A slew of shockingly weak data from China and Japan has led to a sharp sell-off in Asian stock markets and the biggest one-day crash in iron ore prices since the Lehman crisis, calling into question the strength of the global recovery.READ MORE
According to the article, the following large banks are represented at these meetings: JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of America and Citigroup.The Coming Derivatives Panic That Will Destroy Global Financial Markets
When the casino finally goes "bust", you will know who to blame.
Without a doubt, a derivatives panic is coming.
It will cause the financial markets to crash.
Several of the "too big to fail" banks will likely crash and burn and require bailouts.
As a result of all this, credit markets will become paralyzed by fear and freeze up.
Once again, we will see the U.S. economy go into cardiac arrest, only this time it will not be so easy to fix.
Tyrants denounce free markets and voluntary exchange. They are the chief supporters of reduced private property rights, reduced rights to profits, and they are anti-competition and pro-monopoly. They are pro-control and coercion, by the state.--George Mason University economics professor Walter E. Williams
These Americans who run Washington, and their intellectual supporters, believe they have superior wisdom and greater intelligence than the masses. They believe they have been ordained to forcibly impose that wisdom on the rest of us. Like any other tyrant, they have what they consider good reasons for restricting the freedom of others.
A tyrant's primary agenda calls for the elimination or attenuation of the market. Why?
Markets imply voluntary exchange and tyrants do not trust that people behaving voluntarily will do what the tyrant thinks they should do. Therefore, they seek to replace the market with economic planning and regulation, which is little more than the forcible superseding of other people's plans by the powerful elite.
We Americans have forgotten founder Thomas Paine's warning that 'Government, even in its best state, is but a necessary evil; in its worst state, an intolerable one.'
America is on an unsustainable fiscal path that threatens our future. Changing course is imperative, and Democrats should lead the way.Specifics:
Any serious effort to control the deficit must begin with spending restraint. Efficiency and frugality, common virtues in the private sector, must be incorporated into government. Congress should enact health-care reform that actually lowers the deficit. For the next fiscal year, assuming the economy has gathered sufficient momentum, we should freeze domestic discretionary spending, limit increases in defense spending to the rate of inflation, forgo pay raises for federal workers, and institute a federal hiring freeze.The danger:
...if we wait for the markets to force corrective action, the danger to our economy will be greater and the correction more painful.The solution:
Spending restraint will not come easily to the Democratic Party. Pent-up demand for investment in education, health care and the environment is understandable after the Bush years. But long-term progressive government can't be built on a foundation of debt and deficits. We cannot indefinitely share with the less-fortunate resources we do not possess. Ultimately, a growing economy with increased revenues and a stable national balance sheet are the best guarantors of social progress.
The choice is clear. We can take the path of least resistance and ignore the impending day of reckoning. Or we can do what is necessary to right the fiscal ship of state and lay a foundation for prudent, progressive government for a generation.Implied: Or Else.
I believe Barack Obama will choose the responsible course. If he does, he will find kindred spirits in our party prepared to help.
Alias Barack Obama: a lie is born: The greatest identity fraud in history Paperback – July 10, 2012
