Stacy Summary: I remember when gold was at 900 and gold analysts insisted that demand from India would be capped by this price point. Looks like they were wrong.
Purchases by India, the world’s biggest user, surged 60 percent to 267 tons in the three months ended June 30, from 167 tons a year earlier, the producer-funded council said on Aug. 18. Investment demand jumped 78 percent to 108.5 tons, the second-highest quarter on record, it said.
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Stacy Summary: Nothing to see here, just keep moving on.
The death toll is expected to rise with experts forecasting temperatures approaching 50C (122F) in coming weeks. More than 100 people are reported to have died in the state of Gujarat where the mercury topped at 48.5C last week. At least 90 died in Maharashtra, 35 in Rajasthan and 34 in Bihar.
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Stacy Summary: Good morning!!!! The food stamps story seems to be one that keeps popping up; I guess food stamps are the soup lines of this Great Depression?
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Stacy Summary: The next stage of the global crisis is clearly happening in the currency grid, led by the collapsing reserve currency.
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Stacy Summary: First, some info on guest confirmed for next On the Edge – we have Karl Denninger. Next, here are the headlines I am reading this morning . . . when supply and demand gets ugly.
The Organisation for Economic Cooperation and Development has also made grim predictions about the state of Britain’s public finances. It is forecasting the fiscal deficit next year will climb to 14pc of GDP, higher than Ireland or Iceland, and the worst in the industrialised world.
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Stacy Summary: Okay, I have eyewitness deflation report for you. A rather posh restaurant only 50 yards from our apartment has had a fixed lunch menu for 4 years now set at 25 euros. This included three courses and a glass of wine and the place was always packed (it’s not exactly an enormous restaurant). A few months ago, it was no longer so packed and the set menu price was cut to 16 euros. Today, they cut the price to 14 euros, which is amazing for Paris. That’s the price normally seen in a restaurant catering to students or a bit lower end of the market. The set menu still includes three courses and a glass of wine.
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Stacy Summary: Yikes. Next week’s G8 is going to be verrrry interesting.
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Stacy Summary: A Saudi Prince losing control of his Kingdom. In the United Kingdom, meanwhile, a nation where a man’s home is his casino castle, mortgage chip holders are now underwater and sinking fast.
Updates:
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Posted in Headlines
Tagged china, citi, imf gold, india, jpmorgan, KHC, moody's, prince alwaleed, state sales taxes, tarp, uk government deficit, uk houseprices, unemployment rate
Rick Ackerman
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