Nation Ready To Be Lied To About Economy Again The Onion (hat tip reader Olaf)
Bill Gates funds British scientists in unorthodox health research Times Online
Van Gogh’s ear was cut off by friend Gauguin with a sword Telegraph
The Hot Spots for Organic Food New York Times, An interesting graphic.
Wages Contract in US, UK, Japan Michael Shedlock
What Does the Collapse of US Imports and Exports Collapse Signify? Menzie Chinn
Debtwatch No 34: The Confidence Trick Steve Keen
Asia is de-coupling Ed Harrison
About 10 U.S. stress test banks to need more capital Reuters. Of course, the increase from 6 to 10 was leaked after the market closed and bank stocks had rallied massively, despite warnings by S&P of further downgrades.
Senior creditors: Chrysler deal violates 5th Amendment Hot Air (hat tip reader Scott C). Excerpts the court filing.
On a Crash Course With the Rule of Law Roger Ehrenberg. See the discussion of legal issues and CMBS.
Antidote du jour:
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Nation Ready To Be Lied To article is quite shocking really, but in a way not unexpected. That the average Ameican wants to be lied to ,wants to bury their head in the sand and will no doubt carry on their debt binge as long as they can, somehow rings true. Whilst busienss is busy listening and adjusting the american consumer continues to act like an addict. I expect if you asked consumers in other countries that they might not like what is being said, but would prefer honesty. Still we can not all be lazy advertising brainwashed selfish people can we.
Econbrowsers article on exports and imports is interesting and I would put myself in the vertical specialization camp. The implication is that exports will follow imports down and GDP has another deep fall to come. A depression level drop of 10 percent no longer seems that far away.
Steve Keen’s attack on the idea that it is all down to confidence sounds a harmonious chord with my own thoughts. That both Australian and US decision makers still think this is extremely worrying especially when they seem ot be repeating almost word for word the pronoucements of decision makers just before the great depression.
I saw the Van Gogh story earlier. Based on what I read, it looks like typical sensationalistic speculation meant to sell a book.
I’m not saying it’s definitely wrong, but they certainly have no substantiation, just an interpretation of innuendo among several unusual and reticent people (Gaugin, Theo, and Vincent himself).
Not to mention how reminiscent it is of Verlaine shooting Rimbaud. It’s almost like they wanted to jazz up the Van Gogh story and just imitated that incident (as if the Van Gogh story isn’t fascinating and tragic enough).
Does anyone seriously think that BOA or Citi are within $10B of solvency?
If only it were that easy.
What transportation would it take to give a break to the camel – a pickup truck? But, he “ain’t got no” pickup truck. Unless of course, thanks to the camel, he can afford to buy a pickup truck later on aka Geithner’s thinking on the banks.
Antidote illustrates the age-old principle:
It is easier for a camel to ride a bicycle than for a rich man to pass the gates of heaven.
@Steve Keen’s “The Confidence Trick”
Wonderful and insightful post!
It seems when it comes to economic policy the Obama administration is not willing to venture from the well-worn groove of the last three decades. His only prayer seems to be: “Lord, please let us blow this debt bubble up just one more time.”
If by some remote possiblity his prayer is answered, can you imagine the mayhem that will ensue when an even bigger debt bubble bursts five or ten years down the road?