DRAWING on OBSERVATIONS

Ball point pen on today’s newsprint

The respected economist has been tapped to form a new government in Italy, but credentials aside, he’s going to have a hard time. The country has a little over four months to repay or refinance over 200 billion euros in maturing bonds. While interest rates on those bonds have climbed to 7.4 percent, we know Jon Corzine won’t be a buyer at that or any price.

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Ball point pen on today’s newsprint

5 days remaining.

read

Warning the song of the day scene from Reservoir Dogs contains graphic violence.

Ball point pen on today’s newsprint

Boehner can’t get his party in line for a vote and Reid says the senate wouldn’t pass it if he could.

Count down to default is six days.

Ball point pen on today’s newsprint

The countdown to default now stands at 12 days and the partisan bickering is still at a fever pitch. Of the 1oo senators sent to Washington to represent the people, only six seemed to want to do what’s best without regards to political gain. That’s a demoralizing ratio.

Ball point pen on today’s newsprint

Ironic that the Greeks were the inventors of spectator sport and the tragedy.

Today all eyes of Europe and the I.M.F. are on Greece. If the Greek government wins a vote of confidence tonight, it will get an immediate infusion of 12 billion euros and meet it’s short term debt. If it fails to win the important vote, it’s government will most likely default.

Stay tuned

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Much to the hard rights dismay, the affable, quotable, folksy, former Senator Allen Simpson  has returned to Washington to co-chair Presiddent Obama’s bipartisan commission for reducing our mounting debt.

Good luck!

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Faced with a bankrupt state government, New Jersey’s new governor, Chris Christie is serving up some tough love.

Happy Valentines Day!

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The Deficit for the coming year is eleven percent of GDP and the most optimistic of forecasts project unsustainable debt for at least ten more years.

Translation: A Hard Rain’s A-Gonna Fall.

I saw ten thousand talkers whose tongues were all broken,
indeed.

Ball point pen on the morning newsprint

The United Arab Emirates claim to be one country, but the religious, oil rich Abu Dhabi and it’s current emir, Sheik Khalifa bin Zayed al-Nahyan seem hesitant to step in and bail out the secular, upstart Dubai, leading many to speculate about a rift between the two emirates. Dubai’s reported debt now stands at 148% of it’s GDP.

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An unprecedented construction boom, down turn in the economy and real estate markets, and the world-wide banking crisis, has caused the heavily leveraged, secular Dubia to seek help from the conservative, religious and financially sound big brother, Abu Dhabi. Stay tuned.

Ball point pen on the morning newsprint

…When added to the 700 Billion, the numbers start to get abstract. A trillion dollars is a million million. If you laid one dollar bills end to end, you could make a chain that stretches from earth to the moon and back again 200 times. One trillion dollars would stretch nearly from the earth to the sun. It would take a military jet flying at the speed of sound, reeling out a roll of dollar bills behind it, 14 years before it reeled out one trillion dollar bills.
The tab so far for bailouts has reached 8.5 Trillion Dollars! I wonder how long it will take my great grandchildren to pay it back to China.

Blogging note: A special thanks to Charley Parker over at Lines and Colors, for featuring my blog yesterday. I’ve been a big fan of L&C and I am honored to be included in the pantheon of great art that I’ve so enjoyed reading about over the years. I’ll try to live up to the honor.

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