Bill Bonner, venerable voice of reason and co-author of The New Empire of Debt, brings a tongue-in-cheek look at inflation in the new U.S. economy for The Daily Reckoning, UK Edition.
For one moment, forget about stock markets as divine measures of prosperity. Focus on the lives of ordinary citizens. We read that 28 million Americans will subside on food stamps this year — the most since Congress enacted the program in the 1960s.
In the Great Depression one in four were out of work, today it’s only one in twenty. Whoa! What happened yesterday…
U.S. food stamp users hit record high as food prices surge. First quarter in review… how the U.S. market and dollar fared versus their global competitors. Chris Mayer on the sectors looking to stage a comeback in the second quarter. Write-downs return… which banks came forward today with new financial follies. Kevin Kerr on how the latest planting intentions report will affect resource investors.
Swiss bank UBS makes front-page news on The Wall Street Journal for its thumping quarterly loss of more than $12 billion on write-downs of $19 billion. The losses have claimed chairman Marc Ospel.
– USA 2008: The Great Depression
Brit newspaper The Independent leads with “dismal projections” that in the fiscal year starting in October, 28 million people in the US will rely on government food stamps to survive, the highest level since the food assistance programme was introduced in the 1960s.
Paulson plan will be “dead on arrival”, according to The New York Times, as “lawmakers and lobbyists from an array of industries” oppose to the plan to create a new financial regulatory system…
