FEARS of the unknown long-term effects from the global financial crisis have sparked a new gold rush.

More Bad Debt As a result, the nation could soon suffer a fresh wave of defaults and foreclosures, with Washington obliged to respond with yet another gargantuan bailout. Inside Mortgage Finance, a research and newsletter firm in Bethesda, Md., estimates that over the next five years fresh loans backed by the FHA that go sour will cost taxpayers $100 billion or more. That’s on top of the $700 billion financial-system rescue Congress has already approved.

The drive for dwindling resources, including energy and water, combined with the spread of nuclear weapons technology could make large swaths of the globe ripe for regional conflicts, some of them potentially devastating, according to a report released by the National Intelligence Council yesterday. (Washington Post is free subscription)

“Gold price could easily drop to US$700 per ounce before it enters into a rise but one will see much higher gold prices eventually because paper money is over time losing its purchasing powers in the world. It’s very clear that every currency is losing its purchasing power in the world“

SORRY IT”S LATE BUT IS ALL TRUE!

Citigroup and other big-name banks are continuing to plunge. And it may not be over.

Fears of a severe recession gripped financial markets on Thursday as dire US unemployment figures helped drive long-term interest rates to record lows.Economic news across the world was almost uniformly bad as slumping Japanese exports threatened to push the economy deeper into recession and the Swiss central bank unexpectedly slashed interest rates by a full percentage point.

Many of us precious metals watchers have been trying to find a way to apprehend the real price of gold and silver, the one us peons need to pay when we want to get our hands on the real thing. The only worldwide non-Comex public pricing system is Ebay, so I have been working on the subject for quite a while to find a way to extract the price of gold and silver out of eBay. Thus I have the honour to present you today 24hGold’s two new pages:

He Lied to Congress & Lied to the American Public to bail out his buddies the Banksters who caused the problems in the first place! And guess who gets to pay for it?YOU DO!Paulson held a bazooka to taxpayer’s heads. He groveled on his knees in front of Democratic House Speaker Nancy Pelosi. He lured leaders from both political parties into linking arms in a panicked Chicken Little line dance for the beleaguered mortgage industry. Paulson demanded an unprecedented $700 billion troubled assets relief program for the good of the country. For the health of the housing market. For the survival of the economy. No time for deliberation. No time to review the failures of such interventionist approaches around the world. Now, now, now!

According to LEAP/E2020, if global leaders fail to realize that in the next three months and to take actions in the next six months, as explained in GEAB N°28, the US debt will  implode by summer 2009 under the shape of the country’s defaulting or the Dollar’s dramatic devaluation.

The Dubai Multi Commodities Center is understood to be putting the finishing touches to an exchange traded fund for silver with a launch likely next month as demand for silver has surged in the past six months. Local bullion dealers are having to fly heavy silver bullion bars in from around the globe to meet demand as traditional sources closer to Dubai have been exhausted.

Air America is pointed nose down at 60 degrees in a full-power dive and we’re dangerously close to structural failure of the wings. If our trajectory is not altered now our nation is going to play economic lawn dart at 600mph - possibly within weeks, likely within months.

Scan these 30 “leading indicators.” Each problem has one or more possible solutions, but lacks unified political support. Time’s running out. We’re already at the edge. Add up the trillions in debt: Any collective solution will only compound our problems, because the cumulative debt will overwhelm us, make matters worse:

Nov. 18 (Bloomberg) Treasury Secretary Henry Paulson rejected using the government’s financial-rescue program as a “panacea” for economic difficulties, clashing with lawmakers who want the funds to help beleaguered homeowners and automakers. “The rescue package was not intended to be an economic stimulus or an economic recovery package,” Paulson said in testimony to the House Financial Services Committee in Washington.

McALLEN, Texas A South Texas grand jury has indicted Vice President Dick Cheney and former Attorney General Alberto Gonzales on state charges related to the alleged abuse of prisoners in Willacy County’s federal detention centers.