Early indications are that Obama's job speech last night failed to impress. Europe is down, or essentially flat. Gold is rallying for a second straight day ..
I'm calling our current economic malaise 'Financial Crisis: Part deux' because it is simply too ludicrous to take seriously. It's comedy. Farce. Monty Python meets Benny Hill. The system is upside down, the boat is listing, the jig is up. Choose your own metaphor. They all fit.
Marcus Noland of the Peterson Institute for International Economics said, “This is a Keynesian stimulus program that nobody can argue with: just rebuilding the city of Sendai. Rebuilding Sendai could actually be an opportunity to try to create a growth pole in northern Japan".
Folks, further to my last edition (published here March 9th), I've attached a rather good multi year chart compliments of Richard Rhodes and Stockcharts.com.
Jittery investors sold in earnest this week on speculation that China is going on some kind of austerity kick, destined no doubt to wreak havoc on the civilized world.
