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Blog

China warns the U.S.

by Chris Martenson
Friday, August 22, 2008, 1:48 PM
China is
sending clear signals that it will consider a breach of obligations by
the US on its debt to be, well, catastrophic. "For us, or for them?"
one wonders. At any rate, the $376 billion in agency debt held by the
Chinese could buy a big swath of U.S. corporate assets.
» Read more
Blog

U.S. Mint suspends gold coin sales

by Chris Martenson
Thursday, August 21, 2008, 2:02 PM
As gold took its
tumble in the paper markets, demand for physical gold climbed sharply
by those seeking to take advantage of the lower prices. In response to
that demand, the U.S. Mint suspended sales. What an odd thing for a
manufacturer to do.
» Read more
Blog

I.O.U.S.A. - The Movie

by Chris Martenson
Thursday, August 21, 2008, 1:59 PM
This is the movie I wanted to make, but didn’t. I am so glad that it got done. I am going to see it, and I hope you do, too.
» Read more
Blog

FDIC becomes landlord to thousands

by Chris Martenson
Thursday, August 21, 2008, 1:57 PM

Oh, this is
nice. Now the FDIC is getting into the mortgage business. This is a
serious departure from their past activities, skill sets, and possibly
charter. To date, we have the Federal Reserve accepting bad mortgages
in exchange for cash and Treasuries; the FHLB sporting a $1.5 trillion
mortgage portfolio, where it was barely half that a few years ago; and
Fannie and Freddie, with absolutely frightening growth in their own
guaranteed and retained mortgage portfolios. In short,
every possible government program is already neck-deep in this mess and
steadily getting in deeper. » Read more

Blog

Poland signs a missile deal

by Chris Martenson
Wednesday, August 20, 2008, 2:16 PM
Sometimes
geopolitical events warrant a comment or two. This is one of those
times. With things still quite unsettled in the Russia-Georgia
conflict, it would seem like a good time to take a deep breath and let
some subtle diplomacy do its work. Unfortunately, this approach is well
outside the of the skill set of the U.S. executive branch.
» Read more
Blog

National City Bank in trouble

by Chris Martenson
Wednesday, August 20, 2008, 2:14 PM
The current
crisis is a credit crisis. Period. I don’t really care if the stock
market is trying to signal a bottom, or help keep confidence up; the
real problem is that we have a debt-based money system in which the
engines of debt have stalled out.
» Read more
Blog

Fannie and Freddie melt down

by Chris Martenson
Wednesday, August 20, 2008, 2:09 PM
The stock of Fannie (FNM) is down -30%
as I write this. There are rumors that the CEO of FNM is headed over to
the Treasury for some ‘discussions.’ I am shocked that the US stock
market (currently up
on the day) is simply shrugging its shoulders at the complete capital
destruction of the largest financial company in the world.
» Read more
Blog

August 18-19, 2008

by Chris Martenson
Tuesday, August 19, 2008, 3:02 PM

GSEs Ready to Fail, Too Large to Fail, Banks With Borrowing Trouble, Weird Markets, Producer Inflation Hits 17 Year High, Housing Starts 26 Year Low, Oil Majors See Output Decline
 » Read more

Blog

Week of August 11, 2008

by Chris Martenson
Monday, August 11, 2008, 2:48 PM

Dollar intervention?, SWFs buying houses, flotilla heads to Iran?, CDS market failures, Houses Losing Value (but nobody seems to notice), Fuzzy Numbers on Trade, a Good Depression, US Deficit in July was $102 billion, Consumer Sales Are Down, A Hedge Fund Blows Up?, Foreclosures Set New Records, Inflation at a 17-Year High, Georgia, States Gambling With Pensions, Commodities slammed, Option ARMs, and Euro GDP Shrinks » Read more

Blog

Week of August 4, 2008

by Chris Martenson
Sunday, August 10, 2008, 3:07 PM
States Selling Public Assets for Money, The WSJ and The FDIC, ALT-A Defaults Climb, BLS Understates Job Losses, Big Three Automakers Ask For $40 Billion Loan (Bailout), GDP Illusion, Pending Home Sales Up?, Anatomy of a Bank Failure, Central Bank Intervention, CA July Foreclosures, and Consumers Tap their Credit Cards
» Read more