Wednesday, July 16, 2008


Drowning. It's the end of the Cheney wars, despite McIraq and AfghanObama.

Look at this as pressure for a blank check from Congress:
US faces global funding crisis, warns Merrill Lynch

Merrill Lynch has warned that the United States could face a foreign "financing crisis" within months as the full consequences of the Fannie Mae and Freddie Mac mortgage debacle spread through the world.

The country depends on Asian, Russian and Middle Eastern investors to fund much of its $700bn (£350bn) current account deficit, leaving it far more vulnerable to a collapse of confidence than Japan in the early 1990s after the Nikkei bubble burst. Britain and other Anglo-Saxon deficit states could face a similar retreat by foreign investors.
How many blank checks can one write before the marks get a clue?


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