As I peruse the financial news today, I learn that Britain is going broke and shedding services and gov employees in massive cuts. They are getting rid Harriers, Aircraft Carriers, and many servicemen. The USA is pretty much alone in it's continued wars against Afghanistan and Iraq.
And now the USA is hell bent on fighting a currency war as China speeds the rate at which it is getting out T-Bills.
Then I see that my joking prediction from 2006 or so, was already common practice...
It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies.
And another one... I've been pointing out since 2000 that the USA would eventually enjoy some IMF style looting. Well it's here. I know some folks welcome the privatization of public services. Privatization for them is always a good thing, so long as it happens to someone else. Just wait until you start going months boiling all of your water before you drink or cook with it, and you can't stand the smell of it. That's the norm in many place where public water supplies have been privatized. Now it's coming the USA.
U.S. Debt Woes Expose Hidden Austerity and Looting of Public Assets
I'm seeing bad news on every front, with the banks exposed for engaging in fraud on a massive scale taking center stage. And of course they will be granted immunity from prosecution and lawsuits in their upcoming bailouts. As you can see, all of this crappy news is bolstering the markets. The markets of course are bolstered by good and crappy economic news.
This is it. This is a slide in my view that's worse than anything we've seen in months, and I think it's just getting started. Perhaps before the month is out, we'll even see the market experience some effects from the crappy economy and crappy state of business and banking. But don't put any serious money on it. I'm sure that that any perceived relationship between the markets and the financial health of our economy are purely coincidental.
And finally, for the kids that like to read and report on their parent's online activities...
NSA’s Newest Recruiters: Cartoon-Leopard Twins