Wow. Things look to be moving faster now.
Regional banks look to be on the bubble throughout the country - including possibly Wachovia. The dollar dropped to a record low against the Euro; and today comes a report that wholesale inflation was up 1.8 percent last month, and has risen 9.2 percent over the past year - the biggest one-year jump since 1981.
As Bill Bonner over at the Daily Recknoning notes, all the world’s stock markets are now officially in bear markets.
There is no stopping history. There’s no backing up. Once the wings begin to fall off, the plane is going to crash; there’s not much you can do about it.
And that great sucking sound you hear may be the sound of fusilage ripping.
A talk with My Mother The Winger last night. Her answer, conveniently supplied by Fox News:
“We have to drill!”
And as noted previously, I’m not outright opposed to drilling either in ANWR or along the continental shelf, so long as drilling is part of a broader strategy designed to develop alternatives. But you know how this is going to go; the alternatives will fall by the wayside as we award the oil companies yet another prize and we continue plunging down this same abyss, convinced of our birthright to drive a Hummer and willing, ultimately, to pay any price, impose any burden upon the environment to keep it rolling down the road.
