Savers told to stop moaning and start spending – Telegraph

Savers should stop complaining about poor returns and start spending to help the economy, a senior Bank of England official warned today.

via telegraph.co.uk

Just in case you didn’t already think that the world’s bankers have completely lost their minds.

Bar Stool Economics

The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.

via doc.cat-v.org

Brief. Thought-provoking. Give the full article a read.

Newark Bankrupt: No More Toilet Paper

In a desperate attempt to fill a $70 million budget hole, Newark’s mayor is taking a chainsaw to the town’s budget — even going so far as to cut toilet paper from the 2010 budget.

via globaleconomicanalysis.blogspot.com

But the economy is fine. You just have to bring your own toilet paper to work, that’s all.

The world’s premier mining and mining investment website U.S. asset managers worried Obama could confiscate gold

Several top U.S. asset managers, on being told by John Levin (HSBC Bank’s Managing Director, Global Metals and Trading) that HSBC’s U.S. vaults had sufficient space available to store bullion, was told that they did not want their gold stored in the U.S.A. but preferably in Europe because they feared that at some stage the U.S. Administration might follow the path set by Franklin D. Roosevelt in 1933 and confiscate all U.S. gold holdings as part of the country’s strategy in dealing with the nation’s economic problems.

via mineweb.com.

Gold: The World’s True Reserve Currency – Forbes.com

The U.S. dollar has been viewed as the world’s undisputed reserve currency since the Bretton Woods agreement in 1944. Unfortunately investors the world over are now asking themselves if that should continue to be the case. They are instead, on an ever-increasing basis, seeking a more stable form of money in which to park their global savings. That form is gold.

via forbes.com

They’re Going To Have To Give Us Silver Money

A devaluation, which is something the American’s really haven’t felt ever, a devaluation means that you’ve been run over by a train and your legs have been cut off. That’s what it means to a country. It’s a terrible thing to go through.

If they want to see some economic activity and rebirth of confidence in the country and tranquility, they’re going to have to give us silver money. And, it will be contagious. You know, once our silver coin is monetized, it will be money. And it will be a better money than the US dollar. People will be flooding into Mexico to buy these coins because they are money. They’re not fluctuating up and down with the price of silver, they have a monetary value, and that’s an enormous difference.

Excerpt from King World News interview with Hugo Salinas Price

Tax Hikes and the 2011 Economic Collapse

Today’s corporate profits reflect an income shift into 2010. These profits will tumble next year, preceded most likely by the stock market.

via online.wsj.com

US Mint Out Of Not Only Silver But Gold American Eagles As Well | zero hedge

Update: After following up with the Mint, any shipments and deliveries of American Eagle 2010 edition both gold and silver are TBD and the mint has no idea on when these will be received if at all this year. A small shipment of American Buffalo gold coins will go on sale on June 3 at noon. The mint expects these to sell out promptly.

via zerohedge.com

Um. Wow.

Mish’s Global Economic Trend Analysis: Subprime Goes to College; Students Buried in Debt; Who is to Blame?

Like many middle-class families, Cortney Munna and her mother began the college selection process with a grim determination. They would do whatever they could to get Cortney into the best possible college, and they maintained a blind faith that the investment would be worth it.

Today, however, Ms. Munna, a 26-year-old graduate of New York University, has nearly $100,000 in student loan debt from her four years in college, and affording the full monthly payments would be a struggle. For much of the time since her 2005 graduation, she’s been enrolled in night school, which allows her to defer loan payments.

via globaleconomicanalysis.blogspot.com

Just in case you were still under the delusion that a college/university degree is still the best way to make a decent living.

Panicky Greeks Paying Over $1,700 Per Ounce For Physical Gold

In the first four months of 2010, the Greek central bank sold more than 50,000 sovereigns at its main downtown Athens office.  Bank officials estimate that at least 100,000 other coins changed hands on the black market.  The Bank of Greece has received as much as $409 per coin, which works out to a price of more than $1,700 per ounce of gold!  Prices paid on the black market are reckoned to be even higher.  A popular spot for street vendors to sell their coins is near the Athens Stock Exchange.  There the traders wait for citizens to bring payments received from unloading their paper assets like stocks and bonds.

via news.coinupdate.com

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