Don't worry about global warming destroying our civilization;
it'll be long gone before then.
Mushroom Farm: Banks want to change the "mark to market" rules so they can call some of their worthless paper "inactive" and value it at Tinkerbell prices. That'll build confidence.
You Ain't Seen Nothing Yet: The worst drought, flooding, storms and mass extinction imagined by the IPCC's 2007 report are coming true. Temperatures, sea levels, acid levels in oceans and melting ice sheets are already "beyond the patterns of natural variability within which our society and economy have developed and thrived."
Definition: Wage deflation is when your employer lowers your pay and gives you extra time off (NY Times). Or your employer fires 1600 and suggests you would like to take a pay cut (McClatchy). Or your company, now employing mostly temp workers, tells them their pay is suddenly 10% less (Microsoft). When the boss says your pay has baeen reduced to zero and you can have the rest of your life off, it's called 'strengthening the bottom line.'
Mighty Mouse Saves the Day!!! Not to worry, the Fed is buying government debt and government agency debt to the tune of a trillion dollars. Where they getting the money? From thin air. The best part is, once they dilute the value of the dollar they get to charge you interest on the money they just conjured up. No worries. And to think some people think there's something wrong with this system.
Revelations: Giant Volcanoes! Asteroid Collision! Monster Tsunami!! Bird Flu!!! And now Sun Storm! According to a joint NSA/National Academy of Science report, a giant storm on the sun could knock out electrical transformers all over the world, plunging the world into years of catastrophe.
Creed: Top officials at the Fed and in the Obama administration are in thrall to the magic of markets - the free market - and haven't noticed that the market is giving them the finger. But magic is magic and if the markets are magic then they can be wizards. Like the sorcerer's apprentice.