Lady Liberty and the Economy, a tragic love story in 10 headlines or less

Jim Willie/Hat Trick: U.S. Economy Approaching a "Systemic Failure"

Reuters/Bloomberg: U.S. Economy Nearing a "Sudden Stop" Event

MyBudget360: FDIC Backing $9 Trillion in Deposits with Empty Fund

Market Ticker: Actual September Job Loss Numbers Near One Million

Calculated Risk: Personal Bankruptcy Filings Shooting Through Roof

Huffington Post: TARP Auditor Sees "Extremely Dangerous Situation"

Nasdaq.com: Federal Government Neared Shutdown Point Yesterday

Dmitry Orlov: Surviving a Financial Collapse, Part I (General Advice)

ht to Matt at Peak Oil

Live video of the US Air crash!

If this doesn't bring tears to your eyes...The Hudson River Vessel Traffic Service released its webcam video of the US Air flight 1549 crash into the Hudson River. The plan splashes down at the 2:00 mark, on the extreme left of the scene. At that point the cam operator notices the event and zooms in. Right away you can see people sliding out the chutes and standing on the wings. Efficient evacuation! What brought tears to my eyes were:

--literally three minutes after the crash the first ferry boat arrives and immediately begins rescue of those standing on the right wing. Look at the time on the vid. Three minutes
--five minutes into the scene you can clearly see the folks on the left wing waiting like statues, while those on the right wing are almost all picked up by that first arriving ferry. Two additional boats arrive momentarily and the left wing people rescue commences.
--all the while the plane is sinking. Demonstrably and inexorably...sinking.

PRAISE GOD for the miracle this is.

Photo of the day: USAir

What a pilot! What a Flight Crew! What a miracle, praise the Lord!

All survived.

"For the first time in 50 years of commercial jet flight, the pilots of US Airways Flight 1549 successfully executed one of the most technically challenging maneuvers, landing a jetliner on water without fatalities." "Although commercial jetliners are required to be equipped with life vests and inflatable slides for use in an emergency landing on water, it is a seldom-attempted feat. Indeed, even though pilots go through the motions of training to ditch a plane in the water, the generally held belief is that such landings would almost certainly result in fatalities."

We're broke. Stock up. NOW

From Matt over at Peak Oil: Life After the Oil Crash:

"If you've been reading LATOC or any other (reality-based) energy sites, then you are familiar with the concept of energy return on energy invested (EROEI). Once a closed system's EROEI falls below the break even point, the system is no longer viable."

"Well the financial world has something similar to EROEI which is the amount of GDP generated for each dollar of debt injected into the economy. For lack of a better term, I will refer to this as "MROMI". Not unlike the EROEI of U.S. oil fields, he MROMI of our financial system has been steadily declining for over 50 years. Worse still, here is a chart showing that the system has hit "zero hour"..."

"What does this mean - on a pragmatic level - for the typcial LATOC reader? Well pretty much the usual which is the system is going down and so you should be doing whatever you can realistically do to prepare for major breakdowns in globalized systems of finance and food. If you want to discuss the "monetary flat spin" that we've entered, check out the discussion going on about it right now at the LATOC Forum and the original one over at the Ticker Forum."

Source/Author: Matt at LATOC.

Financial headlines today:

Mike Ruppert: "Economic collapse is accelerating . . . you can expect major breakdowns in daily life likely within just a few months"

Bloomberg: Global Order at Risk as Financial System Cascades Into Crisis

International Tribune: Rapid Collapse of Mexico a Top Fear for U.S. Military

Washington Post: More and More U.S. Consumers Seen Hunkering Down

Are you hunkered down? I am. Start saving! Stop spending! Plant a garden! Stock up! When? NOW.

Well that just about sums it up

Iceland...crashed yesterday
Russia...closes markets till Friday
Indonesia closed trading, tumble 10%
UK faces the same
Japan...worst crash in decades
Asia stocks tumble
Brazil, Argentina abandon US dollar
US stocks slide to new 5-year low

And the best they can come up with is...this?

















DeesIllustration