U.S. bank lending falls the fastest in history. David Rosenberg from Gluskin Sheff said lending has fallen by over $100bn (£63.8bn) since January, plummeting at an annual rate of 16pc. "Since the credit crisis began, $740bn of bank credit has evaporated. This is a record 10pc decline," he said...
... "The reason the Great Depression became 'great' was the contraction of credit. You would have thought that a student of the Depression like Bernanke would be alarmed by this," said Mr Ashworth. Read the entire article here.
Is The Euro Terminal?
There is this interview with Ambrose Evans-Pritchard on McAlvany Weekly - Is The Euro Terminal?, an important discussion of what is occurring abroad with the Euro and EU (European Union). Particularly of interest is the discussion of getting back to a gold standard. Massive deflation only to inflation?
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