ensuring the next bailout will be bigger.
Rumor! Rumor! Central banks are discussing the of mass purchases of mortgage-backed securities as a way to mend the credit crisis. The Central banks dismiss these rumors, pointing out that such a program would require public acceptance of the nationalization of home ownership. Okay, but the first step would be starting rumors...
Rinse Cycle: To celebrate the success of the "surge" in Iraq, insurgents delivered a heavy rocket and mortar attack on the Green Zone in Baghdad. US commanders warn that " recent security gains in Iraq are both fragile and reversible." And possibly imaginary.
Gobbleization: Global trade has slowed almost to a standstill so far this year. The last time annual growth in trade went negative was in 2001, with the US recession and the 9/11 economic slowdown. 'Decoupling' joins 'containment' as a failed concept.
Revelations: Gold had its biggest weekly loss since August 1990 after reaching a record $1,033.90 an ounce on March 17. Oil plunged almost $10 over three days, after reaching $111 a barrel. Now that gold is back to $925 an ounce and oil is only $100 a barrel, I feel much better.
Plan Ahead: Go to E-Bay now and bid on a gross or two of the Whip Inflation Now buttons President Ford's estate has for sale. They'll be in demand this summer.
Brother Can You Spare A Dime ? Own part of America! For the first time, the general public can buy US bonds paying less than the inflation rate, directly from the publisher, in $100 increments. Be the first on your block to invest in US Government Securities guaranteed to return less buying power than you started with! Act NOW!
The Prize: Iraqis have been turning down the $20,000 "oops" money they were offered when their wives and kids are "collaterally" killed. But did you know our soldier's widows get $500,000 as a consolation prize? Would make an interesting plot line for a murder mystery.
Cui Bono? While Gov. Spitzer's antics were interesting, the way they were revealed (leaked from the FBI to the NYTimes) was bizarre. Why him, why now, who benefits? Spitzer was complaining that Bush&Co had prevented him from preventing the whole sub-prime smash-up by not letting NY protect its citizens from bad things the administration thought were good things. Maybe, maybe not.
Stormy Weather: The low-pressure system that brought flooding to much of the central US last week also stirred up 15 to 30 foot waves in the Caribbean. Beaches are littered with broken coral throughout paradise. This is a sign of extensive damage to reefs - possibly the worst since 1991.