President Bush on the state of the US Economy, including a discussion of the national debt and rising global interest rates, from today's news conference.
The Fed's New Clothes: Stephen Roach, Chief Economist at Morgan Stanley, on the Maestro's historic drive to devalue income and savings and push speculation. The ownership society lurks in the background. Via Cunning Realist.
Will Currency Wars Effect You? Oldman gives a quick run-through of the geopolitics of America's budget deficit, with some likely scenarios for the next 2-5 years.
WalmartFilter: "Wal-Mart controls a large and rapidly increasing share of the business done by most every major U.S. consumer-products company: 28% of Dial total sales, 24% of Del Monte Foods, 23% of Clorox, 23% of Revlon... Wal-Mart plans to open 1,000 more supercenters in the U.S. alone over the next five years.. giving it control over 35% of U.S. food sales and 25% of drugstore sales...The $12 billion worth of Chinese goods Wal-Mart bought in 2002 represented 10% of all U.S. imports from China." Setting aside questions of monopoly, isn't this a potentially dangerous monoculture?