Saturday The smell of rot is in the air. European bank problems have become so bad that the media are actually covering it. There is usually a law of inverse proportion between the direness of the situation and the triviality of the media news. Maybe that is justified by the reality that the closer that the world approaches Armageddon, the more weirdly trivial the … [Read more...]
Sagging Currencies and Rattling Sabres
Friday Currencies are held together only by the agreement that they are of value. It could well be that they are about to take a tumble. Too many negatives are coincident: - Sabres are rattling in China, Russia and Japan* - Stock markets are overvalued - The major economies are in dire straits - Unemployment and poverty are widespread and growing - Banks are … [Read more...]