Summary: Letter from the new Prime Minister to a leading German business newspaper. He lays it out fair-and-square. A short clip from David Stockman trashing the Fed. Feels like I was given the day off! The story behind the brusque realignment of the Swiss currency which broke its parity with the euro last week. This is a very bad omen for the euro. The U.S. is fast losing ground in terms of business startup activity. Story of a Chinese man who walked into a bank, opened an account and made a 12 million yuan deposit, only to find that there was no bank. The façade was just a front. Giving money to real banks in the west may yet have the same effect. You could lose it all. These banks are mostly insolvent. Who cares if they have shop fronts or not? Remember, when you deposit money in a bank, you become a creditor of the bank. The money is no longer yours. This is scary – and it should be. The story of the fall of Babylon. This has ugly portends for today.
