by Russell D. Longcore
International: Venezuelan President Hugo Chavez nationalized the Venezuelan gold mining industry this week, and called home over 211 tons of gold held offshore on behalf of the nation. Even communists know that gold in the hand is better than gold in a European bank. And the fall wedding season is coming up in India. Gold is the number one gift at weddings. Watch gold skyrocket over the next 90 days, certainly for more reasons than just these.
International II: The Dagong Global Credit Rating Company in China, which lowered the United States to A+ last November after the U.S. Federal Reserve decided to continue loosening its monetary policy, announced a further downgrade to A this week. Anyone out there remember seeing THIS story in the American news? Our biggest creditor doesn’t believe that America will pay its debts.
The Nation: In a breath-taking display of Cluelessness and Hubris, the Secret Service paid $2.19 million for TWO Prevost luxury top-of-the-online custom motor coaches so that the President could take a three-day tour this week. Three. Days. And American taxpayers get thrown under those buses. If they had leased these buses…even for a week…it might have cost $50K tops. This president is going to pull those buses into Midwestern towns where unemployment is high and the economy is in the toilet…and talk about growing the economy and creating jobs. Curiously, his tour was not found in the “hood” of any major city. See the CBS story at: Obama’s Buses.
The Nation II: New jobless claims topped 408,000 this week. Remember, readers. This is the number that the Labor Department will ADMIT TO. This doesn’t include people that got fired or laid off that haven’t filed a new claim. I’m going to keep reporting new unemployment claims every week to show you that Washington is LYING about the national unemployment rate.
The Nation III: The twelve members appointed to the completely unconstitutional Joint Select Committee on Deficit Reduction (Super Congress) got nearly $64.5 million from special interests groups over the past decade. $11.2 million of that came from Wall Street firms and big banks. As Will Rogers said, “we have the best politicians money can buy.”
Economy: The stock market continues its volatility, lurching up and down with every tidbit of news. Gold traded above $1,880 at one point this week, silver is above $40. It’s a flight to safety. Don’t wait any longer. Gold is headed for $6,000/oz., silver for $120. Buy now.
Business: Standard & Poor dared to piss off the Obama Administration, and they are now going to pay for it. The Securities & Exchange Commission is now going to crawl up their arses with a magnifying glass. It won’t end well for S&P. Meanwhile, Fitch downgraded the debt of the State of New Jersey…the first of many.
Sports: The Georgetown Hoya basketball team played the Bayi Rockets professional basketball team in Beijing, China in a game to promote goodwill. The game ended in a fistfight between teams, and the Hoya coach pulled his team and left. I guess thuggishness in basketball knows no geographical boundaries.
Entertainment: Russell Armstrong, husband of “Real Housewives of Beverly Hills” star Taylor Armstrong, hung himself at his home this week. Perhaps he started actually watching the show before his demise.
DumpDC. Six Letters That Can Change History.
© Copyright 2011, Russell D. Longcore. Permission to reprint in whole or in part is gladly granted, provided full credit is given.