Reader Comment On The Economy

“Guy:”

I don’t have the crystal ball, but the charts for BDI [Baltic Dry Index],  [Shanghai Containerized Freight Index and the North American Trucking index are all pointing down and this sort of cliff diving has been going on for awhile now.

Down in Texas, there’s a fella I know that makes runs with his truck and about a month ago he said that moving product has dropped off a lot.  He confirms others in the trucking business are seeing the same thing.   Also, look at other raw materials such as lumber and iron…all trending down quite rapidly.   All I can say is that it appears the “consumer” is tapped out due to debt most likely.

Another thing that has happened that I have never seen is what the credit card companies are doing in an attempt to get people to buy stuff (I’m 64 so I’ve seen quite a bit, so far, but nothing like we see now). I get credit care apps in the mail (lots of them…more than any other time in my life) whereby they offer such things as “spend $1000 in 3 months and get a credit of $100 to $250 which you can apply to your credit card balance. We take advantage of this all the time…but we never carry a balance. What we “charge” during a month we pay it off with the next statement. Furthermore, we get so many “offers” of balance transfers (never have a balance, by the way) that would give us 12-18 months at 0% interest. Maybe a year or two ago, the length of time for 0% was typically 6 months.

What does all this tell us? There is a problem out there and it seems to be escalating.

3 thoughts on “Reader Comment On The Economy

  1. Dude…. The Baltic Dry Index has been on a tear recently…. granted it’s still way down from a year or two ago when it was around 2200. But it just recently shot up from the 500 range to the 830 range. Lumber looks like it just completed a dead cat bounce but the jury is still out on that. What’s really been interesting me is what Dave pointed out about AMBC and MBI. I’m curious to see if they plunge more from here. What’s your take on that Dave? Is the Puerto Rico default already calculated into the share price of those two companies or should we expect more downside????

  2. Presently, at around 10 AM EST time zone on July 8, a CNBC headline says:

    “Euro, drachma, bitcoin? Greece’s currency options”

    Notice the omission of gold as an option.

    Until just a few days ago, I used to think the war on gold was oblique or ancillary to what the counterfeiters want. But then, last Tuesday (yesterday in your time zone), when they dumped f-cking BILLIONS of dollars of gold and silver naked shorts at the opening of the Comex…

    …THEN I began to know and believe, absolutely, that their MAIN ENEMY IS GOLD! Or rather, their main enemy is real money, the kind of money that has some objective reality outside of political fiat.

    And so, now, I have truly begun to hate them. I have come to hate the thieving moneychangers – those whose manipulations steal from the widow and the orphan – as much as Jesus did:

  3. And this was really good, too. I mean, EVEN FOR SECULAR ATHEISTS – or at least all of those with common sense and a love of natural law – ALL reasonable humans ought to agree with THIS Man’s reproach to those who abuse power!:

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