Karl Denninger says, "This is an effective tax on everyone -- including saved capital," hence the title of this post.
Dow spooged itself to the extent of a 200-point climb.
Two more on the economy from Denninger:
And yes, there is most definitely inflation occurring. It's not official inflation--well, a little bit of it is--but it's happening.
Also, unemployment is on the rise again.
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Meanwhile, Obama has done what all Presidents who are stepping on their domestic policy dicks do: running on his foreign policy. I'm sure Republican Presidents do this as well, but there hasn't been one in my adult life who needed to; the phenomenon has been primarily confined to Democrats.
So the economy is staggeringly bad, and Obama has immediately shifted to talking up his foreign policy. This would be a wise thing to do...except for the tiny little fact that Obama doesn't know anything about foreign policy.
And apparently Obams is so busy campaigning he doesn't have time for intelligence briefings.
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As for me, I'm still utterly wiped out. Most of my body still aches with fatigue. Damn did that thing yesterday take a lot out of me.
It might help if I were able to sleep more than 3-4 hours at a time. Well, I've got choir practice tonight at 6:45, so if I want to be conscious for it I'd better go lay down right now and get another few winks. *sigh*