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Bluecard, I agree totally. A whole big chunk of the "US economy" seems to be "stuff" that nobody really needs. Walk around their retail malls. ALL the shops could shut tomorrow and life woud go on. They sell mostly crap & more crap. LL

Circuit City goes broke after 60 years in biz. In the US, Circuit City and Best Buy were the consumer electronic guys. 567 stores to close. LL http://www.bloomberg.com/apps/news?pid=20601087&sid=ao7Sc7m4zbRI&refer=home

Hi Bill, I can only tell you what I read. The difference "this time" is the size and nature of the existing US debt. Back-a-way, the US debt was held in long term (like 30year) gov. bonds that were held by US citizens. Today, the debt is all external (T-bills held by countries like China...

To say the media have "jumped on board" is maybe too stong at this point in time. They are at the stage where (a) they now have to accept that blokes like Schiff etc HAVE got some things very right and hence (b) because of this are now listening just a little more intently to their forecasts...

I think he's pretty right on both counts. Certainly,for the US, there's a lot of US commentators ( Rogers, Faber, Schiff) who have been saying this for some time now...and now, the "nodding heads of CNN and CNBC e.g." who previously dis-agreed with them vehemently and publicly are gradually...