I want everyone to take a deep breath and stop inhaling all that bad debt dope...
Adam Smith Would Neither Recognize Nor Approve Of Our Financial, Monetary, Economic Or Legal SystemsSubmitted by George Washington on 07/30/2011 23:33 -0500
Things changing faster than I can write.
Only now, after three years of roller coaster markets, epic debates, and gnashing of teeth, are mainstream financial pundits finally starting to get it. At least some of them, anyway. Precious metals have continued to perform relentlessly since 2008, crushing all naysayer predictions and defying all the musings of so called “experts”, while at the same time maintaining and protecting the investment savings of those people smart enough to jump on the train while prices were at historic lows (historic as in ‘the past 5000 years’)....Those who instead listened to the alternative media from 2007 on have now tripled the value of their investments, and are likely to double them yet again in the coming months as PM’s and other commodities continue to outperform paper securities and stocks. After enduring so much hardship, criticism, and grief over our positions on gold and silver, it’s about time for us to say “we told you so”. Not to gloat (ok, maybe a little), but to solidify the necessity of metals investment for every American today. Yes, we were right, the skeptics were wrong, and they continue to be wrong. Even now, with gold surpassing the $1600 an ounce mark, and silver edging back towards its $50 per ounce highs, there is still time for those who missed the boat to shield their nest eggs from expanding economic insanity. The fact is, precious metals values are nowhere near their peak. Here are some reasons why…
- Spain Will Require Regions to Curb Deficits, Its Finance Minister Says (WSJ)
- Obama cancels fundraising appearances amid stalled debt talks (CNN)
- Toying With Default: The President isn't serious about real spending cuts (WSJ Editorial)
- QE2 is coming to the UK: Cable Appeals for New Dose of Easing (FT)
- Lawmakers Still Divided as Debt Deadline Looms (Reuters)
- Rail Stocks Tumble in China, Hong Kong (Bloomberg)
- Clinton Assures China on U.S. Debt-Ceiling (Bloomberg)
- Messing With Medicare (Paul Krugman)
As noted by Richard Heinberg on June 22nd, 2011, the media has lacked the ability to connect the economic situations in the Middle East and their uprisings to what is happening in Europe. I would avoid the word “Revolution” in the case of the Middle Eastern uprisings, seeing as no dramatic systemic changes have taken place, only the ousting of dictators. Same as I would avoid the words of social upheaval in the case of European protests, which have been quite calm and only demanding to maintain the social safety nets produced through years of labor struggle. Rather, the odd occurrence is the ostensibly quiet population of the United States who are in many cases having the same economic problems and austerity based government solutions. This is a place where the media does want to ask the public the question, “Why aren’t you protesting?”
- Debt talks begin critical phase (Reuters)
- Obama and Boehner Advance Toward Deal to Cut Deficit (WSJ)
- Democrats Balk at Potential U.S. Debt-Limit Deal (Bloomberg)
- Debt Ceiling Uncertainty Puts States at Risk (NYT)
- Chinese manufacturing set to contract (FT)
- Questions on Holdings at the Fed (WSJ)
- China Banking Regulator Steps Up Risk Controls on Local Government Loans (Bloomberg)
- IEA calls halt to emergency oil release (FT)
- EU leaders agree €109bn Greek bail-out (FT)
- EU May Accept Greek Default as Crisis Fight Intensifies (Bloomberg)
- The Lesser Depression (Krugman)
- Barnier seeks to soothe UK over banks (FT)
"They’re going to cut back the bone and they’re going to keep the fat, basically. They’re going to try to panic the population into acquiescing in a Democratic Party sellout by cutting back payments to the people...while making sure that they pay the Pentagon, they pay the foreign aid, they pay Wall Street." Michael Hudson
The emergency room doctors are missing the bigger problem ...
If We Don't Break Up the Giant Banks NOW, They'll Be Bailed Out Again and Again ... Dragging the World Economy Down With ThemSubmitted by George Washington on 07/13/2011 12:50 -0500
Last chance ...
The Economy Cannot Recover As Long As Inequality Continues to Skyrocket ... But Government Policy Is INCREASING InequalitySubmitted by George Washington on 07/06/2011 20:16 -0500
What do Hu Jintao, David Cameron, Warren Buffett, Dominique Strauss-Kahn, Alan Greenspan, Robert Shiller, Joseph Stiglitz, Robert Reich and Mark Thoma - and both conservatives and liberals - all agree on?
How would you trade the bind that Bernanke has created for himself?
Following up on saving the world and some 4th of July thoughts on Greek and American nationalism...
(In)famous artist Geoffrey Raymond has found a brilliant and 100% margin-generating scheme for boosting the prices of his trademarked annotated paintings: he opens them up for indirect commentary to the Zero Hedge community, which are then subsequently superimposed on to the painting itself. It worked for Jim Cramer, it worked for Ayn Rand, and now, it will work for Krugman (or rather the proud owner thereof). Black and White Krugman. Of course, in the process Raymond has made our prediction from two years ago that his work will be among the best IRRing cash allocation opportunities around, with recent clearing prices generating a triple digit investment CAGR for those who followed our January 2009 advice. So without further ado, here is Raymond's still unfinished Krugman, where the most eloquent ZH comments will take their rightful place. And P.S. no stimulus, fiscal or monetary, was wasted, or monetized, in the creation of this portrait.