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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (89225)	10/26/2008 10:13:55 PM
From: dave9	1 Recommendation Respond to of 116555

The news on Saudi Arabia and Kuwait concern me the most. A gulf bank Kuwait customer would not make good on losses betting on euro / dollar rates. (The dollar went up and they lost 750M). Kind of makes you suspect that the government (ours) is at war, protecting the dollar. Some one engineered the dollar rise screwing others. Did you see the note "KPMG International, the accounting firm, warned last week that financial fraud in the region could run into the billions of dollars a year." Strange to see that coming from an accounting firm. I work for a place that is resource driven. When the price of resources gets low enough, the company will shut down. If everyone remains cool, I should be ok for a year given the news and general decline up to a few weeks ago. I think it is too late to ask everyone to Chill. I was really counting on a 3 month bounce and not a collapse in a bank in the country of the most secure currency in the world. Deflation = bad. Surely Mish, you can come up with some good news. While shopping for cloths, I noticed that everything was slightly cheaper. Say 30% off what the usual sale price is. Now, this is good news and not the start of a deflationary death spiral. Right?