By Jamie Douglas
Excellent questions which keep drifting into my inbox. I
have been using my very special micro-fiber lint free polishing cloth to shine
my crystal ball, all to no avail! The deeper I look into it, the more I see
dark clouds in there. But not to worry! On Monday, November 28, the U.S. stock
market rose almost 300 points. Responsibility for that inexplicable speculator
driven event are what Bloomberg proudly proclaimed were U.S. holiday sales and,
get this, “Europe Progress!” Just what progress are they talking about?
The fact that leading economist in the Euro Zone are
predicting a long and dark depression in Europe?
That the Euro as a
currency may not make it to the end of the year?
That Europe’s hope of protecting the single currency by
means of a 1 trillion Euro bailout fund are dead in the water because of the
astronomical bond yields?
That Germany could not find a buyer for its debt last week
and had to buy it themselves?
That the Organization for Economic Co-Operation and
Development (ECOD) is forecasting a deep depression across Europe?
That there will be a tidal wave of bankruptcies if any
country will be forced to abandon the common currency?
That the EU, according to Polish foreign Minister Radoslaw
Sikorski, is facing a crisis of apocalyptic proportions?
That Moody’s is forecasting a cascade of sovereign debt
defaults across the Euro Zone, if any country exited the Zone?
Just who the hell is writing headlines at Bloomberg? High
school interns? And the fact that the markets did what they did on November28
is proof that they are either manipulated by speculators or run by total
incompetents.
American shoppers are not the brightest in the bunch either.
Their nation is suffering from a financial crisis never seen before, partially
caused by the steady export to China of their manufacturing base, with the
ensuing loss of millions of high paying jobs that were exported along with the
entire factory. For the last few weeks, every day has seen the media hyping
black Friday sales and incomparable deals, and many stores so disrespected the
American family tradition of Thanksgiving football, epic family fights and
indigestion, that they forced their employees to come to work on the evening of
that holiday, when people gave thanks for all they lost since 2008.
Citizens from coast to coast were likewise forced to go
stand in line in front of Wal-Mart’s, Target’s, Best Buy’s and many more
Chinese outlet stores.
And spend they did. Over 6% more than last year. Save money?
Are you crazy? Got to have that new iPad. So instead of having a program to
keep the money where it is needed, the USA, billions more are being
electronically transferred to China. And what, pray tell is the payoff for
that, the payoff that came after the markets closed on Monday afternoon? The U.S.A. just lost its “stable outlook from
the three largest ratings agencies, and is likely to be downgraded. When
Standard and Poor downgraded the U.S. debt last on August 5 2011, the global
equity market lost almost 10 trillion dollars. That is a one with a bunch of
zero’s. So, keep shopping America. It might be your last kachinc for a while.
That of course leaves the where can we go question. The
short answer here of course is Wal-Mart. It is almost like being in China. The
long answer? Send me a fax when you find out.
Jamie Douglas
San Rafael, Mendoza
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Jamie, your article is very prophetic. If only more US citizens were aware of this country's financial condition, they wouldn't have spent all their money on poor quality, made in China, products. And instead saved their money for hard times to come.
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