The Mess That Greenspan Made - Part 414

I have no idea who this guy is, but he ties together a few timely news items – the budget debate, class warfare, and the effort to occupy Wall Street that he dubs the “American Spring” – before inviting President Obama to participate.

In related news, it’s not clear if this will help or hurt (my guess is the latter), but Roseanne Barr just made a surprise appearance at the protest, apparently not having anything good to say about either Ayn Rand or Rush Limbaugh – here’s a link.

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The U.K.’s Guardian newspaper files this report on the effort to occupy Wall Street over the weekend, a move that extended into the workweek earlier today.

On Saturday 17 September, many of us watched in awe as 5,000 Americans descended on to the financial district of lower Manhattan, waved signs, unfurled banners, beat drums, chanted slogans and proceeded to walk towards the “financial Gomorrah” of the nation. They vowed to “occupy Wall Street” and to “bring justice to the bankers”, but the New York police thwarted their efforts temporarily, locking down the symbolic street with barricades and checkpoints.

Undeterred, protesters walked laps around the area before holding a people’s assembly and setting up a semi-permanent protest encampment in a park on Liberty Street, a stone’s throw from Wall Street and a block from the Federal Reserve Bank of New York.

Three hundred spent the night, several hundred reinforcements arrived the next day and as we write this article, the encampment is rolling out sleeping bags once again. When they tweeted to the world that they were hungry, a nearby pizzeria received $2,800 in orders for delivery in a single hour. Emboldened by an outpouring of international solidarity, these American indignados said they’d be there to greet the bankers when the stock market opened on Monday. It looks like, for now, the police don’t think they can stop them. ABC News reports that “even though the demonstrators don’t have a permit for the protest, [the New York police department says that] they have no plans to remove those protesters who seem determined to stay on the streets.” Organisers on the ground say, “we’re digging in for a long-term occupation”.

There is much more in this piece and via a related Google News search. While I’m not holding my breath, we can at least hope that this might lead to an awakening of some sort in the U.S., akin to the Arab Spring. Then again, there’s probably little chance of that happening – at least not until the economy gets much, much worse.

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The “R-word” Index

The Economist’s Daily Chart provides confirmation of what most people already seem to  understand – that another recession is, if not already here, on its way.

In case you hadn’t noticed, never before in the last two decades has the index been this high outside of a recession. In fact, it is now higher than it ever was back in 2001.

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Monday Morning Links

Preparing for a Greek Default – Hussman Funds
Greece Under Scrutiny for Next Aid Payment – Bloomberg
Lenders: Greece must shrink state to avoid default – Reuters
Obama Unveils ‘Buffett Rule’ Tax On Millionaires – HuffPost
Obama Deficit Plan to Call for $1.5 Trillion in Taxes – Bloomberg
Infographic Of The Doomed European Financial System – Zero Hedge
Mayor Bloomberg predicts riots if economy doesn’t create more jobs – Daily News
Moody’s stays negative on states, local govenments – Bloomberg
Gen Y’s $2 Million Retirement Price Tag – U.S. News
Wall Street May Be Blocked Off Again – Bloomberg
Is Social Security a Ponzi Scheme? – Mises
Jobs and the G.O.P. – New Yorker

Oil falls to $87 amid stronger US dollar – AP
Gold rallies on euro debt crisis gloom – Reuters
Fund Withdrawals Top Lehman as $75B Pulled – Bloomberg
Libya Restart May Not Increase Global Oil Supply – WSJ
A Closer Look at Gold and the Coming Breakout to 2100 – Jesse’s Cafe
Gold investments soar in India despite rising prices – Commodity Online
Why Is Hugo Chávez Moving Venezuela’s Gold Holdings Home? – Forbes
ETFs have potential to become the next toxic scandal – Telegraph
Gold and Silver Stocks – aucontrarian
Fork in the Road – The Big Picture

Fed, European woes in economic spotlight – MarketWatch
A Little Inflation Can Be a Dangerous Thing – NY Times
How to Prevent a Depression – Roubini, Project Syndicate
Can China escape as world’s debt crisis reaches Act III? – Telegraph
States slow to tap $7.6B fund to help jobless pay mortgages – USA Today
The newest threat to U.S. home prices – Fortune
We’ve Overshot the Fed’s Upper Inflation Limit – RCM
Bank of New York: A Train Wreck Waiting to Happen? – Naked Capitalism
Bernanke Joins King Tolerating Inflation to Revice Economy – Bloomberg
Fed Runs Risk of Doing Less Than Investors Expect – NY Times
Rearranging the Deck Chairs – Fed Watch

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