FT gets bearish on us

Didn’t get a chance to put this up yesterday, but here is the clip of the FT.com front page yesterday morning.  Did anyone think so much crisis could be squeezed into one page? It seems investors are watching these markets in suspended disbelief, kind of like when you watch WWE and you’re not sure whether things are real or not.  Prices are reflecting a little bit of panic, but not much yet.  The trends master Gerald Celente always points out that current headlines shape future trends…if that’s anything to go by, you want to get rid of paper money and get hold of some precious metals.  The coming US credit default (no, not on August 2nd…) is going to be ugly. Oh, just on the August 2nd deadline: the last time the US government defaulted on debt obligations was in 1979.  An admin error resulted in a couple of missed payments.  Should the same thing happen again today, it would be classified a credit event that would trigger credit default swaps. Credit default swaps didn’t exists back in the late 70s.  The capital doesn’t exist today to make good on these promises. Can anyone say “eruption of bank-ruptcies”?  This time really will be different…