Archive for the 'Collapse' Category
Spain: More Bad Economic News
September 28th, 2009Via: Telegraph: Spain is sliding into a full-blown economic depression with unemployment approaching levels not seen since the Second Republic of the 1930s and little chance of recovery until well into the next decade, according to a clutch of reports over recent days. The Madrid research group RR de Acuña & Asociados said the collapse […]
U.S. Large-Loan Bank Losses Triple to $53 Billion
September 25th, 2009Via: AP: U.S. regulators said total losses from large loans at banks and other financial institutions nearly tripled to $53 billion in 2009, due to a deteriorating economic environment and continued weak underwriting standards. According to an annual report released by the four federal bank-regulatory agencies on Thursday, credit quality deteriorated to record levels this […]
Luxury Hotels in U.S. Risk Default
September 24th, 2009Via: Bloomberg: Luxury hotel owners risk defaulting on their debt as the recession cuts occupancies and the credit crunch constrains refinancing. Loans secured by more than 1,500 hotels with a total outstanding balance of $24.5 billion may be in danger of default, according to Realpoint LLC, a credit rating company that tracks commercial mortgage-backed securities. […]
Census Worker Found Hanged, “Fed” Scrawled Across His Chest
September 24th, 2009Via: Washington Post: A part-time Census Bureau field worker was found hanged in Kentucky Sept. 12 with the word “fed” scrawled across his chest, according to a law enforcement source. Bill Sparkman, 51 was found in a remote patch of the Daniel Boone National Forest in rural southeast Kentucky, the Associated Press first reported Wednesday […]
Mexico: Army Raid Finds Cash Addressed to Police
September 23rd, 2009Via: AP: Soldiers raiding a drug gang safehouse in northern Mexico found money-stuffed envelopes earmarked for various police forces and one marked for “press,” authorities said Tuesday. Four people were arrested and $5 million in U.S. and Mexican currency was seized during the raid Monday in the industrial city of Monterrey, according to an army […]
And Now… FDIC Could Seek Bailout from Banks
September 22nd, 2009Oh man, I’ve heard it all at this point. Here are the details of how this will work. Note: Get ready to close the tab that opens or your eyes may start to bleed after just a few seconds. Via: AP: Regulators may borrow billions from big banks to shore up the dwindling fund that […]
Iceland: “This Was No Ordinary Crash”
September 21st, 2009“The smallest central bank in the world is central to a financial scandal that threatens to engulf much of the West. What secrets must the larger banks hold?” — The Daily Bell: Iceland: What Ugly Secrets Are Waiting to Be Exposed in the Meltdown? From August. Via: Telegraph: Almost a year since the collapse of […]
The Dark Years Are Here
September 21st, 2009Good reading from July. Via: Matterhorn Asset Management: In this newsletter we will outline what is likely to be the devastating effect of the credit bubbles, government money printing and of the disastrous actions that governments are taking. Starting in the next 6 months and culminating in 2011-12 the world will experience a series of […]
China’s “Cancer Villages” Bear Witness to Economic Boom
September 19th, 2009Becky runs a food buying co-op. Both of the “organic” product wholesalers she deals with only sell products like beans, sunflower seeds and peanuts from China. The non-Chinese rice costs 3x to 4x more than the Chinese rice. Obviously, we consume no food from China, regardless of the fact that it’s certified organic. Now, if […]
North Korea: Starving in Silence
September 14th, 2009Via: Globe and Mail: In a country where citizens are subjected to ceaseless propaganda telling them that they live in a socialist paradise, it’s the silence that tells the other side of the story. You can stand in the middle of some Pyongyang streets, even at rush hour, and hear only the occasional sound of […]
