It is a world of confusion; bank crashes, rising prices, housing shortages, falling sales, and a general lack of money. I can't make any sense of it. Read on and expect no enlightenment.
The Freddie and Fannie show
It is hard to overstate the significance of this story. Freddie and Fannie are central to the US mortgage market. The two quasi-state institutions are collapsing; their shares are plummeting and their borrowing costs are rising. So far this year, the two mortgage giants have run up $11 billion in losses.
The Bush administration is now considering a bailout. The cost will be astronomical.
Primark sales crash
In today's downtown, Primark can not shift their cheap and cheerful crap clothes. It is a watershed moment for me. We are in more trouble than I thought.
Danish Central Bank Bails Out Roskilde Bank
Soon, we will all be tired of these bank bailout headlines. The crisis is beginning to look systemic.
Housing shortage will "worsen" as UK construction collapses
According to the times, the bubble will be back:
Homeowners may be preoccupied with statistics on falling prices but the mothballing of housing schemes could exacerbate the shortage of homes, making another price spiral possible several years hence.
Is this good or bad news for homeowners? For some, the prospect of a renewed "price spiral" must look a lot like salvation.
Sugar prices soar
Should be good for the nation's teeth.
The world is running out of money
I always thought that Ambrose Evans-Pritchard was my friend. Normally, this Telegraph journist is spot-on in terms of his economic analysis. Today, he tells us the world is short of money, which obviously explains why inflation is accelerating. Stop writing this rubbish Ambrose.