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Category Archives: Economics
Unlearning
Charles Hugh Smith – What Have We Learned in the Past 13 Years? Thirteen years of cheating have created a dangerous confidence that we can keep cheating by controlling the market forever. The problem for the Central State and Central … Continue reading
Hudson’s Law
“Debts that can’t be repaid won’t.” – Michael Hudson Speaking of which, the haircut on Greek bonds is now up to 80%.
EU Bans Iran from Trading Gold and Other Precious Metals
Reuters report that the EU has agreed to freeze the assets of the Iranian central bank and ban all trade in gold and other precious metals with the Iranian Central Bank and other public bodies in Iran. According to IMF … Continue reading
30 Year Mortgage Rate Down to 3.88%
Interest rates on the 30-year fixed-rate mortgage hit another low this week, averaging 3.88% in Freddie Mac’s most recent survey of conforming mortgage rates, released on Thursday. The mortgage averaged 3.89% last week and 4.74% a year ago. Rates averaged … Continue reading
Greece Bondholders May Get Just 32 Cents on the Dollar
Mish – Greek Bond Talks Edge Toward 68% Haircut Deal; Will the Deal Be Accepted? Former ECB president Jean Claude Trichet said there would be no haircuts. There were. The first Greek haircut was 21% and it was insufficient. The … Continue reading
China’s Fake Disneyland is Saddest Place on Earth; Thomas Friedman Hardest Hit
China’s Deserted “Fake Disneyland”: Situated on an area of around 100 acres, and 45 minutes drive from the center of Beijing, are the ruins of ‘Wonderland’. Construction stopped more than a decade ago, with developers promoting it as ‘the largest … Continue reading
Greek Bonds Hit 415% Interest
S&P is saying Greece is about to default on its loans. LATER: Fitch expects Greece to default on its March 20 bond payment.
2011 US Silver Eagle Sales Outstrip 2011 US Silver Production
Source. That doesn’t even include silver for US jewelry or industrial uses. Now I’m just a simple caveman, but that should put upward pressure on silver prices, amirite?
Step 1.) Get the Power. Step 2.) Get the Money. Step 3.)
How to Profit Off Marijuana Legalization (That link came up on one of my financial sites. Honest!)
Good News for California
Moody’s now rates Illinois as having the worst credit rating in the country.
Gold Ends 2011 Up 10%, Silver Down
Gold’s 10 percent gain in 2011 extends run to 11th year. Gold rose 1 percent on Friday, rebounding from losses earlier this week that sent the market briefly into bear territory, and the metal sealed its 11th consecutive year of … Continue reading
Gold and Silver in the MF Global Dustup
Barron’s – The Silver Rush at MF Global The trustee overseeing the liquidation of the failed brokerage has proposed dumping all remaining customer assets—gold, silver, cash, options, futures and commodities—into a single pool that would pay customers only 72% of … Continue reading
SEC Charges Former Fannie and Freddie CEOs with Fraud
FOX News – SEC Charges Ex-Fannie, Freddie CEOs With Fraud: Freddie told investors in 2006 that it held between $2 billion and $6 billion of subprime mortgages on its books. The SEC says its holdings were actually closer to $141 … Continue reading
Mish: No Connection Between Gold and the Dollar
Dear Nouriel Roubini: The Fundamental Case for Gold Has Not Changed; To Understand, All Roubini Need Do is Look in a Mirror: Day in and day out someone writes me concerned about strength in the US dollar and what it … Continue reading
For anyone getting gloomy about gold and silver …
Cheer up. It may get ugly in the next little bit, but it should be better next year. Citi Predicts Gold At $3400 In “The Next Two Years”, Potential For Move As High As $6000: While we remain cautious on … Continue reading
Jon Stewart: “Our Government is the World’s Dumbest Loanshark”
The Daily Show: America’s Next TARP Model: TARP was a $700 billion bailout/loan guarantee. There was apparently another $7.7 trillion loan program. Banks borrowed money from the government at 0.01% interest. Then they used the money to buy U.S. Treasuries … Continue reading
A look at total public and private debt by country
Charles Hugh Smith – The World Is Drowning in Debt, and Europe Laces On Concrete Boots: The world’s major economies are drowning in debt–Europe, the U.S., Japan, China. We all know the U.S. has tried to save its drowning economy … Continue reading
Claim: China’s economy on edge of collapse, Thomas Friedman hardest hit
Chinese TV Host Says Regime Nearly Bankrupt. Secondly, that the regime’s officially published inflation rate of 6.2 percent is fabricated. The real inflation rate is 16 percent, according to Lang. Thirdly, that there is serious excess capacity in the economy, … Continue reading
Biggest municipal bankruptcy in US history
Bloomberg – Jefferson County, Alabama, Votes to Declare Biggest Municipal Bankruptcy: Jefferson County, Alabama, commissioners voted 4-1 to file the largest U.S. municipal bankruptcy after reaching an impasse over concessions with holders of $3.14 billion of bonds. JPMorgan Chase & … Continue reading
Charles Smith on the the Euro as 21st Century Colonialism
Charles Smith – EU Leaders Throw Europe a Plutonium Life Preserver: A slightly more formal model for understanding the increasingly unstable dynamics of the EU is the post-colonial “plantation” model I’ve described here before. The key characteristics of the Colonial … Continue reading
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