Infiltration

Is it me, or has this formerly-funny radio programme become a tendentious political broadcast aiming to reinforce the prejudices of a snickering, sycophantic coterie of not-as-smart-as-they-think-they-are socialists? Alan Coren, thou shouldst be living at this hour.

Carte Blanche

"... Congress doesn't know how much money he (Treasury Secretary Henry Paulson) has given away to anyone."

- an estimated $290 billion so far.

We are star dust

Spot the difference:

Looking back, looking forward

UPDATE: "This secular bear market will last a lot longer and be much deeper than anyone thinks. Sadly, very few are prepared for it." - Mish.

This gels with what Marc Faber was saying quite some times back, that the market had further to drop than many people thought. Equities may seem to be fair value in terms of multiples of their earnings, but when the earnings fall, valuations have to be reassessed.

US public debt increases by over $1 trillion in 3 months

Food shortages next?

London Banker explores the implications of the drying-up of letters of credit. Stock that larder extra well until you've heard the problem has been fixed.

Was I right?

I said in comments to one of my Monday pieces, "Up to a certain limit, one can purchase index-linked certificates to preserve one's savings, but I'm trying to guess what rich people will do to get out of cash if currencies everywhere inflate - buy Van Goghs?"

And now Reuters reports that Sotheby's is still selling contemporary art at high prices.

The rich are getting their servants to load the packing-crates into the train while still telling us that we'll win the war. Perhaps they'll flee to Argentina.