That'll suck. Being the reserve currency is the glue holding this house of cards together.
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Stocks, Gold, Silver, and the printing press.
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That'll suck. Being the reserve currency is the glue holding this house of cards together.
Front page of Yahoo for a few minutes yesterday.
South Carolina lawmaker wants separate currency for state - Yahoo! News
A South Carolina state politician wants the state to develop its own gold and silver-based currency in case the US dollarhttp://news.yahoo.com/s/yblog_thelo...a-lawmaker-wants-separate-currency-for-state# collapses and hyper-inflation ensues.
"If folks lose faith in the dollar, we need to have some kind of backup," State Sen. Lee Bright told the Spartanburg Herald Journal's Stephen Largen. His bill asks a committee to look into the development of a state currency, citing the Constitution and Supreme Court precedents to prove the bill's legality.
Slate's Annie Lowrey tracks down similar bills in Georgia and Virginia, and points out that the legislation reflects a larger trend of state politicians wading into monetary policy. A bill in Georgia would require all debts to the state be paid in pre-1965 gold and silver coins. The Virginia proposal would let the state print its own money. Meanwhile, one politician in Utah wants to cut out the middleman entirely and allow the state's residents to run their very own mints.
South Carolina lawmaker wants separate currency for state - Yahoo! News
A South Carolina state politician wants the state to develop its own gold and silver-based currency in case the US dollarhttp://news.yahoo.com/s/yblog_thelo...a-lawmaker-wants-separate-currency-for-state# collapses and hyper-inflation ensues.
"If folks lose faith in the dollar, we need to have some kind of backup," State Sen. Lee Bright told the Spartanburg Herald Journal's Stephen Largen. His bill asks a committee to look into the development of a state currency, citing the Constitution and Supreme Court precedents to prove the bill's legality.
Slate's Annie Lowrey tracks down similar bills in Georgia and Virginia, and points out that the legislation reflects a larger trend of state politicians wading into monetary policy. A bill in Georgia would require all debts to the state be paid in pre-1965 gold and silver coins. The Virginia proposal would let the state print its own money. Meanwhile, one politician in Utah wants to cut out the middleman entirely and allow the state's residents to run their very own mints.
Regionnus Rattis
Expert
California can most certainly go off on their own...no skin off my back. China owns most of CA anyway
All commodities up.DOW up.Unemployment up.Inflation up.
Cotton at fresh new highs and i mean REALLY high.(201.90 cents per pound,up 3.5% more today,or 200% from a year ago).
Silver back to 9 cents from 30 year highs and on a tear upward.
Cotton Passes $2, Parabolic Sailing Ahead | zero hedge
Commodities - Gold prices, Silver prices and more from CNNMoney.com
Never mind Silver just broke new ground.I am editing this post.Silver just blew threw 30 year highs.It gained over one dollar per ounce since 8am eastern.
Silver Hits Highest Price Since March 7, 1980 | zero hedge
Cotton at fresh new highs and i mean REALLY high.(201.90 cents per pound,up 3.5% more today,or 200% from a year ago).
Silver back to 9 cents from 30 year highs and on a tear upward.
Cotton Passes $2, Parabolic Sailing Ahead | zero hedge
Commodities - Gold prices, Silver prices and more from CNNMoney.com
Never mind Silver just broke new ground.I am editing this post.Silver just blew threw 30 year highs.It gained over one dollar per ounce since 8am eastern.
Silver Hits Highest Price Since March 7, 1980 | zero hedge
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Silver. $31.90
Live 24 Hour Spot Silver Chart - SilverSeek.com
Here is a set of nice charts.Shows the DOW priced in gold.It is the best that I can do to prove the current market is up only due to inflation.When priced in Gold the DOW has never stopped going down and there is no recovery.I am sure most realize that now.
Inflation.It is a sure thing.
Prep.
Fred's Intelligent Bear Site - Dow-Gold Ratio
Live 24 Hour Spot Silver Chart - SilverSeek.com
Here is a set of nice charts.Shows the DOW priced in gold.It is the best that I can do to prove the current market is up only due to inflation.When priced in Gold the DOW has never stopped going down and there is no recovery.I am sure most realize that now.
Inflation.It is a sure thing.
Prep.
Fred's Intelligent Bear Site - Dow-Gold Ratio
Silver. 32.80 currently.If you had purchased it on the first day of this post in September you would be up 50%.If you purchased silver a few years ago you would be up 200%+
I see silver hitting $60.00 by late summer and as high as 140-180 by the end of the year.
I see silver hitting $60.00 by late summer and as high as 140-180 by the end of the year.
WOW.Silver Current live spot price $33.48
FYI the government looks to shut down in 11 days.
Republican Lawmakers Say House Majority Isn't Seeking Government Shutdown - Bloomberg
Shutdown in Washington looms as political foes won't budge(t)
House GOP spares no pet projects in trimming budget
FYI the government looks to shut down in 11 days.
Republican Lawmakers Say House Majority Isn't Seeking Government Shutdown - Bloomberg
Shutdown in Washington looms as political foes won't budge(t)
House GOP spares no pet projects in trimming budget
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Record U.S. Cattle, Hog Prices Seen on Shrinking Herds, China - Bloomberg
From the article.
"World food prices rose 28 percent in the past year, reaching a record in January, according to the United Nations. Riots partly linked to food inflation ended Zine el Abidine Ben Ali’s 23-year rule in Tunisia and Hosni Mubarak’s three-decade- long rule in Egypt. Finance ministers from the Group of 20 nations last week signaled concern that surging commodity costs are driving inflationary pressures around the world."
Silver $33.50 Gold $1403.00
February 21,2011
From the article.
"World food prices rose 28 percent in the past year, reaching a record in January, according to the United Nations. Riots partly linked to food inflation ended Zine el Abidine Ben Ali’s 23-year rule in Tunisia and Hosni Mubarak’s three-decade- long rule in Egypt. Finance ministers from the Group of 20 nations last week signaled concern that surging commodity costs are driving inflationary pressures around the world."
Silver $33.50 Gold $1403.00
February 21,2011
Farmers Can't Meet Demand as Corn Stocks Drop to 1974 Low - Bloomberg
Quote from the article
Crop Prices Surge
"Grain futures rallied this month to the highest since 2008 on the Chicago Board of Trade. Corn surged 95 percent in the past year to $7.2025 a bushel as of Feb. 18, wheat jumped 71 percent to $8.5575 a bushel, and soybeans advanced 44 percent to $13.81 a bushel. Rice gained 11 percent to $15.075 per 100 pounds."
Corn price up 95% year over year...but there is no inflation
A little more of the article.
"Grains weren’t the only commodities to rally. Raw-sugar futures in New York rose to a 30-year high this month of 36.08 cents a pound, and cotton reached a record $2.0893 a pound on Feb. 18 after doubling in the past year. Hog futures advanced this month to the highest since at least 1986 on the Chicago Mercantile Exchange, cattle touched a record in January, and milk futures rose to a 31-month high last week"
Quote from the article
Crop Prices Surge
"Grain futures rallied this month to the highest since 2008 on the Chicago Board of Trade. Corn surged 95 percent in the past year to $7.2025 a bushel as of Feb. 18, wheat jumped 71 percent to $8.5575 a bushel, and soybeans advanced 44 percent to $13.81 a bushel. Rice gained 11 percent to $15.075 per 100 pounds."
Corn price up 95% year over year...but there is no inflation
A little more of the article.
"Grains weren’t the only commodities to rally. Raw-sugar futures in New York rose to a 30-year high this month of 36.08 cents a pound, and cotton reached a record $2.0893 a pound on Feb. 18 after doubling in the past year. Hog futures advanced this month to the highest since at least 1986 on the Chicago Mercantile Exchange, cattle touched a record in January, and milk futures rose to a 31-month high last week"
Walmart same store sales for the quarter ending February 28,2011 fall NINE(9!)times more than the analysts predicted.
Wal-Mart Fourth-Quarter U.S. Comparable Sales Trail Forecast - Bloomberg
If you need more good news this morning.
Housing data may have understated extent of collapse: report | Reuters
"
. CoreLogic says NAR could have overstated home sales by as much as 20 percent.
An over-count of home sales may mean that there is a bigger backlog of unsold homes and that it will take longer for the U.S. housing sector to climb out of the deep hole it is already in, dragging on the broader economic recovery."
Wal-Mart Fourth-Quarter U.S. Comparable Sales Trail Forecast - Bloomberg
If you need more good news this morning.
Housing data may have understated extent of collapse: report | Reuters
"
. CoreLogic says NAR could have overstated home sales by as much as 20 percent.
An over-count of home sales may mean that there is a bigger backlog of unsold homes and that it will take longer for the U.S. housing sector to climb out of the deep hole it is already in, dragging on the broader economic recovery."
Market Report - Feb. 22, 2011 - CNNMoney.com
Dow -214
There is a massive short squeeze going in food commodities(all grains limit DOWN for the day).
Silver and gold both up.
I hope I am wrong,but it sure looks like the other shoe is dropping.
Home prices fall 4.1%, near 2009 lows - Feb. 22, 2011
And things may get a lot worse, said Robert Shiller, a Yale economist and half of the Case-Shiller team, in a web conference after the report's release.
"There's a substantial risk of home prices falling another 15%, 20% or 25% more," he said.
Just a little FYI.Lybia is less than 2% of the worlds oil production.Yet the disturbance there sent oil up 10% in less than 8 hours.Has to be speculation/dollar value.Just fast money chasing quick returns,but destroying what is left of the consumer in the process.
Dow -214
There is a massive short squeeze going in food commodities(all grains limit DOWN for the day).
Silver and gold both up.
I hope I am wrong,but it sure looks like the other shoe is dropping.
Home prices fall 4.1%, near 2009 lows - Feb. 22, 2011
And things may get a lot worse, said Robert Shiller, a Yale economist and half of the Case-Shiller team, in a web conference after the report's release.
"There's a substantial risk of home prices falling another 15%, 20% or 25% more," he said.
Just a little FYI.Lybia is less than 2% of the worlds oil production.Yet the disturbance there sent oil up 10% in less than 8 hours.Has to be speculation/dollar value.Just fast money chasing quick returns,but destroying what is left of the consumer in the process.
Over 43 million now on food stamps. 14.1 % of the entire US population.
Source is the USdA monthly data sheet(January report,I am sure it is higher now given the trend).
SNAP Monthly Data
One in 9 US banks at risk of collapse. 884 Banks now on the problem bank list.
Problem bank list hits new high - Street Sweep: Fortune's Wall Street Blog
All US based banks combined made a total of 21.7 billion in profits last quarter.Of that The top 3 JPMorgan,Wells Fargo,and Goldman sacks(yes Goldman is considered a bank now)made 10.6 billion,or more than 50% of the profit from all banks in the USA.There are over 7800 FDIC insured banks in the USA.
Source is the USdA monthly data sheet(January report,I am sure it is higher now given the trend).
SNAP Monthly Data
One in 9 US banks at risk of collapse. 884 Banks now on the problem bank list.
Problem bank list hits new high - Street Sweep: Fortune's Wall Street Blog
All US based banks combined made a total of 21.7 billion in profits last quarter.Of that The top 3 JPMorgan,Wells Fargo,and Goldman sacks(yes Goldman is considered a bank now)made 10.6 billion,or more than 50% of the profit from all banks in the USA.There are over 7800 FDIC insured banks in the USA.
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February 25,2011
The Federal reserve now owns 37% more Treasury bonds than China.It will hold more than China and Japan combined in the next month.The Feds balance sheet is now 2.5 Trillion,up from just over 500 billion in 2008.
Federal Reserve Balance Sheet Update: Excess Reserves Surge, Fed Owns 37% More Treasurys Than China | zero hedge
US Gross Domestic Product has been revised to a 2.8% increase in the fourth quarter, from the 3.2% advanced estimation, disappointing markets expectations of an upward revision to 3.3%.
The Federal reserve now owns 37% more Treasury bonds than China.It will hold more than China and Japan combined in the next month.The Feds balance sheet is now 2.5 Trillion,up from just over 500 billion in 2008.
Federal Reserve Balance Sheet Update: Excess Reserves Surge, Fed Owns 37% More Treasurys Than China | zero hedge
US Gross Domestic Product has been revised to a 2.8% increase in the fourth quarter, from the 3.2% advanced estimation, disappointing markets expectations of an upward revision to 3.3%.
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At least there is one large government in the world that realizes there is inflation.To bad it is not ours.
BBC News - Russia raises key interest rate amid inflation worries
Russia Raises Interest Rates - WSJ.com
But not to worry.The Fed says they can manage the inflation(yesterday)or that there is none(Monday).
Russia Raises Interest Rates - WSJ.com
BBC News - Russia raises key interest rate amid inflation worries
Russia Raises Interest Rates - WSJ.com
But not to worry.The Fed says they can manage the inflation(yesterday)or that there is none(Monday).
Russia Raises Interest Rates - WSJ.com
Dollar down,market up.
Silver closed at $33.80 http://www.24hgold.com/english/home.aspx and has gone up since the close.Standing at 33.98 currently.
Feb 28,2011
Silver closed at $33.80 http://www.24hgold.com/english/home.aspx and has gone up since the close.Standing at 33.98 currently.
Feb 28,2011
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