"Protect Your Money Now Or Kiss It Goodbye" Dick Morris

US Avoids Technical Default By Three Days Tyler Durden on 01/05/2010 19:37 -0500
On December 24, the Senate passed a vote by a razor thin margin (with not a vote to spare) to raise the Federal debt ceiling from $12,104 billion to $12,394 billion. The actual debt ceiling increase took effect on December 28. And as the chart below shows, the Treasury’s cash flow projections were spot on: 3 days later, and the debt subject to limit surged to $12,254, a jump of over $200 billion in 2 days, and a whopping $150 billion over the old debt ceiling. Three days is all the buffer the administration’s reckless spending spree has afforded this country to avoid bankruptcy. Had one more Democratic vote dissented from the stopgap measure, the US would now be in technical default. There is just $140 billion left before the revised debt ceiling is breached. We hope for the country’s sake that Bill refunding in January is massive, because as we already pointed out, on January 7th we expect another ~$130 of new Treasuries to be announced for auction by January 15th. And then there are two more weeks in January… Which is why the Treasury better be using that TARP money to pay down all it can, because if the general population understands how close this nation was to the fiscal brink, many more answers may be demanded out of the ruling party as to how it could allow things to get so out of hand.
More…



Gold Could Be Cheaper At The Current Price Than When It Was At 300 Dollars


We will print money... till we run out of trees... Just like Weimar and Zimbabwe...
Promise to Trim Deficit Is Growing Harder to Keep


Gold buying frenzy grips China January 06, 2010 17:25:00 IST
A gold buying frenzy is spreading across the Chinese landscape–from cities to rural towns–as you can make out from the words of Xiam Zang, a bullion dealer in Beijing: “Chinese people are buying more gold these days. There are increased sales in jewellery shops for gold ornaments, coins and bars. In fact, many people are now convinced that gold is the best investment asset.”
Zang says as gold sales are rising, “there are increased requests from jewellery shops for supplying them with gold.” “Everyone is doing good business in gold in China. The gold buying spree is not just limited to Beijing or big cities. Even in rural areas, people are simply buying gold despite the high prices,” he added
China is on a gold buying spree and the rush is set to continue in 2010 also as gold jewellery sales in mainland China and Hong Kong are expected to ramp up. According to market experts, present retail price for gold is HK$10,900 per tael and it could climb to HK$11,000 per tael before Lunar New Year.
Gold sales have risen by 10 per cent this year and are expected to accelerate in the coming two months.
A 20 per cent year-on-year sales growth can be expected before Lunar New Year. The revenue from now till mid-February can contribute up to as much as 30 per cent of the full year sales turnover.
Recent bullion purchases by central banks, including India and China, have fueled shoppers’ sentiment and helped sales during past months. The mainland maintained its position as the top buyer of gold last month. It bought 454 tonnes of gold, topping India and Russia.
More…