Financial News Update – 11/9/10

A Fantastic Overview Of What’s Happening To America’s Love Affair With Debt

Here’s The Story Of How Ireland Became The Biggest Basket Case In Europe

Fed Governor Warsh Slams QE: “The Federal Reserve Is Not A Repair Shop”

Dallas Fed Chief: The Fed Is Monetizing The Nation’s Debt For The Next 8 Months

The 10 Worst Cities For Finding A Job

“The Most Ignorant Remarks Ever Made By A Central Banker”

Stock Rally Screeches To A Halt, While Gold Goes Wild: Here’s What You Need To Know

The Next Wave Of The Irish Crisis: A Massive Mess Of Underwater Mortgages

It’s Official: U.S. Consumers Are Becoming Way More Frugal

Bond insurer Ambac files for bankruptcy (Hat Tip: Bix Weir)

Obama acknowledges decline of US dominance (Hat Tip: Brian B.)

Roubini Tweets: US Banks at Risk of Insolvency

FDIC Proposes to Boost Failure Assessments on Large Banks

Cohen Says Obama Trip Displays Concern About U.S. Jobs

Obama Says Trade, Currency Imbalances Hurting Global Growth

Stocks Drop as Cotton, Gold Lead Commodities Higher; Bonds Fall

Mutual Funds Seek to Avoid Risk Supervision by Fed

Job Openings in U.S. Decreased 163,000 in September

Sarah Palin Takes Aim at Fed (Hat Tip: Brian B.)

Is An ATM Cash Shortage Coming? (Hat Tip: Jean Stoner)

R.I.P.: Al Gore’s Chicago Climate Exchange Has Died (Hat Tip: Nancy Jacques)

Chinese Panic as West Waits?

Global Warming and the Undead

A Return to the Gold Standard?

Bankruptcy the End of ACORN?

Hunger strike to stop foreclosure

China Fires Back At Bernanke With Harsh New Capital Controls


Chinese Credit Rater Downgrades U.S.

GERMANY: ‘The US Has Lived on Borrowed Money for Too Long’

Fed Global Backlash Grows

Palin Takes Aim

Key banker skeptical about Fed plan

Gold hits record high, tops $1,400+ per ounce

UPDATE: Oil price hits two-year high


Auditors want $3.2 million from ACORN

Biden meets on government transparency; Meeting closed

California’s unemployment fund has deficit of $10.3 billion

Inflation and euro debt worries drive gold to record high (Hat Tip: Jean Stoner)

Money Is Not A Tangible “Thing”, It Is A Concept (Hat Tip: Jean Stoner)

Cowardly Old World

Should a Balanced Budget Be a Top Priority for Congress?

South Korea, U.S. go down to wire on trade talks

Tax Cut Timing Is Proving Problematic for Democrats

With Obama’s visit, India displays new power

The Food Shock of 2011 (Hat Tip: Brian B.)

FDIC Failed Banks – 2010 Bank Failures (Hat Tip: Nancy Jacques)

UN draft proposals: G77 & China will submit to Agenda 21 (Hat Tip: Jean Stoner)

Barack Obama And Ben Bernanke Continue To Defend Quantitative Easing, But For The Rest Of The World The Verdict Is In: They Hate It

Is Soros Betting on U.S. Financial Collapse?

Here’s The Massive Commodities Surge About To Send Food Prices Sky High

David Rosenberg: Basically, The “Good” Jobs Report Was A Flat-Out Lie

“The Most Ignorant Remarks Ever Made By A Central Banker”

This Is What Happens When The Market Gets Addicted To Federal Reserve Smack

Korea Discovers A Large Source Of Rare Earth Metals

Food price fears as feds warn on crop yields


COURT: No campaign finance limits for small groups

Oil and Natural Gas Group Files Suit Against EPA

CBS News Fails to Offer Updates on $113 Billion Lawsuit Against Chevron in Ecuador – Why?

As G-20 Summit Nears, China Is Unlikely to Budge On Currency

Side Effects: Obamacare Encourages States to Drop Medicaid

Health Care Voters Overwhelming Favor Repealing Obamacare

Obama’s De Facto Oil Ban Still Killing Jobs


China downgrades US credit rating (Hat Tip: Brian B.)

Radical Difference Between Monetization 1 and QE2 (Hat Tip: Jean Stoner)

Fed Policy: Another Wealth Transfer to Wall Street (Hat Tip: Jean Stoner)

Fed Pushes U.S. Economy Into An Inflationary Death Spiral (Hat Tip: Jean Stoner)

How Bernanke Is Using the Printing Press to Win Friends and Influence People (Hat Tip: Jean Stoner)

Soros Group Wants Obama to Rule by Executive Order (Hat Tip: Jean Stoner)

When JPM/HSBC Don’t Like The Results, The CME Just Changes The Rules: Full Revised Silver Margin Schedule (Hat Tip: Bix Weir)

Americans on Food Stamps Reach New High (Hat Tip: Brian B.)

Dark Ages for a modern Middle Class – Modern day debt serfdom and rising prices not seen through the consumer price index. Coffee up 50 percent for the year. (Hat Tip: Brian B.)

Energy demand to be driven by China by 2035: IEA Report (Hat Tip: Jean Stoner)

Waiting For The Next Inflation Report (Hat Tip: Jean Stoner)

The Real Reason For Obama’s Trip To India: The Sixth Biggest Arms Deal In U.S. History (Hat Tip: Jean Stoner)

Soros bets on US Financial Collapse (Hat Tip: Jean Stoner)

Forget The Distorted Jobs Numbers, We’re On The Brink And The Fed Bullets Are Spent

Markets Tank AGAIN: Here’s What You Need To Know

The Fed Doesn’t Get It: Unemployment Isn’t Falling, The Participation Rate Is


California borrows $40 million a day to pay unemployment benefits.

Obama returns fire after China slams Fed’s move. [JWR’s comment: The Obama Administration’s position on the Quantitative Easing monetization scheme is like a teenager claiming that he can pay his VISA Card balance with his MasterCard.]

This news item explains the big drop in the silver price, in after-hours trading on Tuesday: CME Taps the Brakes on Silver. This reminds me of how the COMEX power elite stopped the Hunt Brothers, 30 years ago. The metals markets are both thin and manipulated. Buckle up and be ready for some huge price swings in coming months.)

US Federal Reserve Stokes Global Currency War

China Leads Backlash Against US Stimulus as Risk of Currency War, Protectionism Grows

Bob Chapman: Creation of Debt as the Basis of Growth

Federal Reserve Rains Money on Corporate America But Main Street Left High and Dry

Glenn Beck: Coming Insurrection

An Economic Certainty: Gold to Rise as Fiat Currencies Fall

Gold’s Hot Streak Has a Silver Lining

The Growing Threat of Food Insecurity in America

Rick Rule on Scarce Commodities, the High Price of Gold and the Sale of Global Resources

Zoellick seeks gold standard debate

Quantifying What QE 2 Means for Future Inflation and Gold and Silver Prices

Number of the Week: $10.2 Trillion in Global Borrowing

Fed’s Trillions Purchase of Bonds is a Fraud

Caught In A Lie: Bernanke Promised Congress the Federal Reserve Would Not Monetize the Debt But Now That is Exactly What is Happening

Currency Wars, Debase, Debt Default and Deny!

Nine Reasons Why Quantitative Easing is Bad for the US Economy

ForeclosureGate Could Force Bank Nationalization

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