The Fed blinks. From Bloomberg: Federal Reserve Lowers Rate to 4.75 Percent, First Cut Since 2003 [1]. This rate cut can only spell further weakness in the dollar versus foreign currencies. If the Fed has misjudged the patience and charity of the international financial community (and I think that they have), then be ready for a full scale dollar crisis in the next few months. OBTW, did you notice that spot silver jumped to $13 per ounce and gold to $724 in after-hours New York trading? I told you so…
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RBS sent us this: Fears grow for British economy as panic over Northern Rock spreads [2]
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Iraq’s government decides to expel Blackwater mercenaries [3].
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Mark and Nathan both suggested this link: Should teachers be allowed to pack a gun? [4]