Economic Reality Bites - By Peter Schiff (7/6/12) PDF Print E-mail
Peter Schiff   
Thursday, 07 June 2012 07:39

Euro Pacific Capital, Inc.

Many people became convinced that data releases earlier this year indicated that "recovery" in the U.S. was imminent. But, as I have been saying for months, this evidence would ultimately be shown to be as reliable as sightings of Bigfoot. Lots of people claim to say they have seen it, some even produce plaster footprints, but in the end all we have is a guy in an ape suit. The economic recovery, that has been discussed so loudly and often in recent months, will be shown to be similarly mythical.

A torrent of recent economic data now reveals weakness, and investors are beginning to take notice. Today's release of the May jobs report showed a paltry 69,000 jobs created during the month, far below consensus estimates. Not only did the current month disappoint, but the June numbers were also revised down by 49,000. This release follows yesterday's downward revisions of first quarter GDP growth from 2.2% to 1.9%. Also lost in the headlines was that the savings rate dropped to 3.4% in April, the lowest rate since December 2007. This shows that Americans may need to deplete their already meager savings just to keep their heads above water as the U.S. economy sinks back into recession.



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Collapse At Hand - By Paul Craig Roberts (6/6/12) PDF Print E-mail
Paul Craig Roberts   
Wednesday, 06 June 2012 09:22

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The Danger Of External Debts - By Philipp Bagus (6/6/12) PDF Print E-mail
Philipp Bagus   
Wednesday, 06 June 2012 08:16

Mises Daily 

Economists and journalists often point to the danger of external public debts — in contrast to internal debts, which are regarded as less troublesome. Japan is a case in point. Japan has an enormous public-debt-to-GDP ratio of more than 200 percent. It is argued that the high ratio is not a problem, because the Japanese save a lot and government bonds are held mostly by Japanese citizens; it is internal debt.

In contrast, Spain with a much lower public-debt-to-GDP ratio (expected to be at 80 percent at the end of this year) is regarded as more unstable by many investors. One reason given for the Spanish fragility is that about half of Spanish government bonds are held by foreigners.[1]

At first sight, one may doubt this line of reasoning. In fact, as an individual living in Spain, I do not care if I get a loan from a Spanish or a German friend. Why would the Spanish government be different? Why care if loans come from Spaniards or from Germans?

Governments are ultimately based on physical violence or the threat of physical violence. The state is the monopolist of violence in a given territory. And in violence lies the difference. Internally held debts generate income for citizens, which can be taxed by the threat of violence. This implies that part of the interest paid on internal debt flows back to the government through taxes. Interest paid on external debt, in contrast, is taxed by foreign countries.



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Debt Is Not Wealth - By Aziznomics.com (5/6/12) PDF Print E-mail
Aziznomics.com   
Tuesday, 05 June 2012 08:40

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The Real Banking Crisis, Part II - By Eric Sprott & David Baker (5/6/12) PDF Print E-mail
Eric Sprott & David Baker   
Tuesday, 05 June 2012 08:38

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