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Archive for October 8th, 2009

Answer: When Barack Obama is at the helm.

The MSM has been pining for a recession since, well, since a Republican won re-election. Now that they have one, they just want it to go away before Obama starts to look bad. I wonder how long it’ll take them to realize that horse has left the barn..

After spending the past several years making doleful predictions while the economy boomed, (“PERSONAL FINANCES – Sixty-one percent say their own finances are excellent or good, unchanged from last week.“) the liberal media finally has what it longed for so intensely, a deep economic downturn. Problem is, now it’s on the Democrat’s watch. The media scramble to cover for Obama and the Dems brings rodeo clowns irresistibly to mind, as they flap their arms and flail wildly in an increasingly transparent attempt…  videos will not upload to WordPress..see here..

…to divert the attention of the infuriated bull, aka John Q. Public. As a dazed Obama/Pelosi team crawls through the mingled haze of dirt and cow patties, take another bite of corndog and check out this video. (Which was quickly disabled on Youtube..)

Now that we’ve had a good laugh, time for a good cry. Before you read this, remember, I’m just The Messenger.

Don’t shoot.

The decline of American economic power linked to the current global recession was implicitly acknowledged by the World Bank president Robert Zoellick. “One of the legacies of this crisis may be a recognition of changed economic power relations,” he said in Istanbul ahead of meetings this week of the IMF and World Bank. But it is China’s extraordinary new financial power – along with past anger among oil-producing and oil-consuming nations at America’s power to interfere in the international financial system – which has prompted the latest discussions involving the Gulf states.

“The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency,” according to excerpts* released by the World Bank. *Link taken down, sorry folks. World Bank regretted posting that, apparently. I have learned my lesson and will cache future links.

Oct. 8 (Bloomberg) — The dollar fell to its lowest level in almost 14 months against the currencies of six major U.S. trading partners as signs of global economic recovery spurred demand for riskier assets.

It’s the biggest mystery in global finance right now: Who conducted a sneak attack on the U.S. dollar this week?

It is also clear that China is literally “putting its money where its mouth is.” China has devoted an enormous amount of resources building up its domestic gold mining industry, soaring to #1 in the world this decade, and it recently stunned the world with the announcement of a huge increase in its official, national holdings (see “China now has 5th largest gold reserves”).

China’s gold reserves jumped by 76% from its last announcement in 2002 – up to 1,054 tons. Given that official government purchases on the open market are recorded and announced, this means that rather than buying all that gold openly on the market (which would have driven up the price while they were buying) China has been accumulating gold surreptitiously, through buying up its domestic production – strongly suggesting that ramping-up its gold production was part of a long-term strategic plan to become one of the world’s largest (if not the largest) holder of gold among governments.

Mmm, mmm, mmm…Barack Hussein Obama…

Brace yourselves, folks. It’s gonna be a bumpy ride.

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