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Gordon T Long

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READ ALL THE

"EXTEND & PRETEND" SERIES

 

 

Stage I Comes to an End!

 

A Matter of National Security

 

A Guide to the Road Ahead

 

Confirming the Flash Crash Omen

 

Its either RICO Act or Control Fraud

 

Shifting Risk to the Innocent

 

Uncle Sam, You Sly Devil!

 

Is the US Facing a Cash Crunch?

 

Gaming the US Tax Payer

 

Manufacturing a Minsky Melt-Up

 

Hitting the Maturity Wall

 

An Accounting Driven Market Recovery

FOR UPCOMING SHOW TIMES SEE: COMMENTARY READER 


 

 

 


 

READ ALL THE

"SULTANS OF SWAP"

 

ACT I

Sultans of Swap: Smoking Guns!

 

ACT II

Sultans of Swap: The Sting!

 

ACT III

Sultans of Swap: The Get Away!

 

 

ALSO

SULTANS OF SWAP: Explaining $605 Trillion in Derivatives!

 

SULTANS OF SWAP: Fearing the Gearing!

 

SULTANS OF SWAP: BP Potentially More Devastating then Lehman!

 

SULTANS OF SWAP: Gold Swaps Signal the Roadmap Ahead

 

FOR UPCOMING SHOW TIMES SEE: COMMENTARY READER

 


 

 

 

 

READ ALL THE

"EURO EXPERIMENT" SERIES

 

 

 

EURO EXPERIMENT: German Steel or Schmucks?!

 

 

 

FOR UPCOMING SHOW TIMES SEE: COMMENTARY READER

 

 

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Published November 2009

 

EXTEND & PRETEND

 

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READ ALL THE

"INNOVATION" SERIES

 

Innovate or Die

 

INNOVATION: America has a Structural Problem!

 

INNOVATION: What Made America Great is now Killing Her!

 

America - Innovate or Die!

 

FOR UPCOMING SHOW TIMES SEE: COMMENTARY READER

 


 

 

 

READ ALL THE

"PRESERVE & PROTECT" SERIES

 

 

 

 

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CURRENCY WARS: Debase, Default, Deny!

 

In September 2008 the US came to a fork in the road. The Public Policy decision to not seize the banks, to not place them in bankruptcy court with the government acting as the Debtor-in-Possession (DIP), to not split them up by selling off the assets to successful and solvent entities, set the world on the path to global currency wars.

 

By lowering interest rates and effectively guaranteeing a weak dollar, the US ignited an almost riskless global US$ Carry Trade and triggered an uncontrolled Currency War with the mercantilist, export driven Asian economies. We are now debasing the US dollar with reckless spending and money printing with the policies of Quantitative Easing (QE) I and the expectations of QE II. Both are nothing more than effectively defaulting on our obligations to sound money policy and a “strong US$”. Meanwhile with a straight face we deny that this is our intention.  

 

Though prior to the 2008 financial crisis our largest banks had become casino like speculators with public money lacking in fiduciary responsibility, our elected officials bailed them out. Our leadership placed America and the world unknowingly (knowingly?) on a preordained destructive path because it was politically expedient and the easiest way out of a difficult predicament. By kicking the can down the road our political leadership, like the banks, avoided their fiduciary responsibility. Similar to a parent wanting to be liked and a friend to their children they avoided the difficult discipline that is required at certain critical moments in life. The discipline to make America swallow a needed pill. The discipline to ask Americans to accept a period of intense adjustment. A period that by now would be starting to show signs of success versus the abyss we now find ourselves staring into.  A future that is now massively worse and with potentially fatal pain still to come. READ MORE

   

 

CURRENCY WARS: Misguided Economic Policy

 

The critical issues in America stem from minimally a blatantly ineffective public policy, but overridingly a failed and destructive Economic Policy. These policy errors are directly responsible for the opening salvos of the Currency War clouds now looming overhead.

 

Don’t be fooled for a minute. The issue of Yuan devaluation is a political distraction from the real issue – a failure of US policy leadership. In my opinion the US Fiscal and Monetary policies are misguided. They are wrong! I wrote a 66 page thesis paper entitled “Extend & Pretend” in the fall of 2009 detailing why the proposed Keynesian policy direction was flawed and why it would fail. I additionally authored a full series of articles from January through August in a broadly published series entitled “Extend & Pretend” detailing the predicted failures as they unfolded. Don’t let anyone tell you that what has happened was not fully predictable!

 

Now after the charade of Extend & Pretend has run out of momentum and more money printing is again required through Quantitative Easing (we predicted QE II was inevitable in March), the responsible US politicos have cleverly ignited the markets with QE II money printing euphoria in the run-up to the mid-term elections. Craftily they are taking political camouflage behind an “undervalued Yuan” as the culprit for US problems. Remember, patriotism is the last bastion of scoundres  READ MORE


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POSTS:  MONDAY 11-01-10

Last Update: 11/02/2010 05:20 AM

SCHEDULE: 1st Pass: 5:30AM EST, 2nd Pass: 8:00 AM, 3rd Pass 10:30 AM. Last Pass 5:30 PM

ARTICLE SOURCE 1 2 3 4 5 6 7 8 9 10
                       
THE GREAT GAME: Currency War Is The Start Of A 21st Century Geopolitical Struggle For Resourcess  BI                   
Yemen Covert Role Pushed  WSJ                   
Merkel consigns Ireland, Portugal and Spain to their fate  Prichard                   
Cameron and Sarkozy pursue entente cordiale  FT                   
Rousseff Elected Brazil's First Female President, Defeating Serra  Bloomberg                   
Japan data fuel fear of return to recession  FT                   
Sino-Japan dispute overshadows summit  FT                   
China plans manned space station by 2020  FT                   
USA                       
American conomyy xhibitss nhealthyy ombiee ookk  Hutchison  X                  
Paper weight Buyers fear growing bond bubble  FT                   
Snow: Fix Housing or America Will Need Another Bailout  Fox News                   
Debtors repent by walking away, not by paying of   Wash Times                   
The States Take On Foreclosures  NY Times                   
Australians swoop in on U.S. foreclosures  CNN                   
                       
ARTICLE SOURCE 11 12 13 14 15 16 17 18 19 20
                       
White-collar recession, blue-collar depression  MW                   
China PMI jumps as rest of Asia slows  FT                   
Swiss watch industry rides China wave  MW                   
Vote Hints at Historic Political Volatility  WSJ                   
Scott Rasmussen- A Vote Against Dems, Not for the GOP  WSJ                   
Concentrated Wealth and the Purchase of Political Power: Democracy's Death Spiral  Smith                   
                       
                       
CENTRAL BANKING & MONETARY POLICY                      
Fed poised for biggest decision in decades  FT                     
Unemployment Probably Hovered Near 10% as Fed Discusses Additional Easing  Bloomberg                     
Rep. Brady Tells Fed's Bernanke QE2 May Backfire  Dow Jones                     
Bernanke Had To Brag About It, What He’s Doin’  Harding                     
Why the Fed's bold move won't work  CNN                     
GENERAL INTEREST                      
Be Careful What You Wish For  Mauldin                     
So Now What?  Schwab                     
Just the Facts  Noland                     
The not-so-scary income trust conversion  G&M                     
I Hear America Whining? Zip It, Pal  WSJ                     
Avoid the college bubble  Wash Post                     
Was France at fault for The Great Depression?  Reuters                     
MARKET WARNINGSMARKET WARNINGS                      
Investors increase exposure to equities  FT                     
Stocks Face Dark Side of Gridlock in Capital  WSJ                     
U.S. Money Managers Turn Bullish on Stocks, Barron's `Big Money' Poll Says  Bloomberg                     
`Toxic' Orders Can Predict Likelihood of Stock Market Crashes, Study Says  Bloomberg                     
Favorablee6-MonthhSeasonalityyPerioddBeginss  Swenlin                     

CURRENCY WARS

                     
Currency Swings Show G-20 Faith Fading as Korea Eyes Controls  Bloomberg                     
China could afford 3-5% yuan rise a year  China Daily                     
G20: In Need of an Intervention  BMO                     
$US sinks to 15-year low versus yen  Dow Jones                     
Q3 EARNINGS                      

Growth in Profit, But Concerns Over Sales

W J                     
MARKET & GOLD MANIPULATION                      
Money, Bubbles and Ersatzgold  Morgan Stanley                     
VIDEO TO WATCH                      
                       

Complete Legend to the Right, Top Items below.
Articles with highlights, graphics and any pertinent analysis found below.

1

         

1-SOVEREIGN DEBT

2-EU BANKING CRISIS
3-BOND BUBBLE

4-STATE & LOCAL GOVERNMENT

5-CENTRAL & EASTERN EUROPE
6-BANKING CRISIS II
7-RISK REVERSAL

8-COMMERCIAL REAL ESTATE

9-RESIDENTIAL REAL ESTATE - PHASE II
10-EXPIRATION FINANCIAL CRISIS PROGRAM
11-PENSION CRISIS

12-CHRONIC UNEMPLOYMENT

13-GOVERNMENT BACKSTOP INSUR.
14-CORPORATE BANKRUPTCY

TODAY'S TIPPING POINTS UPDATE

RED ALERT

AMBER ALERT

ACTIVITY

MONITOR

Click to Enlarge





11-01-10

 

GEO-POLITICAL TENSIONS - ISRAEL / KOREA / IRAN

 

THE GREAT GAME: Currency War Is The Start Of A 21st Century Geopolitical Struggle For Resources  BI

 

 

YEMEN

Yemen Covert Role Pushed WSJ

The foiled mail bombing plot by suspected al Qaeda militants in Yemen has added urgency to a White House review of military options that include giving the CIA more control of special operations.

 

 

 

1- SOVEREIGN DEBT & CREDIT CRISIS

 

SOVEREIGNS

 

 

GREECE

 

SPAIN

 

GERMANY

Merkel consigns Ireland, Portugal and Spain to their fate Pritchard
Germany has had enough. Any eurozone state that spends its way into a debt crisis or cannot adapt to a monetary union set for Northern rhythms will face “orderly” bankruptcy.
 

Bondholders will discover burden-sharing. Debt relief will be enforced, either by interest holidays or haircuts on the value of the bonds. Investors will pay the price for failing to grasp the mechanical and obvious point that currency unions do not eliminate risk: they switch it from exchange risk to default risk.

“We must keep in mind the feelings of our people, who have a justified desire to see that private investors are also on the hook, and not just taxpayers,” said German Chancellor Angela Merkel.

Or in the words of Bundesbank chief Axel Weber: “Next time there is a problem, (bondholders) should be part of the solution rather than part of the problem. So far the only ones who have paid for the solution are the taxpayers.”

These were the terms imposed by Germany at Friday’s EU summit as the Quid Pro Quo for the creation of a permanent rescue fund in 2013. A treaty change will be rammed through under Article 48 of the Lisbon Treaty, a trick that circumvents the need for full ratification. Eurosceptics can feel vindicated in warning this “escalator” clause would soon be exploited for unchecked treaty-creep.

Mrs Merkel needs a treaty change to prevent the German constitutional court from blocking the bail-out fund as a breach of the EU law, and a treaty change is what she will get. “This will strengthen my position with the Karlsruhe court,” she admitted openly

If you strip out the humbug, the Greek package allows banks and funds to shift roughly €150bn of liabilities onto EU governments, or the European Central Bank, or the IMF. Greek citizens are being subjected to the full pain of austerity under false pretences, without being offered the cure of debt relief.

An ominous pattern has emerged across much of the eurozone periphery: tax revenue keeps falling short of what was hoped. Austerity measures are eating deeper into the economy than expected, forcing further fiscal cuts. It goes too far to call this a self-feeding spiral, but such policies test political patience to snapping point.

 

FRANCE

Cameron and Sarkozy pursue entente cordiale  FT

At the same time, tomorrow’s agreement on defence co-operation is a significant achievement for both leaders which will see the two countries co-operating on the deployment of aircraft carriers and other equipment in the years ahead.

“Right from the start, Sarkozy said the defence relationship must be without taboos,” says a senior French official. “Cameron was very receptive to that and said we have to try and do something at this summit that is historic.

BRAZIL

Rousseff Elected Brazil's First Female President, Defeating Serra  BL

Dilma Rousseff said her main goal is to eradicate poverty in Brazil while maintaining a lid on spending after being elected the country’s first female president.

JAPAN

Japan data fuel fear of return to recession  FT

The Nomura Japan manufacturing purchasing managers’ index, which was released on Friday, fell to 47.2 from 49.5, the second monthly contraction in a row, indicating that slowing economic conditions and the strong yen are hurting most Japanese manufacturers.

 
Sino-Japan dispute overshadows summit  FT

China plans manned space station by 2020  FT

 

USA

 

time (et) report period Actual Consensus
forecast
previous
MONDAY, Nov. 1
8:30 am Personal incomes Sept.   0.1% 0.5%
8:30 am Consumer spending Sept.   0.3% 0.4%
8:30 am Core PCE price index Sept.   0.0% 0.1%
10 am ISM Oct.   54.0% 54.4%
10 am Construction spending Sept.   -0.5% 0.4%
 

American economy exhibits unhealthy zombie look  Hutchison

The American economy is exhibiting an unhealthy zombie glow. Third-quarter GDP numbers, released just before the Halloween weekend, suggest worrisome imbalances rising again. The gain in real GDP was about equal to the growth in net imports and exceeded by the rise in inventories. Consumption was solid but government spending rose sharply as the savings rate fell. It’s not an altogether pretty picture.

In a well-balanced economy, consumption grows in tandem with overall GDP, with savings adequate to finance investment. Moreover, government spending growth is restrained, while inventories grow only as fast as consumption and the balance of payments deficit remains under control.

That’s not what the Bureau of Economic Analysis’s advance GDP report showed. Inventory growth was $116 billion compared to overall GDP’s real growth of $66 billion. In other words, the country is producing more stuff, but letting more of it pile up. Real final sales grew only 0.6 percent, and that growth was exceeded by a surge in imports.

Consumption growth was moderate, and while fixed investment grew marginally it was held down by a fall in housing investment after the April end of the home-buyer subsidies. In the meantime government spending grew rapidly, worsening an already unsustainable deficit, while the already inadequate savings rate declined.

America’s economic imbalances stem from over-expansive monetary and fiscal policies. With real interest rates negative and the government spending more than it takes in, savings are discouraged, imports surge and both raw and finished goods are stockpiled as commodity prices surge. Further quantitative easing by the Fed next week may exacerbate the problem.

Sure, some growth is better than a contraction. But the imbalances of inadequate savings, excessive imports and rising budget deficit all worsened in the quarter, and were joined by a bloating of inventories. That doesn’t signify an economy in good health and ripe for stock market investment. Rather it suggests that those entrusting their savings to the U.S. economy will find them eaten by the zombie lurking inside this feeble recovery.

 

 

2- EU BANKING CRISIS

   

 

3- BOND BUBBLE

Paper weightBuyers fear growing bond bubble  FT

 

4- STATE & LOCAL GOVERNMENT

 


5- CENTRAL & EASTERN EUROPE

 


6-BANKING CRISIS II



7- RISK REVERSAL

 

 

8- COMMERCIAL REAL ESTATE

 

 

9-RESIDENTIAL REAL ESTATE - PHASE II

Snow: Fix Housing or America Will Need Another Bailout   FOX News

Debtors repent by walking away, not by paying of   Washington Times

The States Take On Foreclosures NYT (Nocera)

Australians swoop in on U.S. foreclosures CNN
 

10- EXPIRATION FINANCIAL CRISIS PROGRAM10- EXPIRATION FINANCIAL CRISIS PROGRAM

 

 

11- PENSION & ENTITLEMENTS CRISIS



12- CHRONIC UNEMPLOYMENT


White-collar recession, blue-collar depression MW


The disparity between white-collar and blue-collar unemployment is stunning: 4.5% among college graduates versus 10.8% for those with a high-school diploma, and 14.3% for those without one. Read why economist Gary Shilling thinks it’s not a real recovery on MoneyShow.com.

The likely reason is a precipitate decline in U.S.-based manufacturing employment. The United States has been losing those jobs for years, but the pace of the decline picked up steeply in the past decade and during the recession.

 

From its peak of 19.5 million in 1979, manufacturing employment declined, on average, by about 1.5 million jobs a decade until 2001. Then it fell off a cliff: America lost 2.5 million manufacturing jobs from 2001 to 2007 and almost that much again during the latest recession.

So, nearly 5 million American manufacturing jobs have disappeared since 2001, an astonishing 29% plunge in less than 10 years. The United States has lost more than 42,000 factories during that time.

“During the late 1990s, productivity growth in … manufacturing accelerated … averaging 4.1% annually over the 1995–2007 period,” the Congressional Budget Office reported. “As a result, productivity in manufacturing has risen by about one-third since 2000.”


13- GOVERNMENT BACKSTOP INSURANCE

 

 

14- CORPORATE BANKRUPTCIES

 

 

17- CHINA BUBBLE




China PMI jumps as rest of Asia slows  FT

China’s manufacturers sharply increased output in October, powered largely by rising domestic demand and defying a widespread slowdown in the rest of Asia.

The official purchasing managers' index released by the China Federation of Logistics and Purchasing rose to 54.7 from 53.8 in September, indicating strong growth in spite of Beijing’s efforts to slow the economy to avoid asset bubbles. HSBC said the rate of expansion in new business for Chinese manufacturing companies was at a six-month high, in spite of a relatively small increase in export orders, suggesting that growth was firmly centred on the domestic market.

The industrial slowdown in Asia outside China suggests that economic growth is decelerating from the very high rates of expansion achieved after the global crisis.

 
ASIA

Gross domestic product for the region excluding Japan soared by 9 per cent between April 2009 and June this year, largely on the back of a 25 per cent rise in industrial production over the same period. That reflected an increase in domestic consumption that more than compensated for a fall in exports to the western advanced economies.

The first clear sign that Asia’s overall economic growth may be slowing came in Singapore in October, where preliminary GDP figures for the third quarter showed a contraction of 19.8 per cent, quarter on quarter, seasonally adjusted, which was much bigger than consensus forecasts.

That compared with growth of 24 per cent on the same basis in the second quarter, and 45.7 per cent in the first. Wealthy Singapore is often a bellwether for Asia. It was the first Asian country to move into recession when the crisis hit home in 2008, and the first to start growing again a year ago.

Calculations by Credit Suisse, the investment bank, suggest that industrial production growth in Asia excluding Japan and China may fall as low as 3.5 per cent by January, compared with a long-term average of 6.1 per cent.

Underlying the production slowdown is a steady decline in PMI indices, which track a range of indicators such as business confidence, prices and new orders. Leading indicators from Singapore and Australia indicate a contraction in October, with even fast-growing India expected to report a deceleration.

In spite of the manufacturing slowdown in many countries, no one is predicting a return to recession. The Asian Development Bank has upgraded its 2010 GDP growth forecast for Asia excluding Japan to 8.2 per cent from 7.5 per cent, with growth of 7.3 per cent in 2011.


Swiss watch industry rides China wave MW

19- PUBLIC POLICY MISCUES19- PUBLIC POLICY MISCUES

Vote Hints at Historic Political Volatility  WSJ

The U.S. could be caught in a cycle of political volatility witnessed only four times in the past century, almost all during war or economic unease.

Scott Rasmussen- A Vote Against Dems, Not for the GOP  WSJ

Concentrated Wealth and the Purchase of Political Power: Democracy's Death Spiral Smith


 


OTHER TIPPING POINT CATEGORIES NOT LISTED ABOVE

 

24-RETAIL SALES

 

26-GLOBAL OUTPUT GAP

 

31-FOOD PRICE PRESSURES

 

32-US STOCK MARKET VALUATIONS

 




BP - British Petroleum

SULTANS OF SWAP: BP Potentially More Devastating then Lehman!

------------

 






   

CENTRAL BANKING MONETARY POLICIES, ACTIONS & ACTIVITIES

------------

 

Fed poised for biggest decision in decades  FT

Unemployment Probably Hovered Near 10% as Fed Discusses Additional Easing BL

Rep. Brady Tells Fed's Bernanke QE2 May Backfire Dow Jones

Bernanke Had To Brag About It, What He’s Doin’ Harding

Why the Fed's bold move won't work CNN

 

 GENERAL INTEREST

Be Careful What You Wish For Mauldin

So Now What? Schwab Market Perspective

Just the Facts Noland

 

The not-so-scary income trust conversion G&M

I Hear America Whining? Zip It, Pal WSJ

Avoid the college bubble WP

Was France at fault for The Great Depression? Reuters

FLASH CRASH - HFT - DARK POOLSFLASH CRASH - HFT - DARK POOLS

 

MARKET WARNINGS

Investors increase exposure to equities  FT

Stocks Face Dark Side of Gridlock in Capital  WSJ

Investors have bid up shares in anticipation of Tuesday's U.S. election and Wednesday's expected Fed announcement of new quantitative easing. But now that the moment is upon us, Wall Street is worried that it overdid things.

 

 

U.S. Money Managers Turn Bullish on Stocks, Barron's `Big Money' Poll Says BL

`Toxic' Orders Can Predict Likelihood of Stock Market Crashes, Study Says BL
 

Favorable 6-Month Seasonality Period Begins Swenlin

CURRENCY WARS

Currency Swings Show G-20 Faith Fading as Korea Eyes Controls BL

Traders are losing confidence in the Group of 20 finance officials’ pledge to avoid foreign-exchange manipulation less than a week after the leaders vowed to stop devaluing currencies to prop up their economies.

Volatility among Group of Seven currencies rose to about the highest level in four months since the G-20 meeting ended on Oct. 23, according to the JPMorgan G-7 Volatility Index. Euro- dollar fluctuations jumped 30 percent since Sept. 20, a day before Federal Reserve policy makers said they were prepared to buy bonds and pump more money into the financial system, data compiled by Bloomberg show.

While G-20 nations committed to refrain from “competitive devaluation,” officials from South Korea and South Africa said last week that they may consider currency controls. The reliance on intervention underscores the challenges finance officials face to keep their economies on track after injecting more than $2 trillion to spark growth following the worst financial crisis since the Great Depression.

“Volatility is the price of uncertainty,” said Richard Benson, an executive director in London at Millennium Asset Management, who oversees $14 billion of currency funds.

“‘Volatility’s current elevated level is a function of the currency war issue.”

 

China could afford 3-5% yuan rise a year China Daily

G20: In Need of an Intervention BM 
 

$US sinks to 15-year low versus yen Dow Jones

Q3 EARNINGS

Growth in Profit, But Concerns Over Sales WSJ

 

MARKET & GOLD MANIPULATION

 

Money, Bubbles and Ersatzgold Morgan Stanley

 

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Gordon T Long is not a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. Of course, he recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and barring that, we encourage you confirm the facts on your own before making important investment commitments.ont>

 

© Copyright 2010 Gordon T Long. The information herein was obtained from sources which Mr. Long believes reliable, but he does not guarantee its accuracy. None of the information, advertisements, website links, or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. Please note that Mr. Long may already have invested or may from time to time invest in securities that are recommended or otherwise covered on this website. Mr. Long does not intend to disclose the extent of any current holdings or future transactions with respect to any particular security. You should consider this possibility before investing in any security based upon statements and information contained in any report, post, comment or recommendation you receive from him.

 

         

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TIPPING POINTS

1-SOVEREIGN DEBT & CREDIT CRISIS

2-EU BANKING CRISIS
3-BOND BUBBLE

4-STATE & LOCAL GOVERNMENT

5-CENTRAL & EASTERN EUROPE
6-BANKING CRISIS II
7-RISK REVERSAL

8-COMMERCIAL REAL ESTATE

9-RESIDENTIAL REAL ESTATE - PHASE II
10-EXPIRATION FINANCIAL CRISIS PROGRAM
11-PENSION CRISIS

12-CHRONIC UNEMPLOYMENT

13-GOVERNMENT BACKSTOP INSUR.
14-CORPORATE BANKRUPTCY
 

15-CREDIT CONTRACTION II

16-US FISCAL IMBALANCES
17-CHINA BUBBLE
18-INTEREST PAYMENTS
19-US PUBLIC POLICY MISCUES
20-JAPAN DEBT DEFLATION SPIRAL
21-US RESERVE CURRENCY.
22-SHRINKING REVENUE GROWTH RATE
23-FINANCE & INSURANCE WRITE-DOWNS
24-RETAIL SALES
25-US DOLLAR WEAKNESS
26-GLOBAL OUTPUT GAP
27-CONFIDENCE - SOCIAL UNREST
28-ENTITLEMENT CRISIS
29-IRAN NUCLEAR THREAT
30-OIL PRICE PRESSURES
31-FOOD PRICE PRESSURES
32-US STOCK MARKET VALUATIONS
33-PANDEMIC
34-S$ RESERVE CURRENCY
35-TERRORIST EVENT
36-NATURAL DISASTER

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Review- Five Thumbs Up for Steve Greenhut's Plunder!  Mish

 

 

 

 

   

 

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