Sweatin' With the Socialists
http://www.youtube.com/watch?v=izpU4YJ0ZAA&feature=PlayList&p=1C7A651801063BE7&index=13



In The News Today Posted: Mar 02 2010 By: Jim Sinclair Post Edited: March 2, 2010 at 3:14 pm
Filed under: In The News
“Rising prices of precious metals and other commodities are an indication of a very early stage of an endeavor to move away from paper currencies… What is fascinating is the extent to which gold still holds reign over the financial system as the ultimate source of payment." –Alan Greenspan, 9 September 2009

Jim Sinclair’s Commentary
Although many will dismiss this as extreme, please bear in mind that there is numerous historical precedent that supports the argument.
We must arm ourselves for a class war The recession has increased the wealth gap to dangerous levels, and George Osborne does not seem serious about tackling it, says Edmund Conway. By Edmund Conway Published: 6:40AM GMT 25 Feb 2010
If you don’t work in the City or in economics, you may not have heard of the annual Mais lecture, which was delivered last night by George Osborne. But it’s a big deal, arguably the most important set-piece speech in the Square Mile calendar. And only once before has City University, the host, deigned to invite an opposition politician primed for election to deliver it.
On that occasion, the young thrusting pup at the lectern derided a government in crisis, its finances in a state, its economic reputation in tatters. He promised to cut the deficit, to intervene in markets where necessary, and laid out a "new framework" for running the economy. That man was Tony Blair.
Last night, George Osborne became the second opposition politician to deliver the lecture. His title? "A New Economic Framework". That aside, the difference could hardly be more stark. In 1995, the economy was in recovery. With the deficit past its peak, the great transformation in macro-economic management had already taken place, when the collapse of the Exchange Rate Mechanism forced Britain to start targeting inflation rather than exchange rates.
Today, the economy is in a far more damaging spiral. The first leg of the financial and economic crisis, which stemmed from excessive private borrowing and the subsequent collapse of the banking industry, is over. The second leg, characterised by a crisis of sovereign debt in even the richest economies, is only just beginning. The Bank of England’s inflation-targeting approach is under question from sources as authoritative as the International Monetary Fund. The world economy looks increasingly vulnerable to a "double-dip", tipping back into recession or stagnation rather than bouncing back to health.
More important, both political parties are committed to spending cuts of a scale never before experienced by the public. Ignore the fuss about economists’ letters: based even on Labour’s plans for public spending, the next half-decade will be the first time in modern history that a government has imposed five successive years of real spending cuts. The question is not about timing (the Tories would cut earlier and slightly more) but over who will push the cuts through. Labour perennially disappoints and misses its fiscal targets. What most recommends the Tories is the pedigree that suggests they will at least approach the task with some relish.
More…


No Relief From Tax Agony (The Mogambo Guru)


LA City Gov Planning 4K Layoffs- Associated Press


Hey Washington! Economy Has Us Very Worried- NY Post


found an article linked in a piece by Dr. Gary North that illustrates just how deep a hole the Federal government is digging: $126.9 Billion and Counting.


The charts in Nathan's recent blog piece tell a thousand words. This is no ordinary recession. We've fallen off a cliff.


Jim Rogers: Pound Could Collapse Within Weeks


Housing Recovery Looking Shakier than Expected


Massive Bank Failures Due, Says Bank Oversight Panel


Commercial Mortgage Default Rate in US More than Doubles


Bad Debts Hit Record High