While Barack Obama is chugging Guinness and Congress is doing… well not much of anything, we’ve breached the US debt ceiling.

That’s correct, the US now has more debt than is legally permitted. We’d crossed the “more debt than is healthy” as well as the “more debt than is sane” levels long ago. However, it wasn’t until the last few weeks that we cleared the legal debt limit.

You’d think that the world’s largest economy (and home of the world’s reserve currency) exceeding its debt limits would be big time news. But we’ve yet to hear a peep about it from the mainstream financial media.

It’s even stranger that we haven’t heard mention of the fact that the US is in fact RAIDING pension funds to continue to fund its debt.

That’s correct, Tim Geithner, who aside from being a tax dodger has managed to make US Treasuries (formerly the ONLY risk-free investment in the world) so unattractive to foreign investors that he is now using money that was promised to retirees to fund his debt orgy.

Let’s think about this for a moment… US Treasuries are so unattractive that investors no longer want to buy them… so we’re using money promised to those who worked… to buy them.

Continued: http://www.zerohedge.com/article/we%...-comes-default

[Discuss on Forum]

Trader Holds $3 Billion of Copper in London
http://online.wsj.com/article/SB1000142405274870411850457603408343693141...

As commodity prices soar to new records, the ability of a few traders to hold huge swaths of the world's stockpiles is coming under scrutiny.

The latest example is in the copper market, where a single trader has reported it owns 80% to 90% of the copper sitting in London Metal Exchange warehouses, equal to about half of the world's exchange-registered copper stockpile and worth about $3 billion.

The report coincided with copper prices soaring to new records on Tuesday.

Forum Discussion: http://www.ronpaulforums.com/showthr...pper-in-London