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Odds 'n Sods:
More fallout from the global liquidity crisis: GE
Plunges as Profit Misses
Estimates, Forecast Cut, and Airlines
Face New Cash Challenge, and G7
Economic Powers Endorse Plan to Try to Avert
Financial Crises. There will be far, far more fallout in the
months
to come, as the numerous industries and even national governments are starved
for
cash.
o o o
Rick M. suggested an excellent article by attorney Ellen Brown: Credit
Default Swaps: Derivative Disaster Du Jour. Her article keys in nicely
with the background piece that I wrote more than two years ago: Derivatives--The
Mystery Man Who'll Break the Global Bank at Monte Carlo. I stand by what
I wrote back then. Here is a snippet from my article: "The risks, in
absolute terms, are incalculable. Don't forget that directly or indirectly,
central
("state")
banks and national
governments themselves are now inextricably tied to the derivatives
trading universe. They are not just "dabbling in derivatives".
Rather,
they are in
derivatives up to their necks. If and when the global derivatives
bubble ever pops, it may topple not just trading companies like Goldman Sachs,
or corporations like GM, Daimler-Chrysler, or RCA, but entire nations.
I'm not kidding."
o o o
From The Jerusalem Post: UK
Paper: Iran Building 6,000 Kilometer Range Missile.
o o o
A reader sent me some photos of an automated parking garage used by a car
factory in Germany. I was curious about the photos, so I
confirmed their authenticity at Snopes. I just hope that this design
never gets used for public parking garages. They'd strand a lot of motorists
in the
event
of a power failure.
