43,454,601,693,238 Reasons Why The World Is Broke - Presenting The Interactive Global Debt Clock

By now everyone has had a chance to play with the US debt clock. But what about its global cousin? Courtesy of The Economist, we now have a convenient way to track the hundreds of millions in dollars added each and every hour by the global governments who see to spur global deleveraging by, you guessed it, adding more debt. Yes, in the process the world's sovereigns are transferring default risk away from global corporations to sovereigns, but few in the #OWS crowd appear to have yet figured out this rather disturbing and very insidious usurpation of sovereignty by the global corporatocracy, so said risk and leverage transfer will continue until such time as any and all paper backed by these insolvent corporate shells (f/k/a countries) is completely worthless. Regardless, one should not forget that like in the sandalone case, the "debt clock" below only tracks on balance sheet debt. Should one add the NPV of all "welfare state" obligations (pensions, retirement, healthcare), the number will be well over quarter of a quadrillion dollars. Have fun funding that, never mind paying it off...

In The News Today

October 16, 2011, at 10:52 pm
by Jim Sinclair 

Jim Sinclair’s Commentary

Four bank failures this week.

Bank Closing Information  
October 14, 2011
 
These links contain useful information for the customers and vendors of these closed banks.

Country Bank, Aledo, IL
 
First State Bank, Cranford, NJ
 
Blue Ridge Savings Bank, Inc., Asheville, NC
 
Piedmont Community Bank, Gray, GA

http://www.fdic.gov/

(ed note) Oh...and did you know that the FDIC was still Bankrupt...

Hong Kong starts trading gold in renminbi

 

 

Financial repression means long-term inflation, steadily rising gold, Rickards says

 

 

December Deadline Won't Mark End of US Debt Fight

December looms as the deadline for tackling a U.S. fiscal mess punctuated by a $14.8 trillion national debt. But analysts says it's December 2012, not 2011, that is really worth keeping an eye on.

 

 

Inevitability of a Crash Goes Mainstream.

A Greater Depression is coming. 

Until fairly recently, much of the talk of truly serious economic problems has been in far from mainstream sources. The mainstream media has talked a bit about further recession, but I haven't seen a single article that clearly stated that it's coming and there's nothing we can do about it. That is until I saw this today, linked from The Wall Street Journal's web site.

 

 

Drowning in debt, EU hits moment of truth 

 

 

South Carolina mine sparks mini-gold rush to the Southeast

 

 

Return To Gold Standard?  Why Price Would Hit $10,000




Joblessness:  An American Epidemic




Banks closed in Georgia, North Carolina, NJ; 79 failures in 2011.



Dear Daily Readers. 

This Blog Cannot Survive, Without Your Support...
Please consider making a small donation, to help cover some of the labor and cost for this blog.

Thank You

I'm PayPal Verified

International Forecaster October 2011 (#5) - Gold, Silver, Economy + More
By: Bob Chapman, The International Forecaster

Can "It" Happen Here?
By: John Mauldin

 

 

Investors Lose Confidence in the US Government
By: Dr. Jeffrey Lewis

Calm Before The Storm
By: Warren Bevan