Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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More rich Chinese buy US property - FT.com

More rich Chinese buy US property - FT.com | Gold and What Moves it. | Scoop.it
China has emerged as one of the fastest-growing sources of international buyers for US real estate – in what some see as a sign that China’s rich are increasingly seeking to take their money out of the country.
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Euro Debt Crisis is Good for Gold and Silver: Sprott Money Manager [CSI, COLUF] - The Gold Report

Euro Debt Crisis is Good for Gold and Silver: Sprott Money Manager [CSI, COLUF] - The Gold Report | Gold and What Moves it. | Scoop.it
Charles Oliver, a senior portfolio manager for Sprott Asset Management, is keeping the faith that gold and silver stocks will eventually benefit this year as Europe and the U.S. continue to print money.

 

"The Gold Report: Last February, you forecast that stocks would rebound in 2012. What signs indicate that's about to happen?

 

"Charles Oliver: I had expected that the money from the European version of quantitative easing would start to get into circulation and, with the continuing debasement of currencies, be very positive for gold and other asset classes. However, I miscalculated how weak the banks of Europe actually are; most have very weak balance sheets. Indeed, they took most of that money to try and prop themselves up and keep afloat.

 

"Having said that, I maintain my long-term thesis, which is that the governments of Europe are going to continue to print money. The things that are going on in Europe, China and the U.S. lead me to believe that there is going to be significant printing down the road, which ultimately will lead to higher gold and silver prices.

 

"TGR: This liquidity being forced into the system will drive gold prices higher?

 

"CO: Yes, absolutely. Banks in Spain, specifically Bankia, are in need of funding and injections of equity. The central banks of Europe are already running very large deficits and don't have any money available for this. The only reasonable conclusion is for them to turn to the printing press—whether it be directly printing or some other quasi form of printing, such as a long-term repo operation—to ultimately do a significant amount of the funding. ..."

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Gold: Foreign Central Banks Versus The US Government

Gold: Foreign Central Banks Versus The US Government | Gold and What Moves it. | Scoop.it

by Patrick A. Heller:

 

"An important market shift has occurred, as I expected, that now pits a growing number of foreign central banks against the plans of the US government.

 

"The US government, including its primary trading partners and a dwindling number of foreign allies, has a strong interest in holding down gold and silver prices. The price of gold is an unofficial report card on the health of the US dollar, the US economy, and the US government. As long as the US dollar appears strong, it can maintain its status as the effective world reserve currency. This status generates a multi-trillion dollar interest-free subsidy of the US government by other nations. Further, a strong dollar allows the US government to finance its huge deficits at lower interest rates.

 

"In the past few years, some gold and silver price suppression tactics by the US government have become so flagrant that more foreign central banks have stopped turning a blind eye to the continuing decline in the value of the US dollar.

 

"As a result, central banks are no longer net sellers of gold reserves. In fact, the latest statistics of acknowledged official gold reserves shows central banks to be net buyers. And not only are they buying, they are adding reserves at the fastest pace since 1965! Most of the acquiring central banks are from the undeveloped and developing nations, which need a reserve currency that is safe from collapse. ..."

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oftwominds-Charles Hugh Smith: Do the Parasitic Elite Pay Any Taxes?

oftwominds-Charles Hugh Smith: Do the Parasitic Elite Pay Any Taxes? | Gold and What Moves it. | Scoop.it

An interesting read from Charles Hugh Smith:

 

"The parasitic financial Elite don't do any "work" in the sense of something beneficial for society, as no voluntary payment for their services exists.

 

"If a parasite's entire income is leeched from the productive, then isn't their entire income a tax on those creating value? In this sense, the share of the parasite's income which is carved off by the Central State as tax revenues is a secondary tax: the parasite's entire income is a tax on the economy.

 

"This distinction between legitimate wealth derived from value creation (think Steve Jobs/computer industry) and parasitic wealth skimmed from the productive (think Mitt Romney/investment banker) is the heart of Correspondent James B.'s insightful inquiry into the question: can the parasitic Elite be said to pay taxes at all, given that their income is itself a tax on legitimate wealth creation? ..."

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Bank Bailout isn't the Solution | Michael Pento | Safehaven.com

Bank Bailout isn't the Solution | Michael Pento | Safehaven.com | Gold and What Moves it. | Scoop.it

by Michael Pento:

 

"... Therefore, all that needed to be done was: Have the government borrow money to inject capital into banks, for the Fed to liquefy the financial system, to increase the level of deposit insurance, to guarantee bank debt and interbank lending and then to repeal the mark-to-market account rule that required bank assets to be valued at their current market price. Problem solved. Except that we expedited the U.S. a few years closer to a complete currency and bond market collapse ... but that's a commentary for another day.

 

"The basic belief now held on both sides of the Atlantic is that if you can fix the banks, you've solved all of the problems. But the U.S. enjoyed a debt to GDP ratio of just 60% at the start of our credit crisis -- a level that would have even met the qualifications of the Maastricht Treaty. And it owned the world's reserve currency as well.

 

"At that time, the U.S. was able to borrow the money needed to recapitalize the banks. That allowed the U.S. a few more years before having to address the unsustainable level of aggregate debt. It basically amounted to a balance sheet shell game where the private sector's bank debt was dumped onto the public sector, which now has a debt to GDP ratio of over 100%. So I guess we shouldn't try that trick again.


"Turning to Europe today, their gross debt is just about 90% of GDP and the euro isn't used as the world's reserve currency. The onerous level of public sector debt was already high enough to send bond markets in Southern Europe and Ireland into full revolt.


"So here's the big difference; U.S. financial institutions were insolvent due to rapidly-depreciating real estate related assets. But European banks are insolvent in part because they own the bad debt of insolvent European nations. If Europe's sovereigns are already insolvent because they owe too much money, how can they go further into debt to bail out their banking system? ..."

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Twitter / lmgross: This is sobering: Living o

This is sobering: Living on food stamps in middle-class suburbia - http://t.co/dI8MoCyL
Jun 13 via HootSuite Favorite Retweet Reply

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Forget Three Months: Italy May Have Two Weeks Tops, As "It Already Is Where Spain Is Heading" | ZeroHedge

Forget Three Months: Italy May Have Two Weeks Tops, As "It Already Is Where Spain Is Heading" | ZeroHedge | Gold and What Moves it. | Scoop.it

by Tyler Durden:

 

"Yesterday, Austrian finance minister Maria Fekter ruffled the unelected Italian PM's feather by saying "forget Spain, Italy is next in the bailout line" - a statement which as expected was promptly loudly refuted, mocked, and scorned by everyone possible: the type of reaction that only the truth can possibly generate in Europe. So far so good: after all the typical European reaction to any instance of the truth is loud screams of "lies, lies" and promptly sticking your head deep in the sand. However, this time around Italy may not have the benefit of the doubt, nor the benefit of some sacrificial replacement of a prime minister: Silvio is long gone, and at this point switching one banker figurehead with another will do precisely nothing. Which is why this morning's assessment from Bloomberg economist David Powell is spot on: "Italy would probably be forced into receiving a bailout if it were to face another two weeks like the last seven days." But the punchline: "The bad news for Italy is the country’s stock of debt is already as large as Spain’s may become after years of fiscal turmoil. In other words, Italy already is where Spain may be heading."

 

"Surely Powell must be joking: has he not heard that Spain is not Uganda, and that there is "no risk" Spanish contagion will shift to Italy? Apparently not: which is actually what happens when one does the math and relies on facts instead of bluster, rhetoric and propaganda. ..."

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Do Asian central banks hold enough gold in their reserves?

Do Asian central banks hold enough gold in their reserves? | Gold and What Moves it. | Scoop.it

by Rhona O'Connell:

 

"... And what of emerging Asian nations, where local demand is so strong in terms of gold per unit of GDP?

 

"The first large-scale increase in reported holdings in recent years was the increase in China in April 2009, when reserves were reported at 1,054 tonnes, up from 600 tonnes.

 

"India acquired 200 tonnes in November 2009 from the IMF disposals (an increase of 56 percent in Indian gold reserves), while the Philippines continues to absorb a proportion of local production and Thailand has raised its holdings by more than 80 percent since mid-2010.

 

"Possibly the most significant change, though, is that in South Korea. Although the tonnage involved is small, at just 40 tonnes since May 2009, it is an increase of 180 percent over the period. It still means that gold comprises just 1 percent of Korea's total foreign exchange reserves, however.


"To take gold to a weighting of 10 percent, would, at current prices, entail the absorption of 630 tonnes. A tall order, and not a policy that the South Korean central bank has espoused, but it is not beyond the stretch of imagination.


"The lack of any notable increase in South Korean central bank gold holdings between 1998 (when more than 250 tonnes of local privately-held gold was mobilized and sold into the market in order to increase domestic liquidity during the Asian financial crisis) and 2010 suggests a phlegmatic attitude to renewed instability in the region.


"The recent additions to the central bank's reserves could now suggest a more cautious approach to fiat currencies as a whole and the dollar in particular, even though the tonnage involved is minimal. ..."

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Gold - safe haven status returning but waiting on the Fed for major boost

Gold - safe haven status returning but waiting on the Fed for major boost | Gold and What Moves it. | Scoop.it

by Lawrence Williams, LONDON (MINEWEB) -

 

"It has certainly become apparent that investor perception of likely U.S. Fed decisions on monetary policy has a strong immediate, and perhaps unjustified, impact on the gold price, although there are a number of day to day factors which are maintaining the underlying position, which seems to be mildly bullish at the moment. Certainly just the fact that Fed Chairman, Ben Bernanke, failed to promise further easing on last week's statement to Congress, even though it didn't suggest the reverse, was sufficient to knock the price back by around $50, before making a slow and measured recovery back to around the pre-Bernanke speech levels since.

 

"According to U.S. precious metals specialist analyst, Jeff Nichols of American Precious Metals Advisors and Rosland Capital, in a note yesterday, with the U.S. Federal Reserve's next policy-setting meeting set for June 19th/20th, the next week or so may be the last chance for investors to buy gold at under $1,600 an ounce. Indeed gold's move yesterday afternoon to nearer $1620 from below $1600 may mean that they have already missed this particular boat, although overnight Asian and early European trade seems to have knocked the price back a little.

 

"However, unless Bernanke and his colleagues at the Fed vote to pursue another round of quantitative easing (QE3) or other stimulative monetary actions at the forthcoming FOMC meeting the price could well fall back below $1600 again.. But, Nichols reckons, further easing is likely to be announced, if not at next week's meeting, then soon after. ..."

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Wal-Mart Lists India, China Among The Most Corrupt Nations

Wal-Mart Lists India, China Among The Most Corrupt Nations | Gold and What Moves it. | Scoop.it
Wal-Mart lawyers have identified India, China, South Africa, Brazil and Mexico as the most corrupt countries, according to a letter from two congressmen investigating the bribery charges leveled against the company.
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Gold rises above $1,600/oz as dollar weakens - FAST NEWS - Mineweb.com Mineweb

Gold rises above $1,600/oz as dollar weakens - FAST NEWS - Mineweb.com Mineweb | Gold and What Moves it. | Scoop.it

By Jan Harvey

 

"... On the currency markets, the euro climbed 0.25 percent, but confidence in it was fragile as fears mounted that debt contagion would spread from Spanish banks to ensnare Italy and as unease prevailed about the euro zone before crucial Greek elections.

 

"So far the financial aid promised to Spanish banks has failed to have its desired effect. On the contrary, the sell-off of Spanish and indeed Italian government bonds continues," Commerzbank said in a note.

 

"The sovereign debt crisis can be expected to keep the markets on tenterhooks for quite some time yet and cause demand for gold to pick up again - not only among retail investors."

 

"NEXT BIG LEVEL

 

"From a chart perspective, gold is currently holding around its 50-day moving average, which is just above $1,613. Technical analysts identify the $1,640 an ounce are as the next big level to break for gold.

 

"Only a break above the current June high at 1641 will (put) the 50 percent Fibonacci retracement of this year's decline at 1659.07 and the May high at 1672.10 in (gold's) sights," Commerzbank said in a note. "While below here, the outlook will stay neutral... "

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Waiting for the next shoe to drop - Ed Steer's Gold & Silver Daily

Waiting for the next shoe to drop - Ed Steer's Gold & Silver Daily | Gold and What Moves it. | Scoop.it

Ed Steer:

 

"... Nothing much has changed in this slow-motion train wreck, as everyone is waiting for the next shoe to drop. Of course the entire world's economic, financial and monetary system is going to crash and burn in the not-to-distant future...and it's just a matter of how the end will manifest itself. ..."

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Richard Russell - Financial Knockout, Gold & Zuckerberg

Richard Russell - Financial Knockout, Gold & Zuckerberg | Gold and What Moves it. | Scoop.it

Richard Russell tells King World News:

 

"... That something is faltering growth along with the rising risk of a financial catastrophe. Economies are weakening everywhere. Three consecutive months of sinking job figures in America indicate that the US may be in trouble. Even China's slowdown is intensifying. A global recovery that falters so soon after the previous recession points towards widespread Japan-style stagnation.

 

"So is all this what the Dow Theory bear signal was telling us? Is it something bigger and more ominous than a mere stock market decline in America? I'll admit that I've never experienced anything like this. But I'm a learner, and I'm still learning. My intuition tells me to respect the Dow Theory bear signal. Time for me to sit and await the outcome of the current perplexing melange of world troubles.

 

"I watched a movie about Zuckerberg on Bloomberg, and my conclusion is that the Zuck double-crossed a lot of ‘friends.’ I don't think he's a sweet guy. The word is that Facebook is too intrusive. Many people who value their privacy are leaving the Zuck. People are afraid that the Zuck could be a potential J. Edgar Hoover. Personally I wouldn't trust Zuck to give me change for a dollar. ..."

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The Eurofiscal Corruption Contest – The Spanish entry.

"Let me make it clear straight away – the lies, corruption, cowardice and greed of Spanish bankers and government officials is nothing special. What is happening in Spain now, reminds me of Northern Rock in the UK, Hypo in Germany and CountryWide in the US. So please do not think that I dislike Spain or of the ordinary people of Spain. The people I detest in Spain are the same people I detest in Britain and every country: The Cabal of corrupt Bankers and Political parasites.

 

"Every country will have its moment in the spotlight. Italy is preparing in the wings as we speak. But today, on the Eurofiscal Corruption Contest, Spain is on stage.

 

"It is the mantra of the main political parties and media across Europe, that the present crisis is the result of too many people taking on loans they could not afford. Neither the bankers nor the politicians, according to the accepted story, saw the crisis coming or could have seen it coming but have been engaged in heroic attempts to rescue us from a crisis of our own making. THIS IS NOT TRUE.

 

"First, people did not ‘take’ loans they could not afford. The loans were ‘offered’ by bankers whose job it should have been to advise their clients on whether the loan was wise and sustainable. ..."

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Prozac-Craving Markets

Prozac-Craving Markets | Gold and What Moves it. | Scoop.it

by Detlev Schlichter:

 

"... Then the usual pattern unfolded. “Wait a minute,” the markets seemed to say collectively, “a weakening labour market in the US is just what is needed to tip Ben Bernanke over the edge and cause him to engage in another round of ‘quantitative easing’.” And that was the basis for the rebound in global equities this week.

 

"Please deceive me!

 

"QE is, according to Bernanke’s own explanation, a policy tool that aims to improve the public’s sentiment and to cajole it into additional economic activity via the targeted manipulation of asset prices. For example, high equity markets usually make the economy appear healthy and are thus bound to make businessmen and women more optimistic.

 

"In a free market, low interest rates usually signal the availability of a large pool of voluntary savings that desires to be invested and to be translated into productive assets. But in the absence of a healthy economy that lifts equity markets, and in the absence of savings that can be used for true capital formation, a mirage of health and savings and capital can still be generated with the help of the printing press.

 

"QE, again by Bernanke’s own admission, is a giant placebo: It is not true medication as it evidently does not address the economy’s fundamental ills, but a tool for nationwide mass hypnosis. It is a kind-of anti-depressant, a kind of monetary Prozac. ..."

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WHEN BANKS REFUSE TO HAND OVER MONEY | The Prospector Blog

WHEN BANKS REFUSE TO HAND OVER MONEY | The Prospector Blog | Gold and What Moves it. | Scoop.it

TheProspectorSite.com:

 

"... The majority view this as unlikely but isn’t it true nearly 60% of America’s wealth (GNP) is now held in only 6 Wall Street banks? This means banks now have the power to ration your deposits, whether you agree or not doesn’t change this fact. The banking article above describes new regulations that allow European banking institutions to block savings for two years if it wanted and block withdrawals of instant-access accounts.


"The goal here folks is about control. The idea is to limit withdrawals therefore limiting the risk of bank runs on insolvent banking institutions. This could cause some to worry considering your bank is as solvent as the government bailing it out. I recommend separating some personal wealth outside today’s banking system while this is still an option. ..."

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From Graduate School to Welfare - Graduate Students - The Chronicle of Higher Education

From Graduate School to Welfare - Graduate Students - The Chronicle of Higher Education | Gold and What Moves it. | Scoop.it

by Stacey Patton:

 

"...A record number of people are depending on federally financed food assistance. Food-stamp use increased from an average monthly caseload of 17 million in 2000 to 44 million people in 2011, according to the U.S. Department of Agriculture's Web site. Last year, one in six people—almost 50 million Americans, or 15 percent of the population—received food stamps.

 

"Ms. Bruninga-Matteau is part of an often overlooked, and growing, subgroup of Ph.D. recipients, adjunct professors, and other Americans with advanced degrees who have had to apply for food stamps or some other form of government aid since late 2007. ..."

 

hat tip http://twitter.com/#!/mikecane

 

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Twitter / JamesGRickards: If you model to false real

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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Now even Reuters sounds like Jim Sinclair: 'QE to infinity' | Gold Anti-Trust Action Committee

Now even Reuters sounds like Jim Sinclair: 'QE to infinity' | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

by Mike Dolan, LONDON -- "Many more years of money printing from the world's big four central banks now look destined to add to the $6 trillion already created since 2008 and may transform the relationship between the once fiercely-independent banks and governments.

 

"As rich economies sink deeper into a slough of debt after yet another wave of euro financial and banking stress and U.S. hiring hesitancy, everyone is looking back to the U.S. Federal Reserve, European Central Bank, Bank of England, and Bank of Japan to stabilize the situation once more.

 

"What's for sure is that quantitative easing, whereby the "Big Four" central banks have for four years effectively created new money by expanding their balance sheets and buying mostly government bonds from their banks, is back on the agenda for all their upcoming policy meetings. ..."

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Economy's real problem? The spenders can't spend.

Economy's real problem? The spenders can't spend. | Gold and What Moves it. | Scoop.it

by Robert Reich:

 

"Rarely in history has the cause of a major economic problem been so clear yet have so few been willing to see it.

 

"The major reason this recovery has been so anemic is not Europe’s debt crisis. It’s not Japan’s tsumami. It’s not Wall Street’s continuing excesses. It’s not, as right-wing economists tell us, because taxes are too high on corporations and the rich, and safety nets are too generous to the needy. It’s not even, as some liberals contend, because the Obama administration hasn’t spent enough on a temporary Keynesian stimulus.

 

"The answer is in front of our faces. It’s because American consumers, whose spending is 70 percent of economic activity, don’t have the dough to buy enough to boost the economy – and they can no longer borrow like they could before the crash of 2008.

 

"If you have any doubt, just take a look at the Survey of Consumer Finances, released Monday by the Federal Reserve. Median family income was $49,600 in 2007. By 2010 it was $45,800 – a drop of 7.7%. ..."

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Gold To Protect As Bank ‘Holidays’, ATM and Deposit Withdrawal Restrictions and Capital Controls Loom | ZeroHedge

Gold To Protect As Bank ‘Holidays’, ATM and Deposit Withdrawal Restrictions and Capital Controls Loom | ZeroHedge | Gold and What Moves it. | Scoop.it

"... There is a slow but creeping realisation that this crisis is soon to escalate and that financial contagion with risks to bank deposits (often guaranteed by insolvent states) and payment systems. Indeed, the entire modern financial system is at risk.

 

"There are silent runs on banks in Spain, Greece and Italy. The Bank of Italy authorized the suspension of payments by Bank Network Investments Spa (BNI) without communicating anything to depositors. The BNI, a large Italian bank, suspended operations and clients with bank accounts could not write checks, pay bills, make mortgage payments, use ATMs or debit and credit cards.

 

"The European Union is making preparations to contain the effects of panic if Greece was to exit from the Euro. Among the measures they are considering imposing are a limit on the amount of money that can be withdrawn from cashpoints or ATMS, imposing border checks and introducing currency controls to stop a flight of capital from countries.

 

"As well as limiting cash withdrawals and imposing capital controls, they have discussed suspending the Schengen Agreement, which allows for visa-free travel among 26 countries, including most of the EU, though not Britain and Ireland. ..."

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Spanish Miners Block Highway with Fire and Barricades, Clash with Police

Spanish Miners Block Highway with Fire and Barricades, Clash with Police | Gold and What Moves it. | Scoop.it
Spanish miners clashed with police after setting barricades alight on a highway in Northern Spain on Tuesday.
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World Bank Cautions Developing Countries Against Serious Global Meltdown

World Bank Cautions Developing Countries Against Serious Global Meltdown | Gold and What Moves it. | Scoop.it

by Geetha Pillai:

 

"Developing nations should be prepared against more serious economic downturns as the global recovery is in a difficult juncture, warned the World Bank in its overview of the global economy on Tuesday.

 

"The ongoing financial turmoil in Europe and slow growth in the middle-income countries were indications of a longer lasting volatility in the global economy, said the report.

 

"According to the World Bank data, the developing economies will grow by 5.4 percent in 2012, down from the 6.1 percent growth rate in 2011.

 

"Developing countries should focus on productivity-enhancing reforms and infrastructure investment instead of reacting to day-to-day changes in the international environment," the BBC quoted Hans Timmer, director of development prospects at the World Bank, as saying. ..."

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US National Debt - 5 Times Greater Than The Government Admits

US National Debt - 5 Times Greater Than The Government Admits | Gold and What Moves it. | Scoop.it

by Nish Amarnath:

 

"The IOU that's being laid on the doorsteps of U.S. taxpayers in the form of the national debt is far greater than most Americans realize.

 

"For those who have gotten lost in the sea of numbers -- and who can blame you -- here are a few that aim to simplify the issue and illuminate the full extent of the nation's debt load:

 

"At last count, the national debt was about $15.7 trillion, according a Treasury statement released on June 11 this year. That works out to about $50,100 for each of the 313 million residents in the country.

 

"Factor in all of the federal government's debt obligations -- money that it owes to cover expenses related to Medicare, Social Security, Treasury securities and bonds issued by government-sponsored agencies like Fannie Mae, Freddie Mac and Ginnie Mae -- and the national debt balloons to $79.2 trillion -- a figure you'll never hear government agencies utter. That means a baby born today in the world's richest economy begins her life with a virtual debt burden of about $253,000. ..."

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The Most Serious Political And Economic Situation The West Has Ever Faced « Jim Sinclair's Mineset

Jim Sinclair in answer to an eMail from a reader:

 

"... My feeling is simply that the end is not near, but it is here. There is no going back to good old times. The music has stopped and the chairs are full. The West is standing politically and economically right here and right now. ..."

 

Click over for the question and full answer. It's worth it.

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