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James Turk: Last Plane Account
July 22, 2008. I lived in South East Asia for most of the 1970’s, working in the branch offices there for one of the large New York City banks. I was a ‘line’ officer. This meant that I was not in the back-office, but instead, I dealt with the bank’s customers, which principally were large corporations and the wealthy individuals who owned them. As a line officer I was responsible for developing the bank’s business relationships, and one of the ways I did this was by making sure the bank’s customers were aware of all of the bank’s capabilities through its myriad of products and services. One of these products was called a ‘last plane account’. More...

Time to Start Honing the Message
July 20, 2008. For gold bugs, the past few years have been kind of peaceful, intellectually speaking. Because they understood the dynamic of fiat currency leading to excessive borrowing leading to financial crisis, they were neither confused about what was happening nor swayed by the gibberish that passed for expert opinion. Alan Greenspan could ramble and Larry Kudlow could rant, but who cared? In the end the laws of economics would prevail; housing More...

Best of the Web
Honeymooner Politics – Gary Noth
Death Spiral Financing – Mike Shedlock
The Death of Bernankeism – Martin Hutchinson
Not Dead But Different – Kevin Depew
Maximum Danger – Ambrose Evans- Pritchard
The Coming Systemic Bust – Nouriel Roubini
Sad Road to Socialism – John Loeffler
Elephant Talk – Brian Pretti
End of Illusions – Economist
Historic Collapse Underway? – Porter Stansberry
Modern Stealth Depression – Kevin Depew
Hazardous Manners – Calculated Risk
Ron Paul and Hank Paulson – GoldSeek
Here Comes the Jobs Crash – Eric Janszen
Who Should You Believe? – Chris Puplava
Denial, Frustration, Anger – Peter Grandich

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The Economy
7/23   Things you would never have said eight days ago – Seeking Alpha
7/23   Rising state budget deficits and construction loan delinquencies – Calculated Risk
7/23   You know the banking system is unsound when... – Mish
7/23   Time to go ultra-short again – Financial Ninja
7/23  
Lehman slashes world oil demand growth forecast – Reuters
7/23   Costco expects earnings "well below" estimates – Reuters
7/23   Bank investors redefine bad news – New York Times
7/22   Global credit crisis takes hold in Japan – Telegraph UK
7/22   Mervyns may file for bankruptcy, sources say – Los Angeles Times
7/22   Toyota warns of lower 2008 vehicle sales – MarketWatch
7/22   Fifth Third reports loss as loan defaults increase – Bloomberg
7/22   Financial dip buyers forget to ask 'what's next?' – Mish
7/22   UPS profit falls 21% in second quarter – Atlanta Journal Constitution
7/22   Economy hobbles California town – USA Today
7/22   I like rocks – Elliott Wave International
7/22   Oil tumbles $4 with storm fears waning – Associated Press
7/22   Wachovia has record $8.9 billion loss, cuts dividend – Bloomberg
7/22   Gloomy days ahead for retailers – BusinessWeek
7/21   Wachovia Halts Wholesale Mortgages; B of A Won't Guarantee Countrywide Debt– Mish
7/21   American Express profit falls on higher defaults – Bloomberg
7/21   Why we must learn from history – MoneyWeek
7/21   Never have so many short sellers made so much money – Bloomberg
7/21   It's the stupid economy – Big Picture
7/21   Economic horror movie in Britain and Eurozone – Mish
7/21   Mervyn's may be forced to file for Chapter 11 – MarketWatch
7/21   Bank of America estimates drop less than forecast – Bloomberg
7/20   Dead stock rallying – Nouriel Roubini

Precious Metals
7/23   Commodities fall to 7-week low as investors shun energy, metals – Bloomberg
7/23   Gold's strength is the U.S. dollar's weakness – John Embry
7/23   Gold sharply lower as oil sinks, dollar gains – Reuters
7/22   Daily Resource Plus – Casey Research
7/22   Junior gold stocks benefit from stabilizing markets – Gold and Oil Guy
7/22   A primer in mining equity investment – Seeking Alpha
7/21   Internet currency firm E-Gold pleads guilty to money laundering – GATA
7/21   Primer in mining equity investment – Goldmau
7/21   Gold futures edge higher as oil also gains – MarketWatch
7/20   Gold's finest hour – Seeking Alpha
7/19   Panic building on Wall Street – Silver Investor

The Dollar
7/24   Inflation shows why households are hurting – Sydney Morning Herald
7/23   Inflation may offset pay increases in '09 – Wall Street Journal
7/23   The peg precipice – Globe and Mail
7/22   Dollar advances as Paulson stresses support for U.S. currency – Bloomberg
7/21   China's first experience with paper money – Dollar Daze
7/21   Euro rises to new high against yen – MarketWatch
7/21   ECB fight against inflation a tough sell as economy stumbles – Independent Bangladesh
7/18   Dollar heads for weekly gain as banks weather credit crisis – Bloomberg
7/18   Mexico bank increases interest rate on concerns about dollar – Bloomberg
7/17   Indian inflation 11.9% – India Times
7/17   Fed confronts spike in inflation – Wall Street Journal
7/16   Mr. Bernanke, tear down this inflation – Atlantic
7/16   How the dollar crisis is going global – MoneyWeek
7/16   Third World threat to inflation – Australian
7/16   Eurozone inflation spikes to record 4% in June – AFP

The Real Estate Bubble
7/23   Home values plummeting on record-breaking quarter – Dr. Housing Bubble
7/23   It's a dead housing market – Housing Bubble
7/23   Fannie Mae unsold $5 billion homes bring peril to shareholders – Bloomberg
7/23   Woes afflicting mortgage giants raise loan rates – New York Times
7/23   Bush drops opposition to housing bill – New York Times
7/22   June foreclosure activity – Professor Piggington
7/22   California foreclosures soar to 20-year high – BusinessWeek
7/22   Roubini on housing crisis – Calculated Risk
7/22   WaMu has $3.3 billion quarterly loss on rising delinquencies – Bloomberg
7/22   They're giving away condos – Housing Bubble
7/22   Phoenix foreclosures: They're not just for outlying areas any more – Housing Doom
7/22   'Take cash and leave' says lender – BBC
7/22   U.K. price crash of Summer 2008 – Market Oracle
7/22   One in six FHA borrowers in default – Mortgage Whistle Blower
7/22   Condo meltdown – Daily Business Review
7/22   Pimco's Gross on Fannie and Freddie – Mortgage Lender Implode-O-Meter
7/21   San Diego office vacancy rates highest since 1995 – Calculated Risk
7/21   Zacks bear of the day: Freddie Mac – Zacks Research
7/21   Foreclosures build up backlog in Massachusetts – Housing Wire

Clean Tech
7/22   How to trade foreign stocks – GreenStockInvesting
7/22   Today's winners and losers – Alt Energy Investor
7/22   World's first commercial-scale tidal turbine feeds grid in Ireland – Clean Edge
7/22   The latest from GSI – GreenStockInvesting
7/20   Solar cooling becomes a new air conditioning system – Science Daily

 


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