decline

A great piece by the crew at Karmabanque. Broadcast on Al Jazeera and brought to you on You Tube.

Karmabanque. Read below the fold...

Just call me Cassandra . . . I see a bad moon a rising . . .

A senior Asian Development Bank official said on Thursday that the dollar was likely to decline further, and he called for East Asian countries to make sure that their currencies rose in unison and did not gyrate.

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Imagine a 40% crash in housing prices . Seriously just run through the scenario in your head. How much of your net worth is accounted for in your house? How much of your retirement nest egg? How much have you drawn out of said house in equity? What would that wonderfully extended mortgage look like, you know the adjustable one with the interest only for the first five years or so; the mortgage that will last you a good fifty years – yeah that one. You in the service industry, the paper pusher who is about to be down sized, the data entry operator or phone jockey making more than you know you should – you. How would you like to be holding a mortgage on a property that is worth about half what you paid for it, making half of what you used to? Get the picture? I’ll buy it off you for transaction cost. Read below the fold...

That great big sucking sound is your income being siphoned off by one hell of a sleeper in the tax structure . Hidden right there in the open, waiting for all the pieces to fall into place. What ever will the uppermiddles do? Read below the fold...

What they don't talk about is a dirty little secret everyone in Washington knows , or at least should. The vast majority of economists and budget analysts agree: The ship of state is on a disastrous course, and will founder on the reefs of economic disaster if nothing is done to correct it.

Yo! CD, what’s the skinny on this? Aside from we’re FUBAR. Where are the leverage points politically? How the hell do we conceive of politics at the bureaucratic level? None of these people are elected? This is starting to look a lot like the Donation of Constantine – the clerics are running the country. OK you were right. Read below the fold...

Its as if I went to sleep and woke up at the end of Capital . I found This article at karmabanque
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The widening chasm between rich and poor may well threaten our democracy. Yet if that banker's lament staggers your brain as it did mine, you're on your way to seeing why America's income gap is arguably less likely to spark a retro fight between proletarians and capitalists than a war between what I call the "lower upper class" and the ultrarich.

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