Iceland today (Thursday) secured nearly $11 billion in loans from the International Monetary Fund (IMF) and other nations. The bailout will help the island nation stabilize its currency and recapitalize its banks, but it will also saddle its tiny population with a huge debt burden.

Yen trades to 98! Carry Trades unwinding hurt high yielders… Gold rallies back to $900! Central Bank rate cuts…. And Now… Today’s Pfennig!

Good day… And a Terrific Tuesday to you! Well… Folks… The wheels, what was left of them, are really coming off this economy. It’s a sad sight to see, but it’s happening nonetheless, and there’s no bailout, stimulus check, mortgage bill, truck loads of money supply, or whatever, that’s going to stop this recession bus.. Memo to Paulson and Bernanke… Don’t throw yourself under this recession bus…

Aussie dollar pumping iron… Icelandic krona dumps… Brazilian real top of the class… China puts brakes on renminbi…