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Consumer spending, incomes edged up in May

Americans spent a little more in May but not enough to speed along the economic recovery.
Consumer spending rose 0.2 percent last month after no change in April, the Commerce Department said Monday. Incomes rose for the sixth time in seven months, boosting household finances and potentially providing fuel for greater future spending.

Geithner says US can ‘no longer drive global growth’

US Treasury Secretary Timothy Geithner has told the BBC that the world “cannot depend as much on the US as it did in the past”.
He said that other major economies would have to grow more for the global economy to prosper.
He also played down any differences in policy between the US and Europe regarding deficit reduction.
Mr Geithner was speaking in Washington ahead of G8 and G20 meetings this weekend in Toronto.

FOR SALE: Greek Islands

There’s little that shouts “seriously rich” as much as a little island in the sun to call your own. For Sir Richard Branson it is Neckar in the Caribbean, the billionaire Barclay brothers prefer Brecqhou in the Channel Islands, while Aristotle Onassis married Jackie Kennedy on Skorpios, his Greek hideway.

RUSSELL: THIS IS ONE OF THE LARGEST TOPS IN STOCK MARKET HISTORY

Earlier this year, Russell warned that the stock market was once again becoming grossly overvalued despite its relentless new highs.  He has maintained that the bear market never ended and that the world is far too indebted to exit the bear market.  He also believes the bear will not end until all fiat currencies have failed. 

New home sales plunge to lowest level on record

Sales collapsed a record 33 percent to an annual pace of 300,000 last month from April, less than the median estimate of economists surveyed by Bloomberg News and the fewest in data going back to 1963, figures from the Commerce Department showed today in Washington. Demand in prior months was revised down.

Merrill Lynch: "Gold Will Hit $1,400/oz by 2012"

Merrill Lynch metals analysts maintain gold will hit a US$1,500 per ounce target by the end of next year as investor demand pushes gold prices higher.
In research published Monday, analysts Michael Widmer, Francisco Blanch, and Alex Tonks are predicting average gold price forecasts of US$1,200/oz this year, $1,350/oz in 2011, and $1,400/oz in 2012, up from $1110/oz, $1179/oz and $1109/oz. respectively.

Asian millionaires overtake Europeans

The net wealth of Asian millionaires has eclipsed that of rich Europeans for the first time, largely because of the relative health of stock markets in Hong Kong, India and China last year, according to a new survey.

Is U.S. Now On Slippery Slope To Tyranny? – Thomas Sowell

For as long as I can remember I have looked forward to reading Thomas Sowell’s columns for his acute insights. He is a former economics professor and has written some great books, including one called: Basic Economics. In my opinion, it is a must-read for anyone who wants to understand the way the U.S. economy works – and doesn’t work.

Bank failure is 83rd in ’10; pace more than double last year’s

The 83 closures so far this year is more than double the pace set in all of 2009, which was itself a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks’ losses mount on loans made for commercial property and development.

China to Overtake U.S. as World’s Top Manufacturer

The US remained the world’s biggest manufacturing nation by output last year, but is poised to relinquish this slot in 2011 to China – thus ending a 110-year run as the number one country in factory production.

Another Record High for Gold: $1265/oz

Gold rose to a record in London and New York as other commodities gained on speculation demand for raw materials will increase and as investors bought the metal to protect wealth from Europe’s financial turbulence.

Seven Big Mistakes People Make When Hiring a Financial Advisor

I have given countless talks over the last 15 years to groups of people interested in hiring financial advisers or working better with the helpers they have, and I typically poll my audience to learn about their experiences.

Gold to Jump to Record $1,300 as Investors Shun Euro

Gold may climb to a record $1,300 an ounce this year as investment demand shifts from the euro and the dollar, said Bruce Ikemizu at Standard Bank Plc.

Medvedev sees chance for new world order

Dmitry Medvedev, the Russian president, said Moscow was bidding to help lead efforts to build a new world economic order after the old system collapsed in the global financial crisis.

Canada’s economy is suddenly the envy of the world

Canada thinks it can teach the world a thing or two about dodging financial meltdowns.
The 20 world leaders at an economic summit in Toronto next weekend will find themselves in a country that has avoided a banking crisis where others have floundered, and whose economy grew at a 6.1 percent annual rate in the first three months of this year. The housing market is hot and three-quarters of the 400,000 jobs lost during the recession have been recovered.

FTMWeekly Financial Radio Show: The Retirement Timebomb – What You Should Know

This Week’s Topic: The Retirement Timebomb, What You Should Know. This week’s special guest interview: John Bearss. Follow the Money Weekly Radio is a financial radio show about the stock markets, commodities, energy investing, the global financial crisis, how to prepare for the coming hyperinflation, where to invest money, how to buy gold, how to buy silver, saving money, finding a financial advisor, and paying off debt. Hosted by economist and best-selling author, Jerry Robinson. For the best in financial news, listen to the Follow the Money Weekly Financial Radio Show.

Central banks join gold rush

Foreign banks and investors alike have been flocking to the precious metal over the last year, sending it soaring to record highs.

Greenspan Says U.S. May Soon Reach Borrowing Limit

By Jacob Greber June 18 (Bloomberg) — Former Federal Reserve Chairman Alan Greenspan said the U.S. may soon face higher borrowing costs on its swelling debt and called for a “tectonic shift” in fiscal policy to contain borrowing. “Perceptions of a large U.S. borrowing capacity are misleading,” and current long-term bond yields are masking America’s debt […]

Elliot Wave predicts triple-digit Dow in 2016

An investment letter that called the Crash of 2008 said that this would be a bad year — and it now says it will get worse.

Over 90 Banks Miss Their Bailout Payments

More than 90 U.S. banks and thrifts missed making a May 17 payment to the U.S. government under its main bank bailout program, signaling a rising number of lenders are struggling to meet their obligations.

Jobless claims rise sharply to 472,000

The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that the pace of layoffs has not slowed.

Russia to Buy Canadian, Aussie Dollars for First Time

Russia may add the Australian and Canadian dollars to its international reserves for the first time after fluctuations in the U.S. dollar and euro.

Price increases fuel fears of food ‘crises’

Food commodity prices will increase more than previously expected in the next decade because of rising energy prices and developing countries’ rapid growth, two leading organisations said on Tuesday, worsening the outlook for global food security.

Gates, Buffet on mission to get billionaries to give half their wealth

Just over a year ago, in May 2009, word leaked to the press that the two richest men in America, Bill Gates and Warren Buffett, had organized and presided over a confidential dinner meeting of billionaires in New York City. David Rockefeller was said to have been a host, Mayor Michael Bloomberg and Oprah Winfrey to have been among those attending, and philanthropy to have been the main subject.

Treasury Dept: China’s US govt debt holdings hit 2010 high

China’s holdings of US debt climbed to the highest level this year, the US Treasury said Tuesday even as Beijing stepped up attacks on the United States for its burgeoning debt.

American on mission to kill bin Laden arrested

“We initially laughed when he told us that he wanted to kill Osama bin Laden,” said Khan. But he said when officers seized the pistol, the sword and night-vision equipment, “our suspicion grew.”

Nightmare vision for Europe as EU chief warns ‘democracy could disappear’ in Greece, Spain and Portugal

Democracy could ‘collapse’ in Greece, Spain and Portugal unless urgent action is taken to tackle the debt crisis, the head of the European Commission has warned.

8 Traits for Financial Success

Did you know that when you look at the top 30% of the population of America in terms of wealth and success, nine out of 10 of those folks weren’t there a decade ago? That’s one of the things I learned in conducting a study of 5,000 Americans for my book “The Difference.”

U.S. Identifies Vast Riches of Minerals in Afghanistan

The United States has discovered nearly $1 trillion in untapped mineral deposits in Afghanistan, far beyond any previously known reserves and enough to fundamentally alter the Afghan economy and perhaps the Afghan war itself, according to senior American government officials.

NEW WEBINAR: The Retirement Timebomb

LIVE WEBCAST: JUNE 24 @ 8:00PM CST THE RETIREMENT TIMEBOMB Overcoming 7 Financial Landmines That Can Destroy Your Retirement Sign up now for our upcoming webinar scheduled for June 24 @ 8:00pm (CST). Register now for our free webcast, and you will learn: – An overview of the ideal financial plan as we head into […]

Martin Weiss: Glimpses of the End Game

Anyone not blinded by greed can plainly see the sick cycle we’re in: First, the government helps create a great asset bubble. Next, the government-created bubble bursts under a dark cloud of hardship for millions of Americans, and …

Fannie-Freddie Fix at $160 Billion With $1 Trillion Worst Case

Fannie and Freddie, now 80 percent owned by U.S. taxpayers, already have drawn $145 billion from an unlimited line of government credit granted to ensure that home buyers can get loans while the private housing-finance industry is moribund.

Obama Requests Another $50 Billion in State and Local Aid

Concern over the nation’s mounting debt could snarl the passage of President Barack Obama’s proposal to provide more aid to state and local governments hit by the economic downturn.

FTMWeekly Financial Radio Show: Is It Time to Buy the Euro?

Time to Buy the Euro? On this week’s program, Jerry Robinson provides his insights concerning the U.S. National Debt, the price of gold, along with an in-depth look at the other important headlines of the week. Our special guest interview is with Tim W. Wood, CPA (Cycles News and Views newsletter). Mr. Wood discusses his […]

Jim Rogers: Now May Be the Time to Buy the Euro

Everybody is so bearish about the euro that it looks like now is a good time to buy the single European currency, famous investor Jim Rogers told CNBC Thursday.

As Gold Hits Record, Central Banks in Focus

Gold’s surge to a record sparked speculation that central banks may be stepping up purchases of the precious metal. Tuesday, gold contracts for June delivery rose $4.70, or 0.4%, to $1,244 a troy ounce, a record settlement price on the Comex division of the New York Mercantile Exchange.

George Soros: ‘We Have Just Entered Act II’ of Financial Crisis

“The collapse of the financial system as we know it is real, and the crisis is far from over,” Soros said today at a conference in Vienna. “Indeed, we have just entered Act II of the drama.”

UBS Forecasts: Gold, the ‘ultimate currency,’ to hit $1,500

AG said today in a report that projects prices will hit $1,500 (U.S.) an ounce in the next 12 months and says anything below $1,200 represents a buying opportunity.

Home repossessions hit record high in May

U.S. foreclosure activity fell in April as lenders repossessed homes at a record pace but started far fewer new actions against struggling homeowners, signaling a plateau in loan failures, RealtyTrac said on Thursday.

Ten Benefits of Expatriation

The following is an excerpt from the free 29-page American Expatriation Guide, written by a former U.S. citizen who wants to remain anonymous. Read what he has to say – from a “been there, done that” perspective – and maybe take your own first steps to move to greener pastures. Everybody has their own personal […]

IMF: Risks to global economy have ‘risen significantly’

The risks to a robust global recovery have ‘risen significantly’ as many governments struggle with debt, a leading official from the International Monetary Fund has warned.

Economist Mag: "Longer-term Issues for America Are Really, Really Serious"

OPEC: 2010 demand picture uncertain

OPEC on Wednesday slightly revised up its forecast for world economic growth but left 2010 oil demand largely unchanged as Europe’s debt crisis, an oversupply of crude in the market and a potential cooling in China’s growth pointed to “economic signs that are not rosy.”

U.S debt to rise to $19.6 trillion by 2015

The U.S. debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress.

Laffer: Tax Hikes and the 2011 Economic Collapse

People can change the volume, the location and the composition of their income, and they can do so in response to changes in government policies.

Gold price hits new record as it breaks through $1,250

The price of gold rose to an all-time high point above $1,250 an ounce on Tuesday, as investors nervous about the weak state of the global economy sought safety in the precious metal.

DOW JONES Slides To 7 Month Low; GOLD Reaches $1250/oz

Stocks fell on Monday in a late-day selloff that took the Dow Jones Industrial Average below its lows of the May 6 “flash crash.”
The Dow ended down 115.48 points, or 1.2%, at a seven-month low of 9816.49 and below 9869.62, its low-point of the May 6 slide. That day, buyers rushed into the market at that level, helping pare a 1,000-point drop to a decline of 347.80 points.

Top Central Banks Not Planning Shift Out of Euro

Some of the world’s richest central banks will not stop investing in the euro, supporting its reserve status, despite the sovereign debt crisis hammering the euro zone’s currency, government sources said.

Bilderberg 2010: Final List of Participants

Here’s the list of attendees at the 2010 Bilderberg meetings.

U.S.’s $13 Trillion Debt Poised to Overtake GDP

By Garfield Reynolds and Wes Goodman June 4 (Bloomberg) — President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.” The CHART OF THE DAY tracks U.S. gross domestic product and […]

“The Retirement Time Bomb” Overcoming 7 Financial Land Mines That Can Destroy Your Retirement

Description: In this informative webinar, you will learn: An overview of the ideal financial plan as we head into the future. A Biblical worldview on the future of investing. An unusual prediction on where the financial markets may be heading based upon Bible prophecy. How to set financial goals in difficult economic times like these. […]