While everyone else was celebrating the 1-day resurrection of the Dow, the Washington Post slipped a doozie in under the radar:

However the market does today, I can’t shake the feeling that we’re in the beginning phases of a whole new America:
With the government poised to invest $250 billion of taxpayer’s money into private banks, [...]

Filed under: American Empire, Bankrupting America | 3 Comments »

My wife called, and said she heard on the radio that it dropped 400 points in 30 minutes.
The economy is now like the Sarlacc Pit - wherever the bottom really is, I don’t think it’s going to be fun to find it.

Filed under: Bankrupting America | 11 Comments »

For some reason, this guy is the only one making sense to me right now on the economy. In his economic commentary last Friday, he addressed the notion (being discussed in the comm-box) that our current problem is one of liquidity:
We are being told loudly and repeatedly that the gargantuan mortgage bail-out package is necessary [...]

Filed under: Bankrupting America | 1 Comment »

Peter Schiff tells Lew Rockwell what he thinks we should expect as a result of the bailout, including the possibility of Hyper-Inflation and the likelihood that people will now stop paying their mortgages, because they’ve just been incentivized to do so.
Schiff advises buying gold, buying foreign currencies (in another interview he recommended the Swiss Franc [...]

Filed under: Bankrupting America | 2 Comments »

I’ve said it time and again - I’m an economic idiot. But as far as I can tell, the government just took on a whole boatload of debt it can’t pay for, which means that the only way to compensate is to fire up the printing presses and make more money.
This, in turn, drives down [...]

Filed under: Bankrupting America | 13 Comments »

I just saw this video from 2006. Aside from the fact that the guy saw much of this mess coming, he even said on national television (to no small amount of amused derision) that a lot of women with children don’t want to work, but have to, because their husbands can’t make enough:
There’s a whole [...]

Filed under: Bankrupting America | 1 Comment »

We’re not the only ones facing a food crisis. A story I read this morning indicates that Japan is finding its shelves emptied of certain commodities as well:
MARIKO Watanabe admits she could have chosen a better time to take up baking. This week, when the Tokyo housewife visited her local Ito-Yokado supermarket to buy butter [...]

Filed under: Bankrupting America, Economics, Food, The Perils of Globalization | No Comments »

You may recall that I posted something last month about how we couldn’t find any bread flour at our local Sam’s Club. I found it odd, and wondered if it had anything to do with the economic/oil/food crisis we are slip-sliding into, or if it was just a hiccup in the supply chain.
It appears that shortages [...]

Filed under: Bankrupting America, Economics, Food | No Comments »

I dropped this in a comment box yesterday near the end of a discussion. Nobody responded to it. But I need to throw it out there, for what it’s worth:
What makes us think that Iraq will ever be able to stand on its own, without us propping them up?
Saddam kept things stable by being a [...]

Filed under: Bankrupting America, Iraq, Politics, Rants | 4 Comments »

I’ve talked about our economic woes a bit, despite the fact that I understand economics only slightly better than advanced physics. Today, I’ll let another knucklehead (Glenn Beck) do the talking:

Let me give you three numbers that will put this economic asteroid into perspective: 200 billion, $14.1 trillion, and $53 trillion.

$200 billion is the approximate [...]

Filed under: Bankrupting America, Economics | 1 Comment »