A couple of quick hits for you to enjoy with your morning coffee, European lunch or Asian/Australian dinner:
First, in a followup to last night where I posted that John Embry letter from last summer, here's Embry's latest, discovered by reader "Costa Rica Chris". For perspective, be sure you have read last summer's missive before you dig into this one. After reading this, you'll probably be ready to max out your JPMorgan credit card and use all the money to buy physical silver and gold.
Next, I referenced yesterday the "60 Minutes" segment that dealt with the looming bankruptcies of U.S. cities and states. At the very end, Meredith Whitney says forthrightly that this crisis will be front-and-center "within the next 12 months". Do you really think that states and cities will be allowed to go bankrupt? Do you really think California can find $19B in new deficit financing? Do you really think that the state of Illinois is going to raise revenue by 25% and slash spending by 25% so that they will be in balance? OF COURSE NOT!!! The only remedy is a US government, money-printing, QE3 bailout. Period.
Presented for your enjoyment, here is the full "60 Minutes" video:
While I've been typing, I see Blythe has decided to attack...again. This makes 5 straight days! You'd think she'd at least allow us our Tuesday but no. This current attack is about $9 in roughly 9 minutes. Same time, same place. Shit's getting old but what can you do? Let's see if the BoS blunt her forces as we go through the morning. Maybe we can paint the tape with another "FUBM" formation?!?
11:30 EST update:
Here's Blythe's daily footprint