- Financial Sense News hour 3, June 6
- Renegade Economist — 28 May 09 (8 minutes):
- California contemplates ultimate reform – no welfare
- Peter Schiff on CNBC, Hello Argentina or Mike
Hello Argentina(H/T iDoctor)
- 5 days after the fact: The Truth About Jobs (Video)
- A Tale of Two Depressions
- Behind on Car Payments? Torch it. Ditch it. Sink it.
- Thunder Road News
- Weiss – The Biggest Victim of the Debt Crisis
- American Trucking Association Truck Tonnage Index (Chart)
- Alexis de Tocqueville Still on the Money
- Out for the Day, Deferring to Denninger and Point (Video)
- 6:04 Minsky, Bubbles, 5 Steps of: 1.) A Displacing Event 2.) Credit Creation/Fuel/Expanding Money Supply 3.) Captivates Investors Euphoric State 4.) Critical Stage, Financial Distress 5.) Revulsion
- 9:00 copper and oil, India and China
- 11:30 Insolvency, 100 trillion
- 15:00 60% tax or 10% per year inflation needed to balance budget
- 23:00 School kids laugh at Geithner
- 30:00 (Can’t read notes)
- 31:00 USD falling
- 33:00 Geithner Image
- 34:00 Kid for an auto Czar
- 37:00 Unfunded liabilities
- 41:00 Oil
- 48:00 Electricity
- 52:00 Demand
- 56:00 A or B, EV’s or War for oil
- 1:01 Reverse Globalization
- Part 2 of 3rd Hour: 2:00 How Ben How?
- 4:30 Inflation
- 6:30 (Can’t read notes)
- 14:00 Second wave up
This was a good listen, I’d make it a point to catch it.
Could California become the first state in the nation to do away with welfare?
That doomsday scenario is on the table as lawmakers wrestle with a staggering $24.3 billion budget deficit.
County welfare directors are "in shock" at the very idea of getting rid of CalWORKs, which has been widely viewed as one of the most successful social programs in the state’s history, said Bruce Wagstaff, director of the Department of Human Assistance in Sacramento.
"It’s difficult to come up with the right adjective to react to this," Wagstaff said. "It would be devastating to the people we serve."
Peter Schiff on CNBC, Hello Argentina or Mike
Hello Argentina (H/T iDoctor)
Barry Eichengreen and Kevin H. O’Rourke assembled a terrific piece showing the WORLD ECONOMY now versus during the Great Depression. Regular readers of my blog will not be surprised to find that the data they point to indicate that today’s depression is WORSE than the original Great Depression.
Here’s a link to their article, please follow that link and read it there are a ton of good charts and very useful information:
A Tale of Two Depressions…
This article is an update of their original and their new findings are:
- World industrial production continues to track closely the 1930s fall, with no clear signs of ‘green shoots’.
- World stock markets have rebounded a bit since March, and world trade has stabilised, but these are still following paths far below the ones they followed in the Great Depression.
- There are new charts for individual nations’ industrial output. The big-4 EU nations divide north-south; today’s German and British industrial output are closely tracking their rate of fall in the 1930s, while Italy and France are doing much worse.
- The North Americans (US & Canada) continue to see their industrial output fall approximately in line with what happened in the 1929 crisis, with no clear signs of a turn around.
- Japan’s industrial output in February was 25 percentage points lower than at the equivalent stage in the Great Depression. There was however a sharp rebound in March.
Suspicious car fires or arson rise 27% in the first quarter compared with a year earlier as owners seek a payoff.
Reporting from Sacramento – Motorists unable to afford payments on pricey cars and gas-guzzling sport utility vehicles in this recession are turning to a time-tested financing solution: matches.
Insurance cheats are torching their vehicles in remote deserts. They’re pushing them off cliffs. They’re sinking them in lakes or ditching them in Mexico in the hopes of getting their policies to pay off, fraud investigators say.
Nationwide, suspicious vehicle fires or arson increased 27% in the first quarter of this year compared with a year earlier, according to the National Insurance Crime Bureau, an industry-supported agency that investigates all types of insurance fraud. So-called owner give-ups — cars intentionally destroyed or abandoned — jumped 24%.
Barbecuing a Beamer is one of the more dramatic types of suspected insurance fraud that’s increasing in this economic downturn, the deepest in more than half a century.
I have been posting a lot of Martin Weiss’s writing lately, and for good reason, they are spot on in regards to our structural debt problems. The following is one of his most important pieces EVER. It’s very important to understand the dynamic he is expressing, it is getting directly to the roots of the problems.
A reader posted an Alexis de Tocqueville quotation today in response to a post. It said:
“The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.” – Alexis de Tocqueville