Europe stumbles blindly towards its 1931 moment (Hat Tip: Jean Stoner)
The Fed’s ‘War on Wealth’ and the Risk of Default (Hat Tip: Jean Stoner)
Our Man Chuck Says Stocks Are at Cliff’s Edge
Paul Krugman Recommends ‘Death Panels’ to Help Balance Budget (Hat Tip: Brian B.)
A Deep Dive Into The Employment Numbers Show They’re A Lot Weaker Than You Think
A Quick Reminder Of Why Commodity Prices Could Collapse In An Instant
One Sentence That Explains The Whole China Problem
MAP OF THE DAY: These Are The Countries Obama Is Not Happy With Right Now
David Rosenberg Busts Out 16 Fresh Threats Facing The Economy
The Early Evidence Is In: QE Does More Harm Than Good
El-Erian Warns Of “Cascading Challenges” In Europe, And A Spillover From Countries To Banks
The U.S. Government Is At Risk Of Killing Its Golden Goose
Andy Xie: Emerging Market Inflation Will Hit The U.S.
Chinese Government Think Tank Accuses Statistics Bureau Of Understating Inflation By 7%
Ireland in talks amid eurozone warning on debt
Reduce out-of-control spending now
We Must Work to Avoid Greek Scenario: Rep. Ryan (Hat Tip: Brian B.)
The 8,011-Person Crisis (Hat Tip: Nancy Jacques)
CBS News Airs Hit Piece on Natural Gas Industry
Ireland Said to Weigh Pumping Capital Into Banks to Halt Crisis
ECB Sees EU Aid for Irish Banks, Fueling Bailout Bets
Loehmann’s Holdings Files for Bankruptcy in New York
CA COURT: Illegal aliens entitled to in-state tuition
Iran: Oil at $100 would not hurt world economy
Greece admits breach of bailout as audit begins
DANGER: NY Fed: ‘State manufacturing plunges’
Social Security judges facing more violent threats
Irish in crisis talks with EU nations, refuse aid
Police called on kids’ cupcake sale
Docs brace for big Medicare pay cuts
Troubled California begins $14B bond sale
Bernanke’s worst nightmare: Ron Paul
Morning Bell: A Failing Agenda Fails
Drilling Permitorium Continues
First lady’s school lunch plan will cost $4.5 billion (Hat Tip: Jean Stoner)
Nazism’s Compromise with German Big Business Led to an Imperialistic ‘Green’ Economy (Hat Tip: Jean Stoner)
Health Care Reform Group Gets Waiver from… Health Care Reform? (Hat Tip: Jean Stoner)
G20 Failure Means U.S. Must Control Its Own Fate
Debt Commissioners: Baby Boomers Will Crush Social Security, Medicare (Hat Tip: Jean Stoner)
Greenspan: US Deficits Could Spark Bond Crisis
The Death Of The Dollar? Here’s 11 Signs We’re On The Verge Of A Global Currency Crisis (Hat Tip: Brian B.)
Unreal. SEIU Local 25 and 12 Other Union Groups Receive Obamacare Waivers
Fresh Attack on Fed Move (Economists, Lawmakers Call for Abandoning $600 Billion Bond Purchase) (Hat Tip: Jean Stoner)
McConnell Flips: Top GOP Sen Will Now Support Earmarks Ban
Busted: NY Politician Calls Cops on Kids’ Unlicensed Bake Sale
Desperate British Health System Using Smokers’ Lungs in Transplants
Lots of Unions Are on the ‘Hidden’ List to Receive ObamaCare Waivers
In Response to Quantitative Easing Critique, Fed Claims ‘Declining Inflation’
Sen. DeMint: ‘I Am a Recovering Earmarker’
I’ve been warning SurvivalBlog readers for more than four years about derivatives trading. And now there are now some troubling indicators that there could be a derivatives implosion and/or a credit collapse in the near future:
1.) SurvivalBlog reader Steve K. mentioned this article: Bond insurer Ambac files for bankruptcy. Steve commented: “This is a very, very big problem for the global financial system as Ambac was a huge player in Credit Default Swaps, Mortgage Backed Securities and all other derivatives. It’s all about counter party risk!”
2.) Zero Hedge recently summed up the almost inconceivably enormous overhang of derivatives: According to the Office of the Comptroller of the Currency’s Quarterly Report on Bank Trading and Derivatives Activities for the Second Quarter 2010 (most recent), the notional value of derivatives held by U.S. commercial banks is around $223.4 TRILLION. It is estimated that 95% of these contracts are held by just five banks.
3.) Michael Snyder recently wrote a piece for Business Insider wherein he listed 11 signs we’re on the verge of a global currency crisis.
4.) Our friend Chris Martenson just posted this: Alert: QE II Has Lit the Fuse
With those predictions in mind, to quote a song….”Hope you have got your things together!”
Greenspan Accuses U.S. of Dollar Weakening
Currency Disputes Hang Over G-20 Summit
One in five distressed homeowners at risk of losing home.
The Scariest Crash Is The Muni Bond Crash
Doug Casey On Gold’s New High, The Fed, And The Greater Depression
Economic Irony: Creating Bubbles To Maintain Stability
Food inflation sees Ben & Jerry’s break through £4
NIA Projects Future U.S. Food Price Increase