How typical of Mr Weisenthal and Mr Frankel to trivialize the disaster of the US economy. They scoff because they don't sense any danger that they themselves might fall victim of the mess and corruption that surrounds them. And how interesting that they laugh off the indisputable facts Mr. Hennecke puts forth. The value of the US currency (and therefore economy) against other currencies has fallen in the range of 20-30% in twelve months. They basically argue it doesn't matter because the US makes the rules. That is not going to last.

Just imagine a person buying a car who discovers it's a lemon because it rattles and blows smoke and chews through fuel. These two are like the shonky salesman saying "oh you're making a big deal out of nothing, your car still goes, it's just smoke and a bit of noise, I don't know why anyone is mentioning the word lemon".  It's all good for them because they think they have all the lawyers and politicians bought up. But the owner of the broken down lemon is the rest of the world. That is a far more real thing than a bunch of political clowns in Congress arguing about small fry.

PETER LAVELLE once again shows his skills as a moderator on the subject that most fear in the world today. The default of the United States government. BLOOMBERG prides itself on exposing the fault lines but never this far . The guest speaker in Hong Kong made several key points such as questioning the assumption that CHINA will always buy US debt. Granted the EURO is under fire but the US is more important than GREECE. What would annoy Americans is the taboo subject of US defense spnding. Some 900 billion dollars with bases in 133 countries takes some explaining if it is unaffordable. The UK also faces pressure in the markets with its debts at 2,3 trillion POUNDS . When interest rates rise both the US and UK will be suffering additional costs. Many are predicting another financial crash. Maybe that why CHINA is requesting 20 percent cash hedl at all Chinese banks as opposed to the 7 percent currently in Britain. Denial is the default setting in Washington DC