“The US economy is tipping into a new recession. You have wildfire among the leading indicators across the board. Non-financial services plunging, manufacturing plunging, exports plunging. That is such a deadly combination. We at least have a couple of quarters of worsening economy in front of us. So if you think this is a bad economy, you have not seen anything yet.” ~ Lakshman Achuthan
“Ten years ago we had Steve Jobs, Johnny Cash, and Bob Hope. Now we have no Jobs, no Cash, no Hope.” ~ clever American
I know a man who gave up smoking, drinking, sex and rich food. He was healthy right up to the day he killed himself.
Johnny Carson, Humorist
I love it when complex things are made simple.
* United States Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt: $ 1,650,000,000,000
* National debt: $14,271,000,000,000
Recent budget cut: $ 38,500,000,000
Now, remove 8 zeros and pretend it’s a household budget.
* Annual family income: $21,700
* Money the family spent: $38,200
* New debt on the credit card: $16,500
* Outstanding balance on credit card: $142,710
Total budget cuts: $385
In today’s daily, there are three rather impressive entries – from Jim Willie, Bob Chapman and Ted Butler. All three offer outstanding subscription-only information and you should consider signing up with all of them and reading everything that they release. I never miss an issue from any of them! It should be easy for you to judge their merit from the information that I present from their newsletters. What you read here is just the tip of the iceberg of what they offer.
Things are heating up. The CFTC holds hearings today on position limits. The Greek problem is reaching a head. The markets are swinging back and forth and we will have to wait to see which way they go, up or down, but we won’t have to wait very long. Short-term things are confusing but long-term the picture is very clear. Metals are shinning brightly in our future, and that is all you really need to know, unless you try and trade this market which is foolhardy.
Disclaimer: All credit goes to David Schectman of Miles Franklin. milesfranklin.com