The economic storm clouds have been gathering for some time now, but because they have been lingering for so long, people have grown accustomed to the sight of them. And that is where the danger rests.
Today's June Durable Goods Orders plummeted 2.1% while inventories increased 0.4% to the highest level ever recorded. Demand down, inventory up - this points to a clear contraction in 2Q GDP and might put the U.S. back "officially" in recession. Oops. Then again, in the real world, we've been living in an economic depression since 2008 and now are entering the second leg of that depression so "officially" what they report "officially" doesn't matter one way or another.
Delta Airlines announced further cuts in flights as net income dropped 58%, which was blamed on higher oil prices. Now, they are planning for sustained higher fuel costs which they will pass on to the passengers. Delta gets an "F" for Failing.
Speaking of failing, another TBTF&TCTS bank named
Being that today we got a very late start, we're able to incorporate the Fed's Beige Book of inactivity, which showed "the economy" (or whatever remains of it) slowed down, ahem, more than "expected." Eight out of 12 regions experienced contraction and all of it was blamed mostly on Japan. Well, that and floods and droughts. Oh and maybe some snow for good measure. Don't bother wasting your time reading the 40 pages of blah, blah, blah when we can summarize it for you in two words - crumbling economy. Next.
As the drama in Washington roars on, we see gold and silver going up, up and away. More and more people are catching on to the fact that fiat currency is worthless. Now, combine what we predicted three months ago when we said the Comex is dry on physical, and it's setting up to be a long hot summer for those holding fiat and no gold.
Finally, as the financial world continues to burn and crumble, we present to you a video that proves what we have always known - radiation is not healthy for you. Take that, Ann Coulter.