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Economics and Investing:
The welfare state, firmly entrenched: Benefit
spending soars to new high (1 in 6
dollars of income come from governments checks. Let's not forget: Every dollar
that is "given", must first be "taken" from someone.)
Thanks to G.H. for the link.
Currie sent us this: Latvian
debt crisis shakes Eastern Europe. When sovereign debt markets disintegrate,
you
can expect governments to topple. And it won't just be pipsqueak nation states
like
Iceland
and Latvia that are at risk.
From reader C.S.: Medical bills underlie 60 percent of U.S. bankruptcies:
study
Julian
Robertson's Steepener Swap Play (Shorting US Treasuries) When Julian
talks, people listen. And now, he is clearly saying "mass inflation ahead."
(A hat tip to GG for the link.)
Also from GG comes this article at Barron's: V-Shaped Recovery Outlook
is in Vain The bulk of the economy's credit problems are still to come
Items from The Economatrix:
Handwritten
Notes Show Fed Oversight Bill Neutered On Senate Floor (No surprise)
Banks Run the Country
Biden Says Some Waste Inevitable Part of Stimulus Program
Paul Craig Roberts: as The Dollar Falls Off The Cliff
US Retailers Report May Sales Decline
Canada Mint Can't Account For Missing Gold
Study: US Dollar "Seriously Overvalued"
US Private Sector Axes 532,000 Jobs in May
German
Debts Set To "Blow Like A Grenade" "An internal memo by
the regulator's office suggested that likely write-offs may reach €816
billion, twice the entire reserves of the country's financial institutions."
Holes
in the China Recovery Story "According to the CBRC (via Dow Jones), "the
country's economy faces growing downward pressure as the global financial crisis
has yet to run its
course." The
regulator added that "the banking industry faces 'serious' credit and
market risks as the domestic economy encounters its 'most difficult year in
the new century.'"
Financial,
Energy Stocks Pull Market Higher (Thursday)
