Michael,
CNN reporting this morning that oil prices will go down to $10 a barrel. This will ensure that the Middle East will remain a flash point, as economies there continue to head south.
On a related front, Brazilian authorities are hinting that the $42B rescue package is not going to fix the real, but they are not saying what needs to be done, at least at this stage. In this riveting version of the latin currency tango, the real (and the Brazilian economy) seem to be poised for more zigzags, but generally heading south (maybe even towards Tierra del Fuego in Argentina <g>).
Will the other shoe drop in the New Year, and the world finally acknowledges that this is not contagion from Asia, but a global economic crisis from the very beginning?
Hang on to your seats, guys, could be a wild ride ahead!
Best,
Steve
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