Dimitri Orlov on The New Money [1] (A hat tip to Ruby and Vlad’s Mom)
The truth escapes the lips of BHO: Obama Says U.S. Long-Term Debt Load ‘Unsustainable’ [2] I’m praying that he does the right thing, but given the composition of Big Government/Big Taxes/Big Deficits policy wonks that were picked for his Cabinet, I have my doubts.
Thanks to B.H. for this video link: “The Worst Is Yet to Come”: If You’re Not Petrified, You’re Not Paying Attention [3]
GG sent us this: China’s yuan ‘set to usurp US dollar’ as world’s reserve currency [4]
Items from The Economatrix:
Even BoE Has No Idea What Will Happen [5]
UK: BT Doubles Job Cuts to 30,000 [6] “BT has slumped to an annual loss for the first time in almost a decade and doubled jobs cuts to 30,000, as the former state-owned telecoms company struggles with a disastrous performance of a key division.”
Sony Reports Record Loss Amid Consumer Slump [7] “Sony today confirmed the worst about its performance through the global economic slump by announcing its biggest group operating loss of Y228 billion, (£1.6 billion). The Japanese company also predicted another year of losses for the period ending March 2010.”
OPEC: Oil Demand Still Declining [8]
Dubai: No “Green Shoots” in the Desert [9]
Beware of a Premature Return to “Normal” [10] “Forgiveness is wonderful. But if it is granted too soon, miscreants tend to go back to their wicked ways. Markets risk giving some parts of the financial system just such a premature pardon.”
Roubini: Prepare for the Demise of the Dollar’s Status as a Reserve Currency [11]. “This would have serious costs for America, as our ability to finance our budget and trade deficits cheaply would disappear.”
Stock Markets Battle Poor US Retail Sales Numbers [12]
Geithner: Bailout Repayments Will Be Used For Smaller Banks [13] (That is, if it is legal. As the law is presently worded, “…whatever is returned to the Treasury goes into the general fund.”)
College Graduates Struggle to Repay Student Loans [14]
Toledo’s White Collar Workers Recalibrating Their Lives After Layoff
Economist: Michigan Jobless Rate May Rise to 20% [15]
Japan “Would Avoid Dollar Bonds” [16] “Japan’s opposition party says it would refuse to buy American government bonds denominated in US dollars, if elected.”
“It’s Going To Get Worse Before It Gets Worse” [17]
Inflation Unavoidable [18] (The Mogambo Guru)