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Wednesday, March 10, 2010

Thieves at Night

Items of Interest:

Paul B. Farrell / Yahoo.com:
Collapse of the American Empire: Swift, Silent, Certain -- Historians Warning of a Sudden 'Thief at Night,' an 'Accelerating Car Crash'

"One of the disturbing facts of history is that so many civilizations collapse," warns anthropologist Jared Diamond in Collapse: How Societies Choose to Fail or Succeed. Many "civilizations share a sharp curve of decline. Indeed, a society's demise may begin only a decade or two after it reaches its peak population, wealth and power."

Now, Harvard's Niall Ferguson, one of the world's leading financial historians, echoes Diamond's warning: "Imperial collapse may come much more suddenly than many historians imagine. A combination of fiscal deficits and military overstretch suggests that the United States may be the next empire on the precipice." Yes, America is on the edge...

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nowandfutures.com:
German Weimar Republic in the early 1920s and the U.S. - Troubling similarities -- here's a possibility of something similar (but not as severe) happening in the U.S. - we'd rather at least mention it than not. The parallel to the German war reparations is the derivatives area today.

Don't shoot the messenger, we didn't invent the facts...
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The Raw Story:
FDIC wants pension funds to prop up failed banks -- Over 140 U.S. lenders folded in 2009 alone. To remedy the financial void left in their wake, the Federal Deposit Insurance Corporation wants public pension funds, which safeguard the retirement funds of millions, to buy in part or in whole the banks that couldn't manage to keep their depositors' funds...
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Zero Hedge:
As Budget Deficit Hits Record High, Interest On US Public Debt Hits Record Low -- Well: if indeed we are correct that total debt will hit $14.3 trillion in less than a year, it means the marketable debt will be about $10 trillion, and the incremental 250 bps of interest will mean about $250 billion of additional interest outlays a year, or half a trillion annually. That comes to about $42 billion a month. In January this amount would have been double the net withheld income taxes.

It becomes obvious why the Fed simply can not allow rates to go up. It has nothing to do with excess liquidity, which of course is a major concern as America goes from one excess-liquidity bubble to another. The problem is that the surging budget, which will need ridiculous amounts of debt for funding, will truly explode if rates were to go up merely to 5%. What happens if rates hit 7.5%... or 10%? At that point it is game over...
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YouTube:
New York Federal Reserve Bank gets tagged "Audit Me"

zero hedge

Calculated Risk

Mish's Global Economic Trend Analysis

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia