Wednesday, September 29, 2010

77% of Americans now living paycheck-to-paycheck!!!

The employment company CareerBuilder, in partnership with Harris Interactive, conducts an annual survey to determine the percentage of Americans living paycheck to paycheck.

  • In 2007, 43 percent fell into this category
  • In 2008, the number increased to 49 percent
  • In 2009, the number skyrocketed up to 61 percent
  • In their most recent survey, the number exploded to a mind-shattering 77 percent

Yes, 77 percent of Americans are now living paycheck to paycheck. This means in our nation of 310 million citizens, 239 million Americans are one setback away from economic ruin.

link to report here

Tuesday, September 28, 2010

Interesting MSM links (Dollar, Gold, Marriage, Poverty)

Bloomberg: U.S. dollar is “one step nearer” to crisis says Yu Yongding - former adviser to China’s central bank.

Any appreciation of the dollar is “really temporary” and a devaluation of the currency is inevitable as U.S. debt rises, Yu said in a speech in Singapore today.

“Such a huge amount of debt is terrible,” Yu said. “The situation will be worsening day by day. I think we are one step nearer to a U.S. dollar crisis.”

Yu also said China is worried about the safety of its foreign-exchange reserves including those invested in U.S. Treasuries as the U.S. currency weakens, reiterating his earlier views on the dollar assets.

U.S. Treasuries fail to provide safety or liquidity in managing China’s $2.45 trillion foreign-exchange reserves, Yu said in an e-mail in August. To help cool demand for the securities, China needs to curb the growth of its foreign reserves by intervening less in the currency market, he said.

China should reduce its holdings of U.S.-dollar assets to diversify risks of “sharp depreciation,” Yu said in July. The nation should convert some holdings in U.S. dollars into assets denominated in other currencies, commodities and direct investments overseas, he wrote in a commentary in the China Securities Journal.

The U.S. House of Representatives is due to vote tomorrow on legislation pressing China to raise the currency’s value amid assertions the yuan is undervalued and gives the Asian nation a trade advantage. The legislation would let companies petition for higher duties on Chinese imports. (My Comment - Can you say trade war?)

The Street: Spot Gold Prices Pop as Investors Eye $2,500

Spot gold prices were exhibiting greater strength Tuesday afternoon as gold investors began eyeing $2,500 and higher gold prices following the precious metal's $1,300 achievement.

"Gold prices are now moving through $1,300 and it's the beginning of the road to $2,500 gold prices and beyond, James DiGeorgia, publisher of the 'Gold and Energy Advisor' and author of 'The Trader's Great Gold Rush' said in a note. DiGeorgia for one is eying $1,400 to $1,500 gold prices by the end of the year, $2,500 shortly after that and maybe even $5,000 in the near future.

DiGeorgia is among many gold investors who are concerned about an eventual collapse in the U.S. dollar and foresee a resulting flight to safety via gold and other precious metals. "Even as the dollar is sinking after decades of continuous inflation, even as foreign governments and local economists alike are recognizing that America is insolvent and broke, the printing presses are being cranked up," he said.

AP: Weddings in 2009 at record 100-yr low

WASHINGTON — As the recession shook Americans' confidence last year, new figures show that weddings for people 18 and older dropped to the lowest point in over a hundred years.

A broad array of new Census Bureau data released Tuesday documents the far-reaching impact of a business slump that experts say technically ended in June 2009: a surging demand for food stamps, considerably fewer homeowners and people doubling up in housing to save money.

"Given the scope of the recent recession, many more couples are likely to choose cohabitation over marriage in the coming years," said Mark Mather, associate vice president of the Population Reference Bureau.

On the positive side: Americans spent about 36 minutes fewer minutes in the office per week and were stuck in less traffic, although the reason was largely because millions of them had lost jobs or were scraping by with part-time work. (My comment - and this is considered good news? LMFAO)

Washington Post: As 44 million Americans live in poverty, a crisis grows

Forty-four million Americans (one in seven citizens) are now living below the poverty line -- defined as just $22,000 in annual income for a family of four - more than at any time since the Census Bureau began tracking poverty 51 years ago.

19 million people are now living in "extreme poverty," which is under 50 percent of the poverty line, or $11,000 for a family of four. "That means over 43 percent of the poor are extremely poor," said Edelman, who served as an aide to Sen. Robert Kennedy (D-N.Y.) and in the Clinton administration. That's over 6 percent of the population, and that figure has just been climbing up and up."

Edelman says that the number of people living at less than two times the poverty line ($44,000 for a family of four) is equally significant.

"Data shows that's really the line between whether or not you can pay your bills," said Edelman. "That number has reached 100,411,000 people. That's 33 percent of the country. That's the totality of the problem -- whether you call it poverty or not."

Gold and Silver Are Sounding The Alarm

Why are Gold and Silver Price Alarms going off?

First, Western World budget deficits are now totally uncontrolled. Debt is essentially destroying the Western World

Second, The Obama administration has saddled us with enough debt at the federal level to last three generations all in the name of "stimulus".

Third, The US Federal Reserve is Insolvent and Bankrupt They have flooded the system with liquidity through Quantitative Easing

They have loaded their balance sheet with worthless loan paper and reduced interest rates to 0% for over 20 months

And what have been the results? Paralyzed job growth., record unemployment, record food stamp usage and record poverty levels.

Gold and Silver are sounding the Alarm - Food and Energy price increases will soon follow.

When higher commodity prices translate into $500 grocery bills, recession weary Americans may go into economic shock.

Energy Prices have stayed in check, but this may be the calm before the oil price storm.

The combination of sky high food and gasoline prices may be the final nail in the coffin of the American Middle Class.

Travelling with Physical Gold Coins as insurance will soon become the norm. In many parts of the world the 1996 $50 or $100 US note is worthless because of the quality of counterfeits being printed internationally.

In Europe, American travellers are learning that the US Dollar is untradeable on the street. And Personally, 1 gold coin got me out of a very bad situation in Mexico City during the H1N1 outbreak.

Make no mistake about what you are seeing, especially with the price action of gold and silver.

Both metals are signifying a loss of confidence in the Dollar and particularly in its management team.

The Price of gold is no longer mental speculation, but rather reality hiding in plain sight.

The Day when every American recognizes paper bills as trash and gold and silver as true money, is almost here.

New Trend: Top US grads heading to India for employment

Breaking tradition, top American graduates are heading to India to find jobs and opportunity. Many believe that having experience in India is an important addition to their resume in this increasingly globalized world. Some say that its easier to find a good job in India than in the United States, as India's economy is growing while the US economy is predicted to shrink within the next year.

Saturday, September 25, 2010

The Forgotten Man - Jon McNaughton

Weekend Funnies - 25 Sept 2010

Click any image to enlarge - Enjoy!

My Depression (a closing funny):

Over five thousand years ago, Moses said to the children of Israel, "Pick up your shovels, mount your asses and camels, and I will lead you to the Promised Land."

Nearly 75 years ago, (when Welfare was introduced) Roosevelt said, "Lay down your shovels, sit on your asses, and light up a Camel, this is the Promised Land."

Today, Obama has stolen your shovel, taxed your asses, raised the price of camels and mortgaged the Promised Land!

I was so depressed last night thinking about Health Care Plans, the economy, the wars, lost jobs, savings, Social Security, retirement funds, etc., I called a Suicide Hotline where I had to press 1 for English. I was then connected to a call center in Pakistan. I told them I was suicidal. They got excited and asked if I could drive a truck.....

Thursday, September 23, 2010

Jim Rickards- Gold Standard is Plan B - Revalue Gold at $5000+ (Dollar is Collapsing)

Jim Rickards on CNBC talks about gold, the dollar and their relationship.

Baring hyperinflation, $5K gold sounds about right: Gold How high? (a Jan 2008 post)

News from early Friday Morning: Gold Climbs to $1,300 on Dollar Concern; Silver at 30-Year High

Excerpt: “Gold is showing there is no confidence in the dollar,” said Bernard Sin, head of currency and metal trading at bullion refiner MKS Finance SA in Geneva. Recent “data has been showing signs of a troubled economy. That’s why we’ve seen this huge buying for investors as a safe haven.”

Monday, September 20, 2010

The Curious Case For $936 Ounce Silver

GATA's Adrian Douglas makes the case for bullion bank metals price supression, and for the TRUE value of one ounce of gold and silver.

Saturday, September 18, 2010

Weekend Funnies - 18 Sept 2010

Click any image to enlarge - enjoy!