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The Daily Middle News Update Saturday, January 23, 2010

Who is Jim Rogers, and why is he saying “Better to Take the Pain and Move On.”

Jim Rogers,

“The way you solve problems like this is what’s happened throughout history. If people go bankrupt, you let them go bankrupt. And then the competent people come in, take over the assets, reorganize, and you start over. [It] happened in Scandanavia in the early 90’s, they boomed after 3 or 4 years of horrible pain. South Korea, Russia, Mexico, the list goes on and on throughout history. The countries that take the pain and reorganize and start over, they always come out much, much better.

Nouriel Roubini and Peter Schiff on CNBC’s Fast Money

Peter Schiff,

“Well first of all, I’d like to see the government reverse course. I’d like to change the policies. Instead of continuing to make the problems worse, let’s create a foundation where the free market can make the problems better. So instead of having an easy out -- your show is fast money. Ben Bernanke, his show is all about loose money. We need to put that to an end. We need to raise interest rates, we need a realistic interest rate in this country, and I know he’s saying he’s not going to buy treasuries anymore; he’s not telling the truth. So if anything, he’s going to keep monetizing his debt.”

Bill Maher on Ending Abusive Relationships…with your Bank!

Bill Maher,

“Face it, real change is not going to come from Congress, it’s not going to come from the White House, it’s certainly not going to come from the lobbyists Wall Street hires to make sure their special interests keep beating out the public interests. We have got to do it ourselves, and moving your money, is a great way to start. This is not a conservative idea, or a liberal idea, it’s not left, not right, red or blue, it’s populism at it’s best. And it’s already attracted people from all walks of life who are sick and tired of the big banks, and they’re ready to do something about it.”

Rise in jobless claims signals bump in recovery

From: Yahoo Finance

WASHINGTON (AP) — A surprising jump in first-time claims for unemployment aid sent a painful reminder Thursday that jobs remain scarce six months into the economic recovery.

The surge in last week’s claims deflated hopes among some analysts that the economy would produce a net gain in jobs in January and help fuel the recovery.

A Labor Department analyst said much of the increase was due to holiday-season-related administrative backlogs at the state agencies that process the claims. Still, economists noted that that would mean claims in previous weeks had been artificially low. Those earlier declines had sparked optimism that layoffs were tapering and that employers would add a modest number of jobs in January.

Read Full Article

Bernanke and Krugman vs. Schiff and Paul

Ben Bernanke and Paul Krugman vs Peter Schiff and Ron Paul

Ben Bernanke made the following comment back in July of 2007,
“The global economy continues to be strong. Supported by solid economic growth abroad, U.S. exports should expand further in coming quarters. Overall the U.S. economy appears likely to expand at a moderate pace over the second half of 2007. With growth then strengthening a bit in 2008 to a rate close to the economies’ underlying trend.”

Peter Schiff, May 2002

“So I think as more and more people are starting to see that Wall Street is conning them. And hey, if these guys can be so wrong about Enron, so wrong about World Com, so wrong about Cisco, or any of these companies, that were so heavily touted. Why can’t they be wrong about the whole thing? About what they’re saying about the economy, about what they’re saying about the market. And they are wrong. Don’t believe the propaganda, and that’s what it is. When you’re listening to an analyst on a lot of these popular financial shows, the mainstream Wall Street firms, you’re not getting investment advice, you’re getting propaganda.

Ron Paul, “The Middle Class is being wiped out and nobody’s understanding that it has to do with the value of money, prices are going up.”

Ron Paul vs Ben Bernanke,

“History is on the side of hard money. If you look at stable prices you have to look at the only historic sound money that’s lasted more than a few years. Fiat money always ends. Gold is the only place you can get stable prices. For instance, in the last 3-4 years the price of oil has tripled…$20, $30, up to 100 dollars a barrel. And yet if you look at the price of oil in terms of gold, it’s absolutely flat, it’s absolutely stable. So if we want stable prices, we have to have stable money.

I cannot see how we can continue to accept the policy of deliberately destroying the value of money as an economic value. It’s so immoral, in the sense that, what if somebody who’s saving for their retirement and they have CD’s and [yet] we’re inflating the money at a 10% rate. [Their] standard of living is going down and that’s what happening today. The middle class is being wiped out and nobody’s understanding that it has to do with the value of money, prices are going up. So how are you able to defend this policy of deliberate depreciation of our money?”

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