RANsquawk Market Wrap Up - Stocks, Bonds, FX etc. – 01/08/11

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[Herd Redirectio...]

ISM was the big story?  Not the continued Race to the Bottom for the US Dollar?

We are entering a MultiPolar world, but people are too engrossed in their own problems to notice.

Check out the latest from the Capital Research Institute "The Sad Truth Regarding America's Deficit Reduction":

http://www.capitalresearchinstitute.org

"Although Congress has not yet passed the ‘debt deal’ it certainly has all the looks of a done deal about it.  So lets cut to the chase.  America has a debt problem.  This year America spent $1.5 trillion more than it collected in revenues.  That’s $1500 billion.  This year alone.  America’s total debt, as we have all had drilled into us these last few days, is currently about $14 trillion dollars.  So what did Congress decide the solution to this problem should be?   On the one hand they kicked and screamed at each other, like siblings fighting over who gets the remote control.  But on the other hand, it is clear in hindsight the politicians have no appreciation for how serious the problems actually are (and they will only get worse, until they are seriously addressed).   The plan before them today allows for the debt ceiling to be raised (as if the debt ceiling is the problem, not the debt) and deficits to be reduced.  Yes, you read that right, deficits will not be eliminated, they will be reduced.

So that means…. The total National Debt will continue to increase. So the same group of people who vote wage increases for themselves have now decided that Social Security should be calculated in a new way.  A new way that shortchanges SS recipients, and doesn’t accurately track inflation, but hey, the government will save money.

The real kicker is in the spending cuts.  Very little, if any, has to occur straight away.  Almost all the cuts are ‘yet to be determined’ and occur at some point in the future..."

[natty]

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