The Wall Street Journal carries an article that Africa now has a middle class of approximately 313 million. They're buying appiliaces, TVs , cars, disposable items that are packed in throw away packaging. Where's away? They are being added to the recently launced 1.2 billion Chineese middle class who are munching and defecating their way through the planets natural wealth.
Another article last week in the New York Times calculated that the total value of financial derivatives in play is app. $584 trillion! Some prospective would compare that figure with the app. $ 20 trillion value of all real estate in the U.S. In other words, not only have we bet all houses on the outcome of Wall Street bets on stocks through commodites and including payouts on life insurance settlements but we have leveraged the structures app 30 to 1. What could possibly go right with that bet? Commodity price surges have accounted for the riots around the world. Wall Street speculators have contributed to poverty and starvation. You see, when poor people buy wheat or gas, they buy it for one day and pay cash. But when Wall Street "investment" banks and speculators buy wheat or gas, they buy the product of entire fields for months and years to come. AND they buy it on as little as 5% margin.
Osama bin Laden was killed yesterday. Good riddance. But George W. Bush wont get indicted. Actually the little mean spirited moron is still alive, writing books and giving speeches. To recap, the latest news for misanthropes is pretty bleak. But this news does bring new converts to the ranks. Ah well, flu season is coming.
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