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Mitt Romney was reportedly the big winner in the First Presidential Debate with Jim Lehrer. Next week Vice President Joe Biden will be tested against the Republican Vice President contender Paul Ryan. The discussion will no doubt include several issues including ”the economy”. Ryan will bring up the 23 million Americans Unemployed. Ryan will bring up his $716 Billion dollar “switch-a-roo” for Medicare which props up Big Insurance and Big Banks. VP Biden will be tempted to dismiss Ryan’s slight of hand arguments. We suggest that Joe hammers back each point and leaves absolutely nothing to chance or grayscale interpretation.
Christine Legarde is the President of the IMF and seems to understand why it will take years to bail out the Euro and why it will take countries like Greece and Spain years to quell 25% unemployment and up to 50 percent youth unemployment in those countries. The integrity of the European Union is surely at stake and the $30 Billion Euros that Greece is not coming up with – just on the interest payments owed – will have to be paid by someone. And soon! http://www.cbsnews.com/8301-18563_162-57524856/imfs-lagarde-rescuing-europe-will-take-years/
How bad is the Global Economy? China has just lost 20 Billionaires leaving them with only 251 Billionaires. How bad is the Global Economy? 100 Scottish Whiskey makers are having to sell their by-products of whiskey making; sugar-rich ground barley and leftover yeasty liquids for biobutanol. The English Govenment says they will create a $60 million pound Industry providing fuel for trucks, cars and commercial vehicles. How bad is the Economy? Kellog’s Cereals is doing joint venturing with a Chinese producer of Palm Oil for their cereals in Singapore. They will be selling Pringles and Kellog’s cereals to the huge Asian Market. How bad is the Global Economy? The Royal Bank of Scotland may take years to recover – for the last serveral weeks their antiquated computer system has quit working and no one could access their money or accounts. RBS has been suffering from a Government Bail Out called a “Bad Asset Protection Scheme”. Something like TARP was here! CEO Stephan Hester says that it will take the oft called: “The Titanic of the Banking Industry” lots of time and money to finally recover – perhaps years - to be considered “A Recovered Bank”! RBS is going for a complete “Restructuring” next year!
How bad is the Global Economy? The British Bankers Association has decided to do for some “radical reforms” regarding the so-called LIBOR rates. These are the rates that Banks lend to other banks. What reforms are they talking? Using “Market Rates” rather than sitting in a smoke filled room and having three guys determine the rates. Seemingly the folks at Barkley’s Bank had been setting the rates without much input from other banks up to that point – not exactly by Hoyle they might say. How bad is the Global Economy? It is so bad that Lloyds TSB/International bank will send your Social Security, Money Market withdrawals or funds of any kind to your summer home in the Cayman Islands - are offering Unlimited Fee Free Money Transfers to any bank or location in the world. You simply deposit 25 to 50 thousand British pounds in an “Premier International Account” - and you can then pretend you are Mitt Romney.
What about the United States? We seem to be getting some unwanted people that are being extradited from England. Remember those guys that blew up our Embassy’s in Kenya, Tanzania, East Africa and have been busy formenting Terrorist activities around the world. One of the five guys coming our way - is Abu-Hamza the Muslim cleric with the hook….as you might recall from NYC. Hamza and four others are being sent to the United States for a variety of indictments. Wonder where they will be boarded during any proposed incarceration or trial. We have wanted these folks for over seven years, but the British Legal System has been holding up the process with other technical indictments – until now.
Then we have the big Beach Boys controversy. Every few years the Beach Boys seem to slide into a seismic fit. This time, Mike Love and his best buddy Bruce Johnston (The Original Surfer Stomp – writer and performer) have decided to rid the group of founding members Brian Wilson, guitarist Al Jardine and songwriter David Marks. Since Love owns the name: “The Beach Boys” he seemed to suddenly get “all in a huff” and fired the three founders during their UK Tour. He hired three “younger fill musicians” and basicially has left the founding three “out in the cold”. Met Mike Love and Bruce Johnston in Hawaii in 1963. Never liked either one of these guys. Al Jardine is a great guy as our the other two disenfranchised members of the group. The group supposedly is giving its farewell performance at the Royal Albert Hall commemorating 50 years of the Beach Boys. Al Jardine has set up a Facebook page asking Love to re-think his position to bring the group back together and Brian Wilson says he can’t understand why the three have been sandbagged and ousted from the group. As Rodney King said: “Can’t they all just get along?”
How bad really is the Global Economy? We don’t know, but it sounds like several folks are freaking out….doesn’t it? Here we are in the United States with a current unemployment rate of 7.8% – Yeah……finally well below that brutal 8% mark. Spain, Greece, Portugal, Iceland and about 15 others……are way over the top! No news at all from Asia…..which is interesting. What would Romney do again? Maybe he can call Mike Love and try to get the Beach Boys back together! That would be a start….eh?
The Euro – The Dollar and the Beach Boys! Hey, how bad can it be?