We The Sheeplez- The Coming Economic Collapse.."A Nation Of Sheep Ruled By Wolves" Thomas Jefferson : Crisis Redux: Road To Perdition

posted by Blogger at Jim Rogers Blog - 17 hours ago

(The US) is the biggest debtor the world has ever seen. But what really worries me is that some states, counties and cities have been or are on the verge of going bankrupt. California is much larger than ...

Jim Sinclair’s Commentary

QE to infinity!

U.S. marks 3rd-largest, single-day debt increase
$166 billion jump spurs concerns over policy
By Stephen Dinan
8:36 p.m., Wednesday, July 7, 2010

The nation’s debt leapt $166 billion in a single day last week, the third-largest increase in U.S. history, and it comes at a time when Congress is balking over higher spending and debt has become a key policy battleground.

The one-day increase for June 30 totaled $165,931,038,264.30 – bigger than the entire annual deficit for fiscal year 2007 and larger than the $140 billion in savings the new health care bill will produce over its first 10 years. The figure works out to nearly $1,500 for every U.S. household, or more than 10 times the median daily household income.

Daily debt calculations jump and fall, and big shifts are common. But all three of the biggest one-day debt increases have occurred under the tenure of President Obama, and all of the top six have been in the past two years – an indication of just how quickly the pace of deficit spending has risen under Mr. Obama and President George W. Bush.

"What matters is the overall trend line, and the overall trend line is shooting up," said Robert Bixby, executive director of the Concord Coalition, a bipartisan deficit watchdog group, who said it is one more reason for a fiscal wake-up call.

Fears over red ink have stalled key parts of Mr. Obama’s agenda in Congress in recent weeks, including his push for another round of stimulus spending. Just last week, House Democrats had to use a tricky parliamentary tactic to pass an emergency war-spending bill, aid for teachers and new spending caps.

More…

Two Stories that Should Scare the Heck Out of You

Posted: Jul 09 2010 By: Greg Hunter Post Edited: July 9, 2010 at 1:01 pm

Filed under: USAWatchdog.com

Jim Sinclair’s Commentary

Here are two points to consider when your emotions on gold threaten to overtake you.

Dear CIGAs,

I was sitting here trying to find a way to wrap up the week and then, like a bolt of lightning, an idea hit me. Gold expert Jim Sinclair sent me this story: “Federal Budget Deficit Hits $1 Trillion For 1st 9 Months Of FY’10.” The story said, “The shortfall, reflecting $2.6 trillion in outlays for the first three quarters and $1.6 trillion in receipts, narrowed slightly compared with the same point in fiscal 2009.” So where did the “shortfall” come from? Try the more that 8 million who lost their jobs. The story went on to say, “. . . individual income and payroll tax receipts were down 4% over the nine-month period, suggesting that wages and salaries have not improved to the extent that corporate profits have.” Corporate profits have “improved”because they laid-off all those workers!! (Click here for the entire Dow Jones Newswires story)

Sinclair says, “Nothing has changed. Nothing has been rescued. The can that is being kicked daily down the path is going to turn around and bite the kickers.
Gold is the only insurance.” When things get bad enough, there will be more stimulus cash put into the economy and more bank bailouts. Sinclair is like legendary football quarterback Joe Montana–never bet against either of them.

The second story that should scare the heck out of you is one where the headline reads,“IMF presses US to cut debt.” The story goes on to say, “The International Monetary Fund on Thursday urged the United States to rein in its ballooning budget deficit without putting the “modest” economic recovery at risk. Amid jitters that high levels of unemployment may force a double dip recession, the IMF warned the slow U.S.recovery would continue and that debt problems loomed.” (Click here for the complete story from Yahoo News.)

Talk about a squeeze. The U.S. has lost millions of jobs; it has falling tax revenues and a ballooning deficit. Now is the time the International Monetary Fund picks to tell the U.S. to cut its debt? Not a chance going into the 2010 mid-term elections! People like Paul Krugman and Nancy Pelosi are pushing for more spending (money printing). I am betting they will get their wishes granted.

These two stories do not bode well for the so-called “recovery,” the value of the U.S. dollar and keeping interest rates held down to ridiculously low levels. These two stories scare the heck out of me. Not just because of what they say, but also because they’re making their way into the mainstream media. That means, before long, everybody will catch on America is in deep financial trouble. We do not have a “dip” coming our way but a swan dive off of Niagara Falls into a dry river bed.

More…

Rabid Mass Austerity

Roger Wiegand - corner

Jim Sinclair’s Commentary

How is your bank today?

Enforcement Actions
Legal actions by the Board and written agreements approved by the Federal Reserve Banks

July 9, 2010
Written agreement with Commonwealth Bankshares and Bank of the Commonwealth
July 8, 2010
Written agreement with Dickinson Financial Corporation II and Dickinson Financial Corporation
July 8, 2010
Written agreement with Central Pacific Financial Corporation
July 7, 2010
Written agreement with BCB Holding Company, Inc.
July 6, 2010
Written agreement with Star Bancorp
July 6, 2010
Written agreement with Central Virginia Bancshares and Central Virginia Bank