More from the Daily Reckoning…
“*** The rapidly deflating wealth balloon...how much destiny does a decadent empire have?
*** A whole lot of nothing...paper money's latest experiment enters a new phase...
*** Bernanke is battling a forest fire with a woodpile...the French begin a campaign against their obesity epidemic...and more!
The days of cheap energy are over. Kuwait confessed that it has about half the oil it once claimed. And like a fat lady in the pastry section before a snowstorm, China is buying up oil reserves wherever it can find them - in Nigeria, in Ecuador, and in Syria.
Meanwhile, wealth leaks rapidly out of the West and into the East.
Bloomberg tells us that China's economy grew at 9.9% last year, overtaking France's in total output. That puts China in the number five position, just behind Britain, Germany, Japan and the United States. Economists expect China to run past Britain this year. Then, it will be snapping at Germany's heels.”
Compared to these boys, I’m a paragon of optimism! Take that, you critics who call me cynical!
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