Do yourself a favor and listen to this.

The following is the first half of a two part interview completed this weekend with Eric King of www.KingWorldNews.com. Part two will be released later this week.
Click here to listen to part one of the interview…



US Fiscal Path Unsustainable: Senior Budget Analyst





This is important and worth reading.
Unemployment
Howard Katz





There Are Better Alternatives Than US Stocks
posted by HMS at Marc Faber Blog - 4 hours ago
"But eventually if you print money, the purchasing power of money will lose value and what will happen is stocks will adjust on the upside. If you believe in equities, I would rather buy Vietnamese shares ...






In The News Today Posted: Mar 07 2010 By: Jim Sinclair Post Edited: March 7, 2010 at 6:49 pm
Filed under: In The News


Jim Sinclair’s Commentary
OTC derivatives are themselves an ABUSE. They are the new Blitzkrieg of the Financial Reich.
CDS have declared war on the Greeks and in time will get around to everyone.
What makes you think Greece is the only country that utilized these venomous instruments? What do you think killed Iceland?


OTC derivatives marketed out of London killed Iceland so the big wigs of Iceland see no reason to pay back depositors. The vote was a plausible denial for those up top in Iceland.
Other than making these instruments a capital crime, as the Chinese have, there is no stopping them.
"Money has no motherland; financiers are without patriotism and without decency; their sole object is gain." –Napoleon Bonaparte, 1815


Volcker Criticizes Greek Budget Derivatives ‘Abuse’ (Update1) By Rainer Buergin
March 6 (Bloomberg)

— White House adviser Paul Volcker said the “abuse” of derivatives to hide the size of Greece’s budget deficit highlights the need for regulation and European Central Bank President Jean-Claude Trichet said derivatives still pose risks to financial stability.
“Surely the recent revelations about the use (and abuse) of complex derivatives in obscuring the extent of Greek financial obligations reinforces the need for greater transparency and less complexity,” Volcker said in the text of a speech to the American Academy in Berlin, a transatlantic research institute. Speaking at the same event, Trichet said “what I fear really is that we are currently underestimating the systemic instability which is associated with” derivatives.
European and U.S. officials are examining the role that investment banks including Goldman Sachs Group Inc. may have played in Greece’s debt crisis, joining an outcry in the European Union over whether swaps contracts helped conceal the size of its deficit. Goldman Sachs helped Greek officials raise $1 billion of off-balance-sheet funding in 2002 through swaps, which EU regulators said they knew nothing about until last month.
German Chancellor Angela Merkel, who said on Feb. 18 it would be a “scandal” if banks helped Greece massage its budget, called for restrictions on derivatives to halt “speculators.”
“Credit-default swaps, where you insure your neighbor’s house just to destroy it and make money from it, that’s exactly what we have to curb,” she said yesterday at a press conference in Berlin with Greek Prime Minister George Papandreou.
More…


Jim Sinclair’s Commentary
Credit default swap OTC derivatives are weapons of real warfare. They are already operating against US state debt.


Soon states will be falling like bowling pins. The US dollar will follow as it drops below .7200.
Cash-Strapped States Delay Paying Income-Tax Refunds On Friday March 5, 2010, 12:23 pm EST
This year, more Americans and businesses may be asking: Where’s my tax refund?
That’s because cash-strapped states such as North Carolina, Alabama and Hawaii have been forced to slow down issuing income tax refunds to individuals and businesses because of a lack of funds in their budget.
Kansas has hinted that a delay might be possible, and processing paper refunds in Iowa has slowed because the state doesn’t haven’t enough employees to get them processed faster.
Another state, New York, is still considering whether they’ll follow the likes of Hawaii and delay refund payments.
"States typically do this when they are tight and they don’t have a budget in place," said Karla Dennis, CEO of Cohesive, a nationwide tax preparation firm. Things are dire at many states: forty-one states are expected to have mid-year budget gaps totaling $37.7 billion, according to the Center on Budget and Policy Priorities.
Delaying the refund, Dennis says, "gives the state funds to work with in the interim to fill a gap in their revenues."
More…





Losing Control of the US Debt Machine





Our World Balances on a Sea of Debt





More Consumers File for Bankruptcy Protection





Beijing Studies Severing Dollar Peg- Financial Times





CBO: US Debt to Be Higher than Obama Forecast- Washington Post





In Senate Deal, Fed Keeps Power over Banks- Financial Times





FDIC Pushing Pension Funds to Buy Failed Banks- Bloomberg





Schools' New Math: the 4-Day Week- Wall Street Journal





The Rise of Recession Widowers- Columbus Dispatch