Report: Panicky Investors Pull Cash Out of Greek BanksGreek banks are being hit by a wave of redemptions as rich citizens and companies look to move their money to big global banks or offshore as the country's debt crisis rages, the Telegraph newspaper reported on its Web site. Read the Entire Article — Go Here Now.


John Licata: Gold Stands Its Ground


It's Impossible to 'Get By' In the US


Report: NY Budget "Shell Game" Hides Deficits- Bloomberg


This will soon happen to the U.S.
Greek Bond Yields Soar to 7.1%- Wall Street Journal


Oil Soars 2.1% to $86.61/Brl; Gas Prices Edge Higher- LA Times


NY Times Gropes at Hope with Talk of Job "Surge"- NY Post


Los Angeles Controller Says City to Run Out of Cash in a Month CIGA Eric
Maybe the IMF will be needed to back loans to California? Good thing the US doesn’t need the IMF help to print money.

Los Angeles will run out of cash on May 5, city Controller Wendy Greuel said today in a release in which she requested a $90 million transfer of reserve funds to pay bills.
Source: bloomberg.com
More…


All major US cities and certainly all US States, one way or another, will be bailed out of bankruptcy. They are all heading there en masse.
The US dollar is not a safe haven.
Regards, Jim


Jim Sinclair’s Commentary
Energy and food should not be in the CPI because we do not consume either?
What a set up hiding in public view.


Basic grocery prices up 6.2%
Rising demand and reduced supply drove supermarket prices for 16 basic foods up 6.2% in the first quarter, led by gains in staples such as cheese, vegetable oil and eggs, the American Farm Bureau Federation said.
The average cost of the items for a typical consumer each week rose to $45.54 from $42.90 in the fourth quarter of 2009, the group said Monday, citing an informal survey. Costs fell 4.3% from a year earlier.
Rising the most were sliced ham, apples, bacon and boneless chicken breasts.
More…



A Jobless Recovery is bull, and there is no possibility of any major SUSTAINED betterment of the jobs situation.

Food stamp rolls break record again April 6, 2010

About 39.4 million Americans, the most ever, received food stamps in January, the government said.
The number of recipients was up 22% from a year earlier, according to the U.S. Department of Agriculture. The total of Americans getting the subsidy has hit records for 14 consecutive months.
The national unemployment rate has hovered at 9.7% since January, according to the Bureau of Labor Statistics.
Beginning Oct. 1, an average of 40.5 million people are expected to get food stamps each month this year, rising to 43.3 million in 2011, according to White House estimates.
More…


Astonishing chart shows how high taxes could surge
Tuesday, April 06, 2010Text Size:
From Zero Hedge:For all who doubt the Obama administration will raise tax rates into the stratosphere in the very near future, here is a chart created by dshort.com which compares the total level of debt to GDP with Federal tax brackets over the past century.The correlation between the two is unmistakable.Unless the administration promptly finds a way to reduce the massive amount of debt that it continues to issue...Read full article...




Warren Buffet: Commercial Real Estate Is Sinking Fast

About half of the country's commercial real estate mortgages will be "underwater" by the end of 2010, meaning the value of the assets will be less than what's owed on them, says Elizabeth Warren, a Harvard law professor and chairman of the Congressional Oversight Panel of the Troubled Asset Relief Program.
That's bad news for the economy and small and midsize banks, which will need up to three years to work out the problems, Warren says.
“We now have 2,988 banks — mostly midsize, that have these dangerous concentrations in commercial real estate lending,” Warren told CNBC.
Warren's commission has said hundreds of banks could fail if economic conditions and tighter lending standards prevent borrowers from refinancing.
Treasury Secretary Timothy Geithner has said he is also keeping an eye on the sector. “Commercial real estate's still going to be a problem for the country,” Geithner tells CNBC.
“But we can manage through this process.”
Some, however, say the many worries are overblown.
Hugh Kelly, a New York University real estate professor, says an improving economy and eventual job creation will soften a crash.
“I think forecasts of a crash are navigating out of a rear-view mirror of a recession that is over,” says Kelly, according to the Palm Beach Post.
“Demand for use of commercial space remains weak and absorption is negative, but we're growing in terms of consumption.”
© Moneynews. All rights reserved.


Today's ISM Manufacturing Report Screams Inflation


Greenspan Signals Warnings For Bubble-Maniacs


Geithner: Disparity in Recovery "Deeply Unfair"


Next Meltdown Will Be Driven By "Big Collapses In Emerging Markets"


Housing Collapse Trickles Down- Atlanta Journal-Constitution


Just Say No!