Hyper Report - 100724

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First...
China May Switch To Currency Basket for Forex Rate
A top Chinese central bank official suggested switching away from the U.S. dollar as a benchmark for the Yuan’s foreign-exchange rate, switching instead to a basket of currencies. Gee.... Now why would they do a thing like that? Could it be the out-of-control spending in Washington? Na... that's just a vicious rumor! I particully liked one of the comments posted on the article.... Here is a new Cap and Trade proposal... We put a Cap on Obama and Trade him to China!

Next...
Bank Failure Tally Passes 100 For The Year
Yesterday, the tally of banks closed this year reached 100 with the closure of a Minnesota Bank. The FDIC expects the wave of bank failures that started in 2008 to peak sometime this year. Still, banks have been failing at a rapid pace this year. At this time in 2009, regulators had closed a total of 57 banks. The agency expects the number of failed banks to exceed last year's total of 140, though failures this year will not approach the historic levels seen during the savings and loan crisis in 1989 which resulted in the closure of 534 banks by regulators. Well that is a safe call since the government is propping the banks up for now.

Next...
White House Predicts Record $1.47 Trillion Deficit
New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion dollars this year. The government is borrowing 41 cents of every dollar it spends. The gaping deficits are of increasing concern to voters; however, Obama and others are taking a pass on deficit reduction this year. Why? So that Odrama can blame Republicans, when they take the house in November, for the austerity measures that will be implemented next year. He will work to make the Republicans look cruel and himself more favorably in 2012. This is so predictable.

Next...
Judge Questions Pre-emption Argument Against Arizona Immigration Law
It appears that Odrama's Justice Department were firing blanks in their suit against Arizona, and now the Federal judge hearing the case is weighing in.... U.S. District Judge Susan Bolton asked in a pointed exchange, "Why can’t Arizona be as inhospitable as they wish to people who have entered or remained in the United States?" On the topic of the preemption of being an illegal immigrant, she asked... "Where is the preemption if everybody who is arrested for some crime has their immigration status checked?" Now get this, she was nominated to the bench, not by a Republican, but by Clinton. You can just feel the love coming from the Odrama Regime on this one.

Finally,
Please prepare now for the forthcoming economic, and subsequent social, unrest that will hit the US.
Good Day

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