It’s the weekend, dear reader . I’m going to take my son for a haircut, chase the kids around the pool (I live in South Florida) and work, work, work! In the meantime, you might want to read some of the stuff I’ve been reading. Here are some suggestions …
#1) How Did America Fall So Fast?
XX Sean’s note – this is a post on Naked Capitalism by George Washington of Washington’s Blog. You should give both blogs a read …
In 2000, America was described as the sole remaining superpower – or even the world’s “hyperpower”. Now we’re in real trouble (at the very least, you have to admit that we’re losing power and wealth in comparison with China).
How did it happen so fast?
As everyone knows, the war in Iraq – which will end up costing $3-5 trillion dollars – was launched based upon false justifications. Indeed, the government apparently planned both the Afghanistan war (see this and this) and the Iraq war before 9/11.
And the financial system collapsed last year due to looting and fraud.
Continue reading How Did America Fall So Fast …
#2) Freddie Mac: Delinquency Rate Rises to 3.33 Percent
This graph shows the Freddie Mac single family delinquency rate since January 2005.
More at Calculated Risk.
#3) Getting it wrong about Oil and the Dollar
It’s about “stuff” vs. “currency”, NOT about Oil vs. the dollar.
XX Sean’s note – I think it’s also about how oil is becoming an alternative currency.
XX Sean’s note – I don’t agree with everything Joe Bageant says, but he’s a good read. Here’s his latest …
The fiesta is over, the economy as we knew it is dead.
Then too, what else did we expect? [Barack Obama’s] economic team of free market billionaires and financial hotwires includes most of those who helped Bill Clinton sell the theory that Americans didn’t need jobs. Actual labor, if you will remember, was for Asian sweatshops and Latin maquiladoras. We, as a nation one third of whose population is functionally illiterate, were going to transmute ourselves into an information and transactional economy. Ain’t gonna sweat no mo’ no mo’ — just drink wine and sing about Jesus all day.
Continue reading Raising Up Dead Horses
#5) China’s GDP grows nearly 9 percent last quarter
China’s GDP increased 8.9 percent for the third quarter, moving closer toward the goal of 8 percent growth for the year. Growth for the first three quarters of the year is up 7.7 percent; economists says 8 percent growth is needed to keep current employment levels. The growth was in line with analyst expectations, although there are rising fears that the government’s massive stimulus package may be inflating stock and property prices. The Chinese government spent $586 billion to bolster its economy.
China Copper Imports May Drop as Much as 46%, Pan Pacific Says Copper imports by China, the biggest consumer, may drop as much as 46 percent next year as higher prices increase scrap metal supplies and curb demand growth, said a senior executive at Pan Pacific Copper Co.
Imports of refined copper may decline to 1.5 million metric tons in 2010 after surging to an estimated 2.7 million to 2.8 million tons this year, Yoshihiro Nishiyama, director and executive officer at the Tokyo-based company’s marketing department, said in an interview yesterday. Imports were about 1.4 million tons in 2008, he said.
XX On the other hand …
Copper Rises in N.Y., Heads for Best Week Since July, on Supply Concerns Copper prices rose in New York, heading for the steepest weekly advance since mid-July, as supply concerns mounted.
XX Sean’s note – gee, do you think Pan Pacific could be talking its book?
#6) Agrium Says Profit Fell as Much as 95% From Last Year (Update1)
Oct. 23 (Bloomberg) – Agrium, Inc., the fertilizer producer seeking to take over CF Industries Holdings Inc., said third- quarter profit fell as much as 95 percent from last year’s earnings because of lower crop-nutrient prices.
Results in the company’s retail segment also have been hurt by a 40 percent decline in fungicide sales, Calgary-based Agrium said today in a statement.
#7) Cutting Pay, Wall St. vs Main St.
Just in case you weren’t sure that most of America’s journalists are complete tools, read this.
Related Posts
- Saturday Reading — US Dollar, Unemployment and More (05/23/09)
- Saturday Photo — A Monster Moose (01/30/10)
- Obama’s Big Sellout, and Other Stories (12/11/09)
- 4 Energy Stories for Monday (10/19/09)
- Thursday — the Lone Star Republic, and Other Stories (04/16/09)
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