by Bill Bonner
London, England

We have spent the last few days holding back tears…

Michael Jackson! Robert MacNamara!

And now our heart goes out to Nantucket Island. Word came this morning that
the rich are not living it up like they used to. The New York Times reports
that it’s the slowest summer on Nantucket locals have ever seen. There are
over 600 properties for sale – and none of them are selling. Even at discounts
of up to a third off! Restaurants and bars are offering discounts too – anything
to lure in the customers. (more…)

by Bill Bonner

London, England

“Either cuts in spending or increases in taxes will be necessary to stabilize the fiscal situation,” said Ben Bernanke in response to a question posed by a member of Congress. Then, he added… “The Federal Reserve will not monetize the debt.”

That last sentence has a ring to it. It reminds us of Richard Nixon’s “I am not a crook.” Surely, it is destined to make its way into the history books, alongside Bill Clinton’s “I did not have sex with that woman” and the builder of the Titanic’s “even God himself couldn’t sink this ship.”
(more…)