Quote of the day...

"Economics exists to make astrology look respectable."
J. K. Galbraith 

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Inflation...

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Coldplay - Don't Panic

We live in a beautiful world...

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Take it easy, Ben

Sung to the tune of The Eagles' "Take it Easy"

Well Ben's been runnin' up the Hill
Tryin' to bend to their will
Got a dozen rate cuts
On his mind
First round was for Citi
Two for Morgan Stanley
One sez Bear Stern's paid in kind
Take it easy, take it easy
Don't let the sound of Ron Paul's voice
Drive you crazy
Listen up while they grandstand
Don't even try to understand
Just stay on your reflation plan
And take it easy
Well the Fed is in a corner
The dollar is a goner
Such a fine fight to see
It's a crisis, my Lord
One we can't afford
Chuck Schumer wants a guarantee
C'mon Bernanke, don't say maybe
I gotta know if your Discount Window's
Gonna save me
Heads you lose, and tails we win
We just want to party again
So loosen up and cave right in
And take it easy
Well Hank's is on the phone to Beijing
Tryin' to stop Yuan from stinging
Got a world of trouble
On his mind
Sarko's economic war
Inflation lapping at our shores
And Cuomo wants WaMu fined
Take it easy, take it easy
Don't let Trichet's hawkish words
Make you crazy
Come on Bernanke, you can see
Gotta know if that Discount Window's
Gonna save me...
Oh we got it easy
We oughta take it easy.

New lyrics by talented iTulip member GRG55, with apologies to Jackson Browne, Glenn Frey and The Eagles.

http://www.itulip.com/forums/showthread.php?p=20068#post20068

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...Through the Eyes of Leo Tolstoy

Oil, Gold, Batman and Leo Tolstoy

'...Look at the basics. Clearly, the prices for oil and gold are rising. That is the easy observation. But are we witnessing a fundamental transformation in the alignment of all mankind, similar in a way to that observed and described by the Russian novelist Leo Tolstoy? Are the prices of these two critical commodities, oil and gold, reflective of the broader themes of war and peace, mankind’s ability to both hate and love, the artificial and the natural, the erotic and the sublime? Where will it all end, and how will it play out? As the prices rise for oil and gold, are we seeing both sides of a clash between the most profound forces of God and nature? In the rising price trends for oil and gold, are we observing two opposing pathways through life? One era is ending, that of cheap energy and strong dollars. Another era is beginning. What era will that be? Yes, our oil and gold-mining stocks go up while the dollar-based world around us grows poorer. Would it not be better for our stocks to go up while the dollar-based world grows richer? Oh, if only it could be so...'

http://www.howestreet.com/articles/index.php?article_id=5101

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Bremner Bird and Fortune - Meeting the Adviser -Its Credit and its Crunchy

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What the heck's happening to our financial system?

Καλή ερώτηση (κάλιο αργά παρά ποτέ).

http://money.cnn.com/2007/11/07/magazines/fortune/credit_crunch_parttwo.fortune/index.htm?postversion=2007110808

'...The most sobering thought about the credit crunch so far is that it's happened without anything approaching a recession. Difficulties in the financial system could slow the economy and that in turn that would create new losses at the banks.

If it wanted to, the Federal Reserve could just cut interest rates and cheaper borrowing costs would help the banks and spark economic activity. But with the threat of inflation and the weak dollar, the Fed doesn't have much room to maneuver.

Sorry, but we're only just moving into the second act of the credit crunch...'

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