California declares Fiscal Emergency

ftalphaville.ft.com/blog/2009/07 … alifornia/

reuters.com/article/marketsN … 0020090701

google.com/hostednews/ap/art … QD995RIHG1

But what does it all mean?

Doesnt seem inflationary to me…

The Americans have this funny thing called Democracy …

Whereas we are perfectly happy to let our Politicians lie, cheat & steal their way to the top & after they’ve given away the next 20 years worth of tax to their mates they retire.

In summary we are sheep, they are rams.

And till the mkts rally, I suppose when GS controls 40% of the mkt what do u expect…

We will have inflation but not formt hese levels, along way to fall yet…

Ben needs to print approx another 12 trillion just to offset the losses so far…

Sell in May and go away