So It's Really Over?
Monday, December 22, 2008
The cars kept running on the roads, our smiles were as transparent as ever, but beneath the surface, fissures.
Did you know that the League of Nations established the color code on streetlights?
Astonishing! The Depression is unfolding exactly as if it were a Depression.
Rumination while listening to the Orb
Sunday, December 21, 2008
I'm just loving the United States right now. Such a mysterious thing is unfolding in the economy.
No doubt, we live in the most advanced economy in the modern world's history. The computerization is immense and manifold. There are zeppelins circling the Earth in space full of nothing but hundreds of trillions of liquid helium dollars.
The question is when one of these Zeppelins explodes and sets the atmosphere on fire.
Will the stock market stay stuck in an 8,000 trading range for most of 2009? Will it dive or shoot up precipitously?
The strategy of the government and the financiers, is it to restore us to a Bull Market, to a 14,000-and-climbing level?
All these stock market averages are like altitude readings on a dashboard.
Weimar Germany and Paulson's America
Wednesday, December 10, 2008
This is a quote from Weimar Germany: Promise and Tragedy
, a new book about the Republic. I highly recommend it.
The below passage is about the dawn of hyperinflation. At its zenith, one dollar was worth 4.2 trillion marks.
From page 135:
The government made available to business in the Ruhr a huge range of credit instruments, while various ministries and agencies paid out wages for unproductive work, unemployment benefits, and welfare support. By the end of June, the government had guaranteed 2.5 trillion paper marks' worth of credits to business, and had provided another 5.2 trillion marks in the form of subventions to the railroad and postal service and social supports. The government had neither the gold reserves, the moral legitimacy, nor the real economic production required to meet its obligations. But it had printing presses, and these it used with abandon.
Note how Weimar Germany extended 7.7 trillion dollars
in credit instruments to businesses.
Now note how America has extended 7.4 trillion dollars
in credit instruments to businesses.
Monday, December 08, 2008
A brain explodes in a television studio
meltdown in the sewage system, shit spews
over power lines and pine cones gouge out the eyes.
Nikola Tesla's electric anal beads vibrate on a table-top,
a department store in Stalingrad, Moscow Metro 2nd stop,
disease, exterminations, madness, the lines for bread
Letter to the Credit Crisis
Lines of credit
sandbars of cocaine
cities designed televisually
nuclear silos and subs in the sea
fever on the airwaves, carbon emissions,
Hank Paulson screams, oh he creams himself
Lifeline in Peril
Sunday, December 07, 2008
I'm fond of talking about the NATO supply line through Pakistan. A few weeks ago it was shut down because of Taliban activity and attacks. The ceremonial reopening went on without a hitch. And then today this happened...
PESHAWAR, Pakistan (Reuters) - Pakistani militants set on fire 96 trucks carrying Hamvees and military vehicles for Western forces in Afghanistan in an attack in the northwestern city of Peshawar on Sunday, police said.
"It happened at around 2:30 (4:30 a.m. EDT). They fired rockets, hurled hand grenades and then set ablaze 96 trucks," senior police officer, Azeem Khan, told Reuters.
Most supplies, including fuel, for U.S. and NATO forces in landlocked Afghanistan are trucked through Pakistan, much of it through a mountain pass that lies between Peshawar, capital of North-West Frontier Province and the border town of Torkham.
Don't be surprised when NATO forces in Afghanistan are cut off by chaos in Pakistan.
Something to Chew On
Wednesday, December 03, 2008
“Markets are pricing somewhere between a recession and a depression, and that is what we are faced with,” said Philip Gisdakis, a Munich-based credit strategist at UniCredit SpA, Italy’s biggest bank. “We are already in a recession. The next economic phase will not be recession, but depression.”