1 year ago this week

As we near the end of 2010 it is a little disconcerting that none of the major issues have really changed since the end of 2009.  Money is still subject to abstraction and destruction, except arguably with greater veracity than ever.  Zero Hedge as a result gave us a bond market reality check.

We were this time last year also arguing, correctly so, that the FIFA World Cup football tournament would be nothing more than an overpriced party, and we were at pains to show (correctly) that the economuppets were wrong to see the world cup as a price-inflationary event.

Meanwhile James Cameron splashed about $500 million (movie + distribution) on the hit motion picture Avatar, which wowed most numbskulls but left us underwhelmed.  Cameronomics doesn’t fit the real world, and as we concluded back in Dec ‘09, it was a case of big budget, small message.

Speaking of environmental issues, Munich Re reminded us that any data proves the thesis if you’re hot for warm-mongering.  The Cancun, Mexico global warm mongering summit recently confirmed this thesis as Europe and North America is plunged into one of the worst winters on record.

And lastly, this time last year Obama and Co had set in motion the destruction of the US healthcare system, passing on Christmas eve the healthcare bill that would in part lead to some GOP success at the Nov 2010 midterms.  Few realise how coercive this legislation can become and what a systemic gamechanger it will be.