Note from JWR:

Michael Panzner, the editor of the widely-read Financial Armageddon blog (and the the author of the book of the same name) recently quoted SurvivalBlog in this piece: Worse This Time. Take a look through Panzner’s archives. You’ll see that he has his head on straight.

Three Letters Re: Family Food Security for a Recession or Depression

Sir,

I have been checking a few other sites this morning that I frequent, and while at the Viking Preparedness Forum, I was checking the food and water storage board and came across these canned food shelves. It is a good set of shelves, making the best use of space, and allowing them automatic stock rotation.

We live in a house with a monolithic slab foundation, and the footprint, does not give us a great deal of room to work with, but I think that we can do something similar ourselves.
I liked the way that they were set against the wall, and took up very little space. I also liked the fact that they had extra space above for expanding the shelves a bit more.

Just thought that it was an all around good idea, and one that some of your readers might be able to make good use of also.

BTW, I also found these related web pages. Hope that they help.

How to Make a Self-Rotating Food Storage for Canned Goods

Food Storage Shelves, Food Storage Racks & Food storage shelving Accessories

CanRacks.com

FIFO Storage Can Rack – Canned Food Rack – Improvements Catalog

As always, may God bless you and yours in everything you do. – Dim Tim

 

Dear Mr. Rawles:
I read your blog frequently and enjoy the information you publish. It helps keep me informed and challenged.

However, lately I’ve been wondering about some of the provisions of Martial Law and Executive Orders that have been signed by past presidents.

In the event of a declaration of Martial Law, can the Federal Government go-door-to-door and confiscate food that citizens have stored for their own use? It is my understanding that farms, equipment and food can be confiscated so that it can then be controlled/distributed to the people who do not have any food.

There are anti-hoarding laws on the books in some states, but I don’t know all the details. FEMA guidelines advise people to have a short-term supply of food on hand for emergencies. But in the event of martial law, how much food is one family allowed to store? If a family has made the effort to store a year or more of food, will they be allowed to keep it or will it be confiscated?

Bottom line: Why bother purchasing dehydrated or freeze-dried food for long-term storage if it will end up being confiscated by the Government to give to someone else? Is it futile to do so or should one be prudent and go forward with plans for long-term food storage? – Joan X.

JWR Replies: There is indeed a slim but nonetheless real threat of storage food confiscation in the U.S. It is one of the many reasons why I emphasize OPSEC in my blog. If you are concerned about the prospect of martial law, then I recommend that you buy the majority of your storage food with cash, without generating a paper trail. You should go pick it up in person. OBTW, there are food storage vendors that advertise in my blog that are located in several regions around the country (within reasonable driving distance for perhaps 80% of he SurvivalBlog readership in the US), and many of these are “Mom and Pop” operations that will make cash sales. With these small vendors, you don’t even need to mention your name.

While keeping circumspect is important, don’t become so preoccupied with secrecy that you cease being charitable. The two goals need not be mutually exclusive. You can maintain OPSEC if you dispense charity through your local church . FerFAL (formerly SurvivalBlog’s volunteer correspondent in Argentina) had some interesting comments in a recent blog post at his personal blog “Surviving in Argentina”. He posited that dispensing charity face to face with desperate poor people can be both risky and troubling. While I don’t agree with all that FerFAL wrote, I can see the wisdom of keeping a low profile to avoid being “marked” by freeloaders. My advice: Give, and give generously (both now and in turbulent times), but be prepared give at arm’s length. I recommend that you make arrangements in advance with your church elders to act as intermediaries for post-WTSHTF charity. Be sure to get their promise to maintain your anonymity. My personal philosophy is to give until it hurts.

Good Morning,
I have been reading for a couple years and I’m a 10 Cent Challenge subscriber. I have just purchased a quantity of five gallon food grade buckets and wonder if there would be any benefit to storing in vacuum sealable one gallon size bags, as opposed to the five gal metal lined bag using the dry ice and O2 absorber method? Thanks for your ministry. I have learned so very much. Also I just the purchased the “Rawles Gets You Ready” preparedness course taking advantage of the pre-election discount, thanks. Sincerely, – John V

JWR Replies: There is indeed some utility in vacuum packing, as you described. It is, however, much more labor intensive. With most bulk foods the shelf life that you would gain with vacuum packing (versus CO2 packing) is not that great. It can also be a mess, especially with flour and other powders. In essence, the marginally longer storage longevity does does not justify the extra time or material required. The only notable exception is for foods that have a high oil or butterfat content, such as brown rice. It would also be worth doing with powdered milk, if it were not such a mess. In that case, my advice is to store only nonfat powdered milk, to reduce the risk of rancidity. (Since it is the butterfat content of regular powdered milk that contributes the most to rancidity.)

I describe a simple “do-it-yourself” CO2 packing method in the “Rawles Gets You Ready” preparedness course. With this method, a family can pack several hundred pounds of wheat, rice, or beans in just one evening.

Two Letters Re: Mr. Romeo’s Retreat Owner Profile

Dear Mr. Rawles,

I read Mr. Romeo’s retreat plans, and I would like to add a couple of things to his preparations list. The one glaring omission I see in his list is a lack of HF communications gear. VHF radios are line of sight communications, which is great if you’re planning on staying within range of the coast. If he plans on heading out to deeper waters though, HF gear becomes a lifeline to Pacific maritime nets, weather information, and other useful resources. Even if he doesn’t plan on transmitting, an HF receiver would allow him to listen to shortwave broadcasts. Radio Australia and Radio New Zealand broadcast to the Pacific almost around the clock, as well as other world services. I would think he could even tune into a lot of American medium wave AM stations at night as these radio waves carry well over water.

I think his case might be one of the few where an upgrade to a .50 caliber [BMG] rifle might be warranted as well. If the coasts of East Africa are any guide, the high seas could be an extremely dangerous place to be after a major disruption. The 50 caliber would make his a vessel that most pirates wouldn’t want to bother with.

Just my $.02 worth, adjusted for inflation. Keep up the great work! – Tim in Baltimore

 

Hello,
Thanks for all you do: I read your recent advice to a mariner to buy several parachute flares if they are within his budget. At ~$70 USD per flare that’s a bit steep when compared to buying a east-bloc (mine’s Polish,) 26.5mm flare gun as seen here for $30. These flare guns are not considered deadly weapons by the BATFE, so there is no restriction on their shipment by mail.
Furthermore, a box of 10 Czech army surplus white parachute flares will run $40. [Although they don’t reach the same altitude and are not as bright as the ones that JWR suggested,] this would allow anyone to have 10 flares for the price of one. Multiple colors are also available. For full disclosure, I have no connection to the “Ammo to Go” company other than being a regular customer of theirs who is quite happy with the service and their prices, and I recommend them to friends. BTW, I recently got 20 rounds of AP ammo for my 8x57mm Mauser–something that is nearly impossible to find elsewhere!) Keep on rocking in the free world! – Eminence Frontman

JWR Adds: I also own a 26.5mm flare pistol, and recommend them. Mine is a Bundeswehr surplus P2A1, manufactured by Heckler und Koch (HK). I should also mention that there are chamber adapters made by several companies that allow US-standard 12 gauge nautical flares to be fired in 26.5mm flare pistols. One manufacturer of these adapters that I recommend is Tactical Innovations. And, BTW, the same company makes excellent milled aluminum 25-round magazines for Ruger 10/22 rimfire rifles. My family has extensively tested one of these magazines here at the Rawles Ranch and found that they are very reliable and trouble-free. It might be wise to order a few of these magazines before the upcoming election. Any new ban on full capacity magazines will sure cause prices to triple overnight.

Odds ‘n Sods:

KAF bookmarked this one for us: FuturePundit: Face Masks And Hand Sanitizers Slash Flu Risks

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From our Economic Editor comes another big batch of news and commentary: Gun Sales Thriving In Uncertain Times — Europe On Brink Of Currency Meltdown — Iceland: IMF Cash Not Enough — Current Volatility Hints At Next Crash — Financial Crisis: Latin America Hit Hard — Customer Panic And Bank Run In Kuwait — Dow Up Almost 900 Points, But No Sighs Of Relief — Iceland Raises Interest Rates To 18% — White House To Banks: Start Lending Now, Stop Hoarding — 80-Year History Of Brutal Gold Stock Corrections — Madness Rules! Insurers/Pensions Piling Into Derivatives — Wall Street Resumes Once-In-A-Lifetime Sucker Buying — IMF May ‘Print Money’ As Crisis Spreads — Pound In Free Fall, No Way To Stop It — First Banks, Then Firms, Now A Raft Of Countries Falter — Oz Dollar Drops 40% For No Reason — Bankruptcy Fears Rise As GM, Chrysler Seek Federal Aid — Russia Begins To Refuse Credit Cards In Worsening Global Crisis

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Reader Paul B. recommended this article: King Henry Paulson says: ‘Buy banks!’

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Writing in a recent issue of The Complete Investor, Dr. Stephen Leeb had this comment: “We know it sounds ridiculous to keep saying ‘Don’t worry, be happy,’ yet that really is your best course of action. Either the tidal wave of cash will find its way into the financial system, to the considerable benefit of our gold and energy holdings, or the mother of all depressions will result in the end of civilization as we know it, in which case the pessimists will suffer as much as the optimists. It’s that simple. So given those two stark choices, you may as well be an optimist. Stay positive now, and odds are you’ll be handsomely rewarded in the future. If we are right about inflation winning the battle, today’s $60 oil will seem like a joke 18 months from now — like a $10 suit or a $25 engagement ring. Prices of all commodities will soar, and the stocks in our Portfolio will give you returns higher than you can possibly imagine today. Gold especially will overshoot the moon. It’s the best investment you can make today.” (JWR Notes: I added the emphasis. Leeb publishes a paid newsletter, and it has been recommended to me by several SurvivalBlog readers.)

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SF in Hawaii suggested this reasonably-priced grinder: Northern Industrial Tools Meat Grinder With V-Belt Pulley. My only reluctance is: Are they made in mainland China? OBTW, whenever you order something from Northern Tool & Equipment, please use this link. As a SurvivalBlog Affiliate Advertiser, we’ll get a little piece of the action, but again only is you use this link.

Letter Re: Your Next Career in the New Economy

Dear SurvivalBloggers:

So, you’ve prepped and developed skills but what if you actually need to work through the depression? What if the depression lasts longer than your preps and the ‘new economy’ isn’t amenable to your current job which requires factories, computers and shipping etc?

You can either learn a useful trade like being:
A Veterinarian or Doctor, but there probably isn’t enough time to go to school for six years.
You can learn another useful skill like plumbing, welding, carpentry etc. But then you’re competing with other plumbers, welders, and carpenters.
Or, you can have some kind of cottage industry that uses locally-produced raw materials and creates needed products… Yes!
Is there a lot of grain growing where you are? Okay, how about being a miller.
Is there a lot of unpurified water where you are? Okay, how about a drinking water vendor?
Are there a lot of animals where you are? Okay, then become a tanner and or tailor.
If you can find something that has some skill set involved, good. Even better if there is some specific tool required to do the job that no one else has locally because the current economies of scale make it cheaper to have it done in bulk somewhere else. – SF in Hawaii

Letter Re: Recommended Sources for Gardening Hand Tools?

JWR,
Preparing for our first garden, other than large pot/barrel gardening, next year. Headed down to our local ranch/farm supply store to pick up some gardening tools, e.g., shovel, rake, hoe, pick, etc.; figured they would be a bit cheaper this time of year. But what I found for sale just floored me. I can’t imagine anyone who had real work to do using any of the products available. The shovels had one tiny rivet holding the blade to a skinny wooden handle; it looked like if it were dropped it would break. The other tools had the same appearance. So, my question to you and/or to any of the blog’s readers is, “What is a quality brand or where might one locate a quality gardening tool product?”

On another note: I’m looking forward to the upcoming release of “Patriots” (with the index and glossary). My previously purchased copies seem to disappear when I loan them out. Have had to become “hard core” and not loan out my last copy, that happens to be autographed 🙂
Thanks. – Ken M.

JWR Replies: In recent years, the US consumer market has been flooded with a plethora of low quality, flimsy Chinese products. Sadly, this include hand tools .These have become so ubiquitous that you have to actively search for good quality gardening tools. The few American-made tools still available have had significant price increases, attributable to the recent spike in steel prices and substantially increased shipping costs.

I have found that it is now better to shop for used, American-made hand tools. Ironically, many tools being sold as “antiques” are more sturdy and a have longer potential service life than the the “factory new” tools that originate in Mainland China’s laogai (“Reform Through Labor”) prison factories. For used tools, watch Craig’s List and even eBay. Last year on eBay, I bought a lot of six “antique” hand scythes (five of which were still quite serviceable), all for $22 plus $11 postage. That same sum might have bought perhaps one or two factory new imported scythes, and I doubt that they would give me near the same service life.

If you can’t find a particular used tool, then one of the best mail order sources for new American, Canadian, and European tools is at Lehman’s.

Letter Re: The Depression of the 1930s–Why No Societal Collapse?

Jim
I run a museum that covers, in part, the Great Depression. In a reply to Steve’s letter about how people may react to a “modern” 1930s type depression, you listed a number of economic, social and cultural differences in America in the two time periods. I might add, or expand on, a few.

In the 1930s, many more people lived on farms or gardened. Even in many towns and cities, it was common to have a garden and raise a few animals including chickens, rabbits, pigeons. An enormous difference, then and now, is that the garden seeds then were “heritage” or open pollinated. That means that a family could save their seed year after year, and always have a crop. That is no longer possible with today’s hybrids. If you save seed now, they, (the hybrids), won’t come back the next year. In a major economic breakdown, there will be little distribution of anything, including seed. No seed, no garden.

In the 1930s, most people had wells or cisterns for water. Today, if the electricity goes off, no more “city” water. Formerly, most people had outhouses. They didn’t need flushing. Today, if you can’t flush, you’ve got a biological lab in your bathroom within three days. In the 1930s, there were more horses, more donkeys, more mass transit and railroads, and more bikes. Today, no gas means no mobility. 80 years ago many more people preserved their own food. It was common for most folks to dry, can, smoke, salt, pickle and cold cellar, food. Today, many people consider food storage a discount card to a restaurant. In the 1930s, most people heated with wood or coal. Now, it’s almost entirely “on demand” gas in a pipe, or electricity. Formerly, most people had treadle sewing machines, grain grinders and meat grinders. Today, nada. In the 1930s, far more people practiced folk medicine and used herbs. If you got cut, sew it yourself. Got sick, chop a chicken and make soup. Today? You’d better have a pill bottle and insurance.

In the 1930s, far more people were church goers. Families tended to live closer to each other. People in general had a more self-reliant attitude. If someone had a problem, they tended to try to solve it themselves. And if they couldn’t, their church family, or own their family, would help them. Society today includes far more people who think the gov’t should, and will, be their caretaker.

It’s my belief, that if today we have a depression, if only as bad as the 1930s Great Depression, that [the societal impact of] such a depression will be many times worse. It’s a somewhat real possibility that, today, in a severe enough crisis, there would be no transport, little food or medicine, no heat, no sanitation, no water and very little cohesion of society.

In the 1930s, people sold apples on street corners, and a popular song was “Brother Can You Spare a Dime?” I’m afraid that today, it may be far more common for people to try to take what they can, and consequences be d***ed. A 1930s-type Depression today ? Not pretty.

Jim Fry
Museum of Western Reserve Farms & Equipment

Odds ‘n Sods:

Reader Willa. J. e-mailed me to ask if we have “…now seen the bottom of the stock market?” She went on to ask if it was safe to starting “buying back into the market” as some of the cheering section “analysts” on MSNBC have suggested. Don’t get suckered in! As I mentioned a while back, price to earnings ratios have a lot farther to fall, to match typical recession lows. And since the current slump in not just a typical market cycle manifestation–rather, it was triggered by the worst credit collapse in history–the markets could get hit even worse than they were in the 1930s. Most ominously, the huge drop in The Baltic Dry Index (BDI) illustrates the deep level of distrust that now exists for letters of credit in transoceanic trade. Global commerce is essentially shutting down. Any corporation that depends on international trade is likely to suffer very badly in the months to come. Dear readers, if you haven’t done so already, get out of your dollar-denominated investments (including stocks), and buy tangibles. Inflation will return with a vengeance. This is inevitable because of the monumental public spending on Mother of All Bailouts (MOAB). When inflation does kick in, you will be glad that you own productive farm land, tools, a family food reserve, and precious metals to preserve your wealth.

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Neil G. mentioned this this bit of confirmation for something that SurvivalBlog readers already know: Yes, We Have No Silver

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More news and commentary from our Economic Editor: Stocks Fluctuate As Investors Weigh The Economy — Oil Prices Tumble To Lowest In More Than A Year — Treasury Set To Dish Out Financial Rescue Funds — Asian Stocks, US Futures Slump — US Stocks Start Day With Further Decline — Credit Squeeze May Cut Crops, Spur Food Crisis — Nikkei Dives 6% — Argentina And The US Dollar’s Fate — US Dollar Currency Collapse Within 30 Days — Getting Ready For “The Turn” In The Dollar — Europe On Brink Of Currency Crisis

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Sean M. found a link to a home biodiesel maker. For a lower-cost solution that is designed for even higher production volume, Ready Made Resources sells another biodiesel making system that is also factory made.

Note from JWR:

The recent MSNBC article on survivalism has spawned numerous spin-off pieces that have mentioned SurvivalBlog, including one on NPR’s All Things Considered show.

The high bid in the current SurvivalBlog Benefit Auction is now at $600. This auction is for a mixed lot that includes:

1.) A huge lot of DVDs, CD-ROMs and hard copy nuclear survival/self-sufficiency references (a $300+ value) donated by Richard Fleetwood of www.SurvivalCD.com

2.) A custom-made, fully-stocked EMS Medic Bag from Cajun Safety and Survival (a $212 retail value)

3.) A NukAlert radiation detector donated by at KI4U.com (a $160 retail value)

4.) A case (6 cans) of Mountain House freeze dried foods in #10 (96 ounce) cans donated by Ready Made Resources (a $160 value)

5.) An autographed copy of “Patriots: Surviving the Coming Collapse” ($24, retail)

See the SurvivalBlog Benefit Auction page for complete details on these items. This auction ends on November 15th. Please e-mail us your bid.

Letter Re: The Depression of the 1930s–Why No Societal Collapse?

Hi Jim,
I really enjoyed reading your novel “Patriots”. I’ve read a few other books also, like “Lucifer’s Hammer” and I have to admit that they spurred me to buy a 22 LR [rimfire rifle] as a starter.

I’ve been doing a lot of thinking of our current situation in this country and it occurs to me that every generation has things going on that is very concerning. But in particular was thinking the Great Depression should have been a good example of things going to h*ll. Yet there was not this great meltdown where people needed to go to retreats and such. So I’m writing this e-mail to see if you’ve done any research to do comparisons with our [present-day] situation and the Great Depression situation to determine why the country did not collapse during that time period. Thanks, – Steve

JWR Replies: Thanks for raising that point. It is well worth discussing. There are some substantial differences between our society in the early 21st Century, and America in the 1930s. With these differences, our society is now much more fragile and vulnerable to collapse. Here are a few that come immediately to mind:

Consider the Attributes of America in the 1930s :

A largely agrarian and self-sufficient society. (Now, just 1% of the population operating farms and ranches feed the other 99%.)

Not heavily dependent on computing and communications, technology, grid power, and petroleum-based fuels.

Shorter chains of supply. Most food was grown within 100 miles of where people lived.

A very small underclass that was dependent on charity or public welfare.

Lower property tax rates and lower (or nonexistent) license fees, vehicle registration fees, et cetera.

The majority of workers lived near their work.

Most displaced workers were willing to accept lower-paying jobs–even doing hard physical labor.

The entire nation was economically self-sufficient and could carry on without many imports.

Far greater self-sufficiency at the household level (domestic water wells, windmills, wood burning stoves, home vegetable gardens, home canning, and so forth)

A much lower level of indebtedness (public and private). At the outset of the Depression most families had cash savings. (We are now a nation of debtors.)

A sound currency, still backed by specie. (Although FDR‘s administration seized most privately-held gold in 1933, the currency was at least still fully redeemable in silver coinage until 1964.)

Lower percentage of corporate employment–so there were less risk of huge layoffs that would devastate communities

A significantly more moral society that still had compunctions and a prevalently law-abiding attitude.

A homogeneous population that largely shared common Judeo-Christian values. A much larger portion of society attended church regularly

A simpler, less extravagant lifestyle, with tastes in cooking and entertainment that did not require large outlays of cash.

Most families owned only one car (with proportionately lower registration and insurance costs), and they lived in smaller homes that were less expensive to heat.

In summary, in the 1930s it cost a lot less to live (as a percentage of income) and people were willing, able, and accustomed to “making do” without. When people lost their jobs, in many cases they didn’t lose their homes because they were paid for. Many folks could simply revert to a self-sufficient lifestyle and earn enough with odd jobs to pay their property taxes. What fraction of

The bottom line: If America were to experience a Second Great Depression, given the high level of debt and systems dependence, there would be enormous rates of dislocation and homelessness. And with modern-day immorality and the prevalent “me first ” attitude, I have no doubt that riots and looting would absolutely explode.

Letter Re: How to Handle Real Estate Holdings in a Economic Depression

Sir:
If the global economy melts down and we experience a “greater depression” or worse. What is the best strategy for real estate that is already owned? I own a primary home and two rental properties in central Virginia but if the SHTF, I’m going to retreat along with numerous family members, to our farm about 25-30 miles from the nearest city. (It has hundreds of acres for growing, and has ample water, etc.)

I don’t have substantial equity in any of my three houses and all mortgages 30 year fixed through Bank of America. Is it worth continuing to try to pay on one or more of these? If the county is on the skids for several years and job loss is substantial, do you think there would be bank/government lack of mortgage payment forgiveness and allow people to resume payments if or when things returned to relative normalcy?

I’m pretty certain that I would leave remaining credit card debt unpaid. If the SHTF, a poor credit score would be least of my worries. Do you agree?

Any other thoughts on this topic would be greatly appreciated. I may be a little naive is assuming the USA will return to a state of normalcy but it is a very real part of my planning process. Or is there basically no chance of a return to normalcy after such an event? Thanks in advance, – Joe

JWR Replies: Anyone that has vacation, rental, or “investment” properties with mortgages attached should beware! A negative cash flow will be disastrous in an era of widespread corporate layoffs. Face facts: It is very likely that a recession or even a depression is just around the corner, and the collapse of real estate prices is likely to continue for several years. If you can break even or get out with a small loss, then I urgently recommend that you start selling property and don’t stop until until you have a solid positive cash flow. If you try to juggle too many mortgages, you may lose everything.

As I’ve said before, a total wipeout is unlikely. Far more likely is a straightforward Depression, perhaps inflationary, perhaps deflationary, but in any case nasty. Banks and civil governments will still function in all but an absolute worst case situation. That means that you will still have to meet your obligations for mortgage and property tax payments. Be ready for such times by getting out of debt!

If you are completely “upside down” in one or more mortgage, then think twice about just walking away, and mailing your banker “jingle mail.” Unless you are self-employed, I recommend that you do so only as a last resort. Keep in mind that credit scores are now part of the background checks that are now standard practice in the hiring process for many corporations. It would add insult to injury to ruin your chance of getting re-hired by wrecking your credit rating.

Letter Re: Salt and Other Key Items to Store for Barte

James-
I have a tip for my fellow SurvivalBlog readers on salt. Most anyone with a well will probably have a water softener, and as such will know that salt comes in large 20-50 pound bags. We get it for our softener for about $5.00 per 50 lb. bag. Be sure to check the label, and make sure that it is pure sodium chloride, (table salt). Others are Potassium Chloride, the “other” table salt. Watch out for the ones that have additives, of course. Being “rock salt” it’s got large crystals, but you can easily crush or grind it. It’s available at hardware stores and places like Ace, TruValue, Home Depot, Lowes, Agway, et cetera. Regards, – Rick D.

Odds ‘n Sods:

Reader “Bigbird” spotted this “must read” piece: In Europe, crisis revives old memories. Bigbird’s comment: “It looks like Americans aren’ t the only ones who practice survivalism.”

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Bob McC. mentioned this Piece at Fox News: Uses for $700B Bailout Money Keep Changing. Bob’s comment: “The clueless Congress just starting to discover that banksters lied! And they wondered why 3/4ths of American constituents opposed the plan!”

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Reader Currie M. sent us this link: The Baltic Dry Index (BDI) Plummeting. Currie’s comments: “I consider this an accurate representation of economic conditions, in real time. It seems to signal what other indicators take much longer to recognize. This BDI chart signals to me that the the world economy is grinding to a halt. The globalization bubble is deflating at a horrific pace. A ninety percent drop! Not only are there grave economic considerations to having world trade crash, but the recent rumors of banks not wanting to accept letters of credit from other previously trusted international bank partners is strengthened. Who wants to ship if they will not get paid? The entire world (not just the US or European) banking/financial system is tottering.”

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From our ever-reliable Economic Editor, Cheryl N. comes this news and commentary: The 1929 & 2007 Bear Market Race To The Bottom — Nouriel Roubini: I fear the worst is yet to come — US Joins UK On “Brink” Of Recession — Gold Stocks Were Financial Saviors In The 1930s — October: Monster Market Mash

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Susan Z. flagged this article by our friend Michael Panzner: ‘When the U.S. Sneezes, the Rest of the World…’ Yikes! This is starting to sound much more like an incipient depression rather than a recession.