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How many of you remember the Austin Powers movies from the 1990's? One scene stands out in my mind. It's the scene at a nighclub where one of Dr. Evils minions attempts to kill our hero. Instead, it backfires on her, with Austin using her as a shield. She takes at least half a dozen gunshots to the chest, takes a direct hit from a bazooka, and falls out of a 20 story building, pancaking face down on the concrete below. She brushes herself off and continues to try and "get" the hero. Stymied and frustrated, he shakes her by the scruff of her neck and asks "WHY WON'T YOU DIE"?
That's the same feeling I have towards the DOW and S+P. Given the state of our economy, I can't think of any reason....none whatsoever that justifies why the DOW should be as high as it is. I see it rise day after day, week after week and ask myself the same question...."why won't it crash?"
I have been thinking.....nay praying....for it to collapse down to about 3500-4000, which is where I think it SHOULD be, based on fundamentals.
I realize that the DJIA is only a collection of 30 stocks. But aren't those supposed to be a cross section of the overall collective economy and acting as a barometer for things to come?
Alas, by now, most of us now realize that the schism between the financials markets and the real world day-to-day economy that all of us live in is growing wider by the minute. Nowhere do I see where any of the fundamental problems have been addressed: rising unemployment, income disparity, we consume far, far more than we produce, etc. When I see the world around me, I see a lot of grim news. A few minutes spent on MSN or CNBC and it's pitifully obvious that no one has learned a thing from these last bubbles and appear eager to reinflate them by any means at any cost and "restart the party" and get on with "business as usual".
All of this talk about green shoots, imminent recovery, ad infinitum is really leaving me scratching my head and wondering if our leaders aren't acting on information obtained from a Chinese fortune cookie.
-Which leads me to the crux of this post. Do you suppose there is more to propping up the financial system than we are being told? While I'm not quite one of those aluminum foil hat wearing conspiracy geeks, I do seldom believe everything that's told to us from the Voice of Authority. Even if what we hear is true (which is often debatable and contingent upon Clinton-esque defining of what "is" is.), I'm pretty sure there is always more to the story.
I really wonder if the USA's days of being *THE* supreme World Economy are over and that China owns us. And they are calling the shots. And that the President is little more than a puppet leader. And we just don't know it yet.
Look around you. Is there ANYTHING....anything at all.....in this country that China doesn't either directly or indirectly own a piece of-if not outright? Whether it's manufacturing to electronics to debt. You name it. They own it. And we own them how many billions if not trillions of dollars? All of a sudden, out of the blue, we were told we had to prop up and bail out the banks with unlimited funds, no strings attached, no questions asked, or else we wouldn't have an economy by Monday. I still don't believe that the "crisis" got THAT bad, THAT soon. Not unless.....
...then President Bush received a 30 second phone call. He didn't say a word. He just listened. And it might've gone something like this:
"Hello Mr Bush. This is Hu Jintao, President of The Peoples Republic Of China. I see that you have ran your economy into the ground. I would just like to take a minute to remind you that we own every aspect of your economy. You owe us untold Billions, which if you default, will threaten OUR nations growth and prosperity. I'm here to tell you right now, from head of state to head of state, that you better do whatever it takes to keep your banking system afloat. Because if you decide to stiff us, you will leave us with no choice to invade you. We will sieze any and all properties, municipalities and so forth to settle these debts. Remember. Our ARMY alone is larger than your entire population. And don't get any stupid ideas about pressing that red button. Because remember. We have one too. You have your orders. Thank you and have a nice day".
And on Januray 20th of this year, newly inagurated President Obamas private line rings. He answers and gets a message: "Hello Mr Obama. This is Hu Jintao...."
I know it sounds crazy and "out there" and that some people who read this will think I'm an absolute Froot Loop. Maybe something like this went down. Maybe it didn't. But remember this. Just because YOU don't WANT to think it's true, doesn't neccessarily mean that it ISN'T true.
"Hello Mr Bush. This is Hu Jintao, President of The Peoples Republic Of China. I see that you have ran your economy into the ground. I would just like to take a minute to remind you that we own every aspect of your economy. You owe us untold Billions, which if you default, will threaten OUR nations growth and prosperity. I'm here to tell you right now, from head of state to head of state, that you better do whatever it takes to keep your banking system afloat. Because if you decide to stiff us, you will leave us with no choice to invade you. We will sieze any and all properties, municipalities and so forth to settle these debts. Remember. Our ARMY alone is larger than your entire population. And don't get any stupid ideas about pressing that red button. Because remember. We have one too. You have your orders. Thank you and have a nice day".
Oct 19, 2008
Washington D.C.
Mr. Jintao,
I'd like to take this opportunity to reassure you that the U.S. has no intentions of defaulting on our fiduciary obligations to the Peoples' Republic of China. To ease your concerns, I've just sent you several rolls of $100 U.S. dollar bills, hot off the printing press, for you to use as wallpaper for your office. Remember, there's plenty more where that came from.
Regarding your pending invasion, we'd ask that you reconsider your position. Attempting to destroy the world's biggest importer and consumer of your products, and attempting to destroy the currency which backstops your own, does not seem wise. In the event that you do not comply, we remind you that if you manage to defeat the world's most advanced military, you will then need to occupy a huge land full of hostile, gun-wielding red staters.
We're being MADOFFED. The facts will come out, the economy will really crash and then we'll be told that the government needs even greater dictatorial powers to put things right again. But only temporarily, of course.
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