The Coming Depression
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Canadian Prime Minister Stephen Harper believes a depression is possible and says he's never seen such economic uncertainty.
Harper said the outlook for the Canadian economy is increasingly hard to read.
"The truth is, I've never seen such uncertainty in terms of looking forward to the future," Harper told CTV television on Tuesday. "I'm very worried about the Canadian economy."
When asked whether a depression might be possible, Harper answered: "It could be, but I think we've learned enough about depression; we've learned enough from the 1930s to avoid some of the mistakes that caused a recession in 1929 to become a depression in the 1930s."
The credit crisis and a global sell-off of commodities have slowed Canada's resource-rich economy. Alberta's once booming oil sands sector has cooled as every major company has scrapped or delayed some expansion plans.
The manufacturing sector in central Canada is also in trouble. Canada could lose more than 580,000 jobs within five years if Detroit's Big Three automakers go out of business, according to an Ontario government-commissioned report.
The review, prepared for Ontario's Ministry of Economic Development and released Tuesday, warns that the collapse of General Motors Corp., Ford Motor Co. and Chrysler LLC would send lasting shock waves through the economy.
Ontario Economic Development Minister Michael Bryant said Tuesday a proposed 3.4 billion Canadian dollar ($2.8 billion) rescue package is needed to avoid a "catastrophic" chain of events.
Harper said Canada will almost certainly be run a deficit in 2009 as the government spends billions to prop up the economy. Opposition parties tried to topple Harper's Conservative government earlier this month after his fiscal update didn't include a stimulus package.
Wednesday, December 17, 2008
Swiss Gold in Demand as trust in BANKS DIVE and COLLAPSING DOLLAR!
Swiss gold bullion in huge demand as trust in banks dives
Swiss gold refiners are having great difficulty in keeping up with demand for gold bullion leading to long delivery times as investors wary of other stores of wealth.
Author: Arnd Wiegmann and Lisa Jucca
Posted: Wednesday , 17 Dec 2008
MENDRISIO/ZURICH, SWITZERLAND (REUTERS) -
Sealed off by grey concrete walls and barbed wire, the workmen inprotective glasses and steel-toed boots at this smelter cannot work fast enough to meet demand from the nervous rich for gold.
This refinery near Lake Lugano in the Alps is running day and nightas people worried about recession rush to switch their assets into something that may hold its value.
"I have been in the gold business for 30 years and I have never experienced anything like this," said Bernhard Schnellmann, director for precious metal services at the refiner Argor-Heraeus, one of the world's three largest.
"Production has dramatically increased since the middle of the year. We cannot cope with demand," said Schnellman, wearing a gold watch on his wrist.
Spot gold hit a record $1,030.80 an ounce on March 17. It fell below $700 in late October, partly because investors sold their holdings to cover losses in equity and bond markets hit by the credit crisis, and is now around $830 an ounce.
The trigger for the price to rise again could come from a much weaker dollar, making gold cheaper for holders of other currencies, and a renewed aversion to paper assets as governments and central banks pump large amounts of cash into the economy, stoking inflation.
FULL ARTICLE
Swiss gold refiners are having great difficulty in keeping up with demand for gold bullion leading to long delivery times as investors wary of other stores of wealth.
Author: Arnd Wiegmann and Lisa Jucca
Posted: Wednesday , 17 Dec 2008
MENDRISIO/ZURICH, SWITZERLAND (REUTERS) -
Sealed off by grey concrete walls and barbed wire, the workmen inprotective glasses and steel-toed boots at this smelter cannot work fast enough to meet demand from the nervous rich for gold.
This refinery near Lake Lugano in the Alps is running day and nightas people worried about recession rush to switch their assets into something that may hold its value.
"I have been in the gold business for 30 years and I have never experienced anything like this," said Bernhard Schnellmann, director for precious metal services at the refiner Argor-Heraeus, one of the world's three largest.
"Production has dramatically increased since the middle of the year. We cannot cope with demand," said Schnellman, wearing a gold watch on his wrist.
Spot gold hit a record $1,030.80 an ounce on March 17. It fell below $700 in late October, partly because investors sold their holdings to cover losses in equity and bond markets hit by the credit crisis, and is now around $830 an ounce.
The trigger for the price to rise again could come from a much weaker dollar, making gold cheaper for holders of other currencies, and a renewed aversion to paper assets as governments and central banks pump large amounts of cash into the economy, stoking inflation.
FULL ARTICLE
Tuesday, December 16, 2008
Tuesday, December 16, 2008
Investors Selling the US dollar before COLLAPSE
Investor Jim Rogers urged people to get out of the dollar and says he expects to be rid of all his U.S. currency assets by summer next year.
"If you have dollars, I urge you to get out,'' Rogers said in an interview from Singapore. He is chairman of New York-based Rogers Holdings, formerly known as Beeland Interests Inc. "That's not a currency to own.''
... Rogers, who predicted the start of the global commodities rally in 1999, criticized Federal Reserve Chairman Ben S. Bernanke for comments on the currency before a congressional committee on Nov. 8.
"He is a total fool,'' Rogers said. "He said Americans who buy only American goods are not affected if the value of the U.S. dollar goes down. I was terrified.''
Bernanke said the only effect of a weaker dollar on a typical American with their wealth in dollars, buying consumer goods in dollars, would be "their buying powers, it makes imported goods more expensive.''
Rogers said that's not right.
"If you only buy American products and the dollar goes down, the price of oil goes up, copper goes up, wheat goes up,'' he said. "That affects you. He doesn't understand the economy as far as I can see.''
The Taj Mahal is not accepting Dollars anymore either. .
U.A.E. May Peg to Currency Basket, Al-Suwaidi Says
Chinese TV: Dump the Dollar
America Will Soon Owe More Than Its Citizens Are Worth
FINANCIAL CONDITION OF THE USA
Tuesday, December 16, 2008
Investors Selling the US dollar before COLLAPSE
Investor Jim Rogers urged people to get out of the dollar and says he expects to be rid of all his U.S. currency assets by summer next year.
"If you have dollars, I urge you to get out,'' Rogers said in an interview from Singapore. He is chairman of New York-based Rogers Holdings, formerly known as Beeland Interests Inc. "That's not a currency to own.''
... Rogers, who predicted the start of the global commodities rally in 1999, criticized Federal Reserve Chairman Ben S. Bernanke for comments on the currency before a congressional committee on Nov. 8.
"He is a total fool,'' Rogers said. "He said Americans who buy only American goods are not affected if the value of the U.S. dollar goes down. I was terrified.''
Bernanke said the only effect of a weaker dollar on a typical American with their wealth in dollars, buying consumer goods in dollars, would be "their buying powers, it makes imported goods more expensive.''
Rogers said that's not right.
"If you only buy American products and the dollar goes down, the price of oil goes up, copper goes up, wheat goes up,'' he said. "That affects you. He doesn't understand the economy as far as I can see.''
The Taj Mahal is not accepting Dollars anymore either. .
U.A.E. May Peg to Currency Basket, Al-Suwaidi Says
Chinese TV: Dump the Dollar
America Will Soon Owe More Than Its Citizens Are Worth
FINANCIAL CONDITION OF THE USA
"If you have dollars, I urge you to get out,'' Rogers said in an interview from Singapore. He is chairman of New York-based Rogers Holdings, formerly known as Beeland Interests Inc. "That's not a currency to own.''
... Rogers, who predicted the start of the global commodities rally in 1999, criticized Federal Reserve Chairman Ben S. Bernanke for comments on the currency before a congressional committee on Nov. 8.
"He is a total fool,'' Rogers said. "He said Americans who buy only American goods are not affected if the value of the U.S. dollar goes down. I was terrified.''
Bernanke said the only effect of a weaker dollar on a typical American with their wealth in dollars, buying consumer goods in dollars, would be "their buying powers, it makes imported goods more expensive.''
Rogers said that's not right.
"If you only buy American products and the dollar goes down, the price of oil goes up, copper goes up, wheat goes up,'' he said. "That affects you. He doesn't understand the economy as far as I can see.''
The Taj Mahal is not accepting Dollars anymore either. .
U.A.E. May Peg to Currency Basket, Al-Suwaidi Says
Chinese TV: Dump the Dollar
America Will Soon Owe More Than Its Citizens Are Worth
FINANCIAL CONDITION OF THE USA
Peter Schiff new VIDEO on the Coming Collapse Dec 16
We will follow in the footsteps of ARGENTINA not JAPAN. More analysts are fighting Peter Schiff!
Canadian Prime Minister Stephen Harper believes a depression is COMING
Canadian Prime Minister Stephen Harper believes a depression is possible and says he's never seen such economic uncertainty.
Harper said the outlook for the Canadian economy is increasingly hard to read.
"The truth is, I've never seen such uncertainty in terms of looking forward to the future," Harper told CTV television on Tuesday. "I'm very worried about the Canadian economy."
When asked whether a depression might be possible, Harper answered: "It could be, but I think we've learned enough about depression; we've learned enough from the 1930s to avoid some of the mistakes that caused a recession in 1929 to become a depression in the 1930s."
The credit crisis and a global sell-off of commodities have slowed Canada's resource-rich economy. Alberta's once booming oil sands sector has cooled as every major company has scrapped or delayed some expansion plans.
The manufacturing sector in central Canada is also in trouble. Canada could lose more than 580,000 jobs within five years if Detroit's Big Three automakers go out of business, according to an Ontario government-commissioned report.
The review, prepared for Ontario's Ministry of Economic Development and released Tuesday, warns that the collapse of General Motors Corp., Ford Motor Co. and Chrysler LLC would send lasting shock waves through the economy.
Ontario Economic Development Minister Michael Bryant said Tuesday a proposed 3.4 billion Canadian dollar ($2.8 billion) rescue package is needed to avoid a "catastrophic" chain of events.
Harper said Canada will almost certainly be run a deficit in 2009 as the government spends billions to prop up the economy. Opposition parties tried to topple Harper's Conservative government earlier this month after his fiscal update didn't include a stimulus package.
Investors Selling the US dollar before COLLAPSE
Investor Jim Rogers urged people to get out of the dollar and says he expects to be rid of all his U.S. currency assets by summer next year.
"If you have dollars, I urge you to get out,'' Rogers said in an interview from Singapore. He is chairman of New York-based Rogers Holdings, formerly known as Beeland Interests Inc. "That's not a currency to own.''
... Rogers, who predicted the start of the global commodities rally in 1999, criticized Federal Reserve Chairman Ben S. Bernanke for comments on the currency before a congressional committee on Nov. 8.
"He is a total fool,'' Rogers said. "He said Americans who buy only American goods are not affected if the value of the U.S. dollar goes down. I was terrified.''
Bernanke said the only effect of a weaker dollar on a typical American with their wealth in dollars, buying consumer goods in dollars, would be "their buying powers, it makes imported goods more expensive.''
Rogers said that's not right.
"If you only buy American products and the dollar goes down, the price of oil goes up, copper goes up, wheat goes up,'' he said. "That affects you. He doesn't understand the economy as far as I can see.''
The Taj Mahal is not accepting Dollars anymore either. .
U.A.E. May Peg to Currency Basket, Al-Suwaidi Says
Chinese TV: Dump the Dollar
America Will Soon Owe More Than Its Citizens Are Worth
FINANCIAL CONDITION OF THE USA
"If you have dollars, I urge you to get out,'' Rogers said in an interview from Singapore. He is chairman of New York-based Rogers Holdings, formerly known as Beeland Interests Inc. "That's not a currency to own.''
... Rogers, who predicted the start of the global commodities rally in 1999, criticized Federal Reserve Chairman Ben S. Bernanke for comments on the currency before a congressional committee on Nov. 8.
"He is a total fool,'' Rogers said. "He said Americans who buy only American goods are not affected if the value of the U.S. dollar goes down. I was terrified.''
Bernanke said the only effect of a weaker dollar on a typical American with their wealth in dollars, buying consumer goods in dollars, would be "their buying powers, it makes imported goods more expensive.''
Rogers said that's not right.
"If you only buy American products and the dollar goes down, the price of oil goes up, copper goes up, wheat goes up,'' he said. "That affects you. He doesn't understand the economy as far as I can see.''
The Taj Mahal is not accepting Dollars anymore either. .
U.A.E. May Peg to Currency Basket, Al-Suwaidi Says
Chinese TV: Dump the Dollar
America Will Soon Owe More Than Its Citizens Are Worth
FINANCIAL CONDITION OF THE USA
Monday, December 15, 2008
US dollar Plunging GOLD -SILVER FLYING
Comments: Dropping interest rates make way for deflation followed by rising interest rates (propping the dollar UP) thus creating HYPERINFLATION. GOLD is now beginning to take off. So the cycle continues. When HYPERINFLATION happens, the dollar nears zero, GOLD will be hitting $5000 and you will be running around with a wheel barrow filled with useless bills looking for bread.
NEW YORK (MarketWatch) -- Gold futures rallied more than 2% Monday to their highest level in two months as a falling U.S. dollar increased the metal's appeal as an alternative investment and as surging crude-oil prices raised gold's value as a hedge against rising prices.
Gold for February delivery jumped $22.50, or 2.7%, to $843 an ounce on the Comex division of the New York Mercantile Exchange, the highest since Oct. 15.
Monday's gain in gold followed its 9% advance in the past week.
The front-month December contract, which expires on Dec. 29, rose 2.3% to $838.10 an ounce. Open interest, or the number of outstanding contracts of the December contract, stood at 811 as of Friday, or 81,100 ounces, according to Comex data.
Gold inventories held by the Comex for futures delivery stood at 2,846,513 ounces as of Friday, down 90,915 ounces from a day ago, according to the latest data from the exchange.
"A weaker dollar coupled with firmer energy prices ahead of the OPEC meeting" boosted gold values, said Edward Meir, a metals analyst at MF Global.
NEW YORK (MarketWatch) -- Gold futures rallied more than 2% Monday to their highest level in two months as a falling U.S. dollar increased the metal's appeal as an alternative investment and as surging crude-oil prices raised gold's value as a hedge against rising prices.
Gold for February delivery jumped $22.50, or 2.7%, to $843 an ounce on the Comex division of the New York Mercantile Exchange, the highest since Oct. 15.
Monday's gain in gold followed its 9% advance in the past week.
The front-month December contract, which expires on Dec. 29, rose 2.3% to $838.10 an ounce. Open interest, or the number of outstanding contracts of the December contract, stood at 811 as of Friday, or 81,100 ounces, according to Comex data.
Gold inventories held by the Comex for futures delivery stood at 2,846,513 ounces as of Friday, down 90,915 ounces from a day ago, according to the latest data from the exchange.
"A weaker dollar coupled with firmer energy prices ahead of the OPEC meeting" boosted gold values, said Edward Meir, a metals analyst at MF Global.
Sunday, December 14, 2008
Gerald Celente Predictions AUDIO INTERVIEW on the COMING DEPRESSION. Dec 14 2008
Gerald Celente: $2000 Gold and the Break up of the US, Bank Holiday, Run on the banks, Federal Reserve took over the Treasury Dept., Riots and more!
Lew Rockwell interviews Gerald Celente
FULL AUDIO HERE
GERALD CELENTE
The World's #1
Trends Forecaster
Lew Rockwell interviews Gerald Celente
FULL AUDIO HERE
GERALD CELENTE
The World's #1
Trends Forecaster
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4 COMMENTS:
We are facing a very severe recession but calling it a depression seems a bit extreme. Ww don't have a technical definition for a depression so it is difficult to identify one.
I have to disagree, I believe we will go into a collapse and a depression much worse than 29 was, all the signs point to it that I can see. Almost all of our real economist have predicted this and so far most have been right about their predictions.
Prime Minister of Canada just stated we will be going into a depression..link to follow
Some are already talking about a complete collapse by June 2009.