SOON YOU WILL BE THE ONE TO SAY..."WE ARE FREAKING DOOMED"

REMEMBER...
THE ONLY WAY TO PROTECT YOURSELF...IS TO OWN SILVER OR GOLD...





Read this article and actually learn something useful.
Architecture for a New World Financial System
Antal Fekete





T Minus 7 Days to a LIBOR-Induced Liquidity Crunch?




Taxes Coming Due for $1 Trillion in Commercial Real Estate



Eurozone Banks Step Up Reliance on ECB- Wall Street Journal





Swiss Banks Winning Investors from Euro Area- Bloomberg





Gold Rises on Fed's Cautious Outlook- SF Chronicle





Why Many Analysts See Gold Going as High as $10,000





There is no recovery...This is a currency crisis...google it...

Double Dip Fears Put Scare Back in Market





The US is Pushing Its Debt Towards a $57 Trillion Hole





Yishai sent us this (by way of Glenn at Instapundit): Don’t Fear Inflation, if It Comes. (Oh, really? I guess he's never visited Zimbabwe...)





U.S. May Follow Britain's Lead and Pass Bank Tax. Oh, and the Brits are also discussing bumping the capital gains tax back up to 50%





CA, FL, Other States to Get More Housing Aid





Fed to Keep Rates Low to Support Weak Recovery





Harrisburg, PA, Other Cities Overwhelmed by Economic Downturn and Debt





The Best Stimulus? Spend Less, Borrow Less- CNN Money





How's that recovery workin out for you?

New-Home Sales Plummet Nearly 33% in May- LA Times





Jim Sinclair’s Commentary
The G20 script caste against present circumstances.


1. EC members terrified by the power of OTC derivatives to destroy national bond markets are running scared. The strategy is twofold. Intervention at $1.19 to $1.20 in the euro and massive PR concerning strong currency initiatives weakened the dollar from its highs and took the euro so far into its $1.24-$1.25 key resistance.


2. Bernanke as a student of the Great Depression organizes a strong argument for continued coordinated monetary expansion with the US Treasury.


3. Monetarism fails miserably when applied in an open system. That is its major weakness. Bernanke’s thesis demands the entire Western World be on the same page of Monetarism for without it new lows in the history of this period will be established. A return to locked credit markets is a reasonable assumption


4. Media seems to have slowed down on its revelations of EU weak states.


5. There seems to be a slight pickup in media discussion of the dire condition of US states heading towards bankruptcy.


Keep in mind that in this new global economy a problem anywhere is a problem everywhere. As any currency in the Western World comes under attack, Gold has become the asset of choice.
Be ready for more violence in the USD/EU equation. Violence regardless of direction will be gold positive. This move is to $1650 and beyond.



Jim Sinclair’s Commentary
An event to keep in mind: More than a million people are expected to run out of benefits this month, according to the National Employment Law Project.



Jim Sinclair’s Commentary
The is a clear and present danger when a competitor holds your future in their hands.
The story that China would suffer as much is total crap when you see them cultivating Asian trading partners, internal consumptive power and cornering world hard assets.


China’s holding of US Treasuries is a strategic move and a weapon of mass financial destruction if it should be used in a manner other than as an investment.


U.S. intelligence community debates China’s bond holdings Wed Jun 23, 2010 3:19pm EDT By Emily Flitter
NEW YORK, June 23 (Reuters) – U.S. intelligence officials and top academics last week debated the risk China could wield its massive U.S. debt holdings as a weapon aimed at influencing U.S. foreign policy, according to a person who attended the meeting.
At a National Intelligence Council meeting last week, held at a Washington, D.C. hotel, members of U.S. intelligence agencies and China watchers discussed potential outcomes if China chose to sell its $900 billion of U.S. Treasury bond holdings, pushing up interest rates and making life much tougher for U.S. businesses and consumers.
While considered a remote possibility, China’s tremendous economic stranglehold over the United States remains much-debated as the world’s third largest economy grows in leaps and bounds and the number one economy struggles to break free from a deep recession.
The meeting took place as the United States prepares to issue a report that could label China a currency manipulator. U.S. lawmakers are also arguing over a bill that would penalize China for any protectionist policies.
"The best offense is often a good defense and you must be prepared. This is something that allows the U.S. to consider what policy alternatives they might have when facing threats from the outside," said Paul Markowski, president of the Global Strategies-Analysis Group in New York.
More…


Jim Sinclair’s Commentary


Back towards crisis levels.


How about to worse than recent crisis levels in this Ski Jump Virtual Recovery.


Deutsche Bank: U.S. Financial Conditions Just Collapsed Back To Crisis Levels Vincent Fernando, CFA Jun. 24, 2010, 5:36 AM
Deutsche Bank has a new and improved index of U.S. financial conditions, and this index just slumped back towards the lows of our recent crisis.
Deutsche Bank’s Peter Hooper:
Financial conditions appear to have worsened substantially in recent quarters based on our update of the broad index of US financial variables presented earlier this year at the US Monetary Policy Forum. In the wake of recent developments in Europe, increased stress in financial markets has pushed that index halfway back to its immediate post- Lehman crisis lows.

The index is built from an array of financial indicators such as U.S. treasury yields, the volatility index (VIX), the stock market, Broker-Dealer leverage, among others. It’s a bit of a black box, but it’s calculation is giving a similar reading to what we saw during the worst of the financial crisis.
More…





Here's more of that hopey changey stuff you can believe in...



Bank of America Boosts Staff Handling Troubled Loans By David Mildenberg – Jun 23, 2010


Bank of America Corp., the second- largest U.S. home lender, added 2,000 employees since April to work with borrowers having trouble paying their mortgages, a senior executive said.
The lender now has more than 18,000 workers in “default management,” a 60 percent increase since January 2009, Barbara Desoer, president of Bank of America’s home-loan and insurance unit, said in testimony prepared for a congressional hearing on U.S. housing policy tomorrow. Those workers handle 100,000 calls a day, she said. Wells Fargo & Co., the largest U.S. home lender, Bank of America and other companies have hired thousands of employees or shifted staff from other departments to work with borrowers who have lost jobs or experienced declining incomes. Banks repossessed a record 257,944 homes in the first quarter, 35 percent more than a year earlier, according to Irvine, California-based RealtyTrac Inc. More than a fifth of U.S. mortgage holders owed more than their homes were worth, Seattle- based real estate data provider Zillow.com reported last month.
“Given the depth of the nation’s recessionary impacts on homeowners, a considerable number of customers will transition from homeownership over the next two years,” Desoer said in the testimony. “We must compassionately and responsibly help those customers who have exhausted all their options and can no longer afford to stay in their homes.”
Handling More Calls
Bank of America, based in Charlotte, North Carolina, handles almost 14 million home loans, or about one of every five U.S. mortgages, more than any other U.S. servicer, Desoer said. Payments on 1.4 million loans are more than 60 days late, she said. Investors or government-sponsored entities such as Freddie Mac and Fannie Mae own most of those loans and pay servicers fees to handle billing and collection.
More…





Here's more "CHANGE YOU CAN BELIEVE IN"...

The Streets Shall Burn





Legendary investor Jim Rogers says that silver is an attractive commodity while gold remains at an all-time high.







If after reading this... you don't run to the store with a truck...then you deserve what you get.
AKA You reap what you sow...



Reader Jamie D. mentioned that the government's own documents show that the FSA program's food warehouses are effectively empty. Jamie notes: "Government still hasn’t begun to replenish actual reserves of food. This is mandated, funded, and empty. If the gulf disaster results in toxic rains that impact crops, the government will have no reserves of wheat, corn, soy, et cetera."





Chavez pushes Venezuela into food war.