''Î'm scared and leaders should look out,'' Tsang said in Singapore Nov. ''America is doing exactly what Japan did last time,'' he said, adding that Japan's zero interest rate policy contributed to the 1997 Asian financial crisis and U.S. mortgage meltdown.
In the latest sign of the Las Vegas ValleyÎéÎ÷s economic free fall, U.S. citizens are starting to show up in the early mornings outside home improvement stores and plant nurseries across the Las Vegas Valley, jostling with illegal immigrants for a shot at a few hours of work.
What's really happening with these protests is that the genuine rage and not unreasonable economic insecurity of these citizens is being stoked, exploited, distorted and manipulated by movement leaders for entirely different ends.
While Gallup data for the month also show a slight moderation in job loss, this is not sufficient to take up the slack for a 35% decline in the rate of job creation compared to a year ago.
Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is.
Hundreds of thousands of people are expected to march through the streets of France today as the traditional May Day rallies become a focus point for anger over factory closures, job cuts and Nicolas Sarkozy's handling of the economic crisis.
The myth of the single bubble behind The Great Unwind -- manifest as the global credit crunch -- has essentially been dumped in the last few months and subprime mortgage default, a USD 1.5 trillion challenge within the USD 5 trillion mortgage based assets envelope, is seen as a component of a much larger overwhelming global crisis with unprecedented scale, speed, severity and synchronicity. The global crisis has wiped a staggering USD 50 trillion off the value of financial assets currency, equity and bond markets worldwide last year, according to the Asian Development Bank. The truth that there are as many as eight bubbles at play...
![Debt in the USA, 1980 to present [graph].](http://market-ticker.denninger.net/uploads/Z12009-09/CumulativeDebt80-Present.png){kind=link}