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October 2011

What Would Happen if Goldman Sachs Disappeared?

by John Rubino on October 24, 2011 · 32 comments

As Europe grinds out yet another doomed banking system rescue plan, it might be helpful to examine the underlying assumption, which is that we need these big banks. Do we really? If Goldman Sachs, JP Morgan Chase, Deutsche Bank, Crédit Lyonnais and five or six of their peers ceased to exist tonight, what would happen? [...]

Worried About Silver? Listen to Eric Sprott’s Stump Speech

by John Rubino on October 21, 2011 · 37 comments

Hedge fund manager Eric Sprott’s speech at this week’s Silver Summit turned a room full of nervous precious metals owners into pumped-up silver buyers. Some of the highlights are posted below, and here’s a link to a recent Financial Sense interview where he makes many of the same points. The US Mint sells about the [...]

Why We’re Ungovernable, Part 2: Battle Lines

by John Rubino on October 14, 2011 · 49 comments

It’s a pretty straightforward idea: When a country borrows too much money it becomes ungovernable because interest payments eat up the cash that previously went to satisfying voters. Whoever is in charge gets blamed, and every election becomes a “throw the bums out” event. That this is happening in the developed countries with the most [...]

The Well-Off Shop While the Peasants Grab Their Pitchforks

by John Rubino on October 11, 2011 · 28 comments

Times are tough… U.S. Consumer Credit Fell $9.5 Billion in August August marked the largest drop in consumer credit in almost a year according to a statement released by the Federal Reserve on Sunday. The $9.5 billion decrease follows an $11.9 billion increase the previous month. The Feds also announced that non-revolving credit such as [...]

Doug Noland: “The Situation Is Utterly Hopeless”

by John Rubino on October 8, 2011 · 40 comments

One of the notable things about Doug Nolan’s weekly PrudentBear Credit Bubble Bulletin is his measured language. Noland will, like a lot of commentators these days, say apocalyptic things, but he usually makes his points with data rather than hyperbole. But this Friday’s Bulletin is more emphatic than usual, which could be a sign that [...]


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