HowardRally 'Gainst Speculation- forget the Dow
Rally against Globalism, and Slave labor
As we get closer to the US mid-term elections, there is electricity in the air. The main issue in the Connecticut race for US Senate: Lieberman(independent)-Schlesinger (Republ) and Lamont (Dem) seemed to be Dick Cheney. Or how did the song go that the press heard two young men singing? Cheney is a f-t a-s N-zi. I think those were some of the words.
However, in the modern Germany there are many naysayers to the policy of globalization and speculation. In a 10-24-06 interview in Die Welt, with the chief economist of the state-run Bremer Landesbank, one Volker Hellmeyer, Mr. Hellmeyer stated that the financial system has CANCER! He referred to a particular side of the phenomenon known as the commodity boom (in prices). More and more central banks are holding on to their gold reserves. Commodities are viewed as something solid versus the huge amount of speculation. He said that here we are dealing with real assets.
The "cancer" is the growing imbalance between the center of the financial system, the US, its current account deficit of $800 billion, and the lack of investment and the "generation of new products and values", which was NOT happening. This, at least from the limited standpoint of the financial world, could lead to the weakening of (among other things) the dollar. Of course with everything being valued in dollars all over the world, anyone can see that this affects far more than just the United States.
Meanwhile, on the other side of the bubble, non-traditional mortgage loans continue to proliferate, despite myriad warnings all over the place. One more flip of the housing market, flip of a piece of real estate, a flip of the barbecued hamburger, before it gets eaten? Or it just rots and is thrown in the garbage.
