With that in mind, new homes sales data out this morning missed terribly by 1.6% month over month. The real cake topper however was the Missing In Action "revised number" for last month's data which shows that housing collapsed 5.4%, not the 0.9% they initially reported to the computer algos. No surprise to us that home prices are UP because the number of middle class homes being sold have reached the abyss and only mega mansions are skewing the data. All of this points to big trouble ahead for housing.
If you're ready to laugh, this headline from Reuters via Yahoo should help to boil to blood - "Economic growth gauge held 7-month high last week: ECRI." Anyone not following Kim Kashmachine's tweets or the latest Hollywood gossip knows the ECRI is another ponzi organization who gets paid for publishing propaganda. Your "on-the-ground" personal indicators probably are screaming BS. Nothing you can do, so you might as well sit back and enjoy the slow motion tsunami.
Speaking of tsunamis, the death of the dollar is fast approaching. Only a few weeks ago, the world's largest oil producing nation made a pact with the world's second largest oil consumer in January. Hint: the U.S. is number one - must read article from GasBuddy explains it in detail.
It's only been two weeks and already the ECB's latest bankster bailout has failed. As we warned about last month, the PIIGS are diseased and contagion is going to spread. With all the hoopla about the latest
fire breathing iPad, few people have noticed those PIIGS' bond yields have exploded in just a few days. We can't wait to see what the ECB will do once Ireland, then Portugal, then Spain come asking for money.
One main stream article that is making headlines is this article from the Business Insider stating that the Dallas Fed is calling for the end of Too Big To Fail. Interesting times indeed. But is this just simply more smoke for the mirrors?
Speaking of smoke and mirrors, big brother is indeed watching for you and spying on your every move. It gets much better, however. The gov't is attempting to silence an unknown service provider from spilling the beans. And we suspect these beans are red hot chili beans. Ever notice how just before an empire collapses, the elite enact more rules to tighten the rope?
In other news, student loan debt (which will enslave millions for their whole rotten lives) has just topped $1 Trillion. Definitely bullish for the ponzi markets (yes, they are rallying today).
Finally, keeping the top of the pot from blowing up can be dangerous stuff, especially when it's spilling over. ENE News today has this headline (we speculated about a few days after 3/11/11) - "US Gov’t: Widespread contamination throughout northern Japan, including Tokyo — 'Entire region would be required to be posted as radiological area'"
We needn't say more. We should believe that iPads will save the whole world.