GREENBACK BLUES:THE ROAD TO HOOVERVILLE

The money is falling apart and everyone knows it-- Only the serial denial of professional optimism finds nerve enough to disavow the obvious-- Bernanke's own handwriting is on the wall-- He's expecting a serious slowdown but apparently not yet capable of seeing how seriously slow some current elements of the economy have already become-- Must be difficult for an official Fed Chairman tasked by reality into becoming point man for a incipient mega-recession-- Lowering interest rates continues to lacerate the crumbling greenback as millions of Americans expelled from their dreams by rampant foreclosure trudge this epoch's road to Hooverville-- Sub-prime credit card crises and sub-prime auto loans troublingly spectre the gloom riddled path-- Even stalwart economists of the faux positive school have begun to shed their ideological rosy scenarios-- Something is happening here and we all know what it is, don't we, Mr. Jones??--

The cautiously worried Saudis have shot down an Iranian and Venezuelan proposal to consider accepting world currencies that, unlike the US dollar, maintain a stable value in exchange for their perilously precious oil commodities-- The Saudi's reaction against the proposal clearly posits how dangerous but delicate the dollar's standing in the world economy has become-- The Saudi minister ward his OPEC cabalists that even considering a currency switch, should the extant world get so much as a wisp of rumor surrounding such consideration, might be enough to topple the dollar into complete collapse-- Open microphones accidentally carried the meeting live to a group of world journalists ensconced in another room essentially making the world privy to OPEC's paranoia as well as their rather sound, from a purely business point of view, and necessary discussion--

Oil has fallen recently but can't seem to stay put-- Saudi Arabia/OPEC have unfoolishly and categorically renounced production increases even as worldwide demand may intermittently slow--Being paid for product with diminishing currency obviously devalues profits as well as cheapens a sought after commodity-- There is less incentive to increase production if prices fall as the result-- The Kurds will probably not relinquish their oil reserves without a fight while the Turks are more than capable of destabilizing oil supply issues of the entire region should they deem military adventure-ism in their immediate interests-- Oil as a paramount world interest/vital necessity is never going away while production rates in oil sectors beyond the strife torn Middle East continue to lose production and export capability-- The most bizarre aspect of the current Oil Troubles is that those contending for the Oval Office don't seem overly interested in addressing the problem while concurrently displaying a lack of depth in even being aware of the problem's extant parameters-- What can any of them do???--

More of the same today as stocks plummet, oil rises and dollars die another death by a thousand cuts while mortgage giants Fannie and Freddie admit to stunning losses in the billion dollar plural range all but throwing in the towel of despair-- The red-ink nightmare devours the greedy banker in his own game and the finance/service economy dons an undeniably threadbare stance of febrile indecision followed by a fatuously optimistic pronouncement that only leads to more gloom and a seriously downgraded confidence in the leadership of the government and that of Wall Street on the part of the American people-- Self reliance??-- The US??-- Where......??-- Who.....??-- Bail-outs, yeah......now we're talking!!--

One week the Bush crew is ready to nuke Iran and the next holds high level security discussions on how Iran might rescue the failed mission in Iraq-- Who woulda thunk it??--American influence in the world holds about as much sway as our dollar and now our military capability of taking over (yeah, right! .....and Surgically, too) and providing effective security for any Middle East oil reserves is fraught with doubt and disbelief-- Any attack of Iran whether by the US or it's client-rogue-state Israel would unleash potentially debilitating attacks against Saudi oil installations as well as shipping lanes and platforms throughout the Persian Gulf not to mention upgraded missile technology Hezbollah would not shrink from launching into downtown Tel Aviv should such a stupid occasion warrant--

Western Europe despite having the strongest currency in the world appears not too comfortable with its ascendant position in the world-- Consumer confidence in Germany has not plunged as dramatically as their American counterparts but discontent does roil the surface-- Belgium cannot decide whether or what kind of government it could, should or would like to have as the ignorance of one esteemed pundit asked the world whether Belgium was even worth saving-- American pundits absolutely glued to the edge of their existential hubris waiting for the next absolutely crucial installment(third or fourth??) of gun-shy Hillary's difficulty in deciding whether illegals should earn driver's licenses or not and how it might play in Peoria, Iowa, (yes, hold that pedantic correction, the famous Peoria is not in Iowa, but it may as well be given the over micro management of calculatingly nuanced and vapidly chimerical real political stances have become these days) managed to miss Belgium's existential question altogether-- France is another case enmeshed in wanton self-destruction -- Sarkosy was obviously brought to power to destroy French unions, socialized agriculture, and liberal education but transportation workers struck the heart of France's industrial and economic output and have now been joined by several other unions--Into the valley of financial despair rode the French future with the ideologue Sarkosy shouting corporate defiance at his own people-- Rumors have it he might have told French workers to 'Bring it on!!!!--

Tomorrow a litany of more foreclosure, economic worry, football and obesity-- Let's be thankful to the credit card companies that enabled the gluttony for so long and now drives us up to the sign that reads--The Road To Hooverville-- From here though it is anyone's guess but most of us will be walking that old ribbon of highway-- Give thanks, indeed--