“The worst thing in the world next to anarchy is government.” - Henry Ward Beecher


“They Con the World” A hilarious look at how militant Islamists are practicing “taqiyya”
this video was just too good to pass up!
After all, in the struggle against global jihad, we all need a good laugh now and then.


Jim Sinclair’s Commentary

We cannot do without John William’s shadowstats.com, a by subscription service.

- May Nonfarm Payrolls Rose 20,000 Net of 411,000 Temporary Census Hires and Fell by 31,000 after Revisions and Birth-Death Model Shenanigans - (Actual unemployment in the U.S. is 21.7% and growing.)

May Household-Survey Employment Fell by 35,000 Irrespective of Census Hires - Unemployment Rates Were Artificially Low Due to Census Effects: 9.7% (U.3), 16.9% (U.6), 21.7% (SGS) -

M3 Signal for Double-Dip Downturn Intensifies

http://www.shadowstats.com/


Jim Sinclair’s Commentary

First confusion, followed by loss of confidence. The result next is anger

You must agree that the US sheeple are confused today.

This formula will be repeated many times before New Year’s Day.

Greek Debtor Sets Himself On Fire Inside Athens Bank Gus Lubin Jun. 3, 2010, 7:42 PM
Think the Greeks have settled down and swallowed the austerity pill?
Not with daily walkouts, soccer riots, populist reverence of a hunger-striking mayor, and a growing communist movement. And now a Greek debtor went to a bank, doused himself on gasoline, and set himself on fire!

Kathimerini:

A Thessaloniki man believed to be severely in debt entered a branch of Piraeus Bank in the city center yesterday afternoon, doused himself with gasoline and set himself on fire.

Bank staff managed to remove the 55-year-old man from the premises and onto the street where firefighters extinguished his blazing clothes. The firemen then entered the bank branch and doused a small fire that had started inside. It appears that there had been no customers inside the bank at the time.

The man was transferred to the city’s Ippokrateio hospital for medical attention though witnesses said he bore no evidence of burns.

Staff at the bank told police that the man had an account at the bank and is believed to have large debts.
More…


Jim Sinclair’s Commentary

Main Street is flushed, but every other insolvency will be bailed out.

Screw the little guys, they are too small to matter.

CHART OF THE DAY: The Scariest Job Chart Ever Just Got Even Scarier Joe Weisenthal Jun. 4, 2010, 9:45 AM

We’ve dubbed this chart the "Scariest Job Chart Ever," as it shows how the decline in employment is WAY uglier than in past recessions.

Calculated Risk has updated it with the latest numbers from this morning, and now it looks even scarier.
Why?
Check out the two red lines at the bottom. The solid one includes Census hiring, while the dotted line doesn’t include it.

What’s clear is that while we still have a rebound including Census hiring, we’re already flattening out on the dotted line. This is a shape not seen on the other lines. suggesting that the fall is extremely deep, and the recovery is shallow.
More…


Reader Jonathan C. highlighted this article: Bond New Issues Shut as Bank Default Swaps Rise. Jonathan's comments: "Since the current GDP growth is dependent on non-sustainable government spending , the only hope for real economic expansion must be the private sector. However, as this article shows, corporations are unable to fund their businesses through bonds and with the increased volatility in the equity markets they will also have trouble increasing capital through equity sales. In terms of small businesses that don't have the option of public equity sales, a bank lending freeze all but guarantees a contraction in the small business sector which constitutes around 50% of U.S. employment and 80% of new job growth."


JP Morgan Cazenove: UK must sell bailed-out banks to save AAA rating.


Three more banks bite the dust.


Gold Is an Inflation-Proof Deflation Hedge


Tell me this in 18 months...
10 Companies Back From the Brink



Signs Point to Administration Plan to Lock Up 13 Million Acres of Federal Land


Already in America...

Wheat rust: 'cereal killer' in Kenya