With a wheezing economy that’s struggling with housing and credit problems - as well as a weak dollar - it’s clear the United States won’t be in the investment spotlight this year.

In the first quarter, Goldman Sachs Group Inc. (GS) packed another $27 billion worth of illiquid assets onto its balance sheet - a 39% increase that brought the total to $96 billion.

“A full 3% of U.S. homes could go into foreclosure before the housing meltdown is over, according to a new report from the Pew Charitable Trusts,” says Dave Goingam.

“That’s 1 out of every 33. In Nevada, it’ll be more like 1 out of 11.”

“The forecast is based on data from the Mortgage Bankers Association and the Center for Responsible Lending.”

With the banking system going through a period of turmoil, the question of federal regulation will not be going away any time soon. Are market influences enough, or should the government be taking a closer look at how these banks do business.

Thomas G. Donlan’s new essay in Barron’s is titled “Lands of Waste and Debt” with the subhead “The states send signals that it will not be a happy Spring”, which makes me ask the obvious question “It won’t be happy for who?”, as I am all in gold, silver and oil, and I am dead-bang sure that I will be VERY happy for a long, long time…

George Soros first made a name for himself with The Quantum Fund, a hedge fund that’s often described as the first real global investment fund, which he and partner Jim Rogers founded in 1970.

Clearly, we can no longer believe U.S. banks when they claim to be done declaring multi-billion-dollar losses.

Total losses from subprime are likely to be near $1trn says the IMF. It’s a trillion…give or take…