On BI, we see a front page story on the collapse of the postal service – brought to you by the same terrorists on Wall St. who are responsible for 45 million on food stamps – AND NO MENTION OF THE LINKEDIN STOCK COLLAPSE WHATSOEVER.. Investors who bought into BI’s unmerciful pumping of this nonsensically priced vapor stock should rip HB a new one.

Stacy update: Here’s Blodget’s response in comments –

House Prices Have Now Fallen Farther Than They Did In The Great Depression

http://archives2011.gcnlive.com/Archives2011/may11/PeterSchiff/0525111.mp3

Peter Schiff interviews Steve Keen

“Hi, Max & Steve -

I almost forgot to remind you that we ran Steve’s interview last week. It can be heard here:

Please let me know if you’d also like an MP3.

Max – Thanks for setting this up.”

• Miami South Beach a ‘war zone.’

• Case Shiller Prolapse Hits New Lows As 20 City Composite Plunges Again, Below Consensus Of -0.2%, “New Recession Low” Plumbed

• All US Gold Gone? Russia says IMF Chief Jailed for Discovery.

“According to this FSB secret report, Strauss-Kahn had become “increasingly concerned” earlier this month after the United States began “stalling” its pledged delivery to the IMF of 191.3 tons of gold agreed to under the Second Amendment of the Articles of Agreement signed by the Executive Board in April 1978 that were to be sold to fund what are called Special Drawing Rights (SDRs) as an alternative to what are called reserve currencies.”

“In an astounding move puzzling many in Moscow, Putin after reading this secret FSB report today ordered posted to the Kremlin’s official website a defense of Strauss-Khan becoming the first world leader to state that the former IMF chief was a victim of a US conspiracy. Putin further stated, “It’s hard for me to evaluate the hidden political motives but I cannot believe that it looks the way it was initially introduced. It doesn’t sit right in my head.”

Stacy update: While it is very likely, indeed, that the U.S. either has no gold or, if it does, never had any intention of handing it over to the IMF to sell to India or Bangladesh, the claim that ‘rogue agents’ would contact DSK with this information sounds extremely improbable.   The rest of the story, however, has mainstream, ‘legitimate’ (to some) backup.  So here are a few links for those that like their headlines from the mainstream media, in particular, below are two very connected uber offshore bank account kind of elite guys and their media outlets reporting on the story (the only bit missing, of course, is the gold angle that this guy above seems to have added/made up):

• Rupert Murdoch’s NY Post – Putin says Strauss-Kahn may have been set up
• Barclays brothers The Daily Telegraph – Vladimir Putin hints at Dominique Strauss-Kahn conspiracy: Vladimir Putin, the Russian prime minister, has hinted that Dominique Strauss-Kahn may be the victim of a conspiracy to force him from the head of the IMF

• And this from RT in which they interview Putin’s press attache:

• Time To Celebrate The Recovery: Food Stamp Usage Hits Fresh Record

Not many Americans understand that the goal of the food stamp program is to expand it to include the entire ‘bottom 99%’ in America who will also be treated with millions of gaming coins (Zynga Dollars) as the official currency of the Casino-Gulag. Food stamps are not a temporary solution, they are part of the replacement process of the U.S. dollar (now fractionally backed by a claim on Wall St. bonuses) to having no claim whatsoever on Wall St. or Washington insiders (i.e., complete loss of political representation as part of the return to feudalism). The prison is being built around you. You will never officially be ‘sent’ to prison. The prison is coming to you. The monarchy will never officially be reestablished. It is being created from simultaneous elimination of the marginally fractional currency and marginally representative government and replacement with zero worth currency and zero representation.

• China Faces Two New Inflationary Pressures, Even As The Economy Slows

Incidentally, it is wrong to call drought a cause for inflation – drought, along with the absence of monetary velocity (i.e., no liquidity) causes deflation. The gov’t response will be to flood the economy with more paper claims and this in turn will cause prices to go higher. But it’s wrong to confuse the effect of drought as the cause.

• The UN economic division said that a crisis of confidence in the dollar, stemming from the falling value of foreign dollar holdings, would imperil the global financial system.

Does this mean Obama/Netanyahu will start bombing E. 42nd street? I guess we now know the location of the next false flag attack.

• Home prices extended their slide again in April to a fourth consecutive month, as falls at the most costly end of the market dragged down overall values.