We have been inundated with calls from colleagues asking us if we were aware of the Dow Jones Collapse by over 600 points today.
Frankly it does not take a genius to predict it.
As soon as the "debt ceiling" was raised, enabling the Federal Reserve to Print even more fiat money to bail out (short term) Obamas disasterous management of the US economy, we predicted a massive fall on Wall Street and a continuing downward spiral of the value of the dollar.
To be fair, the rot set in with Clinton, worsened by Bush and continued further by Obama.
The knock on effect will damage Europe too - putting pressure on the Euro - and those Countries like Greece which should never have been allowed to enter the Euro in the first place.
Not to worry though, Cameron will soon be back from his 3rd Holiday this year and all will be well. Mmmmm perhaps not.
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S&P has downgraded US debt, this has created panic in the markets, but the question is should we take S&P seriously when these credit rating agencies have proved that their understanding about economies is indeed poor.
Remember, it is the same S&P that gave AAA rating to mortgage backed securities in 2005-2007 and we all know what happened after that, so I guess its time to be bullish when S&P, Goldman and the likes become bearish on the world.
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