America - Banana Rebublic

In a prior post, I made the observation that, "...What might even be a little more scary is that China and Japan own $1.8 Trillion of our national debt. Think about it: the tax cuts ol' Dumbya came up with -- most of which went to the wealthiest 1% of Americans -- are being financed by us borrowing the money from China and Japan to, yes, pay for the tax cuts. That make sense to you?"

This from Bloomberg reports, among other things, that: "...Bush's comments [on restoring America's economy] `don't amount to anything more than political posturing,' said Monica Fan, global head of currency strategy at RBC Capital Markets in London. The remarks are `ironic,' she said, considering that Bush signed an $800 billion increase in the U.S. federal debt limit to $8.18 trillion yesterday, she said.

``Bush's strong dollar policy is, in practical terms, to maintain a pool of fools to buy it all the way down,'' said Paul McCulley, a managing director at Pacific Investment Management Co.

This from Reuters is equally disturbing as it asks the question has America, indeed, become a Banana Republic.

I'm really going to try to concentrate on something positive for my next post. God, don't we get weary of the negativity ... albeit reflective of reality.

Happy Thanksgiving!