There’s a lot of great stuff on the blogs today. So, I’m going to give you a blog round-up, pardner.
Nice Country You Have There, Be a Shame If Anything Happened to It
Ian Welsh covers the threats that Britain and the Netherlands are making toward Iceland over its refusal to pay $5.5 billion of what amounts to protection money. Sure, the Icelandic banks were stupid. But the ones using them for bad, bad things were the British bankers. And Iceland has already agreed to cover what is legally required - Britain and the Netherlands want more. Maybe they’re taking “good neighbor” lessons from Uncle Sam, eh?
Illargi at The Automatic Earth has more on the Iceland fiasco HERE.
NY Fed Told AIG to Hide Details of Swaps Payouts to Banks
Yves at Naked Capitalism does her everyday excellence of taking an already shocking news story and adding insightful analysis. Oh, and a note on another Yves story, Roubini Vs. Gross for 2010, in which she worries that commodities may be in another bubble. That may be true. But I’m getting “buy” signals all over the place, the kind that indicate an uptrend could be in place for months. Do you really want to miss out on that?
There Are Now More Government Employees Than Goods-Producing Workers in the US
Jesse does his usual combo of brilliant writing and scaring the crap out of me with one of his charts.
As you can see, we now have more people on the government payrolls than working in manufacturing. The neoliberal strategy of hollowing out America like a bunch of termites in a log seems to be working. Okay, this chart is originally from The Mess That Greenspan Made, but Jesse puts the pieces together.
US Avoids Technical Default By Three Days
Tyler Durden points out the elephant in the room, that America remains teetering way too close to the fiscal brink. It’s all fits and giggles until somebody goes bankrupt.
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