I keep telling you guys, what I know about economics you could write on the back of an envelope and still have room for a tediously long and grievous lamentation for an old buddy. Even so, as I divine the sweet breads, the numbers seem impossibly large. The yew that nets my dreamless head is this table showing debt ratings’ downgrades in the past 10 days:
Of course, “downgraded” doesn’t mean “worthless.” Who knows? It could be worth 100%, 75%, 50%, 25%, or 0%. Who really knows? But $7.3 trillion is a metric assload of debt to be downgraded in 10 days during a “recovery,” which WTF are they talking about anyway? U6 unemployment is at 22%. These data are from Martin Weiss, who has more to say, but the short version is “dominoes all the way down.” Soon.