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Showing posts from July 26, 2012

Drought sends 'mighty Mississippi' river levels near record lows

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The "mighty Mississippi" has lost some of its might with the season's epic drought taking its toll on river levels, which are falling to near historic lows.

The U.S. Army Corps of Engineers will spend nearly $7 million dredging in an attempt to keep ports operational and keep the river open for barge traffic in the coming weeks. River levels in Memphis have dropped to within three feet of their historic lows from the 1988 drought.

In just one year, the river has gone through extreme fluctuation. Last May, it was within a foot of its record-high crest because of massive flooding, and today it's 55 feet lower and experiencing historic lows due to drought.

Dramatic images taken from NASA's Terra satellite show the swollen river in late April of last year compared with images from early July this year. The expanse of the water was over 3 miles wide in parts of Missouri and Arkansas as levees were blown up in order to help protect the town of Cairo, Illinois from flo…

America Heading Towards a Collapse Worse Than 2008 AND Europe! Says Pete...

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According to CEO and Chief Global Strategist of Euro Pacific Capital Peter Schiff, the U.S. economy is heading for an economic crash that will make 2008 look like a walk in the park. Stimulus programs can delay this day of reckoning, but only for so long and only at the expense of making the eventual meltdown much, much worse.
Schiff, who famously warned investors about the housing and financial crisis in his 2007 book Crash Proof, says the Fed's palliative efforts during the housing meltdown have made the next crisis inevitable.
"We've got a much bigger collapse coming, and not just of the markets but of the economy," Schiff says in the attached clip. "It's like what you're seeing in Europe right now, only worse."
In this nightmare scenario detailed in The Real Crash: America's Coming Bankruptcy, the current economic pause is actually the beginning of a material slowdown or recession into year end. At that point, the Federal Reserve will unleas…