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Odds 'n Sods:
Wheat Prices Near $20 Per Bushel
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Eric H. found us this: Health
officials keeping eye on drug-resistant flu strain
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Here is a "must read" piece: Signs
Point To Banking Crisis Getting Much Worse.
Meanwhile, reader Randy K. mentioned
that the US Bank reserves have dropped even deeper into negative numbers. As
reported in WorldNetDaily the "non-borrowed bank reserves column
is now at $-18
billion. Randy's comment "It seems
that the earlier report of an $8B shortfall was less than half way there.
For me, the phrase "financial institutions would be bankrupt if the Fed
did not provide billions in liquidity" nails it. It is explained as an
accounting anomaly, but why the anomaly? "Borrowings are larger than total
reserves." So, the banks are finally doing what America is doing.... borrowing
more than they can pay. We do it from the banks... they do it from the Fed."
Once again:
Be ready for some spectacular bank and hedge fund failures, as well
as some good old-fashioned bank runs,.
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New
York City Mayor Bloomberg Rips Government Over Failing Economy. A couple
of key quotes: "[The nation] has
a balance sheet that's starting to look more and more like a third-world
country", and, "They want to send out a check to everybody
to stimulate the economy. I suppose it won't hurt the economy but it's in
many senses like giving a drink to an alcoholic."
