Oh no, the ground is rising (or whatever the fuck the opposite of the sky is falling is). To no one’s surprise, Dubai’s finance arm related to real estate is going to renegotiate their debt and according to Dubai’s ruler, Sheik Mohammed bin Rashid al-Maktoum, there is nothing to fucking see here (except for a ton of overbuilt land done so by securitizing debt which may never be paid back, but those are just minor details, I mean the Sheik said ““We are strong and persistent” so everyone just back the fuck up and leave Dubai alone and go pick on Jordan or Yemen for fuck sake.).  So the minor scare, which Money McBags told you was a minor scare last week, is no longer (until Dubai can’t pay back it’s debt, but come on, when has a country, or whatever the fuck Dubai is, ever defaulted on debt?  Wait, Argentina is a country?  When the fuck did that happen?).

As an aside, Money McBags needs some clarity here.  I thought Muslims were not allowed to charge interest due to having to conform with Islamic law.  Seriously, this is a real question.  If lending is against the Muslim religion, how does Dubai have so much debt?  I know wikipedia has some entry about this but if I trusted everything I read on wikipedia, then I’d have misdiagnosed myself with syphillis at least seven times.

In other news, manufacturing remains strong in China and the US as companies still need to rebuild a modicum of inventory (as opposed to a full cum shot of inventory) after going Crazy Eddie on all of us in the past year.  Stimulus + lean inventory = some rebound, but do we bounce or create a new equilibrium?

Most interesting today was the news out of Australia that they are raising their interest rates again because the Chinese love Australia’s natural resources like Money McBags loves Bar Rafeali’s natural resources.  It’s nice to know that all you need is some shit in the ground to prosper in this global recession.  Perhaps that is a strategy Geithner and Bernanke can use instead of more stimulus.  Let’s just get a fuckload of nickel, iron, and gold, dig a deep hole (deeper than Paris Hilton’s), and bury the fuck out of that stuff.  Then all we need to do is hire non-unionized Americans to dig it the fuck back up and sell it to the Chinese.  Problem solved.  Heck we can even paint the alloys in pastel stripes and make it like a new fangled Easter Egg hunt.

It’s amazing how Money McBags can solve our financial crisis in a few short paragraphs.  Health care, can you hear me?

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