I have another economic author to introduce. He is Paul Kedrosky who has an impressive resume who writes clearly and concisely. He has a post on the seeking alpha investment website which I urge readers to examine. He is recapitulating much of what I have written in past posts regarding the debt to GDP issue. It is Thursday morning and it looks like snow here in Jackson Hole with a winter storm warning tonight. The storm going on over in Iceland continues to worsen and its leaders are frantically passing the hat to anyone who will listen including the IMF and Russia. Trading in the Icelandic Krona has ceased. Icelands equity markets are closed until at least next week. Things are not much better over in Putinland. Their equity markets seem to also have been closed more often than they have been open and though the oil boom has given them a half of trillion in foreign currency reserves they are falling with the rest of us and now a report on Bloomberg this morning on Siberian grain production falling and debt problems in their agricultural sector is alarming. The suddenness and rapidity of this economic asteroid could only have occurred with the aid of computers and the internet and meanwhile the keystone cops over in bushville race around crashing into each other with firehoses against a backdrop of the resurgent SNL and the amazing Tina Fey. Interesting times here at what is looking like the end of empire. Here is Paul's article in seekingalpha:
http://seekingalpha.com/article/99090-the-beginning-of-the-endgame-for-monetary-policy-redux
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