Monday, November 24, 2008

Money, &c

Some time past I copied this following onto my little doc of things to blog about. Seems still worth reading:
America is bankrupt. American government bonds are extremely overvalued. “The world’s last bubble.” America is in debt for over 13.000 billion (13 trillion) dollar and adds a 1.000 billion dollar debt each year. …

Read it all here. I've no doubt spent too much time the last few weeks watching CNBC, in part horrified by all the financial situation, in part horrified because I'm watching IRAs evanesce, small amounts of money becoming daily smaller, and in part fascinated because I can't resist the chance to watch a train wreck. I have come to the conclusion that nobody in this country understands exactly what the hell is going on, except a bunch of inept greedheads who perceive that they can show up in DC with their hands out and come away with money. They may not understand what's going on, but they understand the part about money. The Citibank deal looks like multiple billions tossed away to help out people that deserve no help, but I can't be sure about that because, as I said, I don't understand what's going on. The money frittered away on Wall-Street welfare payments will make it hard to do anything else for many years.

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