Mish Shedlock on the debt ceiling

Mish Shedlock speaking about the House rejecting a proposal to raise the debt ceiling without accompanying spending cuts: "I would like to see the implications" of a technical default, " because I think all the hype out there surrounding this that the whole credit market is going plunge and Europe defaulting , ...we missed the debt ceiling before at least twice under Clinton and I think a couple of other times as well so ...this is a whole game of musical chairs here , this is a political sideshow and no more." "People like Paul Kurgman think we should just continue on the path we're on until the economy recovers," he says. "The economy is not going to recover until you stop throwing money at it — wasting it on projects that don't need to be done."

John Williams of Shadow Stats - Hyperinflation coming to America

John Williams, Executive Editor of Shadow Government Statistics on the Financial Sense Newhs Hour 31 May 2011 speaking about America's day of reckoning hyperinflation and the overall economic situation ."it is not going to be a happy time for the average American the problem is what brought the system to that crisis is still in play , the systemic solvency issue has not been resolved the economy has been restored " John Williams says

Marc Faber : China has a gigantic bubble and it will burst

Marc Faber  : ....I think that if we define a bubble by artificially low interest rates and excessive credit expansion then China has a gigantic bubble , but in the contest of economic development the bubble will burst for sure , I do not know tomorrow or in three weeks or in three months and when it burst they will also be also world champions in money printing they will be exactly what Mr Bernanke has done and so I would rather bet that eventually the RMB could weaken against the US Dollar that's why I am not so bearish about the US Dollar right now , I think among the sick currencies it may be OK for the time being ...when the Chinese bubble burst they'll have a recession but as you know the US economic history 1800 to today how many recessions you had ? the civil war world war one depression world war two and the country still kept on drawing and the same could happen in China ...but I mean I go along with Jim (Chanos?) and I think it's a gigantic bubble and it will burst ...and this will have a huge impact on the rest of Asia on Australia Canada Brazil , the resource producers ...in Bloomberg TV