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    U.S. arms dealers excited

    by Chris Martenson

    Sunday, August 24, 2008, 5:44 PM

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    As always, there’s instant support and money for
    weapons systems in the US, because they’ve got great lobbyists and
    everybody in Washington knows how to play that game. It is a well-oiled
    machine. While our bridges crumble, and desperately needed research on
    alternative energy goes unfunded, there always seem to be instant
    tens-of-billions for weapons systems.

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    A cat fight at Jackson Hole

    by Chris Martenson

    Sunday, August 24, 2008, 5:40 PM

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    Bloomberg



    Former Bank of England
    policy maker Willem Buiter sparked the biggest debate at the Federal
    Reserve’s annual mountainside symposium, saying the central bank pays
    too much heed to the concerns of financial institutions. 


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    FNM and FRE will cost you a bundle

    by Chris Martenson

    Saturday, August 23, 2008, 5:37 PM

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    The
    main reason that FNM and FRE are “too big to fail” is that they are
    both far too deep in the derivatives game for anybody to have a
    reasonable assurance of what would happen if they did fail. And nobody
    wants to find out, because the fear is that such a scenario could
    literally wipe out the entire banking system.

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    Banking crisis ready to rumble

    by Chris Martenson

    Saturday, August 23, 2008, 5:34 PM

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    I see total bank losses as feeding
    off of each other, leading to a total recapitalization need in the
    neighborhood of $1 trillion. Couple this to a probable $800 billion in
    Fannie and Freddie losses, and we’re talking about an amount that is in
    the vicinity of the entire yearly income of the US government. Who will
    lend all that money, and under what terms?

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    Bernanke speaks

    by Chris Martenson

    Friday, August 22, 2008, 5:53 PM

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    First, I
    think it’s entirely too cute that the world’s central banks, which
    desperately needed the dollar to go up and commodities to fall so that
    they could continue to flood the world with additional liquidity, got
    exactly that. Markets are rarely so accommodating, and I suspect
    official intervention to rally the dollar.

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    Bad debt

    by Chris Martenson

    Friday, August 22, 2008, 5:50 PM

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    WSJ



    Will the U.S. Treasury repudiate its obligations
    to its creditors, be they citizens or investors around the world? Most
    observers would answer "no" without hesitation. But Congress, with the
    complicity of the White House and the Fed, has arguably embarked on a
    stealth repudiation.



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    China warns the U.S.

    by Chris Martenson

    Friday, August 22, 2008, 5:48 PM

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    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.

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    U.S. Mint suspends gold coin sales

    by Chris Martenson

    Thursday, August 21, 2008, 6:02 PM

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    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.

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    I.O.U.S.A. – The Movie

    by Chris Martenson

    Thursday, August 21, 2008, 5:59 PM

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    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.

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    FDIC becomes landlord to thousands

    by Chris Martenson

    Thursday, August 21, 2008, 5:57 PM

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    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.

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