Wednesday, July 28, 2010

Your Daily Dose of Economic Gloom and Doom

  • "Two widely respected economic commentators, Harvard's Niall Ferguson and Nassim 'black swan' Taleb, have offered highly pessimistic assessments of what lies ahead for the American economy," reports Gary North — Economic Warnings From Two Respected Analysts. Mr North's dire conclusion: "Your loud-mouth brother-in-law probably doesn't believe any of this. Your aged parents may not believe. Surely, the typical Congressman doesn't believe it. But you had better believe it . . . and then act in terms of it."

  • "Marc Faber closed out this week's Agora Financial Symposium with a speech that pretty much recapitulated the view that the end of the world is if not nigh, then surely tremendous dislocations to the existing socio-political and economic landscape are about to take place (with some very dire consequences for the US)," reports Tyler Durden — Marc Faber: Relax, This Will Hurt a Lot. "While long-time fans of Faber will not be surprised by the gloom and doom (not much boom) here, anyone else who still holds a glimmer of hope that at the end of the day the CNBC spin may be right, is advised to steer clear of Faber's most recent thoughts."

  • The Economic Collapse Blog has something for the majority of "Americans [who] would agree that we are experiencing difficult economic times right now, [but] would also argue that our economic system is in fundamentally good shape and that things will get back to 'normal' at some point" — One Economic Chart That You Should Permanently Burn Into Your Memory.

  • "One of the greatest myths of our time, so counter-intuitive and yet so appealing, is that we become wealthy by consuming, not only as a whole country or whole world, but also as families and individuals," says Richard C.B. Johnsson — The Grossly Problematic Gross Domestic Product. "So even though completely counter-intuitive, crazy theories like this have been raised to science by people and organizations that benefit from such theories."

  • "The US Mint has had trouble keeping up with precious metal coin demand for most of this year, and it now appears the investigation into why that’s the case may also consider the economics of penny and nickel production," reports Rocky Vega — Ron Paul: We Cannot Even Maintain the Zinc Standard. "We could not maintain the gold standard nor the silver standard," said the man mentioned in the title. "We could not maintain the copper standard, and now we cannot even maintain the zinc standard. Paper money inevitably breeds inflation and destroys the value of currency."
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