Last week, bank failures quietly passed the 100 milestone for the year. I say “quietly” because the bank failure story has gone largely unreported or, at least, under-reported by the mainstream media. Just to give you an idea of how fast the bank insolvency problem is accelerating, last year, at this time, 64 banks had been taken over by the Federal Deposit Insurance Corporation. So far, this year, 103 banks have already been taken over by the FDIC. (more…)
By Greg Hunter
Last week, guest writer James Howard Kunstler wrote a compelling and controversial article on this site called, “What If He’s Right.” It was about shocking comments made by veteran oil analyst Matthew Simmons in an interview about some extreme dangers BP’s Gulf gusher pose. Kunstler did a great job with the article, but the comments were so alarming I felt further work was needed to verify Simmons’ claims. (more…)
By Greg Hunter
USAWatchdog.com
The decade of the 1990’s is America’s modern day equivalent of the Roaring 20’s. Back then, we were making great strides in productivity. We had near full employment, the government had a surplus of cash and the stock market was making many people rich. The future looked so bright in December of 1996 that Fed Chief Alan Greenspan warned investors not to get carried away with the good times. (more…)
By James Howard Kunstler
Guest Writer for USAWatchdog.com
By Greg Hunter
USAWatchdog.com
I wanted to do a little more on the coming plight of the U.S. dollar. I received this comment from a reader named Billhopen who wrote, “Inflation??? you go to lengths quoting Karl Denninger (Market Ticker) who will tell you its is massive default, delevering, etc that will lead to DEFLATION….Your thesis is lacking on how we get an inflated currency from or situation, and certainly you can’t quote Karl to support that theory.” (more…)
Greg Hunter
USAWatchdog.com
I have been saying for months the path the country will ultimately take will be the inflation path. Yes, I know we have had some deflationary signs in the past. The financial meltdown of 2008 would have been a deflationary event if the government had not stepped in with cash. (more…)
By Greg Hunter
There is hardly a day goes by I don’t hear some spin about the economy and how the so-called “recovery” is progressing. Last week’s job numbers is a classic example. It seems the jobless claims fell to an eight week low. (more…)
By Greg Hunter
I got this rather nasty email from a reader who identified himself with only an email address. So, I am going to identify this person with the first part of the address, which is Jdavidm24. Here is what he had to say about my most recent post called, “Two Stories that Should Scare the Heck Out of You.” (more…)
By Greg Hunter
I was sitting here trying to find a way to wrap up the week and then, like a bolt of lightning, an idea hit me. Gold expert Jim Sinclair sent me this story: “Federal Budget Deficit Hits $1 Trillion For 1st 9 Months Of FY’10.” The story said, “The shortfall, reflecting $2.6 trillion in outlays for the first three quarters and $1.6 trillion in receipts, narrowed slightly compared with the same point in fiscal 2009.” (more…)
I have been telling you for months there is going to be a double dip in the economy. Nobel Prize Winning economist Paul Krugman also thinks the economy is so bad we need to keep on stimulating the economy. In a New York Times Op-Ed piece last week, Krugman said, “. . . somehow it has become conventional wisdom that now is the time to slash spending, despite the fact that the world’s major economies remain deeply depressed.” (more…)
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