( Sep. 13th, 2008 02:36 pm)
Taking a break from MSTing Sarah Palin's interview with Charlie Gibson (I keep sliding into angry banter rather than funny commentary), I thought I'd take a gander at something more depressing - the financial news.

I surprisingly came across this report in the mainstream media. CNBC is pretty chock full of point-missing commentary, as they tend to only analyze data on a minute by minute basis, rather than take a long term view of the macro-economic situation. However, they on occasion have a macro economist come on and explain the long term situation, as they did below.

From CNBC's Worldwide Exchange:

Bailouts Will Push US into Depression

The end result of the global economic slowdown may be the U.S. announcing national bankruptcy as the government cannot afford the bailouts that it promised and the market will not bail out the government, Martin Hennecke, senior manager of private clients at Tyche, told CNBC on Thursday. (Read more)

Here's an interesting note about the dropping gold and silver prices mentioned in the article. People that have been trying to buy actual gold and silver coins or bullion are paying 20-70% above the current listed price - if they can find a seller. Many can't. For instance, the current price of silver is around $10/ounce. People are paying $25-$30/ounce for it. So what's $10? You pay $10 an ounce if you're buying the certificates that are backed by silver. What this disparity means is that there is a flood of paper into the markets on precious metals. The certificates are being issued with no backing, which basically makes it a promissory note rather than an assurance that you in fact own the metal. Slick, huh?

So while there is a lot of people out there telling you to invest in precious metals, make sure if you invest that you're getting the actual physical metal in coins or bullion. And if any of my friends have the sort of money were they can invest in coins or bullion, I want you to know you were always my favorite person...

Point is, something is rotten in the state of Denver. The owls are not what they seem. The eagle has landed. The shit has hit the fan. And so on and so forth.

If you have a chance to see it in your area, check out the movie I.O.U.S.A. While I find it about four years too late, it will give you an excellent idea of the extend of the mess we're in right now.

Link: I.O.U.S.A. Movie Trailer



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