First-quarter earnings reports for the big banks weren’t bad on the surface. But banks had to pull some rabbits out of the hat to do it. For example, Goldman Sachs skipped December in order to post improved numbers.

“We’re beginning to see the whole world financial situation as a U.S. problem. There is a lot going on…but the big story seems to be about America and Britain, to the extent it shared the Anglo-Saxon economic model…its money, its wealth and its place in the world…” says Bill Bonner.

“America’s triple-A credit rating may be in danger”, says Standard and Poor’s.