Business

The Forgotten Depression tells of the slump of 1920-21: high unemployment, collapse in commodity prices, upsurge in bankruptcies and sharp break in stock prices. However, unlike the Great Depression, the 1920 affair was over in 18 months. What explains its brevity? James Grant, publisher of the prestigious Grant's Interest Rate Observer, tells the story of America's last governmentally-untreated depression; relatively brief and self-correcting which gave way to the Roaring Twenties...

After taking a three month leave of absence, Citi's Matt King has stormed right back to the front lines of financial reporting where his original perspective is very critically needed, and following up on his latest must read presentation which we posted two weeks ago and dubbed "the tipping point", overnight Citi's chief credit strategist is out with a new note titled "The race to the bottom", which focuses on the negative feedback loop world in which "liquidity breeds liquidity and illiquidity breeds illiquidity" (we are now in the latter phase), and how this impacts both global

By the SRSrocco Report,

This gold chart should have Central Banks extremely worried.  Why?  Because the change in physical gold and Central Bank demand since the first crash of the U.S. and global markets in 2008 is literally off the charts.

Submitted by Alasdair Macleod via GoldMoney.com,

World-wide, markets are horribly distorted, which spells danger not only to investors, but to businesses and their employees as well, because it is impossible to allocate capital efficiently in this financial environment.

Submitted by Michael Shedlock via MishTalk.com,

407,000 private sector workers are about to lose most of their pensions.

I first wrote about this on April 21, in One of Nation’s Largest Pension Funds (Truckers) Will Reduce Benefits or Go Broke by 2025.

The Central States Pension Fund, which handles the retirement benefits for current and former Teamster union truck drivers across various states applied for reductions under that law.