You can put a fork in us down the road.... The U.S. currency dropped against 12 of its 16 major counterparts as the International Monetary Fund said traders are probably using the dollar to fund so-called carry trades around the world and it may still be overvalued. I hope everyone here in The United States takes a moment to understand what this means. Let me lay it out for you: When the global
Let's score the 2008 edition predictions first:US will enter a recession: Confirmed by NBER. Check.Unemployment will rise north of 5%. Check (bigtime)Housing will not turn in 2008. Major check.The story in 2008 will be defaults on prime mortgages. Check.Consumer lending practice stupidity exposed. Check.Recreational sector (boats, etc) smashed. Check.Government will meddle. Biggest check of
Just so you have a short list of what's at stake if Washington DC doesn't change policy here and now (which means before the collapse in equities comes, which could start as soon as today, if the indicators I watch have any validity at all. For what its worth, those indicators are painting a picture of the Apocalypse that I simply can't believe, and they're showing it as an imminent event - like
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