Anyone who has ever visited Japan knows it to be a country where everything works beautifully – and with great efficiency. Right now, however, it’s clear that something has gone horribly wrong there.
Fed opens the pocket book… Creative measures… Inflation/dollar debasement concern… Currencies soar… And Now… Today’s Pfennig!
In the currency market, the dollar was sharply higher against the euro. Late Friday, the euro was trading at $1.2751 vs. $1.2932 on Thursday.
Get ready for more ridiculous lawsuits. As I said yesterday, Bush signed a bill amending an obscure law called the “Foreign Sovereign Immunities Act,” earlier this year. The bill makes it easier for terrorist victims to recover civil damages. But what this bill will really do is launch an orgy of lawsuits that have nothing to do with terrorism.