In our local, Quebec Charest government and disappoints kidding, Vanessa and Rich are excluded from paradise Star Academy, our brutal police tap on masochistic came to be brutalized in a demonstration in favor of police brutality and the snow melts at full speed on the Lawn the manors of Laval. That's life, which beats what.
Meanwhile, the U.S. government issued 300 billion long-term debt to finance its recovery plan. But citizens do not want tax increases and the Chinese have already announced they were tired of buying U.S. treasuries. before yesterday therefore, the Fed, the bank Centale American announced it would print money to purchase the issuance of 300 billion dollars. The euphemism for this operation agreed that further weakens the U.S. dollar is "monetizing the debt".
The Chinese government, the main holder of U.S. treasuries, conduct an accelerated liquidation of its dollars by engaging in transactions for the purchase of oil and mineral wealth while their old dollars are worth something again. is estimated that this operation liquidation will be completed within a year.
Paul Jorion, that has letters and culture , evaluates this day of 18 March 2009, when the U.S. government authorized the monetization of its debt, "will be retained by history, as that of May 29, 1453 was for the fall of Constantinople and that of November 9, 1989 to the fall of the Berlin Wall, as one that marked the end of capitalism ". I note in passing that Jorion had also foreseen the subprime crisis. "
The fall of capitalism ... That's funny that Obama, Geithner and Bernanke, supported by Bush and Paulson have achieved what so many "Marxist-Leninist" Dedicated to the point of giving 5% of their meager paid to the "Party" have never done. Finally, it will not be the first time we announce the death of capitalism . Maybe not die Does not it, but it will stir.
me these days, you know, I'm renovating. I ask the cabinet doors, I shoot the seals, I screwed, I nailed, I sand, I paint. I hate doing that. But I learned to live in performing manual tasks. Basically, it's soothing. The fall of capitalism and my pension funds seem less so catastrophic.
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photo: Economic Apocalyspe by azrainman .
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