People like Peter Schiff and Marc Faber predict that the market will drop again to be worth one ounce of gold.
It'd take a brave man to bet against that prediction.
Here's another scary chart showing US debt vs income levels since 1970.
Can someone please explain to me how the 'stimulus' plan addresses the underlying structural issues in the US economy?
Without fixing these issues how will any country be it the US, Australia or any in Europe get their economies back on track?
I suspect that once things have bottomed out, which will not happen for 12-18 months, many economies will resemble Japan's with slow, slow growth.
And if you seppos think that your stimulus package stinks then you might wonder why the Australian government, overseer of what has been described over recent years as the soundest economy in the world, is spending 6.5% of GDP on its stimulus package vs the US figure of 5.8%...
(Nothing Follows)
3 comments:
Jack
Here is a link to one of the writers at the Lew Rockwell site.
http://www.lewrockwell.com/north/north689.html
The headline reads
"The Looming Collapse of European Banking"
'European Commission officials have estimated that impaired assets may amount to 44pc of EU bank balance sheets. The Commission estimates that so-called financial instruments in the trading book total £12.3 trillion (13.7 trillion euros), equivalent to about 33pc of EU bank balance sheets. '
I presume "so-called financial instruments" are largely OTC derivatives - with a view that these are about to go toxic if counterparty defaults trigger a cascade of worthless assets - I guess.
The writer hopes the source report is incorrect - I went home last night offering a silent prayer that it was incorrect too.
Mind you - it might explain why the former Japanese finance minister got absolutely spacko at the recent G-7 meeting......he knows something we don't ?
Kevo,
Thanks for the link.
If Gary North is even a little bit correct then things are going to turn turtle all over the world let alone if he's fully right.
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