Daily Digest

Daily Digest - May 4

Monday, May 4, 2009, 10:50 AM
  • Audio, Fool's Gold: How Unrestrained Greed Corrupted a DREAM, Shattered Global Markets and Unleashed a Catastrophe (Audio, LSE (London School of Economics))
  • Define Rich, part II: Rat Race and the American DREAM
  • More Fantastic Reporting with Jon Stewart (Video, Comedy also)
  • Tracking the Global Recession
  • Where to move if the Great Depression Comes?
  • Funnies
  • Shiller on Depression Scares
  • Financial Sense News Hour May 2, 2009 (Audio) 
  • Chan hits back at WHO critics

Economy 

Audio, Fool's Gold: How Unrestrained Greed Corrupted a DREAM, Shattered Global Markets and Unleashed a Catastrophe (Auidio, LSE (London School of Economics)****Don't miss the 25:50 minute point on)

Define Rich, part II: Rat Race and the American DREAM

There were some good responses to the first posting that I agreed with. They were, could we say, jumping the gun as to how I want to proceed, however. So, with this post I want to continue with looking at phrases/concepts/thoughts that are a part of, or were a part of any discussion regarding “rich”.

Have you missed the phrase: Rat Race?

Wonder why we ask: Is the American Dream dead?

Could it be that in an economy where “rich” is not or will not be defined, the race is won and the dream obtained? After all, we're all rich now! Sodahead specifically asked the question.

We have polls regarding the Dream. From the group: Change to Win, the 2006 American Dream Survey:

A majority of American workers feel both the country (63%) and the national economy (63%) have gotten off on the wrong track. Just 26% of workers say the country is headed in the right direction, while 28% say the national economy is headed in the right direction.

The most widespread serious worries of American workers today include the prospect of not being able to afford health care when they need it (a serious concern for 77%), not having enough money for retirement (77%), losing their health care benefits (72%), not being able to keep up with bills (69%), and having their standard of living slip further and further (68%).

When asked the open-ended question of what the American Dream means to the them, respondents said it means having a good job and being able to make a comfortable living (37%) while notably, almost no one mentions being wealthy or affluent (1%).

From New American Dream.org 2004 survey report:

  • More than 4 in 5 Americans (85%) say that our society’s priorities are out of whack.
  • Nearly all Americans (93%) agree -- more than half agree strongly (52%) -- that Americans are too focused on working and making money and not enough on family and community.
  • More than 4 in 5 Americans (83%) agree that they wish they had more of what really matters in life.
  • Less than 3 in 10 say that having a bigger house or apartment (29%) or nicer things (16%) would make them much more satisfied.

In this survey is a chart of phrases asked to be rated in how well it describes the American Dream and importance for society on a 10 point scale. They report the percentage that rated each phrase at 8 or higher. The following are significant for this discussion:

“To consume or buy what we want”. Only 55% said it described the Dream and 49% said it was important.

“Achieving an affluent or wealthy life style”. Only 49% said it described the Dream and 44 % said it was important.

These are low numbers compared to the other phrases.

Thus, between these two surveys, the idea of getting rich so that you can consume as you please is not a big part of the Dream. In fact this survey found:

More Fantastic Reporting with Jon Stewart (Video, Commedy also)

Tracking the Global Recession (Charts)

Where to move if the Great Depression Comes?

[Legendary speculator] Doug Casey is greatly underappreciated. He's been expecting the debacle we see unfolding today - a collapsing financial sector, government spending growing out of control, and a public backlash against capitalism - for as long as I've known him, almost 15 years. He calls the scenario "The Greater Depression." And now, he thinks it's going to be even worse than he expected...

At his conference last weekend in Las Vegas, he told the audience what he's doing to protect himself from what he sees coming next: soaring inflation, capital controls around the world, and vast increases to America's already confiscatory tax regime. What is Doug doing? First, he built a very private community in a very safe place about as far away from the centers of government power as you can get. His development is called Estancia Cafayate. Check it out Here It's located in the southern part of Salta province in northwest Argentina. Why in the world would you want to live in a valley of the Andes Mountains in rural Argentina? Well, Uruguay is nearby, a place where you can still bank privately and where you can still arrange for citizenship.

 

Funnies

Shiller on Depression Scares

Professor Shiller writes in the New York Times: Depression Scares Are Hardly New

WHAT is the chance that the current downturn will morph into another Great Depression? That question has been preoccupying people for months.

The popular mood has a huge impact on the economy, so it’s worth noting what many people seem to forget: Depression scares come and go. And by one authoritative measure, the current outbreak of concern has been surprisingly mild.

The University of Michigan Surveys of Consumers have included in their regular measurements this specific question about fear of a prolonged depression:

“Looking ahead, which would you say is more likely — that in the country as a whole we’ll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression, or what?”

... A high score on the question means that the answers tilted toward continuous good times, with a low score tilting toward unemployment or depression. Since 1960, the average score has been 94.

If we define a depression scare as any time the score is below 65, there have been four such scares since 1951. They were in the periods from 1974 to 1975, during which 47 was the lowest score; from 1978 to 1982, with a low of 41; from 1990 to 1992, with a low of 54; and from 2008 to 2009, with a low (to date) of 59. Note that so far, at least, the worst reading in the current scare has not been as bad as those of the previous episodes.

In each case, the scare’s significance is further confirmed by electronically counting in news databases the number of articles containing the word pair “great depression.” There were huge peaks in the count during these periods.
Here is a graph comparing the decline in real GDP for the current recession with other recessions since 1947. Depression is marked on the graph as -10%.

Financial Sense News Hour May 2, 2009 (Audio)

Chan hits back at WHO critics 

The head of the World Health Organisation hit back at critics who have accused it of over-reaction to the swine flu crisis, warning it may return “with a vengeance” in the months ahead. 

In her first extensive media interview since alerting the world to a potential flu pandemic nine days ago, Margaret Chan, the agency’s director-general, told the Financial Times that the end of the flu season in the northern hemisphere meant an initial outbreak could be milder but then a second wave more lethal, as happened in 1918.

Fresh data from Mexico suggested the impact of the flu could be less than initially thought. José Angel Cordova, health minister said the flu virus epidemic had passed its peak and was declining. “The evolution of the epidemic is now in its phase of descent,” he said.

The Mexican government, which had already scaled back its original estimate of 176 deaths, said 19 of the suspected 100 deaths from the H1N1 virus had been confirmed.

But Ms Chan warned that an apparent decline in mortality rates outside and within Mexico did not mean the pandemic was ending.

“We hope the virus fizzles out, because if it doesn’t we are heading for a big outbreak.” But she said: “I’m not predicting the pandemic will blow up, but if I miss it and we don’t prepare, I fail. I’d rather over-prepare than not prepare.”

32 Comments

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - May 4

Hello:

Today was a rather light day in the news.

I'm also keeping a little on the light side becuase Gillia Tett's 1:22 audio listen is fantastic. If your pressed for time you probably won't miss too much by starting at the :25 minute and :50 Second point. Biestro. Gets into the Q&A section at 43 minutes, so the meat of it is between those 2 points.

I would call it a: "Don't miss." 

My take on today's A(H1N1) is that it might be less servere than we first heard. It is good to see schools closing for 14 days. I found it profound that the European countries are stating Tamiflu in percentage, IE, the UK has enough Tamiflu for 50% of its populus.

The U.S. is touting they have 50 million doses, that is 16% of our populus in my math.

Also interesting is that the exitisting flu is Tamiflu resistant, if the A(H1N1) mutates with the current flu scientists say it will likely be Tamiflu resistant. Chan says she is preparing, I'd sleep better if I read she was stocking up on Relenza as well.

Take care

DavidC's picture
DavidC
Status: Silver Member (Offline)
Joined: Sep 29 2008
Posts: 243
Re: Daily Digest - May 4

Just heard a great one on Bloomberg TV - apparently the continuing market rally is a result of the fustration of investors waiting to get into the market! What?!  Methinks ' tis nearly time to to get out or go short!

By the way, this is NOT a market recommendation, just a cynic's/contrarian's thoughts!

David

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - May 4

What was that old quote that now makes sooooo much sense to me: "No one ever went broke underestimating the intelligence of the American public." ~Mencken

I think it will some day they will append ....except the American public.... to this quote.

Personally, I thank a lot of the media and the schools. I don't think we are dumb, just mentally malnourished.

philv's picture
philv
Status: Member (Offline)
Joined: Oct 6 2008
Posts: 13
Tamiflu second take

http://money.cnn.com/2005/10/31/news/newsmakers/fortune_rumsfeld/

NEW YORK (Fortune) - The prospect of a bird flu outbreak may be panicking people around the globe, but it's proving to be very good news for Defense Secretary Donald Rumsfeld and other politically connected investors in Gilead Sciences, the California biotech company that owns the rights to Tamiflu, the influenza remedy that's now the most-sought after drug in the world.

Rumsfeld served as Gilead (Research)'s chairman from 1997 until he joined the Bush administration in 2001, and he still holds a Gilead stake valued at between $5 million and $25 million, according to federal financial disclosures filed by Rumsfeld....................

 

Replace bird by swine and I the article is probably still valid. Add that The Belgian Etienne Davignon, charmain of Bildeberg Group is also on the board of Gilead and it does not need to be a conspirationist to think that this over coverage my media of this not yet pandemic flu is suspicious.

 

 

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - May 4

 Philv:

Great read. Amazing that scientists think A(H1N1) could mutate with the current version of the flu which is Tamiflu resistant and A(H1N1) would then be Tamiflu resistant. http://www.wpxi.com/video/19313969/index.html

And what do governments continue to buy? Tamiflu.

Like putting our energy answers in Ethonal.

philv's picture
philv
Status: Member (Offline)
Joined: Oct 6 2008
Posts: 13
Re: Daily Digest - May 4

If you are concerned abour flu virus mutation risk I encourage you to read this :

http://www.naturalnews.com/025760.html

Regards

Philippe

SPM's picture
SPM
Status: Silver Member (Offline)
Joined: Mar 20 2009
Posts: 241
Re: Daily Digest - May 4

I'm curious on the accuracy of Shillers numbers for the depression scare. The reason I am is as follows. Record number of print news sources went out of business during end of 2008 - 2009. The insurgence of independant news souces, youtube, and the like.

With all the print going out of business, because everyone is turning to alternatives. I imagine this would impact "electronically counting in news databases", that no longer exist in the numbers compared to any past recession/depression. Schiller is using MSM as his judge of how we all feel. I have yet to hear any of them actually call this a depression. Its a "deep reccession".

Youtube is plastered with depression videos. Many idiotic, some informative, but I highly doubt these were included. I have a feeling if they used Youtube alone, that would blow their depression scare number out of the water.

They could also use spiders to track all articles going through Google, but this wasn't done either. Many reputable companies use spiders through Google since most people use Google as their search function. Gives those using the spiders an accurate judgement of what people are looking for and feeling. This tactic is well documented. http://en.wikipedia.org/wiki/Web_crawler

I don't find his numbers as accurate as they could be.

 

Love your work Davos. Keep them coming.

Sean

philv's picture
philv
Status: Member (Offline)
Joined: Oct 6 2008
Posts: 13
Re: Daily Digest - May 4

Another interesting article about swine flu :

Flying Pigs, Tamiflu and Factory Farms

http://www.globalresearch.ca/index.php?context=va&aid=13408

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - May 4

 Hello PhilV: That was a good read, I posted it a few days ago, I choose it over others because it had the fact that this was shipped to 18 countires. Take care

 

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - May 4

 Hello SPM/Sean:

I don't know. The problem as I personally see it is that there are no real good definitions of a depression. There is unemployment, GDP and asset value depreciation.

Then there are combinations of all 3 of them.

If we look at Shadow Stats data I'm sure anyone of those 3 would likely be on the cusp of a depression, FSN/Puplava calls it a soft depression.

Take care

maveri's picture
maveri
Status: Silver Member (Offline)
Joined: Nov 20 2008
Posts: 159
Re: Daily Digest - May 4
Davos wrote:

Hello:

Today was a rather light day in the news.

I'm also keeping a little on the light side becuase Gillia Tett's 1:22 audio listen is fantastic. If your pressed for time you probably won't miss too much by starting at the :25 minute and :50 Second point. Biestro. Gets into the Q&A section at 43 minutes, so the meat of it is between those 2 points.

I would call it a: "Don't miss." 

...

 

I just downloaded this and have fast forwarded it to the point you said - yet more confirmation of the mess :-)  I'll go back and listen to the whole thing on my way to work later...

Her comment about the ideas scattering and joining/fusing with other ideas out there made me immediately think of the H1N1 virus in how it's a fusion of different aspects of other virus (layman's description) and is now causing havoc around the planet. This recombination in ways unforeseen can cause big impacts.

Also, thinking about one of the other articles on the American dream / 'rat race' makes me think how we have accelerated the pace of changes so that instead of taking time out to determine risks and impacts of the changes, we instead as a society have moved to a philosophy where those slowing down change are seen as being against change. We have become so forward focused that history is tossed aside as irrelevant and that conventional wisdom is shunned as irrelevant and too slow. I see this in the corporate world on projects all the time. Forget what we have done in the pat, just quick quick quick, get the solution out there and we'll worry about the details later - I see this type of thinking all the time in my job. Hmmm - I wonder how many people frequenting CM are long term thinkers by nature? I wonder if that's why we have generally flocked together around this message?

Gillia's comments about JP Morgan being rather conservative at first was interesting too - a bit like the old wise man who gets tossed aside in the name of progress but then later joins the rat race. I'm sure some will object to me calling J P Morgan the wise old man but I'm just using it relative to how Gillia refers to it in her lecture :-) *Phew - I could hear the guns loading*

As I age, I seem to value history more and more, not obeying some dogma but the wisdom that comes from knowing history, the how's and whys of how ideas flowed and became mainstream thinking and directed nations etc. We like to think that we are unique in history but in reality, so many of our ideas are just ideas repackaged old ideas with modern names. I have a new found respect for those that I used to once think were a waste of time - namely, historians. Michael Hudson I particularly like (and he's an economist too). I've started reading 'The Fourth Turning' and am starting to get my head around cycles, so perhaps it's this influence that's contributing to wards my new found respect for historians and how they are able to extract the essence of a cycle of change and bring it forward into our day and age?

In years to come, we will have analyzed what went wrong, why it went wrong we will even have in place measures to ensure that it will never ever happen again but give it a few more generations and I bet this mess will occur again!

Why am I so gloomy about this? Because human nature is one that drives people to such schemes. Just like the stock market reaches a point where constraint is not seen as wisdom anymore, so too human being seem to suffer the same fate - they throw all caution to the wind. The reason i think we will have a repeat of this mess again at some point in the future is because we have greed and fear. The greed will create the get rich schemes and the fear will drive others into the rat race on the fear they will get left behind in the rush for wealth and security. Perhaps the boom and bust financial cycles that we see are somehow projections of our own human nature? That's just a thought thrown out there - I'll have that one on my mind now for day's until I explore it a bit - ahhhhh - I do torture myself at times with such thoughts - *sigh*.

Maybe, just maybe, as the world is forced towards self-sufficiency again we will see this greed and fear aspect diminish in it's influence? after all, the fear of never having enough will reside as people understand that they can look after themselves adequately and as people come to the understanding that we require each other to create a better existence and that ripping off your fellow citizen only really hurts you too in the long run? I can only hope.

It's 4:50 a.m and my brain is frazzled, perhaps that's why I'm rambling, so I better get some sleep before heading off into the rat race - at least I get to hop off the treadmill at night and relax around the CM fire :-)

Thanks once again Davos for your articles/postings - they always strike at the heart of the matter for me. You save me a wealth of time trolling sites and extracting the bits that capture the moment.

hucklejohn's picture
hucklejohn
Status: Gold Member (Offline)
Joined: Dec 13 2008
Posts: 281
Re: Daily Digest - May 4

 

Mavori:  Good observations.  I think of the Chinese who are long term goal oriented.  In contrast, our government thinks short term, focuses on process not substance, & what is politically correct.

Davos:  Everyday I appreciate your good work.

hucklejohn's picture
hucklejohn
Status: Gold Member (Offline)
Joined: Dec 13 2008
Posts: 281
Re: Daily Digest - May 4

Here is my take in one sentence:

For months now, through two administrations, an insolvent federal government, under the control of Wall Street in league with corrupted politicians, is using a broken financial system to bail out an insolvent banking system by throwing increasingly worthless dollars obtained from an overly regulated economy producing less and less real goods and services so that an increasing dictatorial presidential administration can exercise more and more control over the remnants of used to be a great country. 

ernie's picture
ernie
Status: Bronze Member (Offline)
Joined: Feb 18 2009
Posts: 39
Re: Daily Digest - May 4

 

 

Community gardens a hot trend in recession

Community plots, like Fort Collins' Garden of Eatin', are sprouting up across the nation and producing fresh food and neighborly bonds.

http://www.denverpost.com/ci_12286414

-Ernie

 

Mike Pilat's picture
Mike Pilat
Status: Platinum Member (Offline)
Joined: Sep 8 2008
Posts: 929
Re: Daily Digest - May 4

I'm surprised that it has taken this long for sites like this to come out: http://www.goldmansachs666.com/

This site is dedicated to exposing the tangled and often corrupt interests that connect Goldman Sachs to our government. The site simply links to other articles that discuss these elements.

pir8don's picture
pir8don
Status: Gold Member (Offline)
Joined: Sep 30 2008
Posts: 456
More Orlov

Talking swines

http://cluborlov.blogspot.com/

Also

The Jon Stewart link doesn't work for me. Anyone got another?

Don

________________________________________

"There is a crack in everything, thats how the light gets in"

Leonard Cohen

grl's picture
grl
Status: Silver Member (Offline)
Joined: Nov 30 2008
Posts: 188
Re: Daily Digest - May 4


I was reading the link here in the DD: Where to move if the Great Depression Comes? 

The article was about Doug Casey’s choice to move to the Salta province of Argentina, I read some of the reader’s posts following the article since I am also looking to leave the U.S. in the not too distant future. One of the posts discussed a community settlement in Panama: "Well, Mr. Casey is a few years behind in developing a Galts Gultch in Latin America. This one is completed with over 150 families living a sustainable lifestyle in the most stable country in Central America. http://www.valleescondido.biz/valleescondido/Valle_Escondido.html" 

Hmmm...Interesting. So I clicked the link, started reading and ended up on this page:

http://www.valleescondido.biz/valleescondido/Valle_Escondido.html and read this paragraph: 

"I know that what I just said is a big claim, but I promise you that it is true and I will prove it. You see, 10 years ago I was where you are now. Looking for a safe country and then a safe place within that country to ride out a storm that I saw on the horizon. This was not a hurricane or severe tropical storm I was expecting, but something much more devastating and long lasting. You see, 10 years ago I was expecting an economic depression the like’s of which no one in our lifetime had ever experienced. So I started searching the world for just the right place to ride out the coming storm."

 

And here’s where the circle closed...There is a link at “no one in our lifetime had ever experienced.” Imagine my surprise when I clicked the link. Try it!

maveri's picture
maveri
Status: Silver Member (Offline)
Joined: Nov 20 2008
Posts: 159
Re: Daily Digest - May 4

oh dear - now we have our media in Australia coming out with this sort of dribble...

Wall St rallies; 'recession over'

http://www.news.com.au/business/story/0,27753,25430957-14334,00.html

*sigh*

Wow - so all it took for the whlle downslide to suddenly come good was just a few up's in the figures - how cool is that!

*THUMP*

Dam - back to reality...

:-)

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
The Confidence Trick

Debtwatch No 34: The Confidence Trick

 

“And, at this point, confidence is what it is all about… The first thing is to maintain some confidence in ourselves and the prospects for our country over time… Unfortunately, there is no lever marked ‘confidence’  that policy-makers can take hold of. Our task is very much one of seeking to behave, across the board, in ways that will foster, rather than erode, confidence.  It is such confidence that, more than anything else, will help to drive us along the road to recovery.” (Glenn Stevens, April 21st 2009)

“I fancy that over-confidence seldom does any great harm except when, as, and if, it beguiles its victims into debt.” (Irving Fisher, 1933)

In his recent speech “The Road To Recovery“, Australia’s Reserve Bank Governor Glenn Stevens used “the C word” 17 times–versus, for example, 15 uses of the “R” word (”recession”). The message was clearly that, if only we can all be confident, then the other “R” word (”recovery”–which received ten mentions) will surely occur.

Another prominent economist who had the same attitude at the outbreak of a financial crisis was Irving Fisher. Speaking to a bankers conference just two days before the Great Crash of 1929, Fisher argued that market downturns were caused by a “lunatic fringe”. Once they had exited, the bull market of the preceding years would resume:

“There is a certain lunatic fringe in the stock market, and there always will be whenever there is any successful bear movement going on… they will put the stocks up above what they should be and, when frightened, … will immediately want to sell out… when it is finally rid of the lunatic fringe, the stock market will never go back to 50 per cent of its present level…

We shall not see very much further, if any, recession in the stock market, but rather … a resumption of the bull market, not as rapidly as it has been in the past, but still a bull rather than a bear movement.”  (Fisher 1929)

Fisher’s confidence led him to hang on to his margin-financed stocks (worth over $100 million in 2000-dollar terms). Despite his confidence, the stock market continued its plunge from its peak of 31.3 in July 1929 to the nadir of 4.77 in May of 1932, while unemployment rose from zero to 25 percent. Fisher was wiped out financially, and left to ponder how he could have got the behaviour of the market, and the economy, so badly wrong.

<MORE> <CHARTS>

joemanc's picture
joemanc
Status: Martenson Brigade Member (Offline)
Joined: Aug 16 2008
Posts: 834
Re: Daily Digest - May 4

Is China going Green?

Quote:

The speed with which China is now ramping up its commitment to alternative energies has caught even the most optimistic analysts by surprise, with new green edicts being issued from Beijing on an almost weekly basis.

Last week officials pledged to generate 100 gigawatts of electricity from wind power by 2020, more than tripling the original target of 30GW laid down in a national energy strategy published just 18 months ago.

Nuclear, solar and hydroelectricity are also being lined up for massive new investment through China's £400bn stimulus package, with 2020 targets for nuclear power raised from 40 gigawatts to 60 gigawatts, with some officials even talking of aiming for 70GW.

http://www.telegraph.co.uk/news/worldnews/asia/china/5258622/Is-China-re...

Why aren't WE doing this with OUR stimulus package?

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - May 4

Why aren't WE doing this with OUR stimulus package?

Ditto JoeManC

Ready's picture
Ready
Status: Platinum Member (Offline)
Joined: Dec 30 2008
Posts: 917
Re: Daily Digest - May 4
Davos wrote:

Why aren't WE doing this with OUR stimulus package?

Ditto JoeManC

Because the wrong people profit from it.

Mike Pilat's picture
Mike Pilat
Status: Platinum Member (Offline)
Joined: Sep 8 2008
Posts: 929
Re: Daily Digest - May 4

By the time the American people realize that our stimulus only stimulated the same bankers that created this mess, China will have acquired and stockpiled all the raw materials necessary for their wind power program. But by then, we'll find copper is $20/lb. Bummer.

maveri's picture
maveri
Status: Silver Member (Offline)
Joined: Nov 20 2008
Posts: 159
Re: Daily Digest - May 4
Ready wrote:
Davos wrote:

Why aren't WE doing this with OUR stimulus package?

Ditto JoeManC

Because the wrong people profit from it.

+1

Sad isn't it.

What Celente says is true (although, in a different context). We are chained into the steerage of the ship - those at the helm are taking up into a shipwreck and we cannot escape it...

FireJack's picture
FireJack
Status: Silver Member (Offline)
Joined: Feb 8 2009
Posts: 156
Re: Daily Digest - May 4

Is the US dollar tanking? Can't help but notice over the last while every currency is skyrocketing the US dollar continues to drop despite claims that other currencies are going up because of "growth outlook."

Stephen Lark's picture
Stephen Lark
Status: Bronze Member (Offline)
Joined: Oct 27 2008
Posts: 44
Re: Daily Digest - May 4

ABC Finally Refers to F-Crisis as Looting by the Oligarchy - and simplifies it for the masses

America's Banks 101: Schoolyard bullies and three-card monte are used to explain failing banks

via

maveri's picture
maveri
Status: Silver Member (Offline)
Joined: Nov 20 2008
Posts: 159
Re: Daily Digest - May 4
StephenLark wrote:

ABC Finally Refers to F-Crisis as Looting by the Oligarchy - and simplifies it for the masses

America's Banks 101: Schoolyard bullies and three-card monte are used to explain failing banks

via

Nice find, nice find indeed !

castlewp's picture
castlewp
Status: Gold Member (Offline)
Joined: Oct 7 2008
Posts: 304
Peter Schiff Talks About The Market

 

http://revolutionarypolitics.com/?p=493

castlewp's picture
castlewp
Status: Gold Member (Offline)
Joined: Oct 7 2008
Posts: 304
How The US Government Targets and Punishes Savers

http://www.doctorhousingbubble.com/the-paradox-of-spendthrifts-government-offering-0-percent-on-i-savings-bonds-and-creating-incentives-to-spend-punishing-the-prudent-and-savers-115-trillion-in-total-us-debt/

 

It is fascinating to witness policies enacted that punish the prudent and those who have been financially responsible.  I have been a fan of I Savings Bonds from the U.S. Treasury since they came out in 1998.  For those of you who do not know what an I Savings Bond is, it is a saving vehicle composed of a fixed rate and a rate that is indexed to the CPI.  They are marketed as low-risk and liquid savings products.  The lowest return you will ever receive on I Savings Bonds is 0 percent.  This would only occur if the CPI rate turned negative.  For the first time in 11 years, the I Savings Bond rate is 0 percent.

lpowell23's picture
lpowell23
Status: Bronze Member (Offline)
Joined: Oct 18 2008
Posts: 27
Re: Daily Digest - May 4

Here's an article of interest which is more proof that we are not too far from that iceberg:

China has 'canceled US credit card': lawmaker

http://www.google.com/hostednews/afp/article/ALeqM5i4estRSYeFBIII9kezxnP4jgoGZQ?ref=patrick.net

dickey45's picture
dickey45
Status: Bronze Member (Offline)
Joined: Oct 12 2008
Posts: 77
Re: Daily Digest - May 4
Davos wrote:

 The problem as I personally see it is that there are no real good definitions of a depression.

When there are people dying in the streets from disease and fighting in big and small towns across the US - then you might be living in a depression.

-Kathy

Davos's picture
Davos
Status: Diamond Member (Offline)
Joined: Sep 17 2008
Posts: 3620
Re: Daily Digest - May 4

 Ready wrote "Because the wrong people profit from it."

Even the mob is smarter.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments