America's Best Days May Be Behind It (LesPhelps)
But flash back 50 years earlier. Then, less than half the population lived in cities. Though Ford Model T’s were starting to roll off the assembly line, Americans typically moved around on horse-drawn buggies on dirt or cobblestone roads. Refrigerators or TVs? Most homes weren’t even wired for electricity. And average life expectancy was only 53.
According to White, European lenders will have to face large haircuts. In particular, European banks have already recognized $1 trillion in non-performing loans.
He added that the emerging markets are an important part of the problem, even though after the bankruptcy of Lehman Brothers that resulted in the 2008 global financial crisis, they were part of the solution.
"It will become obvious in the next recession that many of these debts will never be serviced or repaid, and this will be uncomfortable for a lot of people who think they own assets that are worth something," he told The Telegraph on the eve of the World Economic Forum in Davos.
Virtual currencies can also help boost the transparency of economic activities and curb money laundering and tax evasions, it added.
4 Steps to Escape the U.S. (Tiffany D.)
When it comes to the optimist/pessimist dichotomy, I suspect most people are in the same boat as me. They are pessimistic about things in general, but are secretly optimistic that they can improve their own situation. The trick is figuring out how to tilt the balance between the two, so pessimism doesn’t become a self-fulfilling prophecy. Part of my job is to tip those scales in your favor.
The former hedge fund manager turned philanthropist joined a chorus of top investors — including DoubleLine Capital’s Jeffrey Gundlach and Scott Minerd of Guggenheim Partners — warning of further downside in riskier assets after a selloff that erased $16 trillion from global equities since June and sent commodities to the lowest levels in more than two decades. Concerns over China have roiled global markets this year amid waning investor confidence in the government’s ability to restructure the economy without a crisis.
In the past year alone, Saudi Arabia burned through about $100 billion of foreign-exchange reserves to plug its biggest budget shortfall in a quarter-century. For the first time, it’s also considering selling a piece of its crown jewel — state oil company Saudi Aramco. The signs of strain are prompting concern over Saudi Arabia’s outsize position in the world’s largest and most important bond market.
“Gold has done a good job right now. It is a diversifier and the correction in the equity markets is far from over, so gold will do well.”
Rob Kirby from Kirby Analytics joins me to expose extremely important economic information which the majority of the world knows nothing about. Rob says, “We are talking about something here that is extremely dark. This is a very dark entity. This is one of the most closely guarded secrets that America has.”
Since the breakup of the Soviet Union, Russia has used natural gas as a weapon against Ukraine and Europe as a whole. Threatening to turn shut off the pipes as the weather turns cold is a pretty effective way to influence foreign policy. But now it looks like one of Vladimir Putin’s key weapons is losing some its punch.
The Bark Beetle Plague (PBD)
Six — It’s pretty amazing. There have been tens of millions of acres of trees killed. If you go north to British Columbia, a really big province, something like 80 percent of the trees are dead. You can get in a plane and fly for literally hours over dead forest. So this is massive. Beetle outbreaks are normal, they have been happening for thousands of years.
Gold & Silver
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