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Every day it seems another form of government is reporting how much revenues are missing expectations and the need for more cuts.

New Jersey is the latest, with revenue so far down the governer now wants to do deeper cuts than the $2.7 billion proposed recently.

The single item that got my attention the most was fuel tax, "motor fuels tax revenue was 33 percent under budget."  I don't know the structure of this tax, but how the heck do things like fuel tax drop by 33%?????

One thing is clear, all levels of government, federal, state and municipal, are reporting serious short falls in revenue.

 

Bespoken has a warning about gold.  They have plotted the price of gold versus the USD and gold is parabolic. Look at the chart and if that's the kind chart you like to buy, go for it...  It looks like a good way to take a hit to me...

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