Boeing Company (NYSE: BA) yesterday (Thursday) announced it would test-fly its 787 Dreamliner later this year but disappointed customers by delaying delivery of the plane until the fourth quarter of 2010.

Wall Street cheered the announcement as Boeing’s stock soared more than 6% in New York trading after the company said it still expects the 787 to be profitable.

The rally came despite news that costs for the first three test planes would be charged-off as having no commercial value, resulting in an estimated pretax charge of $2.5 billion, or $2.21 a share, in the third quarter. Boeing said the charge wouldn’t affect its cash flows.

“This new schedule provides us the time needed to complete the remaining work necessary to put the 787’s game-changing capability in the hands of our customers,” said Boeing Chief Executive Officer Jim McNerney.

The 787, already two years behind its original schedule, was scheduled for its

Total Fed Credit, otherwise known as Federal Reserve Credit, ballooned by a huge $76.9 billion last week, taking the Fed’s total “help” to the scumbag banks to a nice, cool $1.9 trillion, of which a whopping $56 billion gob of the money created last week by the Fed was used by the Fed itself to buy Treasury securities for itself! Hahaha! What a scam!

In case you were wondering, this Fed Credit is the stuff that the Federal Reserve magically makes appear, literally at the push of a button on a computer, on the balance sheets of the nation’s banks, where it sits until someone wants to borrow some money from the bank, whereupon the banks can loan out Huge Freaking Multiples (HFM) of the amount of the original credit by virtue of the scam known as “fractional-reserve banking.”

And when this new Fed-created credit is lent by the banks, at that

The late Thursday afternoon rally in gold on the Comex didn’t have much follow-through during Far East trading on Friday. However, activity picked up once London opened for business, and…with the exception of three attempted selloffs that failed…it was a solid up day through London, Comex floor trading, and the Globex electronic trading that followed. Silver’s price pattern was the same as gold’s. As I said yesterday, it was critical that both metals held support above their respective 50-day moving averages…and it’s obvious that they did. Volume yesterday was around 112,000 contracts, net of switches.

The gold ‘point & figure’ chart I posted on Thursday looks entirely different after Friday’s rally…but we ain’t out of the woods yet…as the updated P&F graph below clearly shows.

Thursday’s open interest changes in gold showed an increase of a very

The inflationary horror of creating excess money and credit is well known, and is superbly illustrated by Zimbabwe, that most modern example of abject morons printing money as they desperately try to spend their way out of the inflationary mess caused by their previous excessive governmental spending, which was (as you have probably guessed by now!) paid for, and caused by, always printing more and more money! Hahahaha!

And, to be sure, the sheer range of corruption and stupidities of Zimbabwe’s government go far, far beyond mere monetary ones, making a bad situation much, much worse.

I bring this up because Zimbabwe is in the news again so that people around the world, like you and me, can watch what always happens when a government creates too much money and credit, which is that the currency is destroyed, the economy is destroyed, the country is destroyed, the people are destroyed, and