The current occupant of the White House has sedulously prepared for his successor the biggest shit sandwich the world has ever seen, and there is naturally some concern that Mr. Obama might choke on it. The dilemma is essentially this: The consumer economy we all knew and loved has died. ...read more

In the typhoon of commentary that’s blown around the world a step behind the financial tsunami that’s wrecking everything, two little words have been curiously absent: “fraud” and “swindle.” But aren’t they really at the core of what has happened? Wall Street took the whole world “for a ride” and ...read more

It’s fascinating to read the commentators in mainstream journals like The Financial Times and The Wall Street Journal all strenuously pretending that “the worst is over” (maybe...we hope...fingers crossed…hail Mary full of grace...et cetera). The cluelessness would be funny if it didn’t involve a world-changing catastrophe. All nations that have ...read more

The G-7 world, the club of “developed” western nations plus Japan, has commenced an ordeal of suddenly waking up much poorer. All the desperate work-arounds being engineered by governments and central banks on an al fresco basis are intended to overcome this stunning basic fact, and none of them will. ...read more