Odds ‘n Sods:

Our friend Michael Panzner of the Financial Armageddon blog just linked to this key article: Crisis shifts to regional lenders. This shows that the global credit collapse is s far from over!

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Larry W. flagged this piece by Jim Sinclair: Total Notional Value of Derivatives Outstanding Surpasses One Quadrillion Dollars. That is a lot of zeros! BTW, I think that Sinclair’s figures are high, since among other things, credit derivatives are actually dropping rapidly in their notional aggregate value. This is inevitable as the global credit market is continuing to contract. But regardless, the risk posed by derivatives is still enormous The recent Bear Stearns bailout is indicative of the extreme measures that could be required, when a counterparty suddenly ceases to exist.

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Bob H. spotted a safety alert article that describes in detail a threat posed by the “The Meth Head Next Door”: Anhydrous ammonia and propane cylinders

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Pain at the Pump: It’s Time to Start Thinking About $7 a Gallon Gasoline. Meanwhile, we read: An ominous warning that the rapid rise in oil prices has only just begun