Potential Future Hyperinflation
Stephen LendmanPotential trouble ahead for US economy few take seriously.
Contents Pages by Subject
Economy - Economics USA
Gasoline rises above $4 a gallon for first time
• ReutersThe U.S. average price for a gallon of regular gasoline topped $4 for the first time, a survey issued on Sunday by the travel group AAA showed.
Option ARM's: Wave of Foreclosures Will Overwhelm the Market Thru 2011
• Calculatedrisk.blogspot.comAccording to Credit Suisse, monthly option recasts are expected to accelerate starting in April, 2009, from $5 billion to a peak of about $10 billion in January, 2010.
Farm Wars
I had a dream...
Barbara PetersonI had a dream the other night in which there was famine. Fuel was not available, and the land was barren. If we are indeed being thrown straight into third-world status, we need to prepare.
Host:
Ernest Hancock
Declare Your Independence with Ernest Hancock 1480 KPHX 06-08-2008
Program Date:Ernest Hancock and Barry Hess share their knowledge of the future. You'll want to archive this show for future reference to see just how accurate their predictions are.
Gold Surges Most in Six Months on Jobs Data, Dollar's Slump
• BloombergGold jumped the most in six months after the U.S. jobless rate had the biggest gain in more than two decades, spurring a drop in the dollar. Silver also rose.
Oil prices skyrocket, taking biggest jump ever
• IHTOil prices had their biggest gains ever on Friday, jumping nearly $11 to a new record above $138 a barrel, after a senior Israeli politician raised the specter of an attack on Iran and the dollar fell sharply against the euro.
Oil futures leap as dollar skids against euro; stocks fall
• AFPOil prices leapt higher on Thursday in a surge that took traders by surprise as the dollar tumbled against the euro and the rally drew in fresh investor cash following this week's sharp losses. New York's main oil futures contract, light swee
Temecula, California: 15% of homes REO or in Foreclosure
• CalculatedRisk.blogspot.comToday, said Rich Johnston, Temecula's deputy director of building and safety and code enforcement, as many as 15% of Temecula's 22,500 single-family homes are bank-owned or in some stage of foreclosure.
Minyan Mailbag: How Safe Is My Gold?
• MishMinyan "SC" is concerned about gold in safe deposit boxes, and asks: Just how safe is it? The answer may shock you. M
1 in 11 Mortgageholders behind or in foreclosure
• NYtimes.comAll told, about 8.8 percent of home loans were past due or in foreclosure, or about 4.8 million loans. That is up from 7.9 percent at the end of December. (About a third of American homeowners do not have mortgages.)
Unemployment rate jumps to 5.5 percent in May
• APThe jobless rate for the month was 5.5 percent, up from 5 percent in April, the Labor Department said. That was the largest swing in a single month since 1986. The result stunned economists, who had expected the rate to rise only to
Revolutionary air car runs on compressed air
• RawStory.comMini-CAT or City Cat, can be refueled in minutes from an air compressor at specially equipped gas stations and can go 200 km on a 1.5 euro fill-up -- roughly 125 miles for $3. The top speed will be almost 70 mph and the cost of the vehicle as low as
Prime Loans Going Delinquent at Record Rate
• HousingWire.comThe Q4 to Q1 change in severe delinquencies strongly favors prime borrowers, for example, with severe DQs increasing by 19.2 percent for prime and 13.7 percent for subprime borrowers.
Home Equity Falling at Record Pace
• Calculatedrisk.blogspot.comWith prices now falling - and expected to continue to fall - the percent homeowner equity will probably decline rapidly in the coming quarters.
ResCap: Show Me The Money
• biz.yahoo.com/apResidential Capital LLC, the mortgage lending unit of GMAC LLC, said Tuesday it needs more than three times more cash to stay in business than it estimated just weeks ago.
Sate Cutbacks Will Deepen Recession
• Michael Shedlock / MishAt $1.8 trillion annually in a $14 trillion economy, the states and municipalities spend almost twice as much as the federal government, including the cost of the Iraq war.
State Cutbacks Will Deepen Recession
• Michael Shedlock / MishAt $1.8 trillion annually in a $14 trillion economy, the states and municipalities spend almost twice as much as the federal government, including the cost of the Iraq war. When librarians, lifeguards, teachers, transit workers, road repair crews and
GM to close four plants, may unload Hummer
• RawStory.comWILMINGTON, Delaware (Reuters) - General Motors Corp on Tuesday said it is closing four truck plants employing 10,000 workers and could sell its Hummer brand in a rushed response to higher gasoline prices that the largest U.S. automaker now sees as a
Mexico isn’t feeling the U. S. economic slump
• buffalonews.comMEXICO CITY — A sizzling stock market. A strengthening peso. Good economic growth. Someone forgot to tell Mexico that the United States has been flirting with recession.
Buy one (house), get one free.
• LA TimesMore: "Michael Crews Development is offering new, 2000-square foot cityscape row-homes worth $400,000 in Escondido for free -- if you buy one Royal View Estate home in San Pasqual Valley starting at $1.6 million.
Number of Foreclosed Homes Keeps Rising
• MrMortgage.ml-implode.comWith discounts as large as banks are offering, entire neighborhoods and regions are being marked-to-market overnight. This is pulling thousands of other home owner’s values down sharply forcing them into a negative equity position
Morgan Stanley, Merrill, Lehman Ratings Cut by S&P
• Bloomberg.comS&P also said today that it revised its outlooks on Bank of America Corp. and JPMorgan Chase & Co. to negative. Citigroup Inc. was taken off review for a downgrade and given a negative outlook, while Wachovia Corp. was placed on review for a downgrad
Bankruptcy Reform Act Finally Blows Sky High
• Michael Shedlock / MishAfter the fairy godmother (Bush) signed the bill written by industry lobbyists and passed by Congress as "reform", banks and lending institutions went on a credit binge of previously unimaginable proportion.
S&L Crisis vs. Current Crisis
• Michael Shedlock / MishIn the 1980's the consumer was not tapped out. Today's consumer is so tapped out that many are walking away from their homes. Others are voluntarily choosing bankruptcy.
Food prices to rise 9 percent a year
• ReutersU.S. food prices will rise a stiff 9 percent a year through 2012, the largest increase since 1979 and the result of record-high crop prices, the head of an economic consulting company said on Thursday. The projections by Bill Lapp of Advanced Econ
US banks likely to fail as bad loans soar
• Financial TimesUS banks set aside a record $37.1bn to cover losses on real estate loans and other credits during the first quarter in a sign of the growing economic pain being caused by the global credit crisis, regulators said on Thursday.
Uh Oh<br>by Bill Bonner
• LewRockwellWe agree with George Soros too; the slump will result in a "noticeable decline in living standards" for most Americans. But we were waiting for the evidence...the proof that the consumer is cutting back. Now we have it. And it comes from th
Housing Prices: Falling faster than during 'Great Depression'
• Economist.com/This shows that the latest fall in nominal prices is already much bigger than the 10.5% drop in 1932, the worst point of the Depression. And things are even worse than they look. In the deflationary 1930s house prices declined less in real terms.
Housing Prices: Falling faster than during 'Great Depression'
• Economist.com/This shows that the latest fall in nominal prices is already much bigger than the 10.5% drop in 1932, the worst point of the Depression. And things are even worse than they look. In the deflationary 1930s house prices declined less in real terms.
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