Register for Free
Post comments, receive updates via email, gain access to exclusive content, and more.
Spam Safe!
For enrolled members only. Enroll now to gain full access to all Martenson Reports.
EmailTuesday, October 6, 2009
This week's report is going to be largely free of data and news snippets and full of my opinions and broad strokes of logic.
As my long-time readers know, I consider my main occupations to be information scout, dot-connector, and analyst. But as a side job, I also provide a decisive alternative to the mainstream economic propaganda machine, which is thoroughly dedicated to maintaining the status quo, regardless of cost.
I completely understand why our fiscal and monetary leaders would seek to hide the truth from us all. We live in an economy that is based on growth and debt - which means it is a Ponzi scheme - and there's nothing more important to such a system than faith and confidence. So economic propaganda is not just a noxious by-product spewed from our economic tailpipe; it is viewed by those in power as a form of fuel, a necessity for our peculiar economic engine. They may have a point.
For my new readers, I want to make it clear that I do not expect or wish you to believe me over anyone else. Heck, trust neither me nor them, if that works for you; instead, trust yourself and your gut instinct about what is right. I began trusting myself several years ago, and I am much better off as a consequence.
This week (ending 10/1/09), despite the massive run up in stock over the past few months, despite the outrageous amounts of bailout and stimulus money applied, despite every attempt to put a positive spin on things, jobs continued evaporating, auto sales slumped to multi-decade lows, bankruptcies soared 41% over the prior year, and tax receipts continued to slide.
States such as California are sliding into fiscal chaos, and some, like Michigan and Alabama, are already there.
We are about to enter another leg of the downturn, and this one will be even bumpier and more uncertain than the last.
Your faithful information scout,
Chris Martenson
Copyright 2009, Chris Martenson. All rights reserved.
Print
Comments
Chris.
Thanks for another great Martenson Report.
Mauldin says "interest rates on the long end will rise precipitously, forcing mortgages up..." and I believe you agree with that.
Please, what does that mean for countries - where I am - like New Zealand ? While I read what you say, I can't work out what the ramifications are for New Zealand...
Enroll today to read more.
Thanks for another fantastic report, Chief!
I agreed with the whole report and it was about what I was expecting you to say, except for one thing: cmartenson wrote: Current circumstances are as dicey as any I've ever seen, and the gap between reality and what we are being told is as large as any I can recall...
Enroll today to read more.
Great report. I too sense instability. My guess was that Iran would be the chosen diversion causing a flight back to the safety of $US treasuries. Whatever the trigger, it will probably surprise us all.
Chris,
re With our existing debts and obligations totaling over 100% of our GDP
The graph indicates 1000%. The text indicates 100%... Do you mean 1000% in the text?
Thanks for this great report!
I have the same concerns as Amanda. I live in Europe and am wondering what the exact consequences will be of a USD crisis. It could obviously be that everyone loses faith in a fiat system; that would probably be the worst case scenario...
Enroll today to read more.
Maybe the US could indeed pay off their debt.........................by re-pricing their gold higher and exchanging this for debt. This would work if they have more than just paper gold.
Thank you Chris
I have been having a little trouble getting my 401k company to tell me how I could transfer out funds it if I needed to (they are not responding to my email so far) so I am calling them today. TD had big problems with unapproved transactions and frozen accounts this weekend, sign of the things to come? They state it was due to a software issue from the merger a year ago with Commerce but who knows...
Enroll today to read more.
Gold up to $1029.80. Will we reach the world record today ($1033.50)?!
Whoa - what a read to wake up to!
I was really struck by the term "A faith-based economy". We always hear terms like "the full faith and trust" etc, but the way you put it (intentionally?) makes it seem more like a religious context. Which got me thinking about radical, quasi-religious, faiths like cults...
Enroll today to read more.
Enroll today to read more.