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Monday, May 11, 2009

One of the best articles I have seen about the state of the world's economy, from Asia Times.

Asia Times asks for permission before copying their articles, so I will just put a link to the specific article that I think is very well written and explains the economic pitfalls the world is facing. One of the most important things they say is something that I have been preaching about as well. If money is not flowing back to the banks from private enterprise and blue collar jobs, the economy cannot improve.

In my opinion, the credit card industry is the key force in destroying the current economy by doing the exact opposite of what they should be doing. The credit card companies should be reducing old debt interest rate obligations and offering creative incentives to get people who can afford it to pay down their debts.


Wells Fargo increased their trading assets by 600% over the past year, the exact opposite of what should be going on in these tough economic times.

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