'Large and Growing Federal Debt' Could Produce 'Fiscal Crisis'"The large budget deficits recorded in recent years have substantially increased federal debt, and the amount of debt relative to the size of the economy is now very high by historical standards," Elmendorf told the Senate Budget Committee. http://cnsnews.com/news/article/susan-jones/cbo-director-large-and-growing-federal-debt-could-produce-fiscal-crisis
U.S. Mint Sells Out Of Weekly Silver Eagle Allocation In 2 DaysOn Monday, the U.S. Mint updated their Silver Eagle sales figures to 1,442,000 oz. Mr. White sent me an email stating that they sold 592,000 Silver Eagles on Monday and the total allocation for the week was 900,000 oz. http://srsroccoreport.com/u-s-mint-nearly-sells-out-of-its-weekly-silver-eagle-allocation-in-the-first-two-days/u-s-mint-nearly-sells-out-of-its-weekly-silver-eagle-allocation-in-the-first-two-days/
Embry - People Will Be Terrified When The Sh*t Hits The FanWith oil breaking over $100, gold and silver surging and stocks struggling, today a man who has been involved in the financial markets for 50 years, and whose business partner is billionaire Eric Sprott, warned King World News that people are going to be “even more terrified when the sh*t hits the fan this time.” http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/2/10_Embry_-_People_Will_Be_Terrified_When_The_Sh_t_Hits_The_Fan.html
Oil back above $100 on tighter supply outlookThe price of oil bounced back comfortably above $100 a barrel Wednesday on expectations of tighter supplies and record imports of crude by China, the world's second-largest oil consumer. http://bigstory.ap.org/article/oil-edges-above-100-tighter-supply-outlook
U.S. to suspend pension, retirement funding: LewTreasury Secretary Jacob Lew told Congressional leaders Monday that he is taking two extraordinary measures to avoid hitting the debt limit. In a letter, Lew said he will suspend debt issuance for the Civil Service Retirement and Disability Fund and not invest fully in the Government Securities Investment Fund of the Federal Employees' Retirment System. Lew said that the actions were taken "during previous debt-limit impasses," and that both funds "will be made whole once the debt limit is increased." http://www.marketwatch.com/story/us-to-suspend-pension-retirement-funding-lew-2014-02-10-1591162
U.S. says Social Security computer outage to affect HealthCare.govThe Obama administration on Monday said people hoping to enroll in health coverage for March 1 may have trouble applying by Saturday's deadline because of a planned 62-hour maintenance shutdown of a Social Security Administration computer system http://news.yahoo.com/u-says-social-security-computer-outage-affect-healthcare-204501085--sector.html;_ylt=AwrBJR6CO_lS1X4A3evQtDMD
Stock market tracks eerily with 1929There are eerie parallels between the stock market’s recent behavior and how it behaved right before the 1929 crash. That at least is the conclusion reached by a frightening chart that has been making the rounds on Wall Street. The chart superimposes the market’s recent performance on top of a plot of its gyrations in 1928 and 1929. http://www.marketwatch.com/story/scary-1929-market-chart-gains-traction-2014-02-11
Retail Apocalypse? Major Chains Closing Hundreds Of StoresHundreds of stores across the nation are closing as some of America’s most famous retailers struggle to stay in business. http://newswatch.us/retail-apocalypse-major-chains-closing-hundreds-of-stores/
Barclays to cut 12,000 jobsBarclays said it would axe up to 12,000 jobs this year even as it raised bonuses for investment bankers, prompting fury among politicians and unions who said it had not learned the lessons of the financial crisis. http://www.reuters.com/article/2014/02/11/us-barclays-earnings-idUSBREA190ES20140211
US Treasury introduces ‘extraordinary measures’ as Feb. 27 debt deadline loomsThe US government will have exhausted its emergency funds by the end of February unless Congress can once again conjure up the political will and public patience to pass a new budget deal. http://rt.com/usa/us-debt-lew-treasury-173/
Worse than Greece: Fitch says Ukraine's default risk highThe worsening political and economic circumstances in Ukraine has prompted the Fitch Ratings agency to downgrade Ukrainian debt from B to a pre–default level CCC. This is lower than Greece, and Fitch warns of future financial instability. http://rt.com/business/ukraine-default-fitch-downgrade-386/
Some European banks need to 'die in an orderly fashion’Weak banks need to fail in order for the European Central Banks’ stress tests on lenders to be successful and credible, the new chair of the supervisory arm of the bank Daniele Nouy said. Only "good" banks with strong capital will survive. http://rt.com/business/eu-banks-die-nouy-347/
Bitcoin withdrawals still on hold, prices plungeBitcoin prices plunged again Monday morning after Mt.Gox, the major exchange for the virtual currency, said technical problems require it to continue its ban on customer withdrawals. http://money.cnn.com/2014/02/10/investing/bitcoin-problems/index.html?iid=A_MKT_News
China export growth seen slowingChina's export and import growth likely cooled in January, a Reuters poll showed, underlining a broader slowdown in the world's second-largest economy, though the Lunar New Year holiday effect may overstate the soft momentum. http://www.reuters.com/article/2014/02/10/us-china-economy-idUSBREA190AK20140210
Dollar slides lower after U.S. jobs report weaker-than-expectedThe U.S. dollar dropped broadly on Friday after the January U.S. non-farm payrolls report showed weaker-than-expected employment growth, driving interest rates lower and taking away an advantage for the greenback. http://www.reuters.com/article/2014/02/07/us-markets-forex-idUSBREA0K0NG20140207
AOL CEO: Obamacare costing us $7.1 million“Obamacare is an additional $7.1 million expense for us as a company,” Armstrong said. “So we have to decide whether or not to pass that expense on to employees or whether to cut other benefits.” http://dailycaller.com/2014/02/06/aol-ceo-obamacare-costing-us-7-1-million/
Sony to cut as many as 5,000 jobsSony will cut as many as 5,000 jobs as the Japanese electronics giant attempts to sell its troubled PC business and focus more on tablets and smartphones. http://www.usatoday.com/story/tech/2014/02/06/sony-selling-vaio-pc-business/5248885/
Alert! Major Delay Tax Refund if the “Debt Ceiling Isn’t Lifted”Democrats on the tax-writing House Ways and Means Committee have written to Speaker of the House John Boehner, R-Ohio, urging him to introduce legislation to raise the debt ceiling without pre-conditions, warning that the Treasury Department would not be able to pay tax refunds without a higher debt limit. http://www.accountingtoday.com/news/Congressional-Democrats-Warn-Boehner-Tax-Refund-Delay-Debt-Ceiling-Lifted-69482-1.html?utm_campaign=tax%20practice-feb%204%202014&utm_medium=email&utm_source=newsletter
Bitcoin plunges as major exchange halts withdrawalsBitcoin prices plunged early Friday after Mt.Gox, the major exchange for the virtual currency, said it was forced to halt withdrawals for customers. http://money.cnn.com/2014/02/07/investing/bitcoin-withdrawal-halt/index.html?iid=HP_LN
All Hell Will Break Loose & The Dominoes Will Start FallingOne of the most highly respected fund managers in Singapore warned King World News that all hell is going to break loose and the dominos are going to start falling. http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/2/7_All_Hell_Will_Break_Loose_%26_The_Dominos_Will_Start_Falling.html
Harvard Economist Fears Starting “Bank Run” on BoAFormer Harvard Professor of Economics Terry Burnham fears starting a “run” on Bank of America after he made public his decision to withdraw $1 million dollars from his checking account as a protest against Janet Yellen beginning her term as Federal Reserve head this month. http://www.infowars.com/harvard-economist-fears-starting-bank-run-on-boa-by-withdrawing-1-million/
Celente - No Way Out As Global Ponzi Scheme - Collapse BeginsYou are also going to see the Plunge Protection Team go to work at some point, and they will also use every trick they can in an attempt to try to prop up these plunging global markets. During this chaos the mainstream media and Wall Street propaganda will be non-stop and it will be proclaiming, ‘This is only a temporary correction.’ http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/2/3_Celente_-_No_Way_Out_As_Global_Ponzi_Scheme_Collapse_Begins.html
Dell layoffs this week: 15,000 to be hitOne of the publication's sources predicts the cuts -- which are expected to hit at least 15,000 people -- will be "a bloodbath" when it arrives this week. http://www.zdnet.com/dell-layoffs-this-week-15000-to-be-hit-report-7000025879/
World markets battered againJapanese stocks took another dive on Tuesday, leading global markets lower as investors took their cue from a dismal performance on Wall Street. http://money.cnn.com/2014/02/03/investing/world-markets/index.html?iid=HP_LN
Financial world shaken by 4 bankers' apparent suicides in a wkThe apparent suicide death of the chief economist of a US investment house brings the number of financial workers who have died allegedly by their own hand to four in the last week. http://rt.com/business/russell-investments-chief-economist-dead-564/
US teeters towards default, cash could run dry by end of FebOn Friday, America’s debt limit extension expires and Congress is expected to renew its legal $16.7 trillion debt cap. If the debt limit isn’t raised, the US could burn through its cash as soon as February 28, Secretary Treasurer Jacob Lew warns. http://rt.com/business/us-debt-lew-warning-622/
Brace yourself for a big heating billSome of the nation's largest utilities say energy bills will be significantly higher in February following a string of big snow storms that blanketed the Northeast and Midwest last month. http://money.cnn.com/2014/02/04/news/economy/heating-bills/index.html?iid=HP_LN
Japan stocks plunge off highsThe benchmark Nikkei has tumbled 10.3% so far this year. That means the index is now undergoing a correction, after posting a whopping 57% gain in 2013. http://money.cnn.com/2014/02/03/investing/nikkei-tumbles/index.html
Shocking Amount Of Wealth Is Going To Be DestroyedIt will engulf the world because there is no safe area in the world. There is no country that can stand outside of this (chaos) because the whole system is so fragile. There are massive debts, deficits, and overvaluation everywhere. http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/2/2_Shocking_Amount_Of_Wealth_Is_Going_To_Be_Destroyed.html
Germany preparing third financial rescue for GreeceGermany has signalled it is preparing a third rescue package for Greece – provided the debt-stricken country implements "rigorous"austerity measures blamed for record levels of unemployment and a dramatic drop in GDP. http://www.theguardian.com/world/2014/feb/02/germany-preparing-third-financial-rescue-greece
Treasury's Lew warns that U.S. default could happen quicklyThe Obama administration warned on Monday it could start defaulting on the government's obligations "very soon" after hitting a limit on the national debt later this month. http://www.reuters.com/article/2014/02/03/us-usa-fiscal-lew-idUSBREA120U320140203
Emerging markets sell-off grinds onRelentless worries about emerging markets left world stocks struggling near 3-1/2 month lows, weighed on the dollar and sent Russia's rouble and Hungary's forint to long-term lows on Monday. http://www.reuters.com/article/2014/02/03/us-markets-global-idUSBRE96S00E20140203
The Dow Has Already Fallen More Than 1000 PointsFrom The Peak Of The Market On Monday, the Dow was down another 326 points. Overall, the Dow has now fallen more than 1000 points from the peak of the market http://theeconomiccollapseblog.com/archives/the-dow-has-already-fallen-more-than-1000-points-from-the-peak-of-the-market
Matt Drudge: 'Have An Exit Plan'The economic indicators are bad, markets, the weakening dollar, banks preventing large withdrawals, news of China banks halting all cash transfers, in fact, economies across the globe are failing, and much more has led to a simply, four word Tweet from American political commentator and the creator and editor of the Drudge Report, Matt Drudge, that chillingly states "Have an exit plan."
Durable goods orders fall 4.3% in DecemberBusinesses cut back sharply on their orders for long-lasting manufactured goods in December with a key category that signals business investment plans falling by the biggest amount in five months.
Is this an emerging markets crisis or not?The time of reckoning is here for emerging markets. After benefiting from ultra-low interest rates and sluggish growth in developed economies in the wake of the 2008 financial crisis, these markets are no longer looking so hot.
Bank Run Fears Escalate As Russian Lender Bans Cash WithdrawalsBloomberg reports that ‘My Bank’ – one of Russia’s top 200 lenders by assets – has introduced a complete ban on cash withdrawals until next week.
Food Prices To Double And Triple In 2014?Stock Up Now! Some recent stories have come to my attention and it is worth noting that the “preppers” shouldn’t be the only ones aware that storing food, buying seeds to plant, stocking up on the basic necessities and not just the items that are expected to rise significantly, is key to surviving the upcoming massive increase in food.
HSBC imposes restrictions on large cash withdrawalsListeners have told Radio 4's Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000. HSBC admitted it has not informed customers of the change in policy, which was implemented in November
'The world is catching emerging markets flu'UK and US shares take a hit as plunging currencies worry global investors Shares around the world were hit yesterday as concerns over emerging markets saw global investors sell stocks and dive into safe-haven assets
Lagarde warns of risks to global economic recoveryThe International Monetary Fund's managing director warned Saturday of the risks posed to global economic recovery from the reduction of the U.S. Federal Reserve's monetary stimulus and falling prices in the eurozone.
New Virus Threatens Banking SystemsCyber security researchers have detected a virus in online banking transactions, warning customers who swipe debit or credit cards at shopping counters as well as companies who stock them. This is according to TechRadar Pro.
Celente - Disastrous Global Collapse & Riots Will Engulf WorldPeople need to brace themselves for a disastrous global collapse and riots that will engulf the entire world. He also discussed exactly what will trigger and then accelerate this tragic collapse and ensuing chaos.
Millions of Counterfeit $100s Flooding NYC, Other Major CitiesAn international counterfeiting ring has been pumping millions of dollars in phony $100 bills into New York and other cities in the metropolitan area over the past several years, forcing the Secret Service to step up its operation to shut it down, sources told “On The Inside.”
Stock Futures Slide as Global Concerns MountU.S. stock-index futures took a blow Friday as emerging-market turmoil flared up and economists worried about cooling inflation in the eurozone.
Pending homes plunge, surprising economistsSigned contracts to buy existing homes dropped 8.7 percent in December as abnormally cold weather hit much of the U.S., according to a new report from the National Association of Realtors.
Are Big Banks Ready for an Emerging-Market Storm?If the turbulence in emerging markets morphs into a full-blown crisis, it would serve as an early test of the new regulatory regime put into place to prevent a repeat of the 2008 financial meltdown.
Nearly Half of America Lives Paycheck-to-PaycheckIn other words, too many of us are living paycheck to paycheck. The CFED calls these folks “liquid asset poor,” and its report finds that 44% of Americans are living with less than $5,887 in savings for a family of four.
Federal Reserve cuts QE by further $10bn to $65bn a monthFinancial markets around the world fell on Wednesday, as investors braced themselves for the US Federal Reserve to further scale back its monthly bond buying.
Stretched food pantry runs out of foodRun by the Episcopal Church of St. Paul and St. James, the pantry has been pushed to the brink from recent decisions in Washington that resulted in cuts to food stamps and jobless benefits for the unemployed.
The New Debt Ceiling 'Drop Dead' Date Is Going To Be Earlier Than We Thought
The U.S. is likely to exhaust its borrowing authority on the earlier side of what Treasury Secretary Jack Lew had estimated, he said in a letter to Congressional leaders on Wednesday.
Is America Doomed? V The Guerrilla Economist and Ken SchortgenThis segment of The Weekend Vigilante show features a dynamic & powerful melding of the economic minds. V, The Guerrilla Economist and renowned economist Ken Schortgen. (Video)
Fed-They Do Not Have Any More GoldFormer Assistant Treasury Secretary Paul Craig Roberts is making some bold new claims about the Federal Reserve and its official government gold holdings. Dr. Roberts contends, “They don’t have any more gold. That’s why they can only give Germany 5 tons of the 1,500 tons it’s holding.
JP Morgan’s Frauds are Epic,Unprecedented in WorldWilliam Black is both a Professor of Law and Economics. He has a wealth of opinions on the politics of spying and Wall Street crime. On President Obama’s curtailing of NSA spying, Professor Black says, “It is only because of Snowden’s disclosures that we know more, and we have this debate
47% Of All Jobs Will Be Automated By 2034, And 'No Government Is Prepared' Says EconomistAlmost half of all jobs could be automated by computers within two decades and "no government is prepared" for the tsunami of social change that will follow, according to the Economist.
Must-See ChartsThere is no way we can have economic prosperity in this country when the top 1% has all of the money. The middle class is basically being destroyed right in front of our very eyes. http://investmentwatchblog.com/must-see-charts/
The Next Tire To Drop On The US EconomyAuto sales in the US have been hopping for the last few years, and production has soared, and exuberance along with it, and there were even hopes that sales would soon be where they’d been before the crisis, before the bankruptcies, the plant closures, the job destruction, the bailouts. Through August, it looked like it could happen.
The U.S Economy Is Getting Ready to Crash Again… Are You Prepared?Last month’s record-breaking surge in housing starts has rapidly reversed and fell 9.8% MoM – the biggest drop since April 2013. Despite a plethora of revisions, single unit housing starts tumbled to 610k – the lowest since July.
Macy's, JCPenney Fires 2000, Closes 33 StoresA week ago, Macy's fired 2500 and announced the closure of five stores. Moments ago, the company which we have been warning since late 2012 is a melting ice cube that ends in bankruptcy, JCPenney, which a week ago provided the following glib summary "JCPenney reported today that the Company is pleased with its performance for the holiday period", turns out was merely joking and just echoed the Macy's sentiment, announcing the termination of some 2,000 jobs and the closure of 33 stores.
6 Of The Most Fascinating Charts You Will Ever SeeOn the heels of continued volatile trading in global markets to start 2014, today a man out of Europe who has been extremely accurate with his calls on the gold market sent King World News a fantastic piece which includes 6 of the most fascinating charts you will ever see.
Vast Stretches Of Impoverished Appalachia Look Like They Have Been Through A WarIf you want to get an idea of where the rest of America is heading, just take a trip through the western half of West Virginia and the eastern half of Kentucky some time. Once you leave the main highways, you will rapidly encounter poverty on a level that is absolutely staggering.
Faber: We Are in a Gigantic Financial Asset BubbleJan.14 (Bloomberg) --- Marc Faber Ltd. Managing Director & Founder Marc Faber gives his bold predictions for 2014 with Trish Regan and Adam Johnson on Bloomberg Television's "Street Smart." http://xrepublic.tv/node/7034
Why Are So Many Wealthy People Building Futuristic High Tech Security Bunkers?The wealthy are spending more to protect themselves from all the rest of us than ever before. So why are they so concerned about the future? Do they know something that the rest of us don’t? http://www.pakalertpress.com/2013/12/05/why-are-so-many-wealthy-people-building-futuristic-high-tech-security-bunkers/
China’s Treasury Holdings Climb to RecordChina’s holdings of U.S. Treasuries increased $12.2 billion to a record $1.317 trillion in November, data released on the Treasury Department’s website showed.
Obama On Executive Actions: ‘I’ve Got A Pen And I’ve Got A Phone’“We’re not just going to be waiting for legislation in order to make sure that we’re providing Americans the kind of help they need. I’ve got a pen and I’ve got a phone,” Obama said Tuesday as he convened his first Cabinet meeting of the year.
If You Are Waiting For An “Economic Collapse”, Just Look At What Is Happening To EuropeIf you are anxiously awaiting the arrival of the "economic collapse", just open up your eyes and look at what is happening in Europe. The entire continent is a giant economic mess right now. Unemployment and poverty levels are setting record highs, car sales are setting record lows, and there is an ocean of bad loans and red ink everywhere you look.
The Economy Is Starting To Free-FallIn the latest retail sales report for December, auto sales were nailed - down 1.8%. The only reason overall retail sales from November to December showed a slight "gain" that November's number was revised lower. Electronics fell off of a cliff. The housing market is about to get crushed. Feedback I'm getting from my Seeking Alpha articles and blog posts on housing from housing market professionals all around the country tells me that the housing market hit a wall at the end of 2013, as I have been forecasting. http://truthingold.blogspot.com/2014/01/the-economy-is-starting-to-free-fall.html
U.S. Markets Rigged by its Own AuthoritiesEconomist Dr. Paul Craig Roberts says, “We have a situation where all the markets are rigged. All the markets are manipulated.” As an example, Dr. Roberts points to the stock market. Dr. Roberts contends, “We have a stock market at all-time highs, and where is the economy? There’s not one. There’s no recovery.”