Yeah, because Egypt is more important than our own problems. http://www.elitetrader.com/vb/showthread.php?s=&threadid=215089 fuck our politicians, who are bent on fucking us, this country is going to collapse overnight like the soviet union
There are quotes floating around estimating Mubarak's family to be the wealthiest family in the world at 70B. Gates & Carlos are at $53B & $54B. The Swiss appear to have broken their strict banking secrecy code and have publicly stated they are freezing all of Mubarak's assets. Give the fact that Pharaoh Mubarak payrolls the army... a few weeks of missing payroll and they best prepare his Sarcophagus.
IMF is going to propose and recommend using SDR backed instruments. US is going to pitch a fit and threaten the world. The next business day OPEC will require SDR settlements. By the end of the week CME Group will require the same to settle all futures contracts. ----------------------------------------------------------------------------------- Not going to happen right away. There is still some time on the clock and game isn't over yet. This IMF "Proposal" is a warning shot. As was China's president meeting with AssClown a few weeks ago or so. If and if the idiots in DC can stop "HOPE & CHANGE" and stop the Printing Press then we can repair some damage. 3 to 6 months out is the estimated time frame for the SHeepole of this country to get slapped in the face with "Inflation" within food items. The cost has yet to really be passed on. This will cause some up roar, i think, about printing money. IMHO, if we do not see any change in course this year, we may see a process laid out to remove the Dollar from Reserver Currency agenda. However, I would not bet on it this year.
Since most had not heard of Mubarak's wealth prior to the recent events, it is fair to assume there are many politicians round the world who are hiding their wealth in banks and assets round the world. Swiss made a bad move, they fucked their reputation, the point of depositing money in Swiss banks was to be able to keep it safe regardless of how it was acquired. I am assuming Mubarak wasn't as stupid as you assume him to be, he most likely was only keeping a portion of his money in Swiss bank accounts. If one is worth over 10s of millions, it's only smart to keep ones wealth in different accounts and assets across various countries, no country, no government should ever be trusted.
Obama is not responsible for the current situation. The last budget signed into law before Obama became President resulted in a $1.9T deficit. Obama's programs may have added a little to this number, but the budget had already been signed into law. The real problem is that the U.S. is "growing" the economy using the federal budget deficit. Since Oct 1 2001, the economy has grown by about $500B per year, while the deficit has grown by about $167B per year. So, 1/3 of all economic growth during that period is directly related to the budget deficit. As it now stands, the budget deficit is about 11% of the economy. If the budget is balanced overnight, the economy loses 11% overnight. I think this would cause quite a few issues. My guess is the government will continue trying to grow the economy by growing the deficit until no one, including the Fed, will buy the debt. Then, we will have a shock where the budget is forced to be balanced overnight. It would probably be better to have that shock now instead of waiting until the deficit is 15% or more of the economy. And, the attention given to the $100B spending cut is almost laughable. Assuming a 5% long term interest rate, a $1.5T deficit adds another $75B per year to the deficit in terms of increasing the interest that must be paid. This nearly swamps out the $100B spending cut. So, you need a spending cut of $175B plus an additional cut of $75B each subsequent year to have an effective spending cut of $100B per year.
If a ditch appears to deep to get out of then dig a "U", works every time. It is more a matter of perception than anything else. Akuma