« Today, We Visit Sumitomo Bank In Japan | Main | Treasury and IMF Reports On World Equity and Debt »



The Times today has a heart breaking story about far flung Citigroup predations and the truly astonishing foolishness of local financial officials.

U.S. Credit Crisis Adds to Gloom in Norway

...In 2004, Narvik and a number of other towns took out a large loan, using future energy revenue as collateral. They invested the money, through Terra Securities, in the Citigroup debt vehicle, which offered a better return than traditional investments. In June 2007, as the subprime problems were brewing, Narvik shifted some money from that investment into an even more complex one, again through Terra Securities.

They bet the future on some snake oil. Astounding!


The Governator has been trying to work a plan with Countrywide and a few other lenders to prevent foreclosures here in California. Housing Bubble pointed out the idiocy of going to those who were a big part of getting housing into this mess and hoping they will now get us out. That, and if the ARM's are magically changed into fixed rates then what does that do to the MBS already sold ?



I wonder whether it is actually possible for Europe to retreat back by putting up tariffs & barriers. If they do, they fall into the trap Japan set up for itself in the 19th Century ...at that time, everyone in Japan winds up poor and economy in terrible depression!!!

How ironic - 200 years ago, the Europeans forced Japan and China to 'open up' for international trade and now, they plan to retreat behind trade barriers themselves with China and Japan taking over as the international and successful trading nations dictating the terms and conditions for the next century!!

We already know Africa, ASEAN already sign up together with parts of South America and ME. Russia - definitely the big boy to this party. India and Australia are now trying to crash into this party..

We are definitely living in interesting times.. the shaping of the New Asian Economic Co-Prosperity Order..we should document this for our future generations!!!!



Have a read on the latest article from the Telegraph:


China wins from credit crunch fallout

As the British would say: The game's afoot!!

And it is not the end of even round 1!!


Report out of southern China today that police had to use batons and dogs to keep thousands of factory workers from leaving their factory jobs to go on strike because of rising food costs.

Elaine Supkis

Yes, Teddy, how true.

During the Great Depression, Ford workers were given a lot of lies whereby they believed they would get pay raises but instead, Ford [like TOYOTA TODAY] didn't give raises, they forced everyone to work overtime for less pay.

The workers went on strike, the military came in and KILLED them in this massacre which was quickly forgotten by Americans. Ditto, miners. They went on strike, they DIED. Via our military. This is how all states operate.

I hope the workers of China unite and fight back. That will be good for them ANY set a good example for us.

The comments to this entry are closed.

Blog powered by Typepad