Archive for May, 2009

HOPE AND CHANGE: Brazil and China eye plan to axe dollar. “Brazil and China will work towards using their own currencies in trade transactions rather than the US dollar, according to Brazil’s central bank and aides to Luiz Inácio Lula da Silva, Brazil’s president. The move follows recent Chinese challenges to the status of the dollar as the world’s leading international currency.” Quite an accomplishment — Obama has been president for just four months, and his legacy already seems secure. . . .

SOAK THE RICH? Lose the rich.

WILL NANCY PELOSI be flying commercial again soon? “In one sense, this is exactly the sort of event that the word ‘schadenfreude’ was invented to describe. But into every silver lining a cloud must come. For although it would be nice to welcome a former Madam Speaker Pelosi back into the airport security lines with the rest of us slobs, one feels a bit like St. Augustine contemplating his embrace of chastity: Give us Pelosi, Oh Lord, but not yet.”

ECONOMY TANKS, blue-collar males hardest-hit. “Men also incurred about 80 percent of the job losses in the 1990-91 recession, but Sum said by his calculations the numbers this time were dramatically different. In the 1990-91 recession, men lost 1.037 million jobs. They have lost 4.5 million to date in this one.”

CHRYSLER: Take Our Cash: Please! “With an estimated 44k vehicles sitting on the lots of the 789 lame-duck Chrysler dealers, Mother Pentastar is going all-out to move metal. Although record incentives have already failed to make rain, the DetN reports that ChryCo will be sending ‘millions’ of $1K vouchers to previous customers. Chrysler marketing seems not to have heard of the ‘fool me once’ adage.”

ROBERT SAMUELSON: Obama’s Dangerous Debt. “The final version of his 2010 budget, released last week, is a case study in political expediency and economic gambling.” In a healthier political system, economic gambling wouldn’t be expedient.