Rick Santelli Fumes Over GDP Negative Growth: ‘We Are Now Europe’

Rick Santelli loses it Wednesday in response shocking report that the economy actually shrunk in the fourth quarter last year.

“We are now Europe,” he declared on CNBC’s Squawk Box.

“Hey Joe,” Santelli said, “when you act like Europe, you get growth rates like Europe, and our discussions with economists sounds like we’re in Europe. They have the same discussions constantly.”

“They’re always doing the right thing,” he continued. “They’re always thinking

US Economy

Everything You Ever Wanted To Know About The Debt Ceiling

fiscal cliff

What is the debt ceiling exactly? It’s a cap set by Congress on the amount of money the federal government may borrow. The limit applies to debt owed to the public (i.e. anyone who buys U.S. bonds) plus debt that the Treasury owes to government trust funds such as those for Social Security and Medicare.

Why does it need to be raised? The debt ceiling needs to be raised periodically because both parties in Congress have approved tax cuts and spending increases over the years, knowing full well they will

US Economy

US Dollar Deflation in 2013

US-Dollar-Delation-from-1913-2005

US Dollar Deflation 1913 to 2005

Citi currency guru Steven Englander has a new note out titled: No coin + temporary debt ceiling extension + sequester = US Dollar negative. In it he notes that the rejection of the trillion dollar coin idea to avert the debt ceiling is not alone a market moving event, but that the hard language taken by the White House that the choices boil down to clean lift or default raises the odds of a debt ceiling breach. His take:

So it is possible that we

US Economy

Gold Market Update for January 2013

Gold Market Update 2013

$2000 Gold Knocking at the Door

The price of gold may have come under increasing pressure in past weeks with concerns that the Federal Reserve’s loose monetary policy may be coming to an end, but analysts have told CNBC that the precious metal can still break through the $2,000 mark in the long term.

“We’re in a very good situation. QE (quantitative easing) is going to go for six to twelve months.They are talking about $500 billion to $1 trillion more in the system,” Eugen Weinberg, head of commodity research at Commerzbank told CNBC Monday. Record low interest rates by central banks around the globe have resulted in negative real interest rates — when allowing for inflation. Traditionally gold has an

Gold as an investment