Submitted by Jim Grant via Time.com,
$13,903,107,629,266. Can the nation afford this much debt?
This much I have learned about debt after 40 years of writing and study: It is better not to incur it. Once it is incurred, it is better to pay it off. America, we have a problem.
Submitted by Mike "Mish" Shedlock
Hungary has become the first Eastern European country to issue a yuan-denominated sovereign bond.
The deal that shows how currying favor with China may be a more important driver for the market than funding.
Reader Steve who sent me the story commented on Hungarian mortgages denominated in Swiss Francs only to see the Franc jump over 20% in value overnight.
“Pretty clever guys!”, said Steve.
Anyone think this is a good idea?
Following last night's leaked draft Doha document, which envisions a non-binding, "gentleman-like" oil freeze agreement, that caps production at January levels until October, with zero enforcement or oversight, moments ago the formal Doha talks started:
However, even before the start, things did not look good, when Saudi Arabia delayed the start of the meeting in what seemed to be a redrafting to account for the inclusion of Iran as part of the freeze, something which Iran has clearly said it won't do.
By Chris at www.CapitalistExploits.at
Sure, it may just go to $650 an ounce first, which incidentally would be awesome for those of us who love going long asymmetry.
Rest assured however, when the wheels truly come off of what is easily the craziest monetary experiment of modern times, there will be no stopping gold from running.
Citizens in Hungary have located and destroyed 1000 acres of cornfields that were found to be grown with GMO seeds supplied by Monsanto. In Hungary, GMO seeds are banned along with other GM ingredients. Health-explorer.com reports: According to Upriser, “Almost 1000 acres of maize found to have been ground with genetically modified seeds have been destroyed throughout Hungary, deputy state secretary of the Ministry of Rural Development Lajos Bognar said.