|| -----Original Message-----
|| From: pms
||
||
|| Since last October's self-confessed freak-out when the WSJ's
|| figures on the
|| minuscule fibre-optic lighting rate brought home to the
|| Charlies on the FOMC
|| that what we'd been hammering away at for a year - namely that
|| this was a
|| monstrous malinvestment Bubble, not a New Era
Excuse my dimness, what does fibre-optic lighting have to with the tech bubble?
|| - there has been
|| an addition
|| to the stock of broad money greater than that undertaken in the
|| first two
|| hundred years of the Republic.
||
|| Still, there are a few signs that it was not all in vain, but
|| is actually
|| beginning to work in selected areas. Figures just released
|| indicate Housing
|| was just about holding up in November, keeping the Dollar spend
|| running at
|| an elevated 11.3% of GDP. Indeed, the MBA purchase index has
|| since shot to
|| new highs, suggesting we might add yet more to the sums
|| destined for this
|| typical outlet for excess liquidity.
||
So _that's_ what the current consumer confidence is about. Investments are being blown on consumption.
||
|| There have been tantalizing hints that the Russians, for one, have been
|| trying to extricate themselves from over-dependence on the
|| currency of the
|| Chicago School gangsters lest they are robbed blind once again
|| and that the
|| Euro might be another medium to use, alongside silver Sables and golden
|| Chervonets, to effect this partial liberation.
||
Wait, does that mean an oil price in Euros? So Putin is finally going to castle the US after Yeltsin got rooked for so long.
|| Whether such stirrings will survive the forcible intrusion of US
|| full-spectrum and full-wallet dominance up the posterior
|| orifice of Eurasia
|| remains also to be seen.
||
That's why Putin has 7000 troops in Afghanistan. But it's still iffy.
|| It shows the depths to which we have plunged, though, in that
|| it has been
|| openly voiced that part of the rationale for the Yen
|| devaluation is that any
|| subsequently repackaged bad loans, any LTCB-style takeovers,
|| makeovers and
|| mergers will now come at a lower book price to the circling, foreign,
|| Greenback-rich barracuda.
So the EU piranhas aren't biting in Japan? After the bank crash in Turkey they are the ones who picked up the pieces for a song (after administering a coup de grace by pulling out their short-term investments).
|| Setting macro policy not to serve one's citizens, or with a
|| care for those
|| of other nations, but just to suit the likes of the very smart, very
|| ruthless and very Praetorian-staffed Ripplewood, Carlyle group
|| or GS? What
|| an outrageous suggestion!
||
|| The next thing, you'll be saying the CINCdom of Central Command
|| is just the
|| armed wing of Unocal.
||
Utterly cool article. Where's it from?
Hakki