Ted Butler interviewed

Ted Butler interviewed on King World News......listen here

Gold hits six-week high on signs of faltering economy

From the Sydney Morning Herald:

Gold prices rose to a six-week high on signs the global economy is faltering, boosting demand for the metal as a protector of wealth.

Japan's economy grew at less than a fifth of the pace economists estimated last quarter, pushing it into third place behind the US and China. Manufacturing in the New York region expanded less than forecast in August, a report showed today. Gold prices have gained for two straight weeks on demand for the metal as a haven.

"There's a flight to safety going on," said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. "There's a world of uncertainty about the economy and people feel we might be slowing down."......read on

Harrods to sell gold bullion and coins over the counter

From the daily mail UK: As Britain's most prestigious department store, Harrods already prides itself on stocking luxury items.But now it has hit new heights of shopping decadence - by selling gold for the first time.The store yesterday made gold bars and coins available to the discerning shopper....read on

The Trade Deficit Nightmare

When they hear the word deficit, most Americans immediately think of the U.S. government budget deficit which is rapidly spiralling out of control. But that is not the only deficit which is ripping the U.S. economy to shreds. In fact, many economists commonly speak of the "twin deficits" that are destroying the U.S. financial system. So what is the "other deficit" that they are referring to? It is the trade deficit. Every single month, we buy much more stuff from the rest of the world than they buy from us. That means that every single month there is a massive outflow of wealth from the United States. Every single day, America becomes just a little bit poorer as Americans continue to run out and fill up their shopping carts with cheap plastic crap from China and dozens of other emerging economies. Not that trade is a bad thing. Trade can actually be a very good thing. But the gigantic trade imbalances that the United States has been running for years are absolutely bleeding us dry. Unfortunately, our politicians have just stood idly by as each month we continue to transfer massive amounts of wealth out of the United States.....read on

The Ecstasy of Empire: How Close Is America’s Demise?

By Paul Craig Roberts: The United States is running out of time to get its budget and trade deficits under control. Despite the urgency of the situation, 2010 has been wasted in hype about a non-existent recovery. As recently as August 2 Treasury Secretary Timothy F. Geithner penned a New York Times Column, “Welcome to the Recovery.”....read on