And man, are things getting weird now or what?
First, the UK has a failed gilt auction AFTER the BofE promises to backstop the gov’t debt.
Then, the U.S. Treasury prices fall for five days straight AFTER the Fed announces their own “Quantative Sleazing” program.
Next, this afternoon Turbo Tax Tim Geithner tells his “One World Order” cronies at the CFR meeting that China’s idea for switching to SDR from the U.S. fiatsco as a reserve currency is a swell idea–only to completely reverse himself when thrown a softball question regarding “clarifying” those remarks.
Meanwhile, the U.S. federal budget fight is heating up, the “Leave No Pigman Behind” PPIP plan is drawing major flak from even mainstream economists like Paul Krugman and Joe Stiglitz, and the ONLY guy with any real cajones (Paul Volker) to clean up this mess is put out to pasture by assigning him to work on the tax code.
Also, the world economic systems contine to grind to a halt and the G20 meeting will feature NOT ONLY the afore-mentioned Chinesse plan for switching to SDRs, but ALSO Russia’s proposal to dump the U.S. fiatsco as well.
All of this is enough to impel even the most even-tempered Vulcan to run screaming to the U.S.S. Enterprise and blast off at warp speed for the farthest galaxy from your Milky Way.
However, due to a mixture of morbid fascination and lack of dilithium crystals, this observer will stick around for a few more weeks to see how this multi-faceted saga plays out.
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