10 comments on The Round-Up: August 21st 2007
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10 comments on The Round-Up: August 21st 2007
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Stoneleigh,
Thank you for the many links.
The part that is not clear to me is why they don't expect a huge blow back from Europe and Asia when it is obvious that they have been defrauded with falsely rated paper by the New York-London-Tel Aviv axis?
I don't get it.
If a street person (or even my neighbor) would steal things from my shed, I might smile and say nothing while they have an 800# gorilla in front of my door, but the minute he goes to sleep (or even breaks for lunch) they are history.
It seems eerily coincidental that the only other countries with a sub prime problem are Spain and Australia while they also supported the Iraq fiasco.
To someone uninformed and looking down from Mars it would look like the axis fraud financed Iraq, and now that the prize has proven elusive beyond repair the fraud blows up in their faces.
Britain also has a huge subrime problem, which would fit with your hypothesis. The real estate bubble has basically been global though.
As we are only (IMO) at the very beginning of a credit crunch, the effects have not yet been felt in the real economy. The fear that can cause an almost instant reaction in the financial markets takes longer to affect the real economy. The decision to sell a financial asset is quicker than the decision to downsize a company, to consolidate a business (rather than expand), to postpone an acquisition etc. I expect to see the effects on the real economy from this fall, at which point I would agree with you that recriminations from Europe and Asia are highly likely.
The whole scenario just goes against my first instincts, I rather have a epic death battle today and then go and lay on the beach with an umbrella drink. Waiting is boring.
Did you see the "collectivism" link on Ure's website today?