Wake-Up Call - 08/26/11

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European Edition

The global meltdown approaches. Debts of the PIIGS countries are about to overwhelm them. Pouring money into these countries will not help. Wall Street aided and abetted the entire insolvency situation worldwide. European national default is certain and will have catastrophic consequences. The entire world will be affected. This is much worse than the Lehman Bros. crisis of 2008. Debt issues are arising everywhere. US banks are in dire straits with untenable balance sheets, overleveraged exposure and declining asset values along with supremely incompetent management. ‘Peak oil’ a sham. Plenty of oil exists and major discoveries are taking place all over the world using new-and-improved technology. Other energy sources are simply not economic right now. Even my trusty solar calculator which I bought in the US years ago doesn’t work in Singapore because I work at night!  Singapore has presidential elections tomorrow. How presidents are elected here. Wal-Mart’s success. Should they be in charge of the government?