So unfair to the US | Cartoon by Bendib, source bendib.com | Click for source image.
Euro-zone on the verge of a break-up, says main-stream English media. British and American leaders repeat ad nauseam the global catastrophe if the Euro-currency breaks up.
Islamic World afire
Middle East is in flames. After a one-year struggle, Egypt has finally chosen a President. See how ‘we’ handled Gaddafi and Osama Bin Laden. As for Pakistan … In case, Syria or Iran take one wrong step …
Just one wrong step.
Even Julian Assange is running now.
BRICS are a major problem. China’s leadership change is struggling with Bo Xilai scandal. China’s economy is in trouble – and tanking. Putin’s election has been facing protests for 6 months now. By the way, which wife of Jacob Zuma is coming for the G20 summit.
These pretentious poseurs – the BRICs.
See where they are.
The largest emerging markets, whose economies grew more than four-fold in the past decade, are making losers out of everyone.
For the first time in 13 years, the real, ruble and rupee are weakening the most among developing-nation currencies, while the yuan has depreciated more than in any other period since its 1994 devaluation.
Investors are fleeing the four biggest emerging markets, known as the BRICs, after Brazil’s consumer default rate rose to the highest level since 2009, prices for Russian oil exports fell to an 18-month low, India’s budget deficit widened and Chinese home prices slumped. Investors are bracing for more losses as economic growth slows.
Currencies from Brazil, Russia and India will probably decline at least 15 percent by year-end, said Jen, the former head of global currency research at Morgan Stanley.
Brazil’s real lost 12 percent so far this quarter, the biggest drop among the 31 most-actively traded currencies tracked by Bloomberg. The 11.5 percent depreciation in the ruble and 10 percent drop in the rupee was almost twice the retreat in the euro. China’s yuan, which was kept unchanged during the global financial crisis in 2008 and 2009, fell 1.2 percent since March after the government widened the amount the currency is allowed to fluctuate each day.
A decade after Goldman Sachs Group Inc. (GS)’s Jim O’Neill coined the term BRIC, China has become the second-largest economy while Brazil, India and Russia are among the 11 biggest worldwide. Their combined gross domestic product rose to $13.3 trillion last year from $2.8 trillion in 2002 as their share of the global economy increased to 19 percent from 8 percent, according to IMF data. Together, they control $4.4 trillion in foreign-exchange reserves, about 40 percent of the total.
The MSCI BRIC Index (MXBRIC) of shares has surged 281 percent during the past decade, compared with 34 percent for the Standard & Poor’s 500 Index (SPX) as the real and the yuan strengthened more than 30 percent. Local-currency debt in the BRIC nations returned an average 86 percent in dollar terms since data for JPMorgan Chase & Co. indexes on all four countries began in October 2005, versus a 48 percent increase in U.S. Treasuries. (via BRICs Biggest Currency Depreciation Since 1998 to Worsen – Bloomberg).
Asian Tigers are de-fanged and without claws for now. Japan is stagnating for the last 20 years now. With Hugo Chavez dying of cancer and Castro speaking in less than 160-character haikus, there are no noises from Latin America.
That leaves us only with Yumm-Rika!
US soldiers trying to prop up the house of cards | Cartoon by Clay Bennett; taking off on the iconic Joe Rosenthal’s Iwo Jima Pulitzer Prize photograph taken on February 23, 1945, of US Marines raising the US flag | Click for image.
But the US economy seems to on the mend.
Unemployment figures have reduced. Oil prices are declining. Dollar has gained against nearly all currencies. Gold prices (in USD) are down – and dollar is stronger.
You want a Black President. Y’all will get one for two terms. Hell! You want a purple-colored President, we got one for ya …
You got what yer wanted.
Now can we jes git back to work …
One question … any answer
For the rest of us, with so much pain and mayhem in the world, the only only question left was
“One has no clue where it is going to end,” Ashok said in a June 22 phone interview from Mumbai. “The uncertainty and the volatility is the biggest concern.”
Try this answer.
Till US elections are over.