7/5 V of Galt: Doomer Tuesday and You will be Scared, You will be

  By John Galt July 5, 2011 The word of the day is DOOM and the MSM won’t cover any of it. Nor will the Bubblevisions. Nor will the Clear Channel chatters. I will. Click on this link for the Chat room and Players for the Just Measures Radio Network to hear a program that will have you wondering just how much longer we have on this little blue planet of ours as the epidemic is spreading.

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PIIGS Downgrades Begin: Portugal Zapped 4 grades by Moody’s

By John Galt July 5, 2011 When you go to Moody’s home page and read the information about the downgrade (available at this link) the lack of faith in the ECB’s plans to quasi-monetize their way out of the European Union PIIGS crisis has been exposed. Yesterday it was S&P commenting on the Greek bailout and today’s move by Moody’s to move Portugal from Baa1 to Ba2 is a bit of a shock to a nation already struggling to implement austerity Juncker style. The reasons they provided for the negative outlook…

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The Federal Reserve Blunders of H1 2008 v. H1 2011

  By John Galt July 5, 2011 On June 25, 2008, the Federal Reserve Open Market Committee released the following statement after their meeting (Bold emphasis added by me): The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent. Recent information indicates that overall economic activity continues to expand, partly reflecting some firming in household spending. However, labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, and the rise in energy prices…

Paul Farrell at Marketwatch Lights it up with the call for a “Good” not Great Depression

  By John Galt July 5, 2011   The first word out of my mouth after reading Paul Farrell’s latest editorial at Marketwatch was “Wow.” The second thing I thought about was that he was 100% correct. His latest commentary: 7 reasons U.S. needs a Good Depression now is a testimony to logic, something America is gravely short of these days. The article opens with a salvo which should be shouted from the rooftops: SAN LUIS OBISPO, Calif. (MarketWatch) — No, do not raise the debt-ceiling. You heard me: Block the…

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Another PIIG(Italy) takes a Shot at Austerity while the Garbage Piles Up

By John Galt July 5, 2011 Two fascinating stories from the same online periodical New Europe which outline the problems the Italian little PIIGSy is running into: Italy mulls four-year austerity plan EU ‘very concerned’ by Naples trash Both stories are from Sunday July 3rd, but approaching each individually is the best way to demonstrate that Italy might be primed to jump ahead of Spain in the “reasons for the ECB to panic” race to the bottom. The Italian banks were already downgraded by the credit rating agencies so any news…

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Iran says they are Ready to close the Straits of Hormuz

  By John Galt July 5, 2011 The story from the newspaper Emirates 24/7 via AFP should be worthy of a little attention and should be a cause for concern as things heat up in the Middle East: Iran ready to close Strait of Hormuz: General Published Monday, July 04, 2011 Iran is ready if threatened to close the Strait of Hormuz to ships linking the Gulf to international markets, Revolutionary Guards commander General Mohammad Ali Jafari told Mehr news agency on Monday. “In light of the strategic position of the…

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