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America, Ex-Distortion
April 12, 2008. In yet another sign that the end is near, Harper’s Magazine, that venerable fount of left wing culture, has become a source of clear-eyed financial journalism. In February it ran a cover story by iTuilip’s Eric Janszen explaining America’s devolution from goods-production to paper shuffling. Janszen calls this the FIRE economy (for Finance, Insurance, and Real Estate) and concludes that it can only survive by blowing ever-bigger bubbles (read the article here for Eric’s prediction on where the next bubble will appear). And the May Harper’s just hit the newsstands with a cover story by veteran political analyst Kevin Phillips on how the U.S. government has been systematically distorting the economic numbers it reports. Here’s his opening More...

Shayne McGuire: The Early Innings of a Gold Boom
February 26, 2008. My new friend Shayne McGuire is director of global research at Texas’ $115 billion Teacher Retirement System, which means he oversees a vast portfolio of high-grade bonds, Blue Chip stocks, and cash. Not the kind of environment that’s usually hospitable to atavistic assets like gold. Yet he recently published a book—a very good book—titled “Buy Gold Now”,   More...

Best of the Web
Socialization of the Banking System – Ty Andros
A New Inflationary Epoch – Doug Noland
Consumer Shutdown of 2008 – Adrian Ash
California Screaming – Money
In Who's Best Interest? – Rob Kirby
Draining National Prosperity – Martin Hutchinson
Crisis Over, Old Crisis Returns – Adrian Ash
An Inconvenient Adjustment – Financial Sense
Paper skyscrapers – Tony Allison
Immoral Hazard – Jeremy Grantham
Ringside for Round Two – John Hussman
The Meaning of Stage Two – Doug Noland
Death of an Empire – David Vaughn
Five Signs of Inflation – Eric Janszen
Deflation in a Fiat Regime? – Mish
Black Swan Song – Paul Farrell

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Breaking News

The Economy
5/11   Retailers likely to post grim first-quarter results – Associated Press
5/11   HSBC to make $4.6 billion provision – Bloomberg
5/11   Retail sales probably dropped in April – Bloomberg
5/10   Eurozone loan demand plunges – Financial Times
5/10   Good economic news a mirage – Associated Press
5/9     The ticking credit card time bomb – Peter Schiff
5/9     ANB closure marks third bank failure of the year – MarketWatch
5/9     FedEx lowers profit outlook, cites higher fuel costs – Bloomberg
5/9     Barely surviving on credit cards – CNN Money
5/9     Lampert, Wood reveal failings of `concentrated' hedge-fund bets – Bloomberg
5/9     G7 central bankers stymied by "crude oil vigilantes" – 24hGold
5/9     State Street subprime damages may surpass reserves – Bloomberg
5/9     IMF worries that commodities may not be bubble – GATA
5/9     The bears are back – Financial Ninja
5/9     Morgan Asset's Kelso set to lose seven funds – Bloomberg
5/9     Fire sale at Citigroup – Mish
5/9     Effects of U.S. recession on Asian growth – Nouriel Roubini
5/9     Oil surpasses $126 – Associated Press
5/9     Citigroup to trim $400 billion of non-core assets – MarketWatch
5/8     Heating oil, gasoline rise to records on supply concern – Bloomberg
5/8     A rally to nowhere – GoldSeek
5/8     Will BAC + CFC ever close? Readers comment – Institutional Risk Analyst
5/8     Hardball in Vallejo, no balls in D.C.– Mish
5/8     Jobless claims post sharp decline – Associated Press
5/8     Toyota's net falls more than expected – Bloomberg
5/8     Wal-Mart, Costco sales rise as shoppers seek bargains – Bloomberg
5/7     Mideast reels as hunger outpaces oil earnings – Financial Times
5/7     Latest from Jim Sinclair – MineSet
5/7     New Zealand employment falls by most in 19 years – Bloomberg
5/7     Cherokee welding down manhole covers to thwart thieves – Atlanta Journal Constitution
5/7     Fannie Mae cumulative defaults (and other disasters) – Mish
5/7     Robert Prechter on the coming deflation – Elliott Wave International
5/7     Oil shock and energy transition – Financial Sense

Precious Metals
5/11   Analyst tour of Minefinders' Dolores mine – Seeking Alpha
5/10   $2000 gold in 2009 – GoldSeek
5/10   Junior gold miners about to be consolidated? – Arabian Money
5/9     Gammon Gold announces big production increase – Yahoo
5/9     Why the "bull" market is far from over – GoldSeek
5/9     A rebound in inventory at GLD – Seeking Alpha
5/8     A silver coating in the fight against microbes – Scientific American
5/8     Gold futures rise, underpinned by soft dollar – MarketWatch
5/7     Mining company risk – Silver Investor
5/7     Fortuna reports big increases in silver production and cash flow – Yahoo
5/7     Yamana Gold's first quarter profit more than doubles – Yahoo
5/7     Gold down $6 as dollar strengthens – MarketWatch
5/7     Gammon Gold announces record quarter – Yahoo!
5/7     AngloGold to reduce hedge book by 45% – GATA
5/7     Is IMF trying to recover its gold by pretending to sell it? – GATA
5/7     Highlights of Aurizon's 1Q results – Yahoo!

The Dollar
5/11   The dollar: shrinkable but (so far) unsinkable – New York Times
5/9     March trade deficit drops by bigger than expected amount – Associated Press
5/8     European Central Bank, Bank of England leave rates unchanged – Associated Press
5/8     World food riots portend trouble for US dollar – GoldSeek
5/8     Trichet sees 'rather protracted' high inflation – Bloomberg
5/7     Dollar advances on U.S. productivity, signs of European slowdown – Bloomberg
5/6     Dollar declines as Bernanke signals growth to slow on housing – Bloomberg
5/6     South Korea's Kang say inflation 'inevitable; seeks GDP growth – Bloomberg
4/16   The Collapse of the Dollar, updated paperback edition is out – Doubleday

The Real Estate Bubble
5/11  The short housing downturn that turned into a freefall – Housing Bubble
5/11   Meruelo Maddux tumble puts Los Angeles on sale at 65% discount – Bloomberg
5/10   Notes on the high end – Professor Piggington
5/10   Prices are falling faster than sales in California – Housing Bubble
5/10   Losing a home, then losing all out of storage – New York Times
5/9     68% drop in one year in O.C. – Dr. Housing Bubble
5/9     Empty homes spur cities' suits – Law.com
5/9     Fremont General may file for bankruptcy – Mortgage Lender Implode-O-Meter
5/8     Map of misery – Economist
5/8     Las Vegas median price at lowest level in four years– Housing Doom
5/8     Living rent and mortgage-free – Dr. Housing Bubble
5/8     UK house prices tumbling – Market Oracle
5/7     California screaming: Tales from the housing bust – CNN Money
5/7     Hovnanian to sell 14M shares, stock drops in late trading – Associated Press
5/7     Emblem of O.C.'s $600,000 home market now a short sale – OC Register
5/7     Tight credit worries for a hotel and mall operator – New York Times
5/7     Fannie Mae ready to 'feast' on housing bust – CNN Money
5/7     Foreclosures up more than 50% in state, county – The Day
5/7     Pending sales of existing homes drop 1% – Bloomberg
5/7     If you bought in 2006 it's 50-50 you're under water – Mortgage Lender Implode-O-Meter
5/6     A subprime loan for California – Housing Bubble
5/6     Countrywide takes away home equity credit lines in Las Vegas – Bloomberg
5/6     Why ask why? Buy Fannie, buy buy! – Wall Street Journal
5/6     Hell freezes over, and David Lereah proclaims housing not hitting bottom – Dr. Housing Bubble
 


 


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