While the PIIGS countries, including Spain and Italy, struggle to deal with rising borrowing costs and austerity budgets, Germany now faces inflation, all thanks to the European Central Bank and the "elastic money" folks. The guys discuss this in detail in today's show.

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This morning's Spanish bond auctions met decent demand and managed to shave a point or two off the average yield to 5.8%, down from over 6% earlier in the week. So why isn't the market celebrating? The guys discuss this in detail on today's show.

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Italy and Spain ran into big problems with their "recovery" this week, as the bond markets gave them thumbs down. The guys explore the ramifications of this and talk about how this is continuing evidence that the fiat monetary system is becoming more and more unstable. Plus, they take a closer look at foreclosures and how an increase will undermine our own country's recovery.

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Regular listeners know that we've been saying all along that the crisis in Europe is not yet over. This week, Jake and Walt discuss how Spain's debt sales fell short, and the market tanked.

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Paul Christopherson has Wall Street to thank for his charmed life. After years as an analyst at Bear Stearns, he co-founded an institutional equities research firm that sold in 2008 for millions. He could be one of the villains the Occupy Wall Street crowd was protesting, except that he too sees the evil that lies within our financial system. Paul joins us to tell us his views about Wall Street, the financial crisis, and its aftermath.

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Imad-ad-Dean Ahmad, spokesperson for the National Coalition to Protect of Civil Freedom, will join us to discuss allegations that the New York Police Department was carrying out illegal surveillance of Muslim students and their organizations as far removed from their jurisdiction as universities in upstate New York, New Jersey, and Connecticut, indeed all over the northeast with neither cause nor warrant.

Also, we will briefly discuss the latest recruiting technique of Anonymous, the anarchist hacker group that has been in the news over the past few years.

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Will the Greek government get enough bond holders to take a 53% loss by 3 p.m. Eastern time today? We will have the results for you at 6 p.m.

Also, the guys take another look at how bad unemployment really is and how the Labor Dept. continues to misrepresent the true labor situation in America today.

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