Kerry Lutz's--Financial Survival Network

John writes that the US took its next-to-last stab at calculating First Quarter GDP, and the downward revision was impressive even by recent standards. It now appears that the economy, well, here’s how Bloomberg puts it: "The U.S. economy contracted in the first quarter by the most since the depths of the last recession as consumer spending cooled."

Gross domestic product fell at a 2.9 percent annualized rate, more than forecast and the worst reading since the same three months in 2009, after a previously reported 1 percent drop, the Commerce Department said today in Washington. It marked the biggest downward revision from the agency’s second GDP estimate since records began in 1976. The revision reflected a slowdown in health care spending.

Gold and silver are going up on the last day of the month. What a switch from normal slam downs that used to take place on the last trading day of the month. Something different is definitely taking place. 

I was in New York City for my sister's wedding this weekend. Apart from the fact that I visit regularly to see my kids, I would prefer to stay away as much as possible. The first signs of deterioration are setting in. LaGuardia Airport is again becoming a homeless shelter. They're taking over the food court and a number of waiting rooms throughout the facility. Mayor Giuliani stopped this practice over a decade ago and Nanny Bloomberg started rolling it back. Now Comrade DeBlasio is intent on making New York's public terminals fullscale shelters and I'm sure he's proud of the effort. 

Manipulation Mondays with Andrew Hoffman:

• 6pm every day the metals get taken;
• Interest rates continue to plunge 2.6 is taken as world bets on QE;
• Economic data—NFP coming up;
• How we’ve skewed markets from reality;
• Central Bank stock buying gone wild;
• How and why Wall Street estimates 3% GDP growth in 2nd Quarter;
• Loony Tunes on parade;
• Europe worst private loan numbers;
• Italy’s debt surpassed Germany;
• France—36 consecutive months of unemployment increases;
• Spain will announce a deposit tax;
• Bank stocks are breaking down;
• Japan announced 8 percent drop in spending and 24 year high in CPI;
• China’s collateral scandal is expanding—17% May decline in copper;
• Chinese corporate debt passes 17 trillion;
• Shanghai gold exchange says gold to be priced in East;
• Just in--Fed’s Williams says they won’t raise rates for some time.