.
* Soak the foot in warm water 3-5 times a day for 15-20 minutes. Add 1 teaspoon of salt per pint of water.
* Gently push the tissue away from the nail and gently lift the nail up after each soaking.
* Place small, clean tufts of cotton under the edge of the ingrown nail. This relieves some pressure and helps the nail grow above the skin edge.
* Rub a topical antibiotic ointment (such as Neosporin) over the ingrown nail.
* Place a soft bandage over the ingrown nail.
* Keep the foot dry.
* Take some acetaminophen (Tylenol) or ibuprofen (Motrin, Advil, etc.) as directed on the bottle for pain relief.
* If there is no improvement in 2-3 days, then consider the surgical option.

Surgical Treatments: Toenail Removal
Note: If you have had ingrown toenails in the past, there is a good chance you will have ingrown toenails again. If you have had repeated ingrown toenails, consider having your nails surgically treated before TSHTF. A surgical option, regardless of the problem, is always best treated by someone who has been trained to perform the procedure. You don’t want to be patient number one in a survival situation. Finally, while I am explaining how to do this procedure, I only recommend that you attempt this in a post-TEOTWAWKI scenario where there are no other healthcare options. Proceed at your own risk.

The most effective way to treat an ingrown toenail that has not responded to non-surgical treatment is lateral nail avulsion with matricectomy. What does that mean? Let’s break it down. Lateral nail avulsion is digging out and removing one side of the toenail all the way down to the base. Imagine the nail is roughly a square. The ingrown part is on the left side for example. About 1/5 of the nail, the left 1/5, is removed from top to bottom. The remaining 4/5 is left completely intact. Macticectomy is the process of destroying the matrix, or root, of the nail. By removing one side of the nail, the pressure is removed because there is no nail pressing on the tissue any more. This also allows the infection to drain. By destroying the root on that side there is a very slim chance of the toenail growing back in that area. Over time the skin will heal and you will be left with a skinnier toenail that is unlikely to become ingrown again. Now how do you do this?

Supplies
Light (a bright headlamp works well. Consider working outside in the bright sunlight.)
Non-sterile gloves
Sterile gloves
10-mL syringe
27 to 30-gauge needle
Lidocaine 1% or 2%
Povidone-iodine solution (sold as Betadine at most drug stores)
Gauze pads
Drape (sterile sheet)
Iris scissors (small, 3-4 inch long scissors with fine, sharp points)
Bandage scissors if desired (scissors with one side’s outer edge flattened for protection)
Nail splitter if desired (heavy duty scissors with very short, thick blades)
Hemostats (small device that resembles scissors but has clamps instead of blades) a pair of needle nosed pliers (sterilized) can be used in a pinch
Sterile rubber band if desired
Cautery device – read the step-by-step instructions for details
Dressing Materials:
Antibiotic ointment such as Neosporin
Gauze for wrapping the toe
Roll of 1-inch tape

Step-by-Step Instructions

1. Have the patient lie down on a table with their knees bent. Their feet will be flat on the table. Pull up a chair and put on non-sterile gloves.

2. Clean the entire toe with povidine-iodine.

3. Numb the toe with medicine: If you have lidocaine (1% or 2%) without epinephrine, keep reading to learn how to perform a digital block, i.e. numbing, of the big toe.
Note: Make sure the lidocaine does not have epinephrine in it. Epinephrine is a vasoconstrictor, meaning it clamps down blood vessels. This can prevent circulation to the toes. If you stop circulation with medicine, you have no idea how long it will last, and you could kill the tissues in the toe. Your patient won’t feel you remove their toenail, but in a few weeks their toe may fall off! Bottom line: Never use epinephrine on the fingers, toes, ears, penis, or nose.

3A.) Load the lidocaine into the syringe. I have no idea what kind of container of lidocaine you will have, but the standard container is a small jar with an injectable, rubber stopper. Remove the cap and clean the stopper with alcohol. Draw back the syringe to draw in about 8-10 mL (or cc’s) of air. Then push the needle into the rubber cover. Inject the air into the jar of lidocaine; this prevents a vacuum from forming after repetitive uses. (If the jar is full, you may have fill the syringe a bit at a time so the rubber cover doesn’t pop off when you inject a full syringe of air – I learned this the hard way!) Invert the jar so the needle tip is completely covered with lidocaine. Draw back the syringe to the 8-10 mL mark. Remove the needle from the jar. Point the needle up. Tap the syringe to get the majority of the air bubbles to the top. Slowly depress the syringe to express the air bubbles from the syringe. Usually a little of the lidocaine will shoot out. It is not vital to remove all the air, just as much as you can.

3B.) Find the MTP joint (metatarsophalangeal joint). The first joint next to the big toenail is the PIP joint (proximal interphalangeal). The second joint, and usually larger of the two, is the MTP – it connects the toe to the rest of the foot.

3C.) Find the injection sites. They are about one-eighth inch above the MTP joint (that is one-quarter inch down the toe, closer to the nail). There are three injection sites: one directly on top of the toe, one exactly on the right side, and one exactly on the left side.

3D.) Inject the lidocaine. Always inject a needle perpendicular to the skin. Puncture the skin with the needle and insert to a depth of about 2 mm (skin is about 1.5 mm thick). Pull back on the syringe to make sure you are not in a blood vessel; if you are, you will see a bunch of bright red blood fill the syringe (if this happens, withdraw the needle and try again a little to the side). You will want to inject about 2 mL of lidocaine at each site. This will sting and burn and then go numb.

3E.) Wait. Wait 5-10 minutes for the block to become effective. If need be, you can give another 1-2 mLs if your patient is still feeling pain. When the toe is numb, proceed.

4. Dull the pain with no medicine: If you do not have lidocaine, things are going to be painful. There are topical numbing medicines available, but these are not nearly as effective as an injection. Most of them are in the same family as lidocaine and are mixed with a cream to make application easier. Another option is to try a topical dental pain reliever such as Orajel or Anbesol (these are topical benzocaine), but again this will only take the edge off. A final option, if you have access to it, is ice; cold temperatures can numb a toe pretty well. An ice water (or snow water) bath is likely the safest way to numb a toe; but be mindful that a cold, numb toe is also a sign of frostbite. It’s a careful balance, and I would always err on the side of too much pain. Pain will go away eventually, but a frostbitten toe may never heal. Keep in mind, depending on the person and their pain tolerance, your patient may be able to just grin and bear it.

5. Re-wash the toe with povidine-iodine. Put on sterile gloves. Place a sterile drape over the foot. A small hole in the drape to pull the toe through will keep your surgical field clean.

6. Insert the tip of your closed iris scissors under the corner of the nail on the side it is ingrown. Work the tip down the entire side freeing it from the tissue of the toe. If there are no pain medications, this will be very painful. You should now have the entire side unattached.

7. Split the nail into two pieces. Using a nail splitter, bandage scissors, or iris scissors cut the nail from the free end straight back to the base. You should now have split the nail into 2 pieces (1/5 is the side with the ingrown nail; 4/5 is the healthy side). These pieces are still connected at the root.

8. Apply tourniquet. Some physicians use a sterilized rubber band to wrap around the toe a few times. This acts as a small tourniquet to reduce blood loss which makes it easier to see what you are doing. Having done both, I personally like having a tourniquet in place. Remember to use the tourniquet for the shortest amount of time possible to avoid permanent damage (less than 10 minutes).

9. Remove the toenail. Grab the ingrown toenail with a hemostat. Attempt to grab as much as possible with one bite. Pull straight out toward the end of the toe and to the side at the same time (do not pull up or down or twist). If the nail breaks, just re-grab the remaining nail and pull in the same motion as before. No piece of nail should remain. Some other tissues can look like a nail deeper at the root, but the nail to be removed is hard to the touch of your hemostat.

10. Destroy the matrix. There are a few ways to do this. The most effective and the easiest to perform at home is cautery. Cauterize (i.e. burn) the nail forming matrix (root) in only the area where the nail root was removed. This is probably the most delicate part of the whole procedure. The idea is to burn just the root and not the surrounding tissue – think of the old game Operation. Cauterize the entire area twice to make sure you didn’t miss a spot. Since most people will not have an electrocautery machine, a small soldering iron [with a fresh tip] will work in a pinch (haven’t you read “Patriots” ?). If you have no electricity, you can consider heating up a thin piece of bare wire in a flame to keep it very hot and use small needle nose pliers to hold it. Another method is to apply a Q-tip soaked in phenol solution to the root. This chemically cauterizes the matrix. This is not as effective and you have to buy and store the solution, but it is another option. Again only apply it to the root; it will kill any tissue it touches.

11. Apply antibiotic ointment over the raw tissue. Apply a bulky gauze wrap, but do not wrap it too tight. It will throb as sensation returns.

12. Change the dressing, clean with warm water, and apply topical antibiotic ointment daily. Use acetaminophen or ibuprofen for pain. Avoid strenuous exercise for at least a week.
13. The empty nail bed will fill in with normal tissue in the next few weeks. Your patient will be left with a healthy, but skinnier, toenail.

Surgical Complications
1. Not all the nail was removed or not all of the root was destroyed: This may happen, even to the best of us. The best course of action is to just wait and see if the nail that grows behaves or not. If it does not, just repeat the procedure.

2. Infection: The toe will have some initial throbbing, but should start to improve dramatically in a few days. If your patient is having an increase in pain, swelling, redness, warmth, or drainage, there is likely an infection. If this occurs in the first few days, it is likely a bacterial infection from Staphylococcus aureus. Oral antibiotics are your best choice and are usually very effective.

Any of the following oral antibiotics (unless there is an allergy) should be used for 10 days (search past Survivalblog posts for medication procurement):
Adults
Cleocin (clindamycin) 300 mg three times a day
Augmentin (amoxicillin with clavulanate) 875 mg / 125 mg twice a day
Dicloxacillin 500 mg every 6 hours
Keflex (cephalexin) 500 mg every 6 hours
Children
Cleocin (clindamycin) 30-40 mg/kg per day divided in 3-4 doses
Dicloxacillin 25-50 mg/kg per day divided in 4 doses
Keflex (cephalexin) 25-50 mg/kg per day divided in 3-4 doses
If the infection occurs after a week, there is an increased chance it is a fungal infection. Fungal infections can usually be treated by stopping the antibiotic ointment and applying a topical anti-fungal cream such as Lotrimin (Clotrimazole), Nizoral (Ketaconazole), or Naftin (Naftidine hydrochloride).

3. The toe is taking a long time to heal and is dusky in color. Some parts are turning black. What happened? The tourniquet was kept on too long, the toe was kept in/on ice for too long, or the cautery was too deep. Don’t let this happen to you! Don’t keep the tourniquet on for too long. 5-10 minutes should be plenty of time to remove the nail and cauterize – use a stop watch. Remember to err on the side of too little numbing with ice. Be gentle with the cautery – this is a shallow procedure. This is not common, but if this does happen consider oral antibiotics and consider attempting to remove the blackened tissue. This would be a case where attempting to find a physician may outweigh the risks of leaving your retreat.

Things to consider
If an ingrown toenail is really severe, has a severe infection, and is affecting both sides of the nail, it is better to remove the entire nail and not do cauterization. Remove the nail. Let things drain. Let things grow back. If things are heading in the same direction, then you can treat it surgically as described above. It is much safer to operate on a toe that is not infected.

Training
It will be difficult to acquire hands on training for this procedure unless you work in the medical field. One way to see how it is done is to go with a friend or family member who is having this procedure. Let them know that you are interested in health care (that you love the Discovery Health Channel or something like that) and you would be honored to help them through this event. Another option is to do an online video search for “toenail removal surgery”. Keep in mind that every practitioner does things a little different. For example, some use cautery (this has been proven to be the most effective), but some still use the chemical phenol. Some use the tools listed above, and others have their own favorites. There are many ways to skin a cat and to remove a toenail.



Letter Re: Jared Diamond Predicts the End of Cheap Oil and an 85% Global Population Decline

Mr. Rawles,
I found this article informative. A quote: “Cheap, plentiful fossil fuels discovered in the last hundred years (or so) spurred a food bubble, which led to a population bubble. Cheap oil, in other words, created the temporary conditions necessary to support a runaway population explosion that is, without question, unsustainable without cheap energy.” Here is another quote: “complex civilizations are quite fragile, and short-terming thinking can easily doom a society or civilization to irreversible collapse.”

The author believes that world population will be reduced to 1/7th of its current size in a post-oil economy. BTW, there are lots of other links on that web site that are worth exploring. I enjoy reading your blog. Regards, – I.L.



Economics and Investing:

Do you remember how back in 2007 I described commercial real estate as “the other shoe to drop..”? Matt B. sent this article on how it is indeed collapsing.

“Elfin” spotted this: Fed Planning Inflationary Dollar Destroying 15-Fold Increase in US Monetary Base – and then things really go bad!

G.G. alerted us to the new video and and audio clips of Peter Schiff speaking at the 2009 Austrian Scholar’s Conference: “Why the Meltdown Should Have Surprised No One”. G.G. notes: “This is very entertaining. Listen closely to last 15 or so minutes for Schiff’s description of what he sees coming.” JWR Adds: I found Schiff’s speech to be both very funny and some good confirmation from my own published conclusions about the unfolding economic collapse.

From Shrike: Chinese Central Banker Sketches Plan For New Reserve Currency

Items from The Economatrix:

Fed Running Out of Ammo

Dow Up Nearly 500 on Bank Plan, Rise in Home Sales. (Reader K.A.F. notes: “Looks like we’re going to have nationalized banking, owned in majority interest by Uncle Sugar and controlled by the Fed Reserve.”

Sen. Judd Gregg: This Country Will Go Bankrupt

Let it Die: Rushkoff on the Economy

Americans Enraged by Fresh AIG Bonus Revelations

Geithner’s Bank “Rescue” Not Enough

London Braces for Mass G20 Protests

Hope Fading for Salvation at G20 Summit

G20 Warned Unrest Will Sweep Globe

Paul Craig Roberts: Launching Lifeboats Before the Ship Sinks

The Collapse of Manufacturing

Half of Us Have One Month of Cash Cushion if Laid Off

Safe? But of Course!!! (The Mogambo Guru)



Odds ‘n Sods:

Shades of The Magnificent Seven : Rural Mexican villages dig moats to repel gangsters

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JRH Enterprises is running another great sale on brand new AN/PVS-14 (Generation 3) night vision goggles. These are the genuine article!

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Alaskan volcano Mount Redoubt erupts. To my readers in Alaska and northern Canada: Got plenty of spare air filters for your vehicles? You may need them! (“Panic now, and beat the rush.”)

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The recent tragic death of several Oakland, California police officers illustrates that criminals don’t obey gun laws. (The shooter, Lovelle Mixon, was a paroled felon.)



Jim’s Quote of the Day:

“It is the conservative laissez- fairist, the man who puts all the guns and all the decision-making power into the hands of the central government and then says, ‘Limit yourself’; it is he who is truly the impractical utopian.” – Murray Rothbard



Note from JWR:

I heard that the official release date for the new edition of my novel “Patriots” . has been moved up to March 25th. In fact, Amazon.com now claims to already have it in stock, and is selling it for just $10.17 per copy. But I’d like to reiterate a special request of SurvivalBlog readers: If you plan to buy any copies, please wait until the “Patriots” Book Bomb day – April 8th. By forestalling orders and having hundreds of them all placed on the same day, we hope to drive the novels’s Amazon.com sales rank into the Top Ten. Please mark your calendar for April 8th. Many thanks!



Letter Re: A SurvivalBlog Reader at Front Sight

Dear Mr. Rawles:
As I write this, I am returning from the four day Defensive Handgun course at Front Sight. I would like to share my thoughts on the whole thing with you and your readers, plus maybe share some advice that others may find of value.

First off, if any of your readers are on the fence about signing up for the class, I strongly urge them to do so. When Front Sight says they will get you to a point where you can deliver two shots to the thoracic cavity from a concealed holster in 1.4 seconds, they aren’t kidding. You will see a marked improvement in your shooting skills in a remarkably short amount of time. Bad habits you may have developed over the years will start to fall away, and you’ll find yourself adapting to the “Front Sight way of shooting” relatively quickly. While I didn’t graduate with distinction (May I never see another Type III malfunction ever again!), I did finish the shooting portion of the exam just 11 down, and finished up second in the class shooting tournament. And no, I still can’t believe I shot the hostage in the finals.

If you do decide to sign up for the class, here’s some good advice for you to follow.

1. It’s okay to be overwhelmed at the end of the first day. They are going to throw a ton of new information at you on that first day. Everything from your stance to the way you do a chamber check will be under intense scrutiny, not to mention the fact that you’re fighting years of muscle memory that fly into the contrary of how they are trying to teach you. Don’t worry about it though, it will get easier. Just do your dry fire practice, do it correctly, and you will be good to go on the second day.

2. The Nevada desert is a harsh, inhospitable climate, even in March. It doesn’t matter if it is hot or cold, the desert will dehydrate you if you’re not careful. Believe me, I learned this the hard way and almost ended up in a hospital emergency room because of it. I didn’t take care of myself as I should have, and it ended up being a pretty painful four days as a result. Even now I wouldn’t say I am still not at 100%. Learn from my mistake and make sure you drink lots of water and Gatorade.

3. Do not expect to do much of anything but go the academy, shoot, clean your weapon, and sleep. You are going to be at the academy for anywhere from ten to twelve hours a day, a good chunk of it on the firing line. You will learn a lot, but it will be a very intense experience. I suggest you have all your logistics in place before the training starts so you don’t have to worry about it. Get your food, laundry, water, and everything else you may need taken care of before the training starts so you won’t be wasting valuable rest and relaxation time later. Also, if you can help it at all, buy your ammo, holsters, and anything else you may need before getting there. The pro shop is well stocked, but it is not cheap. Save yourself a lot of money and come fully prepared.

Remember, none of this is meant to scare anyone off. Believe me, even after my battles with dehydration and the like, I would take this course again in a heartbeat. It’s probably the best instruction you’ll ever get in the art of pistol shooting. I can’t recommend it enough! Sincerely, – Tim R.



Letter Re: Successfully Trolling Craig’s List

Mr. Rawles,
At the risk of turning on my local competition to the positive aspects of the free section of Craig’s List, I thought I would mention a few of the things I’ve picked up in the past couple of weeks. These include:

A new round oak dining table and four oak chairs
Three boxes of canning jars with lids
A commercial fishing net (40′ x 60′), to be used for keeping birds and other critters out of the garden
36 Concrete cinder blocks (approximate value $130)
Remington electric chain saw (yes, it works!)
30+ wooden pallets (can be used for the usual “pallet” stuff, or for use as firewood/kindling)
Commercial nursery went out of business; so I got more than 1,000 plastic seed starting pots in 3 or 4 sizes (filled my pick-up to the brim).
5 Commercial toilets (out of a church – they were remodeling; two for my current residence, and two for our retreat, plus one spare, for parts)
4 Large two-drawer cabinets
A 25 foot fifth-wheel insulated trailer for moving gear and supplies up to “der bunker”, and subsequent use for weather tight storage. (Try to get insulated containers versus single wall, as there is almost no “sweating” inside)
The list goes on. . . .

As this current economic crisis gets worse, more and more folks are going to be displaced, and not having the money to move their possessions they either just abandon them, or place free ads on Craig’s list or elsewhere.
In addition, Craig’s List is a good source for many other items at very reasonable prices.

Keep your eyes open. On the more valuable items you have to be quick, sometimes responding within minutes. On many items we realize as survival oriented, most folks don’t have a clue, so you might have more time.

One thought I had on the pallets for firewood/kindling is that while they are readily available now, in the future they may be less easily found. Now they can be cut into smaller pieces with a skill saw and/or electric chain saw, stored in fifty-gallon plastic trash cans for next winter, or whenever you might need them. Once TEOTWAWKI happens, going outside to hunt firewood may not be such a good idea.
So, if you have Craig’s List in your area, keep checking the free section every now and then. There is no telling what you might find. – Chet

JWR Replies: I’m also a big believer in Craig’s List. One important note: In the long run, Craig’s List only works if folks “return the favor.” Be charitable whenever you have things in profusion–even when it is just zucchini squash.



Economics and Investing:

I spotted this linked at Drudge: White House Agenda on Track Despite Worsening Deficits. ($9.3 trillion in deficits projected!) Just as I warned, the Mother of All Bailouts (MOAB) is becoming uncontrollably self-perpetuating. (“If Industry X is deemed worthy, then why not Industries Y and Z?” Down and down we’ll go–down the road to ruin.)

From reader HPD: GM, Chrysler May Need Additional Aid, Rattner Says

MVR flagged this commentary from the National Post‘s Terence Corcoran: Is this the end of America?

“N” mention a piece by Simit Patel, over at the Seeking Alpha blog: Fed Intervention, Market Response Confirm: We’re on the Path to Hyperinflation

Items from The Economatrix:

More details on the most recent bank failures.

E.L. mentioned a Marc Faber interview with the McAlvanys.

US Seizes Top Credit Union Clearinghouse “Regulators seized the top clearinghouse for U.S. credit unions, citing a critical deterioration in the finances of the provider of services to thousands of retail credit unions….It also seized Western Corporate (WesCorp) Federal Credit Union of San Dimas, California, another corporate credit union with $23 billion in assets.”
The Big Takeover (Warning: Some foul language!) “The global economic crisis isn’t about money – it’s about power. How Wall Street insiders are using the bailout to stage a revolution.”

Obama Price Controls Coming? Brush up on what wage and price controls were like under President Richard Millhous Nixon, in the early 1970s. An excellent book on the subject is: “Government By Emergency “, by Dr. Gary North.

Dollar Declines Most Since 1985

Hungary’s Prime Minister Quits Amid Worsening Crisis

Fears Grow as Taxpayers Just a Paycheck or Two Away from Ruin

US Banks Lost $32 Billion in Fourth Quarter

Collapsing Markets Expose Ponzi Scam Artists

AIG Warns Staff To Travel in Pairs After Death Threats

California Unemployment 10.9%



Odds ‘n Sods:

Reader Kevin A. notes that the recent “Do it to save Mexico” spin on civilian disarmament proposals is still being touted: California Senator Diane Feinstein Urges Tougher Gun Laws to Prevent Mexico Violence

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An old friend of mine sent this: EBay’s Omidyar: Obama-backing Hamas-talking billionaire in Hawaii, expecting disaster

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Reader Greg I. mentioned that he just got one of these fashion statements. (See today’s Quote of the Day.)



Jim’s Quote of the Day:

"It’s not surprising, then, they get bitter, they cling to guns or religion or antipathy to people who aren’t like them or anti-immigrant sentiment or anti-trade sentiment as a way to explain their frustrations." – President Barack Hussein Obama, describing conservative rural residents, in a presidential campaign fundraising speech in Pennsylvania, April 6, 2008