Another excellent clip from MSNBC’s Dylan Ratigan show. It is an interview with Eliot Spitzer and Jonathan Alter regarding the “Volcker Rule” and the obstructionists in the Obama Admininistration. More Supporters DissatisfiedSunday Morning ReadingEggs vs. Idiots

Via Les Jones (images not in original): Richard Russell: “Sell Everything Liquid, You Won’t Recognize America By The End Of The Year” Wednesday May 19th, 2010 Via iTulip: About Dow Theory — First, we saw the recent April highs in the Averages. Then we saw a plunge in both Averages to their [...]

From the Wall Street Journal: “One item that doesn’t fall into the it-could-be-worse department … is the U.S. corporate income tax. It’s already about as bad as can be. This year, American businesses may spend 89 cents preparing their taxes for every dollar they pay in taxes. In a new estimate, [...]

Sure, China will keep buying our Treasuries. NOT! Below is an article on a failed government debt auction in China, and it is not the first. The entire developed world is in the same condition as the US. All countries need government financing to pay for the deficits they have [...]

Bond markets are looking askance on the Federal Government and its continuing profligacy. The belief that the US can continue to finance its current deficits may be questioned. According to Chris Wood writing for Casey Research, Warren Buffet (and other private firms) now borrows at a lower interest rate than [...]

Can We Have Another Banking Holiday? “But most commercial banking is “deposit banking” based on a gigantic scam: the idea, which most depositors believe, that their money is down at the bank, ready to be redeemed in cash at any time.” Murray Rothbard One of the most painful and important [...]

A Wall Street Journal article reported: “The Treasury said it will borrow $200 billion and leave the cash proceeds on deposit with the Federal Reserve, reviving a program that will make it easier for the Fed to raise interest rates when the time comes.” I had to read that sentence [...]

In Jimmy Carter’s reign, the Wall Street Journal editorialized about “Ratcheting to Ruin.” The title derived from the fact that each cycle high in unemployment was higher than previous ones, and each cycle high in inflation was also. “Stagflation” was coined to describe what up until then was believed to [...]

“US government debt is a safe haven the way Pearl Harbor was a safe haven in 1941.” Niall Ferguson The idea that our debt is somehow a safe-haven is a sad reflection on the rest of the world. Europe may be in a pickle with the Greece (and more generally, [...]

Stock your bunker. 2010 is apt to be ground zero for financial markets. Sixty years later, a bomb-shelter strategy once again seems in order. But this time it will used for financial as opposed to physical protection. The year 2010 is likely to be the pivotal year where pundits stop [...]

Kicking the Can Down the Road If you believe that the housing market is improving, it might be understandable given the “pumping” provided by main-stream media, CNBC, government officials and Federal Reserve statements. However, you might want to look at government actions rather than propaganda. On Christmas eve, after the [...]

Our ability to fund our deficits and fixed income needs ended last year. The Treasury market is perhaps the biggest bubble yet to burst. It is highly probable that this bubble reached its zenith and started to deflate 2009, propped up only by extensive and surreptitious quantitative easing. It is [...]

The United States is now dependent on the rest of the world to finance its government deficits. As the sovereign version of Tennessee Williams’ Blanche du Bois in Streetcar Named Desire, we are truly “dependent on the kindness of strangers.” The government has no way to finance itself other than [...]

Senator Jim Bunning provides a brutal and thorough summary of Bernanke’s role in the financial crisis. [youtube]http://www.youtube.com/watch?v=AVwr-Nf0slQ&feature=player_embedded[/youtube] Jimmy Stewart Wouldn’t Run These BanksThe Fed is a Hazard to Your Wealth and The CountryEssential Read: WingNuts and Dead Man Walking

The Fed has reached the point where there are two choices — Allow the government to shut down or allow itself to be the Treasury’s ATM machine. Inflation is, as Milton Friedman was fond of saying, “always and everywhere a monetary phenomenon.”  It is insidious. It becomes a part of [...]

This article concludes, as did my recent post Spiraling to Bankruptcy. that the bankruptcy of the United States is now inevitable. Porter Stansberry approaches the topic from a different angle, using cash flows and borrowing capacity, to support his conclusion. Stansberry  has a great sense of urgency believing “the odds [...]

A must-watch video that describes the case for dollar collapse and hyperinflation. See The Dollar Bubble

The video below shows a devastating criticism of Tim Geithner and Administration economic policy. The pol includes the request (demand?) that Tim Geithner fall on his sword. Geithner rejects the suggestion, despite increasing support from both sides of the aisle for his resignation. Regardless of his supposed capabilities (which were [...]

Image by akseabird via Flickr Image via Wikipedia Apparently things are so good that we are going to make them even better. Are we back in Alice in Wonderland? If this were not so serious, it would be comical. Another stimulus is being discussed. Who possibly could have seen this [...]

Image via Wikipedia Julian Robertson, legendary investor, expressed what I believe to be the critical immediate problem facing the US (and the rest of the world). With my emphasis added, he said the following: I prefer to run scared through here. I think that if the Chinese stop buying our [...]

The beat goes on. Next week sets new record in Treasury debt. There is no end in sight for these incredible funding needs. How can anyone think this can end well? Our foreign debtors have been warning us and changing their investment positions for many months. Why would anyone hold [...]

More terrible news from ZeroHedge on the Dollar and Treasuries. Does anyone not now believe that surreptitious Quantitative Easing has not been going on and will continue? Detailed Look At TIC Flows: August Treasury Purchases By China, Japan And UK Drop To Lowest Total Year To Date Submitted by Tyler [...]

Three Government Reports Point to Fiscal Doomsday (M.W.) Three recently released government reports now point to fiscal doomsday for America; and one of the reports, issued by the Congressional Budget Office (CBO), says so explicitly …

A Deflation Story by Bill Bonner London, England “It was at Rome, on the 15th of October, 1764, as I sat musing amidst the ruins of the Capitol, while the barefooted friars were singing vespers in the Temple of Jupiter, that the idea of writing the decline and fall of [...]