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    Daily Digest 3/3 -12 Countries Most Likely To Go Belly-Up, Maxwell’s Silver Hammer, China To Allow All Trades In Yuan

    by DailyDigest

    Thursday, March 3, 2011, 3:43 PM

  • 12 Countries Most Likely to go Belly Up
  • USA Incorporated – a Look at the Grim Financial Situation of the USA
  • A Road Tour Of The Revolution
  • Pentagon Report Reveals Financial Terrorists May Have Triggered Economic Crash
  • China “Attacks The Dollar” – Moves To Further Cement Renminbi Reserve Currency Status
  • Merrill’s Harley Bassman On Why This Is The “Big One” And Its Implications
  • Bang Bang, Maxwell’s Silver Hammer
  • China To Allow All Trades To Settle In Yuan, Encourages Use As Reserve Currency

Follow our steps to prepare for a world after peak oil, such as how to store & filter water

Economy

12 Countries Most Likely to go Belly Up (Alfredo E.)

While high national debt and public spending are two common denominators, the study finds it is the aging demographics that puts these countries at extreme fiscal risk. An aging population will place increasing pressure on public expenditure such as pension and health care, while a shrinking working-age population means less productivity and less tax revenues to support public spending and debt payments.

USA Incorporated – a Look at the Grim Financial Situation of the USA (woodman)

Take a step back, and imagine what the founding fathers would think if they saw how our country’s finances have changed. From 1790 to 1930, government spending on average accounted for just 3% of American GDP. Today, government spending absorbs closer to 24% of GDP.

A Road Tour Of The Revolution (jdargis)

From Tahrir to Lulu, a guide to the new Tiananmen Squares.

Pentagon Report Reveals Financial Terrorists May Have Triggered Economic Crash (David B.)

The 2009 report, Economic Warfare: Risks and Responses, said financial terrorism by Jihadists or countries such as China may have cost the global economy $50 trillion in a series of co-ordinated strikes against the U.S. economy.

In an astonishing conclusion, the report claims two unidentified traders deliberately devalued trillions of dollars’ worth of stocks at the height of the crisis.

China “Attacks The Dollar” – Moves To Further Cement Renminbi Reserve Currency Status (pinecarr)

To all those who claim that China is perfectly happy with the status quo, in which it is willing to peg the Renmibni to the Dollar in perpetuity, this may come as a rather unpleasant surprise, as it indicates that suddenly China is far more vocal about its intention to convert its currency to reserve status, and in the process make the dollar even more insignificant.

Merrill’s Harley Bassman On Why This Is The “Big One” And Its Implications (pinecarr)

Must read observations from Merrill’s Harley Bassman, formerly head of the RateLab:

“…The reason there is no “Flight to Quality” bid for USTreasuries is that USTs are no longer the “Quality” asset. Since the FED has turned on the printing presses, the “value” of the dollar has steadily declined. This is why the “Flight to Quality” is happening in Gold, Oil, Copper, Cotton, etc.”

Bang Bang, Maxwell’s Silver Hammer (pinecarr)

Little did the legendary Beatles realize they were providing the theme song for the linchpin of the USDollar in its lethal slide into the dustbin of fiat currency history.

China To Allow All Trades To Settle In Yuan, Encourages Use As Reserve Currency (Claire H.)

Previously, China also announced that bilateral trades with Russia and Malaysia will begin to be conducted with the yuan and the ruble and ringgit, respectively.

Other moves on the part of China to internationalize its currency include allowing foreign companies to issue yuan-denominated bonds and relaxing rules for foreign financial institutions to access the yuan.

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the “3 Es.”

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