Foreclosures at record high in first half 2009 despite aid
Posted: 07/17/2009 06:05:26
NEW YORK (Reuters) - U.S. home foreclosure activity galloped to a record in the first half of the year, overwhelming broad efforts to remedy failing loans while job losses escalated.
The US government economists and politicians aren't totally naïve; they know what they'll have to do to pull off a profit for the taxpayer, and they'll be willing to do it at any cost. Each recession the solution is the same: inflate yourself out of the problem. However, this time the problem is much bigger, and the solution is just as big. Protect yourself, your assets, and what you've worked so hard for. With inflation being assured, you'll want precious metals.
Gordon Gekko via ZeroHedge) Evidence seems to be mounting that we are headed towards some sort of implosion in the paper Gold market, and perhaps the currency/bond markets in general. Let’s take a look:
“Non-FDIC Insured Metals Select Changes” -
Section 6.3.7. General Terms: We have added language clarifying our right to close your account. We may close your Metals Select Account at anytime upon reasonable notice to you. If we believe that it is necessary to close your account immediately in order to limit losses by you or us[GG: We really don’t give a s**t about you; it’s us that we care about], we may close your account prior to providing notice to you. Notice from us to one of you is notice to all of you [GG: the nerve of these people!]. If we close your account, we reserve the right to convert your Precious Metals to U.S. dollars and tender the balance to you by mail [GG: I am willing to bet my entire Gold stash that when you receive these "converted" dollars, they will be nowhere near the market price of physical. What did you think that whole "limit losses" thing meant?] .
While the world's largest economy - the United States - struggles to stem the bleeding of jobs in its ailingeconomy, its biggest creditor - China - has been quietly increasing its gold reserves in an apparent effort to hedge the weakening value of the US dollar and stabilize the value of its massive foreign exchange (forex) reserves.
ATHENS, Greece – Clashes between riot police and rock-throwing, masked youths broke out during a demonstration Thursday in central Athens by tens of thousands of striking workers protesting austerity measures that the Greek government has said it has no choice but to implement.
Reality: On a net net basis (while surely *some* Americans are paying off some debt) almost the entire total of "paid down" debt was simply banks finally writing off unpaid debts as never to be collected.
The global economy is entering a next "supercycle" phase that will generate inflation necessary for recovery, a strategist and protege of noted economist Nouriel Roubini told CNBC.
Governments may have to raise taxes and slash spending to cope with swelling deficits after borrowing unprecedented amounts to stave off the global financial crisis, said El-Erian, 51, who shares his job title with Bill Gross. A failure to carry out fiscal measures in time would raise the possibility of governments seeking to eliminate excessive debt through inflation or default, he said.
The gold price has an eerie sense of stabilty about it, a false stability in my view. Absolutely nothing has changed in the global pursuit of ruinous monetary inflation, as all Western currencies are fatally damaged. The monetary growth is at full throttle. Estimates for USGovt deficits are periodically being revised upward.
NEW YORK -(Dow Jones)- Commercial real estate owners are walking away from properties that have become untenable as investments, just as homeowners have walked away from houses they can no longer afford to pay off or sell.
The BLS has released the January state unemployment update: the unemployment rate increased in 30 states, while somehow nonfarm payrolls increased in 31 states.
The excess of spending over revenue increased to $221 billion last month, compared with a shortfall of $194 billion in February 2009, according to Treasury Department figures released today in Washington. The figures show the deficit this year will likely surpass the record $1.4 trillion in the fiscal year that ended in September.
In this interview JIm discusses the IMF gold sales today and in the 70’s, China’s moves in the gold market, Greece and other EU problems and the accompanying QE, attacks on currencies and countries and the eventual end game, where he sees the US Dollar headed, suspicions of the Greek bond offering, mining company’s strategies and their cash position and much more.
(Reuters) - With economic policy stimuli already at full tilt, no government wants an overvalued exchange rate to slay recovery, and the rival "soft currency" needs are producing some elaborate rhetorical jousting.
Poor economic data in the US coupled with Europe's debt crisis are contributing to an increase of the risk of the US economy going through a double-dip recession, Nouriel Roubini, who predicted the 2007 financial crisis, wrote in a research paper.
A big “yeah right” to this story. China is screwed…yeah the gold market is too small, that’s because you can’t just print more and guess what they have $1.4 trillion in foreign currency reserves…you know fiat money…and only 1.8% of that in gold versus 10% that the rest of the world has…they can buy it here at these prices or later at possibly much higher prices…either way if they want to be a modern economic force and not watch their massive fiat foreign currency reserves be devalued away…they need it and they need it now….
The euro is under attack like never before, as the promises on which it was based turn out to be lies. Hedge funds are speculating against Greek debt, while euro-zone politicians work behind the scenes to cobble together rescue packages. But fundamental flaws in the monetary union need to be fixed if Europe's common currency is to survive.
Voters rejected the bill because “ordinary people, farmers and fishermen, taxpayers, doctors, nurses, teachers, are being asked to shoulder through their taxes a burden that was created by irresponsible greedy bankers,”
