The ghost of Osama bin Laden rose up yet again to comment on President Obama’s visit to the Middle East. A US counter terrorism official confirmed off the record that it was bin Laden and that there had never been a fake bin Laden tape. (you know, some people don’t know enough to stop lying while they’re ahead)
Crude oil prices slipped today on reports that US inventories are up 3 million barrels over last month. Commodities in general are up with reports that China’s economy is booming. Meanwhile the Dollar continues to weaken against other currencies.
The Fed is having a hard time keeping Treasury bond prices down despite the Fed having purchased huge blocks of them. This is driving up home loan rates that are pegged to these bonds. If they can’t get a handle on this, the house of cards could come tumbling down. But consider how bizarre this really is that the US Treasury is selling bonds to the Federal Reserve to finance the Government debt. The Federal Reserve burned through their reserves almost two years ago and has been printing trillions since then.
There were constant reassurances on the corporate media today that things aren’t going downhill at quite the breakneck speed of last month. The local news most places is dominated by business bankruptcies, layoffs and closures. Fed Chairman Bernanke testified today that the recovery could be slow. Maybe he’s not printing money fast enough. I’m going to run off some labels with Dollar signs on them and stick them on my canned goods.