Odds ‘n Sods:

Wheat Prices Near $20 Per Bushel

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Eric H. found us this: Health officials keeping eye on drug-resistant flu strain

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Here is a “must read” piece: Signs Point To Banking Crisis Getting Much Worse. Meanwhile, reader Randy K. mentioned that the US Bank reserves have dropped even deeper into negative numbers. As reported in WorldNetDaily the “non-borrowed bank reserves column is now at $-18 billion. Randy’s comment “It seems that the earlier report of an $8B shortfall was less than half way there. For me, the phrase “financial institutions would be bankrupt if the Fed did not provide billions in liquidity” nails it. It is explained as an accounting anomaly, but why the anomaly? “Borrowings are larger than total reserves.” So, the banks are finally doing what America is doing…. borrowing more than they can pay. We do it from the banks… they do it from the Fed.” Once again: Be ready for some spectacular bank and hedge fund failures, as well as some good old-fashioned bank runs,.

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New York City Mayor Bloomberg Rips Government Over Failing Economy. A couple of key quotes: “[The nation] has a balance sheet that’s starting to look more and more like a third-world country”, and, “They want to send out a check to everybody to stimulate the economy. I suppose it won’t hurt the economy but it’s in many senses like giving a drink to an alcoholic.”

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