Gold Rises to Record on Demand for Haven From European Crisis.


mainstream economic journalist Scott Burns that was surprisingly frank about the possibility of an economic collapse: The Future… as a Large, Sullen Stranger


Robert Barone: Forget PIIGS, US Debt is Out of Control


US government is killing its own economy


Long-Term Unemployed Now 46 Percent of Unemployed, Highest Percentage on Record


If rates are raised...we are screwed...
Increasingly Hawkish Fed Ponder Raising Rates


Secretive Bilderberg Club Said to Decide Fate of Euro


Greece to Sell Assets to Help Pay Down Deficit


Spain, Italy Sink from Contagion


Eurozone Jobless Rate Hits Record High


ECB Warns of More Bank Loan Losses


GM's Fast Turnaround Slams into the Euro Crisis


Jim Sinclair’s CommentaryFASB (Financial Accounting Standard Board), the gatekeepers of honest and transparent auditing, delivered the Equity Rally in April of 2009 to you by blessing total fabrication in accounting and will deliver the second phase of the economic financial disaster.BS is not going to float on artificial OTC derivative assets later in 2010 and 2011.

Banks in ‘Downward Spiral’ Buying Capital in CDOs (Update1) By Yalman Onaran and Jody ShennJune 8 (Bloomberg) —
U.S. banks are fighting to preserve the use of securities that help them appear better capitalized, even as their investments in each others’ notes perpetuate what one regulator calls a “downward spiral” of losses.The cross-ownership, largely unnoticed by bank supervisors who generally discourage the practice, was made possible by a Wall Street innovation like the ones that allowed subprime mortgages to flourish. Small lenders, such as Riverside National Bank of Florida, were able to sell trust-preferred securities, known as TruPS, because investment bankers packaged them with those issued by dozens of other financial institutions.Riverside, which started in a trailer in 1982, bought collateralized debt obligations made up of TruPS as it grew to 65 branches and $4.8 billion assets. When real estate soured and lenders racked up loan losses, Riverside and about 400 of its peers suspended interest payments on their TruPS, causing the CDOs to default or lose value and inflicting more harm on an industry suffering from the worst economy since the 1930s. “The industry was self-financing, using loopholes in rules,” said Joseph Mason, a professor of finance at Louisiana State University in Baton Rouge. “Regulators weren’t keeping track of ownership of the capital, which became more difficult to do with the use of CDOs. The losses fed on each other.” More…


Jim Sinclair’s CommentaryThis is as close to oops as you will ever hear from the Fed.I know for certainty that gold will trade at $1650 on or before Jan 14th, 2011, but Armstrong thinks higher and before the end of June 2011.

Bernanke: Recovery continues but ‘won’t feel terrific’ By Jennifer Liberto, senior writerJune 8, 2010: 9:48 AM ETWASHINGTON (CNNMoney.com) —

Federal Reserve Chairman Ben Bernanke says he expects a continuing economic recovery – “but it won’t feel terrific.”In an interview at a forum late Monday in Washington, Bernanke dodged a question about whether he fears a double-dip recession, saying “nobody knows with any certainty.”“But there seems to be a good bit of momentum in consumer spending and investment, so my best guess is that we’ll have a continued recovery,” Bernanke told veteran TV journalist Sam Donaldson. “The reason it won’t feel terrific is because it’s not going to be fast enough to put back 8 million people who lost their jobs within a few years. It’s going to take a while.”He warned the unemployment rate will remain high “for a while,” explaining, “that means that a lot of people are going to be under financial stress.”In an unusually wide-ranging interview with Donaldson at the Woodrow Wilson International Center for Scholars in Washington, the Fed chairman spoke with a little more candor than usual, Bernanke said he couldn’t predict when the Fed would raise interest rates next. But he said it depends on the state of the economy, unemployment rates and inflation trends.More…


Billboard Puts Obama on $100 Tln Bill- CNS News


The Less the G-20 Does, the Better- Financial Post


Swiss Lower House Rejects US Demand for Tax Info- Wall Street Journal


Eurozone Nations Set Up $1 Trln Bailout Fund- Yahoo! News


US Stocks Test Price Floors Amid Big Sell-off- USA Today


Gold Futures Hit NY, London Record on Haven Demand- BusinessWeek