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Dr. Kotlikoff: “The Situation Is Getting Worse And Worse And Worse. We Are Running A Massive Six Decade Ponzi Scheme, And It’s Coming To A Real Threatening Point.”


by Greg Hunter, USAWatchdog:

Boston University Economics Professor Laurence Kotlikoff is worried about America’s dire financial situation. Dr. Kotlikoff says, “The situation is getting worse and worse and worse. We are running a massive six decade Ponzi scheme, and it’s coming to a real threatening point.”

 

Great discussion – Global derivatives are 5 times global GDP – Chris Whalen & Barry Ritholtz – ‘The Derivatives Timebomb’

According to the Office of the Comptroller of the Currency’s fourth quarter report for 2011, approximately 95% of the $230 trillion in total U.S. derivative exposure was held by just four financial institutions: JP Morgan Chase, Bank of America, Citibank, and Goldman Sachs.

 

 

Europe drawn into global currency wars as slump deepens

The world is edging closer to all out currency conflict as Europe’s politicians join a chorus of policy-makers across the globe pushing for devaluations to fight for market share.

Jean-Claude Juncker, EuroGroup chief, has signalled that Europe is no longer willing to be the last economic player holding the toxic parcel of an over-valued exchange rate, describing the euro as “dangerously high” after its three-month surge against the dollar, yuan and yen.

The comments follow warnings by two French ministers this month that the strong euro is holding back efforts to pull the France out of deep industrial slump.

Russia Says World Is Nearing Currency War as Europe Joins

The push for weaker currencies is being driven by a need to find new sources of economic growth as monetary and fiscal policies run out of room. The risk is as each country tries to boost exports, it hurts the competitiveness of other economies and provokes retaliation.

The alert from the country that chairs the Group of 20 came as Luxembourg Prime Minister Jean-Claude Juncker complained of a “dangerously high” euro and officials in Norway and Sweden expressed exchange-rate concern.

Competitive currency devaluations are the order of the day, as countries suffering weak economic recoveries seek a quick boost in growth, says Alessio de Longis, portfolio manager of the Oppenheimer Currency Opportunities Fund….

 

Central Banks’ Gold Buying At 50-Year Highs, Gold Price Climbing Toward $1,900/Oz In 2013 – GFMS

“With continued monetary loosening in advanced economies, demand for gold as a reserve asset from developing countries will remain strong in 2013,” the report, which was released Wednesday, said.

All Aboard The Gold Repatriation Train – First Germany, Next: The Netherlands?

The bulk of the Dutch gold reserves is in America, the Dutch CDA party has requested that Holland’s gold supply be repatriated. Who next?

 

U.S. Govt Borrows $6 Billion Per Day, $4 Million Per Minute

This year the national debt will fly through $17 trillion, get a peek at $18 trillion, make a 2015 date with $20 trillion,

Greg Hunter: If The Fed Stops Printing, The Collapse Would Be So Incredible That People Would Eat Each Other In The Street!

by Greg Hunter, USAWatchdog:

In his latest update, Greg Mannarino addresses the Fed’s minutes released last week, in which several Federal Reserve members supposedly stated QE will end by the end of 2013. Mannarino states that the Fed ending QE at the end of the year is impossible, and thatthe Federal Reserve has absolutely no intention of stopping or even slowing quantitative easing.
As we stated upon the release of the Fed minutes, Mannarino states that the Fed’s threat to stop QE is pure propaganda designed to stall the rally in gold and silver that was getting underway last week.
He states that if the Federal Reserve were to stop printing money, everything would end, and the collapse would be so incredible that people would literally eat each other in the street!

http://youtu.be/B5sSB2KmFMM

Uh-oh: Inflation is now flowing into an area that could enrage millions

These types of stories are popping up with increased frequency throughout the western world. Products are simply declining in quality, and in many cases, these declines are being accompanied by price increases…

This is more or less the same story, except this time in the U.K. and centered around beer. From CNBC:

Britain’s favorite pint of bitter is being watered down as austerity continues to bite and taxes rise.
 
John Smith’s Extra Smooth, billed as “no nonsense beer,” is being reduced from 3.8 percent alcohol to 3.6 percent in response to rising costs and reduced beer consumption.
 
Heineken, which is also raising the cost of the famous bitter by about 2.5 pence a pint, said it was bringing John Smith’s “in line with competitor smooth ales that already sit at or below this alcoholic strength,” including its biggest rival, Carlsberg’s Tetley Smoothflow.

Now here is my favorite line…

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