Thursday, July 29, 2010

The spiral of death!

Foreclosures climb in 75% of metro areas

"Look at a place like Salt Lake City," said Sharga. "The foreclosure rise there appears to be entirely related to the economy," not because people can't afford their subprime loans.

Posted by mark @ 10:13 AM (2433 views)
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3 thoughts on “The spiral of death!

  • general congreve says:

    Good news. This is what is needed. Hopefully the austerity measures in the UK and EU, that are helping put downward pressure on the gold price, will cause the same phenomenon here. Then we can have lower house prices, which will be followed by another banking crisis caused by this next wave of property assets turning bad. Then it’s bailout time again, meaning increased sovereign debt (so much for austerity), which will hopefully shake the gilt/bonds markets to the core, causing increased risk of sovereign debt default, causing more bank bailouts and so on. They can try their austerity, but it looks like the system is painted into a corner. The Dollar, Pound and Euro will be kicked to the floor in the end by all this. Of course this’ll be the perfect storm for gold 🙂

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  • GC – are you loading up with your rubber bullets? Now Gold has taken a bit of a tumble – esp in £ terms?

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  • general congreve says:

    Sorry TM, rubber bullets, don’t get it?

    Anyway, holding on to my gold, got a long way to go before it dips below what I paid for it. This whole show isn’t over by a long shot, we are merely in the eye of the storm.

    However, becoming increasingly concerned that the big boys will make sure the little man gets screwed come what may. Lower wages, higher taxes and nowhere to offload your gold for what it’s really worth when the SHTF and this thing blows up, whether that be through confiscation, export controls or price fixing (whether by govt. decree or through the same paper channels that are suppressing it now).

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