Spain Becomes Greece
Spanish Ministers meet to discuss the 2013 budget that will cut their deficit by at least 18 billion euros. Needless to say, the increased cuts will impose more unneeded austerity; which in turn, will deflate the Spanish economy even more. Spanish bond yields, which rose by the most in two months, are above 6 percent. This means that borrowing, by Spain, gets more expensive as Germany, the Netherlands, and Finland fight for austerity in Spain. All this, as Spanish bank outflow continues, at a record 5%, in August.
Al Qaeda Responsible
Who would have guessed that our allies, Al Qaeda, were responsible for the September 11th attacks on the US consulate in Libya. That is what was suggested by Hillary Clinton. She did not offer any new evidence since the FBI still has been doing their investigation state-side of the attack in Africa. Like Nixon, what did Obama, Clinton, and Susan Rice know and when did they know it?
According to Lawrence Lindsey, if quantitative easing, by the FED, has become the new normal, then what happens when a another crisis hits? The central bank’s recently announced bid to stimulate the economy has also has taken some pressure off of politicians, in both parties, to deal with the U.S. fiscal cliff that starts in January. The latest round of extraordinary Federal Reserve stimulus is risky and leaves little room to maneuver when the next disaster hits. Speaking of disasters….
1.25% Second Quarter GDP for US
The fourth quarter GDP of 2011 was 4.1% and the first quarter GDP was 2 percent. Now for the second quarter of 2012, it is coming in at a ridiculously low 1.25%. Add to this, the fact that durable goods orders crashed 13.2% and one wonders… How anyone can say, with a straight face that we are on the road to recovery is amazing. Yet, we have both Obama and Romney saying the economy is improving. Yep, these two buffoons apparently want us to stay the course.
Silver Is Outshining Gold by a 2-to-1
Gold may have more prestige and a broader fan base, but experts say, silver is where the real action is. Gold and silver are becoming a foundation investment; thus, the demand will become the “Must Have” investment to survive. Coupling this with emerging market demand and silver, because it is cheaper to get now, is more in demand than gold. Just a warning, do not invest in ETF’s believing that you are getting the physical without the storage problems.
US Bank Run Imminent As FDIC Expanded Deposit Insurance Ends December
As of January 2013 the FDIC stops offering 100% coverage for all insured deposits. That amounts to $1.6 trillion in deposits. This could lead to bank runs much larger than the Euro banks flight to safety.
4th Muni Bankruptcy Looms in California
Atwater, California to join 4 other counties to become the 4th Muni bankruptcy is up for vote on October 3rd. This cash starved city is in need of Obama money. Anyway, one can only imagine what will happen right after the elections in early November for other cities, and counties,
across the nation.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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