Dimitri Orlov on The New Money (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’ 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
GG sent us this: China’s yuan ‘set to usurp US dollar’ as world’s reserve currency
Items from The Economatrix:
Even BoE Has No Idea What Will Happen
UK: BT Doubles Job Cuts to 30,000 “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 “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
Dubai: No “Green Shoots” in the Desert
Beware of a Premature Return to “Normal” “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. “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
Geithner: Bailout Repayments Will Be Used For Smaller Banks (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
Toledo’s White Collar Workers Recalibrating Their Lives After Layoff
Economist: Michigan Jobless Rate May Rise to 20%
Japan “Would Avoid Dollar Bonds” “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”
Inflation Unavoidable (The Mogambo Guru)