Gordon T Long

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COMMENTARY for all articles by Gordon T Long

 

PRESERVE & PROTECT: The Jaws of Death

 

The United States is facing both a structural and demand problem - it is not the cyclical recessionary business cycle or the fallout of a credit supply crisis which the Washington spin would have you believe.

 

It is my opinion that the Washington political machine is being forced to take this position, because it simply does not know what to do about the real dilemma associated with the implications of the massive structural debt and deficits facing the US.  This is a politically dangerous predicament because the reality is we are on the cusp of an imminent and significant collapse in the standard of living for most Americans.

 

The politicos’ proven tool of stimulus spending, which has been the silver bullet solution for decades to everything that has even hinted of being a problem, is clearly no longer working. Monetary and Fiscal policy are presently no match for the collapse of the Shadow Banking System. A $2.1 Trillion YTD drop in Shadow Banking Liabilities has become an insurmountable problem for the Federal Reserve without a further and dramatic increase in Quantitative Easing. The fallout from this action will be an intractable problem which we will face for the next five to eight years, resulting in the “Jaws of Death” for the American public.  READ MORE

 

 

   

 

PRESERVE & PROTECT: Mapping the Tipping Points

The economic news has turned decidedly negative globally and a sense of ‘quiet before the storm’ permeates the financial headlines. Arcane subjects such as a Hindenburg Omen now make mainline news. The retail investor continues to flee the equity markets and in concert with the institutional players relentlessly pile into the perceived safety of yield instruments, though they are outrageously expensive by any proven measure. Like trying to buy a pump during a storm flood, people are apparently willing to pay any price.  As a sailor it feels like the ominous period where the crew is fastening down the hatches and preparing for the squall that is clearly on the horizon. Few crew mates are talking as everyone is checking preparations for any eventuality. Are you prepared?

 

What if this is not a squall but a tropical storm, or even a hurricane? Unlike sailors the financial markets do not have the forecasting technology to protect it from such a possibility. Good sailors before today’s technology advancements avoided this possibility through the use of almanacs, shrewd observation of the climate and common sense. It appears to this old salt that all three are missing in today’s financial community.

 

Looking through the misty haze though, I can see the following clearly looming on the horizon.

Since President Nixon took the US off the Gold standard in 1971 the increase in global fiat currency has been nothing short of breath taking. It has grown unchecked and inevitably became unhinged from world industrial production and the historical creators of real tangible wealth.  READ MORE

READER ROADMAP -  2010 TIPPING POINTS aid to positioning COMMENTARY

 

 

 

POSTS:  THURSDAY 10-14-10

Last Update: 10/15/2010 03:26 PM

SCHEDULE: 1st Pass: 5:30AM EST, 2nd Pass: 8:00 AM, 3rd Pass 10:30 AM. Last Pass 5:30 PM

ARTICLE SOURCE 1 2 3 4 5 6 7 8 9 10
                       
Hungary's $1.8 Billion of Temporary Taxes Delay `Painful' Cuts Bloomberg X                  
Dubai's Worst Office Buildings Will Be Empty Forever, CBRE Says Bloomberg X                  
Dubai’s new housing tax may deter investors Khaleej Times X                  
U.K. Government Will Scrap Some of 700 Agencies, Merge Others Bloomberg X                  
Initial Jobless Claims in U.S. Rose 13,000 Last Week to 462,000 Bloomberg X                  
Trade Gap in U.S. Climbs More Than Forecast as Imports Increase Bloomberg X                  
U.S. Trade Gap Widens  WSJ  X                  
Producer Prices in U.S. Rose 0.4% in September; Core Up 0.1% Bloomberg X                  
24 Facts About the US Economy That Are Almost Too Embarrassing to Admit Minyanville X                  
Pimco Cuts Treasury Holdings on Prospects Fed's QE2 to Have Limited Impact Bloomberg     X              
Wall Street's snake oil salesmen are at it again Fairfax           X        
Swaps Show China, India, Developing Nations Gaining on G-7 Bloomberg           X        
The economic crisis was an 'inside job' Wash. Post           X        
U.S. Home Seizures Reach Record Amid Foreclosure Review Bloomberg                 X  
A background briefing about the foreclosure crisis: origin and impacts Fabius Maximus                 X  
The enormous mortgage-bond scandal Salmon                 X  
FDIC's Bair Calls 'Robo-Signings' Serious Issue Reuters                 X  
The Walls Keep Tumbling Down: Foreclosure Flap and Other Housing Industry Woes Wharton                 X  
Wells adds to crisis over home seizures FT                 X  
Document Mess Hits Fannie, Freddie WSJ                 X  
Is Bank Of America The Most Exposed If There's A Brand New Mortgage-Bond Scandal BI                 X  
                       
ARTICLE SOURCE 11 12 13 14 15 16 17 18 19 20
                       
The Link Between Corporate Profits And Investment Is Dead BI       X            
The Education of President Obama NY Times                 X  
                       
                       
CENTRAL BANKING & MONETARY POLICY                      
Would QE2 Have a Significant Effect on Economic Growth, Employment, or Inflation? FRBSL                    
Key Treasury Yields When QE1 Was Put in Place N Trust                    
Why The Greatest Conflict Of Interest Lies INSIDE The Fed BI                    
GENERAL INTEREST                      
Monthly Economic Monitor - October NB Financial                    
Watching and Waiting Puplava                    
Roubini Expects 35-40% Chance of a Double Dip Recession in U.S. Bloomberg                    
Business Owners Looking to Sell Come Up Short WSJ                    

CURRENCY WARS

                      
The U.S. Will Lose a Currency War WSJ                    
25 interventions in a one week band, redux FT Alphav.                    
World needs to stay vigilant about active depreciation of the dollar PDaily                    
Raising the Barricades Against a Rush of Capital NY Times                    
Who Caused the Currency Wars? Project Syndicate                    
Russia's central bank calls for 'peace in currency wars' AFP                    
Currency scrap yet to become a brawl NZ Herald                    
Brazil ups the ante Financial Express                    
Tensions trouble Seoul as summit looms FT                    
Protectionism becomes respectable Rachman                    
Inflation and devaluation is inevitable: Wolfensohn Reuters                    
German minister sees 'trade war' risk, report says AP                    
Will pressuring China provoke a trade war? St Louis Today                    
Russia scraps trading band: bank AFP                    
GCC states 'must unite for single currency plan' Gulf Daily News                    
Singapore Tightens Monetary Policy WSJ                    
On your marks, get set, devalue FT Alphav.                    
A Zimbabwe rally effect? FT Alphav.                    
Q3 EARNINGS                      
                       
MARKET & GOLD MANIPULATION                      
Can the G-20 and the I.M.F. Burst the Gold Bubble? Philips                    
                       
VIDEO TO WATCH                      
                       

Complete Legend to the Right, Top Items below.
Articles with highlights, graphics and any pertinent analysis found below.

1

         

1-SOVEREIGN DEBT
2-EU BANKING CRISIS
3-BOND BUBBLE

4-STATE & LOCAL GOVERNMENT
5-CENTRAL & EASTERN EUROPE
6-BANKING CRISIS II
7-RISK REVERSAL

8-COMMERCIAL REAL ESTATE
9-RESIDENTIAL REAL ESTATE - PHASE II
10-EXPIRATION FINANCIAL CRISIS PROGRAM
11-PENSION CRISIS

12-CHRONIC UNEMPLOYMENT
13-GOVERNMENT BACKSTOP INSUR.
14-CORPORATE BANKRUPTCY

TODAY'S TIPPING POINTS UPDATE

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10-14-10

 

GEO-POLITICAL TENSIONS - ISRAEL / KOREA / IRAN

 

IRAN

ISREAL

KOREA

 

1- SOVEREIGN DEBT & CREDIT CRISIS

 

SOVEREIGNS

 

 

GREECE

 

SPAIN

 

GERMANY

 

FRANCE

 

HUNGARY

 

Hungary's $1.8 Billion of Temporary Taxes Delay `Painful' Cuts  BL

 

DUBAI

 

Dubai's Worst Office Buildings Will Be Empty Forever, CBRE Says BL

Dubai’s new housing tax may deter investors Khaleej Times

 

UK

U.K. Government Will Scrap Some of 700 Agencies, Merge Others  BL

 

IRELAND


JAPAN

 

 

USA

 

time (et) report period Actual Consensus
forecast		 previous

Thursday, Oct. 14
8:30 am Jobless claims 10/8 462,000 444,000 449,000 
8:30 am Trade balance Aug. -$46.3 -$44.1 bln -$42.6 bln
8:30 am Producer price index Sept. 0.4% 0.1% 0.4%
8:30 am Core PPI Sept. 0.1% 0.1% 0.1%

Initial Jobless Claims in U.S. Rose 13,000 Last Week to 462,000 BL

 Trade Gap in U.S. Climbs More Than Forecast as Imports Increase BL

U.S. Trade Gap Widens  WSJ


U.S. imports surged 2.1% to $200.22 billion from $196.12 billion in July while exports rose marginally to $153.87 billion from $153.53 billion in July 

Producer Prices in U.S. Rose 0.4% in September; Core Up 0.1% BL


24 Facts About the US Economy That Are Almost Too Embarrassing to Admit Minyanville
#1 Ten years ago, the United States was ranked number one in average wealth per adult. In 2010, the United States has fallen to seventh.

#2 The United States once had the highest proportion of young adults with post-secondary degrees in the world. Today, the U.S. has fallen to 12th.

#3 In the 2009 "prosperity index" published by the Legatum Institute, the United States was ranked as just the ninth most prosperous country in the world. That was down five places from 2008.

#4 In 2001, the United States ranked fourth in the world in per capita broadband Internet use. Today it ranks 15th.

#5 The economy of India is projected to become larger than the U.S. economy by the year 2050.

#6 One prominent economist now says that the Chinese economy will be three times larger than the U.S. economy by the year 2040.

#7 According to a new study conducted by Thompson Reuters, China could become the global leader in patent filings by next year.

#8 The United States has lost approximately 42,400 factories since 2001. Approximately 75 percent of those factories employed at least 500 workers while they were still in operation.

#9 The United States has lost a staggering 32 percent of its manufacturing jobs since the year 2000.

#10 Manufacturing employment in the U.S. computer industry is actually lower in 2010 than it was in 1975.

#11 In 1959, manufacturing represented 28 percent of all U.S. economic output. In 2008, it represented only 11.5 percent.

#12 The television manufacturing industry began in the United States. So how many televisions are manufactured in the United States today? According to Princeton University economist Alan S. Blinder, the grand total is zero.

#13 As of the end of 2009, less than 12 million Americans worked in manufacturing. The last time that less than 12 million Americans were employed in manufacturing was in 1941.

#14 Back in 1980, the United States imported approximately 37 percent of the oil that we use. Now we import nearly 60 percent of the oil that we use.

#15 The U.S. trade deficit is running about 40 or 50 billion dollars a month in 2010. That means that by the end of the year approximately half a trillion dollars (or more) will have left the United States for good.

#16 Between 2000 and 2009, America's trade deficit with China increased nearly 300 percent.

#17 Today, the United States spends approximately $3.90 on Chinese goods for every $1 that China spends on goods from the United States.

#18 According to a new study conducted by the Economic Policy Institute, if the U.S. trade deficit with China continues to increase at its current rate, the U.S. economy will lose over half a million jobs this year alone.

#19 American 15-year-olds do not even rank in the top half of all advanced nations when it comes to math or science literacy.

#20 Median household income in the U.S. declined from $51,726 in 2008 to $50,221 in 2009. That was the second yearly decline in a row.

#21 The United States has the third worst poverty rate among the advanced nations tracked by the Organization for Economic Cooperation and Development.

#22 Since the Federal Reserve was created in 1913, the U.S. dollar has lost over 95 percent of its purchasing power.

#23 U.S. government spending as a percentage of GDP is now up to approximately 36 percent.

#24 The Congressional Budget Office is projecting that U.S. government public debt will hit 716 percent of GDP by the year 2080.

 

 

2- EU BANKING CRISIS

   

 

3- BOND BUBBLE

 

Pimco Cuts Treasury Holdings on Prospects Fed's QE2 to Have Limited Impact BL

They essentially believe that the bond rally ahead of quantitative easing is finished:

“The market is very clearly anticipating that the Fed is going to act,” Douglas Hodge, chief operating officer, said in an interview at the World Knowledge Forum in Seoul today. “The challenge right now is the breadth of policy measures that can be taken by the U.S. is rather limited.”

“Even if the QE process is large and rates decline further, in our view we’re approaching the end of the bond market rally,” Hodge said. “From where we sit, it’s very hard to suggest there’s going to be that kind of price appreciation that we’ve seen in bonds over the last 12 to 24 months.”

 

 

4- STATE & LOCAL GOVERNMENT

 


5- CENTRAL & EASTERN EUROPE

 


6-BANKING CRISIS II

Wall Street's snake oil salesmen are at it again Fairfax

 Swaps Show China, India, Developing Nations Gaining on G-7 BL
Credit-default swaps on bonds sold by Brazil, Russia, India and China are closing in on those tied to the world’s largest economies, which are piling on debt in an attempt to stoke growth. The average cost of contracts protecting debt of the so- called BRICs dropped to 41.4 basis points more than the price of swaps on the Group of Seven countries and last week reached the lowest on record. The extra cost to insure the emerging-market nations’ bonds shrunk from 362 basis points, or 3.62 percentage points, in March 2009. Record demand for emerging-market bonds is driving down the relative yields that investors seek to own the debt.

The average cost of swaps on BRIC nations has fallen 9 basis points since the start of the year to 116 basis points, while the G-7 average jumped 15 to 74, according to data provider CMA. The G-7 average includes swaps on the U.S., U.K., France, Germany, Italy and Japan. Swaps on Canada are not actively traded.

The extra yield investors demand to own company bonds instead of similar maturity government debt fell 1 basis point to 168 basis points, according to Bank of America Merrill Lynch’s Global Broad Market Corporate Index. That’s the lowest since reaching the same level May 13 and down 13 basis points since Aug. 31. Yields averaged 3.36 percent yesterday.

Credit-default swaps on the Markit CDX North America Investment Grade Index, which investors use to hedge against losses on corporate debt or to speculate on creditworthiness, fell 4.2 basis points to a mid-price of 92.8

Developing nations will grow 6.4 percent next year, while developed economies will expand 2.2 percent, the International Monetary Fund said last week.

The economic crisis was an 'inside job' WP

7- RISK REVERSAL

 

 

8- COMMERCIAL REAL ESTATE

 

 

9-RESIDENTIAL REAL ESTATE - PHASE II

 

U.S. Home Seizures Reach Record Amid Foreclosure Review BL

 

A background briefing about the foreclosure crisis: origin and impacts Fabius Maximus

The enormous mortgage-bond scandal Salmon

FDIC's Bair Calls 'Robo-Signings' Serious Issue Reuters

The Walls Keep Tumbling Down: Foreclosure Flap and Other Housing Industry Woes Wharton

Wells adds to crisis over home seizures  FT

US court documents reveal ‘robo signer’

 Document Mess Hits Fannie, Freddie  WSJ
Fannie and Freddie are reviewing the work of a top Florida law firm they recommended to process foreclosures, raising questions for the first time about their role in the unfolding mortgage-foreclosure crisis.

Is Bank Of America The Most Exposed If There's A Brand New Mortgage-Bond Scandal  BI
Earlier, we wrote about Felix Salmon's contention that there's a new mortgage fraud scandal that has the potential to dwarf Goldman's ABACUS dealings. In this fraud scenario, banks took advantage of their information advantage and sold CDOs with mortgages they knew to be bad without clear representation to investors.

In August, Manal Mehta and Branch Hill Capital put together a presentation targeting Bank of America's potential exposure to this mortgage fraud, as well as other problems in the mortgage market.

The presentation comes to a pretty damning conclusion: Bank of America's exposure could nearly halve its share price.

It's all about what capital Bank of America has in reserve for the scenario of mortgages having to come back on its balance sheet.

The breakdown does not detail what exposures Merrill Lynch may add to Bank of America's problem.

*Note: This presentation was sent to his by Manal Mehta, and we do not know what positions he, or his firm, have in Bank of America or any other mentioned party. Therefore, we'd assume they have a position.

Click here for the presentation >


10- EXPIRATION FINANCIAL CRISIS PROGRAM

 

 

11- PENSION & ENTITLEMENTS CRISIS


12- CHRONIC UNEMPLOYMENT


13- GOVERNMENT BACKSTOP INSURANCE

 

 

14- CORPORATE BANKRUPTCIES

 

The Link Between Corporate Profits And Investment Is Dead  BI

 

companies are spending money on buybacks and mergers and not anything that will create new business or jobs. Specifically, as this chart form the New America Foundation equipment and software spending seem pretty delinked from profit.

 

 

17- CHINA BUBBLE


19- PUBLIC POLICY MISCUES

The Education of President Obama  NY Times

 

Yet even if the White House saw it coming, this is an administration that feels shellshocked. Many officials worry, they say, that the best days of the Obama presidency are behind them. They talk about whether it is time to move on. While not in the 30s, Obama’s approval rating in surveys conducted by The New York Times and CBS News had fallen to 45 percent last month from 62 percent when he took office — just a point above where Clinton was before losing Congress in 1994 and three points above where Reagan was before the Republicans lost a couple dozen House seats in 1982.

Joel Benenson, Obama’s pollster, pointed out that even at 45 percent, the president’s popularity eclipses that of Congress, the news media, the banks and other forces in American life. “We are in a time when the American public is highly suspect of any institution,” he said, “and President Obama still stands above that.” Obama’s team takes pride that he has fulfilled three of the five major promises he laid out as pillars of his “new foundation” in an April 2009 speech at Georgetown University — health care, education reform and financial reregulation. And they point to decisions to end the combat mission in Iraq while escalating the war in Afghanistan. “History will judge Obama that the first two years were very productive,” Rouse says.

 


 

OTHER TIPPING POINT CATEGORIES NOT LISTED ABOVE

 

19-US PUBLIC POLICY MISCUES

 

 

24-RETAIL SALES

 

 

26-GLOBAL OUTPUT GAP

 

 

31-FOOD PRICE PRESSURES

 

 

32-US STOCK MARKET VALUATIONS

 


BP - British Petroleum

SULTANS OF SWAP: BP Potentially More Devastating then Lehman!

------------

 
   

CENTRAL BANKING MONETARY POLICIES, ACTIONS & ACTIVITIES

------------


Would QE2 Have a Significant Effect on Economic Growth, Employment, or Inflation? FRBSL

Key Treasury Yields When QE1 Was Put in Place NTrust

Why The Greatest Conflict Of Interest Lies INSIDE The Fed  BI

The Fed is creating a conflict of interest between its own institutional best interests and the proper choices for monetary policy. That is the definition of a systemic risk. Bernanke needs to address this conflict. I want him on the record acknowledging the risks of what he has done and is about to double up on:

The Fed commits to all interested parties that it will act in all future periods consistent with its mandate for stable prices. Should circumstances arise that require a rapid tightening of monetary policy the Fed would act accordingly and ignore the consequences to its own financial position. Should this occur substantial and sustained losses would be incurred. The Fed accepts in advance the full consequences of its actions.

 

 GENERAL INTEREST

 

Monthly Economic Monitor - October NB Financial

 

Watching and Waiting Puplava

 

Roubini Expects 35-40% Chance of a Double Dip Recession in U.S. BL

 

Business Owners Looking to Sell Come Up Short  WSJ

 

FLASH CRASH - HFT - DARK POOLS

 

 

MARKET WARNINGS

 

 

CURRENCY WARS

 

The U.S. Will Lose a Currency War WSJ

 

From its outset, the G20 identified global rebalancing as a policy goal, but never decided how to address the problem. Its predecessor organization, the Group of Five, signed the Plaza Accord in 1985 to reduce global imbalances by forcing the yen and the mark to appreciate versus the dollar. It wasn't very effective. The yen rose to 80 versus the greenback in mid-1995, from 250 in 1985. Yet Japan's current-account surpluses did not disappear. Likewise, the dollar's inflation-adjusted exchange rate fluctuated during the past three decades, but the U.S. current account deficit continued to climb.

Like its predecessor, a new Plaza Accord would demand substantial appreciation of currencies in major surplus economies like China, Japan, Germany and oil-exporting countries. Yet politically, that is highly unlikely to happen in Seoul next month. The U.S. may be a strong supporter, but positions within the European Union vary from large deficit countries like Britain to large surplus countries like Germany. Japan would be reluctant to sign up, given its prior experience. China will never let the U.S. force a sharp yuan revaluation. Other Asian members of the G-20 like South Korea and Indonesia are also running current account surpluses and unlikely to support such a deal.

 

25 interventions in a one week band, redux FT Alphaville

 

Keeping up with currency wars can be a busy business.

It’s time, therefore, to give our already extensive intervention list, originally compiled on September 28, an update. And check out the emerging market entrants.

Via BNP Paribas, intervention from Egypt:

In Egypt, the Egyptian pound spiked to 5.7030/USD on tuesday with rumours of the central bank of Egypt purchasing dollars through its known arms in the local market. The CBE continues to deliver a clear policy of loosening the EGP which given the ongoing global currency wars debate makes good economic sense but might create some risks to the inflation outlook. We remain of the view that the CBE is unlikely to take USDEGP above the 5.84 level which was the level where the interbank market was introduced.

And a ‘we’re thinking about it’ entry for India:

MUMBAI (Dow Jones)–India will intervene in the foreign exchange market if capital inflows become volatile or lumpy, Reserve Bank of India Governor Duvvuri Subbarao said Saturday, in what may be a sign of the central bank’s growing concern on a sharp rupee rise.

“If the inflows are lumpy and volatile or if they disrupt the macroeconomic situation, we will do so (intervene),” Subbarao said in an address to global central bankers at the International Monetary Fund in Washington, posted on the central bank’s website.

Which takes our list to* :

Which makes 23 countries, and just two short of Henry Hazlitt’s scary Bretton Woods breakdown vision. As a reminder the economist/journalist warned back in 1949 that a breakdown of the ‘flawed’ dollar-backed fixed rate exchange mechanism would lead to:

Within a single week 25 nations have deliberately slashed the values of their currencies. Nothing quite comparable with this has ever happened before in the history of the world. This world monetary earthquake will carry many lessons.

* Cautionary notes: We count everything including actual intervention, de facto intervention via such measures as quantitative easing, suspected intervention and talk of intervention. We are not counting countries that have always pegged their currencies. The list is also a living, breathing work-in-progress, updated as and when we hear of interventions.

 

World needs to stay vigilant about active depreciation of the dollar PDaily

It is the dollar that triggered the currency war...

 

Raising the Barricades Against a Rush of Capital NYT

 

Who Caused the Currency Wars? Project-Syndicate (Johnson)

 

Russia's central bank calls for 'peace in currency wars' AFP

 

Currency scrap yet to become a brawl NZHerald

 

Brazil ups the ante Financial Express

 

Tensions trouble Seoul as summit looms FT
 The won is the only main Asian currency to have dropped in value against the dollar since 08

 

Protectionism becomes respectable Rachman

 

Inflation and devaluation is inevitable: Wolfensohn Reuters

 

German minister sees 'trade war' risk, report says AP

 

Will pressuring China provoke a trade war? St. Louis Today

 

Russia scraps trading band: bank AFP

 

GCC states 'must unite for single currency plan' Gulf Daily News

 

Singapore Tightens Monetary Policy WSJ
Singapore tightened monetary policy in a surprise move, saying it will guide its currency higher at a "slightly" faster pace in a bid to contain inflation. The Singapore dollar rose to record highs on the news.

 

On your marks, get set, devalue – FT Alphaville

 

A Zimbabwe rally effect? – FT Alphaville

 

Currency wars: sound bite of the week – FT Alphaville

 

Q3 EARNINGS

 

MARKET & GOLD MANIPULATION

 

Can the G-20 and the I.M.F. Burst the Gold Bubble? Phillips

 

AUDIO / VIDEO

 

 

QUOTE OF THE WEEK

 

"The global financial system continues to be unsound in the same way that a Ponzi scheme is unsound: there are not enough cash flows to ultimately service the face value of all the existing obligations over time. A Ponzi scheme may very well be liquid, as long as few people ask for their money back at any given time. But solvency is a different matter - relating to the ability of the assets to satisfy the liabilities."

John Hussman
 No Margin of Safety, No Room for Error


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Gordon T Long is not a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. Of course, he recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and barring that, we encourage you confirm the facts on your own before making important investment commitments.ont>

 

© Copyright 2010 Gordon T Long. The information herein was obtained from sources which Mr. Long believes reliable, but he does not guarantee its accuracy. None of the information, advertisements, website links, or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. Please note that Mr. Long may already have invested or may from time to time invest in securities that are recommended or otherwise covered on this website. Mr. Long does not intend to disclose the extent of any current holdings or future transactions with respect to any particular security. You should consider this possibility before investing in any security based upon statements and information contained in any report, post, comment or recommendation you receive from him.

 
         

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ARCHIVAL

 

READING THE RIGHT BOOKS?  NO TIME?

 

WE HAVE IT ANALYZED & INCLUDED IN OUR LATEST RESEARCH PAPERS!

 

 

ACCEPTING PRE-ORDERS

 

 

 



 

         

TIPPING POINTS

1-SOVEREIGN DEBT & CREDIT CRISIS
2-EU BANKING CRISIS
3-BOND BUBBLE

4-STATE & LOCAL GOVERNMENT
5-CENTRAL & EASTERN EUROPE
6-BANKING CRISIS II
7-RISK REVERSAL

8-COMMERCIAL REAL ESTATE
9-RESIDENTIAL REAL ESTATE - PHASE II
10-EXPIRATION FINANCIAL CRISIS PROGRAM
11-PENSION CRISIS

12-CHRONIC UNEMPLOYMENT
13-GOVERNMENT BACKSTOP INSUR.
14-CORPORATE BANKRUPTCY
 

15-CREDIT CONTRACTION II
16-US FISCAL IMBALANCES
17-CHINA BUBBLE
18-INTEREST PAYMENTS
19-US PUBLIC POLICY MISCUES
20-JAPAN DEBT DEFLATION SPIRAL
21-US RESERVE CURRENCY.
22-SHRINKING REVENUE GROWTH RATE
23-FINANCE & INSURANCE WRITE-DOWNS
24-RETAIL SALES
25-US DOLLAR WEAKNESS
26-GLOBAL OUTPUT GAP
27-CONFIDENCE - SOCIAL UNREST
28-ENTITLEMENT CRISIS
29-IRAN NUCLEAR THREAT
30-OIL PRICE PRESSURES
31-FOOD PRICE PRESSURES
32-US STOCK MARKET VALUATIONS
33-PANDEMIC
34-S$ RESERVE CURRENCY
35-TERRORIST EVENT
36-NATURAL DISASTER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Review- Five Thumbs Up for Steve Greenhut's Plunder!  Mish

 

 

   
 

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Gordon T Long is not a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. Of course, we recommend that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and barring that, we encourage you confirm the facts on your own before making important investment commitments.

Copyright and Disclaimer

© Copyright 2010, Gordon T Long. The information herein was obtained from sources which the Gordon T Long. believes reliable, but we do not guarantee its accuracy. None of the information, advertisements, website links, or any opinions expressed constitutes a solicitation of the purchase or sale of any securities or commodities. Please note that the Gordon T Long. or its principals may already have invested or may from time to time invest in securities that are recommended or otherwise covered on this website. Gordon T Long does not intend to disclose the extent of any current holdings or future transactions with respect to any particular security. You should consider this possibility before investing in any security based upon statements and information contained in any report, post, comment or recommendation you receive from us.