Wednesday, March 2, 2011
Now you know why Oil, Gold & Silver is going up!
US municipalities could default on $100bn, warns Nouriel Roubini
"Buyers of bonds issued by US states and local authorities are being 'Pollyannaish' in ignoring the state of their finances". "US states and local governments could default on $100bn (£60bn) of their debts over the next five years, according to a report from the consulting firm founded by economist Nouriel Roubini"."The report follows dire predictions of a wide-scale collapse in the US's $2.7tn municipal bonds market by Meredith Whitney, the analyst who was among the first to warn of the 2008 banking crisis".
Posted by alan @ 10:15 PM (1631 views)
14 thoughts on “Now you know why Oil, Gold & Silver is going up!”
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general congreve says:
All a big fuss about nothing, I’m sure it’ll all be paid back pronto (with freshly printed Benny Bux of course!).
Crunchy says:
Nice of you to finally pop in Mr Bond.
~ It’s not a social call Mr Gold.
Crunchy says:
America must fail in order to give rise to the Chinese model. Chopsticks at dawn for your investment picks.
the number cruncher says:
GC
I agree its a false crisis
I think the controlling hands behind the tea party nutters are engineering this to create the false crisis that will allow them to obtain the control they so yearn for.
American local Government are hugely more free to raise taxes (some even charge a Land Value Tax) as well as cut spending.
The Robocop backplot could become the most prophetic of all time.
taffee says:
trouble is if you think this is a false crisis then what hope is there? economics have gone so out the window that we now think everytime something goes wrong governments will bail the problem out.
There are consequences to this attitude and it will be nasty imo
by ‘solving’ problems with money that doesn’t exist,you are creating a monster
alan says:
@taffee,
Yes, the Eurozone isn’t much better with Portugal having a debt crisis and WestLB having problems with bank restructuring (I thought Germany was safe)!
hpwatcher says:
All a big fuss about nothing, I’m sure it’ll all be paid back pronto (with freshly printed Benny Bux of course!).
Well, I think they will only be able to get away with that for a short period of time. At the moment, the fed is purchasing most – if not all – government bonds. It is looking increasingly bad for the US.
So, I think are going to be large defaults across the world. I think the US will be the biggest, but Europe and the UK will not go unaffected. I can see the UK getting absolutely slammed – it’s in such a precarious position, without any real austerity cuts to speak of.
The times ahead are going to get tougher and tougher – I can see people gradually having their savings wiped out, or severely reduced via the new government tax – inflation.
hpwatcher says:
I think the controlling hands behind the tea party nutters are engineering this to create the false crisis that will allow them to obtain the control they so yearn for.
It simply isn’t as easy as all that. Think of many different parties of ‘tea party nutters’ most of which are in competition with each other. Then of course, there are the tea parties across the rest of the world….
taffee says:
some hink that debts around the world will have to be reset because they simply cannot be repaid so savings/investments will be purged imo
if we return to the dream of owning a home and living within our means we will be all the better for it….and less stressed
the number cruncher says:
taffee @ 3
It is a real crisis but all the political parties do not want to tackle the real issues of controlling spending and raising taxes. An awful lot of that spending is in backhanders and benefits to the same uber rich groups who control the politicians. The crisis will allow one group of the super rich to wrestle a bit of control from another and is welcomed by those. Shock doctrine politics is well practised by the scary right wing loonies.
HPwatcher @ 6
The key phrase is ‘controlling hands’, not the nutters themselves. The scary right wing loonies who are leading the tea party are the exact opposite of the libertarian ideal, they want fear and control and the tea party movement of the Ron Paul libertarians are unable to make their voices herd as control of their movement has been so swiftly and effectively taken by the monopolistis and rent seekers of American right wing politics.
This is just the same as the socialist movement was ‘bastardised’ by monopolistis and rent seekers over the last century (and finally sodomised to oblivion by Blair and his cronies)
Crunchy says:
8. the number cruncher said…The key phrase is ‘controlling hands’, not the nutters themselves. The scary right wing loonies who are leading the tea party are the exact opposite of the libertarian ideal, they want fear and control and the tea party movement of the Ron Paul libertarians are unable to make their voices herd as control of their movement has been so swiftly and effectively taken by the monopolistis and rent seekers of American right wing politics.
This is just the same as the socialist movement was ‘bastardised’ by monopolistis and rent seekers over the last century (and finally sodomised to oblivion by Blair and his cronies)
~ So true TNC. Does one think that the elites global plans are going to be left to mere chance? That’s just one reason why I knew Barry
Obama was a fake. It’s a shame most people don’t have the facility for critical thinking when they vote on our future.
hpwatcher says:
The key phrase is ‘controlling hands’, not the nutters themselves. The scary right wing loonies who are leading the tea party are the exact opposite of the libertarian ideal, they want fear and control and the tea party movement of the Ron Paul libertarians are unable to make their voices herd as control of their movement has been so swiftly and effectively taken by the monopolistis and rent seekers of American right wing politics.
This is just the same as the socialist movement was ‘bastardised’ by monopolistis and rent seekers over the last century (and finally sodomised to oblivion by Blair and his cronies)
Fair enough, but I don’t think they are are unified or as organised as that. I have worked in big companies, and it’s surprising how much happens by accidents – and pure oversights and c0ck-ups.
the number cruncher says:
Teaparty – the reality
general congreve says:
@2 and @5 – The clue was the Benny Bux bit. This is a huge debt issue and they will bailout the states with printed money like the rest of it. Inflation and dollar collapse ahoy 🙂
@10 – Great post. F4cking r4tards, the US is going down for sure.