G7 Gigantic Rescue Operation Now Underway

The world's biggest economies are dropping interest rates to 0% while the smaller nations are being forced to raise rates to over 18%.  All smaller currencies are dropping against the yen but finally, the G7 got the yen to weaken slightly and this has caused great rejoicing. I examine the flies infesting this ointment.  China and Russia continue to merge.  Russian billionaires continue to buy threadbare British officials.  American banks are using the bail out money to party, give bonuses and buy out each other, not lend.  And the Chinese design a gigantic rabbit shaped pavilion.  Holy Monty Python!

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October 28, 2008 | Permalink