The Fed blinks. From Bloomberg: Federal Reserve Lowers Rate to 4.75 Percent, First Cut Since 2003. This rate cut can only spell further weakness in the dollar versus foreign currencies. If the Fed has misjudged the patience and charity of the international financial community (and I think that they have), then be ready for a full scale dollar crisis in the next few months. OBTW, did you notice that spot silver jumped to $13 per ounce and gold to $724 in after-hours New York trading? I told you so...
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RBS sent us this: Fears grow for British economy as panic over Northern Rock spreads
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Iraq's government decides to expel Blackwater mercenaries.
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Mark and Nathan both suggested this link: Should teachers be allowed to pack a gun?
