Dow Faces Bouncy Ride to 5,000

Stocks are currently in a bear-market rally, and looking at charts and past trends, unemployment and leading indicators suggest the Dow will drop to 5,000 in the next two to two-and-a-half years, Nenner told CNBC in an e-mail.

Deflation will arrive, along with a sharp double-dip recession, pushing the Dow lower, although, like the Japanese market, stocks will see several jumps of 30 percent to 40 percent, he said.

http://www.cnbc.com/id/38826988

US Said Preparing New Laws To Seize Americans Retirement Accounts

First They Destroy Private Healthcare in America – Yes, the socialist Democrats won their first battle to destroy the private healthcare system in the US but the automatic IRA bill now in Congress is their next attack to also control, confiscate and destroy the private retirement system. Ultimately, nationalizing healthcare is designed to create a major new government revenue stream by replacing private health insurance with a nationalized, mandatory, government program and their goal is identical with your retirement plan.

http://www.eutimes.net/2010/08/us-said-preparing-new-laws-to-seize-americans-retirement-accounts/

Co-chair of Obama 310 million tits

An advocacy group is calling for the ouster of former Sen. Alan Simpson, the co-chairman of President Obama's bipartisan debt commission, who described Social Security as a "milk cow with 310 million tits!" in an email.

http://money.cnn.com/2010/08/25/news/economy/alan_simpson_fiscal_commission/index.htm

Morgan Stanley Says Government Defaults Inevitable

Investors face defaults on government bonds given the burden of aging populations and the difficulty of increasing tax revenue, according to a Morgan Stanley executive director.

“Governments will impose a loss on some of their stakeholders,” Arnaud Mares in the firm’s London office wrote in a research report today. “The question is not whether they will renege on their promises, but rather upon which of their promises they will renege, and what form this default will take.” The sovereign-debt crisis is global “and it is not over,” he wrote.


http://www.bloomberg.com/news/2010-08-25/morgan-stanley-says-government-bond-default-is-question-of-how-not-if-.html

Ron Paul Calls for Audit of US Gold Reserves

This is not the first time the congressman has made his pitch. “In the early 1980s when I was on the gold commission, I asked them to recommend to the Congress that they audit the gold reserves – we had 17 members of the commission and 15 voted not to the audit,” said Paul. “I think there was only one decent audit done 50 years ago,” he said.

http://www.kitco.com/reports/KitcoNews20100824DC.html

"Enron Accounting" Has Bankrupted America: U.S. Deficit Really $202 Trillion

The Congressional Budget Office (CBO) forecasts the U.S. budget deficit will hit $1.3 trillion this year. An astronomical figure, to be sure, but that’s lower than was projected in March. It’s also less than last year’s record $1.41 trillion deficit, which was close to 10% of GDP.

And, that's the good news.

http://finance.yahoo.com/tech-ticker/%22enron-accounting%22-has-bankrupted-america-u.s.-deficit-really-202-trillion-kotlikoff-says-535354.html;_ylt=AkIrP5.B3xpwlgX_5f3J.kq7YWsA;_ylu=X3oDMTE2MDRmbzdqBHBvcwMxMQRzZWMDdG9wU3RvcmllcwRzbGsDZW5yb25hY2NvdW50?tickers=udn,tlt,tbt,uup,TIP,^gspc,GLD&sec=topStories&pos=9&asset=&ccode=

How Hyperinflation Will Happen

In other words, Treasuries are now the New and Improved Toxic Asset. Everyone knows that they are overvalued, everyone knows their yields are absurd—yet everyone tiptoes around that truth as delicately as if it were a bomb.

http://www.zerohedge.com/article/guest-post-how-hyperinflation-will-happen

Americans eating through beef, pork surpluses

Do you think these increases get passed on to the customer...you be they do!

Cattle and hog prices continue to reflect the tighter supplies. Live cattle for October delivery opened up 55 cents per hundredweight Wednesday to $96.50 on the Chicago Board of Trade. That price is almost $15 per hundredweight more than cattle brought a year ago.

Live hogs for October delivery opened up $1.50 per hundredweight in Chicago this morning to $77. A year ago hog prices were headed for a decade-low of $46 per hundredweight.

http://blogs.desmoinesregister.com/dmr/index.php/2010/08/18/americans-eating-through-beef-pork-surpluses/

Western Economies Face Hyperinflation: Gold Bull

The decline of the Western economic model will bring about hyperinflation and decades of painful readjustment, Egon von Greyerz, founder of gold investment intermediary Goldswitzerland.com told CNBC Thursday.

Fear of inflation causes investors to take refuge in gold. However, another analyst told CNBC that buying gold now is as pointless as the rush to buy tulips was in the 1630s.

http://www.cnbc.com/id/38767004

Does Barack Obama want to be re-elected in 2012?

Few Americans consider themselves bigger than the presidency but Obama might be one of them. The man in the Oval Office, argues Toby Harnden, may already be preparing for a role as a post-president in a post-American world.

http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackobama/7958031/Does-Barack-Obama-want-to-be-re-elected-in-2012.html

New Normal: Bankrupt nation. Deflation. Zeros. Junk. No jobs. Depression

Yes, it's going to get worse, a whole lot worse ... Bill Gross warns this is the "New Normal. Forget 10% returns. Think 5%". ... Economist Larry Kotlikoff, author of The Coming Generational Storm, warns: "Let's get real. The U.S. is bankrupt. Neither spending nor taxing will help the country pay its bills" ... Economist Peter Morici warns: "Unemployment is stuck near 10%. Deflation coming. Stock market threatens collapse. The Federal Reserve and Barack Obama are out of bullets. Near zero federal funds rates, central bank purchases, a $1.6 trillion deficit have failed to revive the economy." ... Simon Johnson, co-author of 13 Bankers, warns: "We came close to another Great Depression, next time we may not be so lucky." Why? Because Wall Street's already well into the next bubble/bust cycle --
the "doom cycle."

http://www.marketwatch.com/story/its-going-to-get-worse-a-whole-lot-worse-2010-08-17

Gold is glittering again. But why?

Still, gold prices aren't always tied to inflation expectations. The price of gold often spikes at times of fear. And with more and more concerns about how the economic recovery in the United States is losing steam, investor nervousness appears to be the most likely reason for gold's recent move higher.

http://money.cnn.com/2010/08/20/markets/thebuzz/index.htm

For Lean Budgets, a Plug-and-Play Solar Array

The Seattle-based clean tech start-up is developing a “plug-and-play” solar appliance called the Sunfish that will generate clean solar electricity for the home. “You bring it home and plug it in, just like a refrigerator, and it will cost about the same,” said the company’s president, Chad Maglaque.

http://green.blogs.nytimes.com/2010/08/16/for-lean-budgets-a-plug-and-play-solar-system/?src=me&ref=science

US Says Bankruptcies Reach Nearly 5-Year High

There were 422,061 bankruptcy filings between April and June, according to the Administrative Office of the U.S. Courts, up 9 percent from 388,148 in the prior three-month period, and up 11 percent from 381,073 a year earlier.

For the year ended June 30, there were 1.57 million bankruptcies, up 20 percent from 1.31 million a year earlier.

Consumer bankruptcies rose 21 percent to 1.51 million, and business bankruptcies rose 9 percent to 59,608.

http://www.cnbc.com/id/38744090

When Will Financial Armageddon Begin?

“Never in US history has a recession struck after several extended months of emergency ultra-low interest rates. This will be the first such occurrence. The policy response from the USFed must therefore be limited. They cannot reduce the official interest rate, unless below 0% (which did happen briefly in Japan). The nation stands on the doorstep of hyper-inflation. The only available tool within the USFed tool bag is Printing Pre$$ activity, pure monetization of both USTreasurys and USAgency Mortgage Bonds.”

http://usawatchdog.com/when-will-financial-armageddon-begin/

More tough economic times forecast by CBO

The CBO forecast the U.S. budget deficit will hit $1.342 trillion this year, down slightly from its March projection of $1.368 trillion.

http://finance.yahoo.com/news/More-tough-economic-times-rb-1122983085.html?x=0

Connecticut may have just a week's worth of cash

Connecticut this autumn probably would have just a little more cash than it needs to pay a week's expenses unless it issues $520 million of debt, according to the state comptroller.

http://www.reuters.com/article/idUSTRE67G50A20100817?type=domesticNews&feedType=RSS&feedName=domesticNews&rpc=22&sp=true

Obamanomics is why there is no recovery

How many more months must Americans endure near-double-digit unemployment, little or no new-job creation, economic stagnation, a topsy-turvy stock market, and sagging consumer confidence before Washington politicians concede the "summer of recovery" is mostly a mirage?

They've spent nearly $8 trillion since 2007, including nearly $2 trillion on economic stimulus programs and an equal amount for the Troubled Asset Relief Program and similar bailouts. They've effectively nationalized Fortune 500 corporations, taken over the health care sector, and set the regulatory stage for more bailouts and takeovers, but the needle is still stuck. Worse, recovery isn't likely for many months ahead because those same politicians are planning more of the same failing policies.

Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/Obamanomics-is-why-there-is-no-recovery-471733-100652469.html#ixzz0xJtOUrn7


http://www.washingtonexaminer.com/opinion/Obamanomics-is-why-there-is-no-recovery-471733-100652469.html