From Ben M.: Bad news for GM; China ‘to block’ Hummer takeovei
Currie and GG both sent us a link to a piece over at Zero Hedge: Here Comes Russian Bank Nationalzation “Russia is considering a banking bail-out that will go further than measures taken by the US, as fears grow that bad loans could paralyse the economy.” Oh, by the way, GG dubbed the Russian bailout “The MOABsky”
David R. flagged this data point: Dresdner Kleinwort Securities Withdraws as Primary Fed Dealer. David’s comment: “This is important because being a primary dealer was the equivalent of having a license to print money (under fractional reserve lending rules). For Dresdner to be withdrawing is bad, bad, bad news for the dollar. This is just an early warning sign but the signs are piling up. The dollar is in trouble.”
China’s ships idle but Shanghai port charges ahead “This is the first time Shanghai’s shipping container business declined since it went into full-scale operation (20 years ago), it shows how deeply the financial crisis has affected the real economy,” Huang told a maritime conference in Shanghai.