Financial News Update – 05/19/10

These charts rarely get shown by the mainstream media because they illustrate the devastating effects of inflation and how the U.S. economic recovery is phony. We believe these are the most important charts in the world for you to review and fully understand.

Obama: Economy would be worse under Republicans

Cnooc seals deal on Iraq oil field (Hat Tip: Steve Schippert)

‘In China We Trust’: Senators Closed Door to US Oil Investment In Iraq

Arizona dares L.A. to carry out boycott (Hat Tip: Brian B.)

No, You Can’t Keep Your Health Plan

“I’m Afraid To Tell You There’s No Money Left”

Union Pension Bailouts are Coming

County to charge 50-cent fee for school bus ride

Senate loads financial overhaul bill with irrelevancies

Next year’s budget sinking in deep red ink

Volcker Says Time Is Running Out for U.S. to Tackle Fiscal Woes

Mortgage delinquencies, foreclosures break records


Merkel Pushes Europe to Curb ‘Destructive’ Markets

Says Europe faces historic test

Senate Readies for End Game on Wall Street Rules


China revaluation would hurt U.S.: World Bank’s Lin

Here’s Another $23 Billion Bailout That You May Have Missed This Week

The Next Di$a$ter–Federal mortgage insurance

First Gold, Now Europe Running Out of Silver

How Is The US Economy Supposed to Succeed When Our Politicians and the Big Banks are Making Billions of Dollars Betting Against It?

Bankers Jailed, Sued as Iceland Seeks Culprits for Crisis

US Posts 19th Straight Monthly Budget Deficit

Dow Theorist Richard Russell: Sell Everything Liquid, You Won’t Recognize America By The End Of The Year

Stocks Slide After Euro Falls to New Four-Year Low

Oil Spill to Shut Down 19% of Gulf Fishing

Global Investors Flock to US Debt at Record Speed

“While Barack Obama was making his latest pitch for a brand new, even more unsustainable entitlement at the health care “summit,” thousands of Greeks took to the streets to riot. An enterprising cable network might have shown the two scenes on a continuous split-screen – because they’re part of the same story. It’s just that Greece is a little further along in the plot: They’re at the point where the canoe is about to plunge over the falls. America is further upstream and can still pull for shore, but has decided, instead, that what it needs to do is catch up with the Greek canoe. Chapter One (the introduction of unsustainable entitlements) leads eventually to Chapter 20 (total societal collapse): The Greeks are at Chapter 17 or 18.” – Mark Steyn, February, 2010