No discussion of the upcoming collapse of the bond market would be complete without a mention of Social Security.
At least, after they've lost their money in stocks, real estate and bonds, Americans will at least have Social Security to live on, right? Wrong!
You know all that money you pay in Social Security taxes? Where do you think it goes? Into current expenses and US bonds!
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The Summer the Recovery Went Missing
Let's see, what happened this summer? Easy question. The recovery went missing.
Ben Bernanke said so last week…or almost. He noted that the economy wasn't quite as spiffy as he had hoped and that the Fed stands ready, willing, and able to provide more help.
The stock market liked the news. After falling for many days, it rallied 164 points on Friday. Gold was flat.
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