Baltic
Dry Index. 1926 -+07 Brent Crude 100.36
Spot Gold 5174 Spot Silver 86.53
US 2 Year Yield 3.64 +0.07
US Federal Debt. 38.872 trillion
US GDP 31.228 trillion.
Oh Canada! Is the Canadian dollar called a loonie because so many Canadian politicians are lunatics?
The Canadian dollar is called a "loonie" because the $1 coin features a loon, a common bird in Canada, on its reverse side. This nickname originated when the coin was introduced in 1987 to replace the paper dollar, and it quickly became popular among Canadians. The loon symbolizes Canadian wilderness, making it an iconic representation of the country. (AI)
What a relief.
Friday the thirteenth tomorrow, followed by the Ides of March (and the Oscar mutual admiration society) on Sunday. How lucky can an old commodities trader get in the midst of an unnecessary war to bring back global inflation to save the debasing US fiat dollar?
The International Energy Agency finally announced the release of 400 million barrels of crude oil reserves. But the oil market wasn’t impressed.
The war has already impacted roughly 250 million barrels of Persian Gulf oil supply rising about 18 million barrels daily and the IEA crude oil release, though probably starting next week, will likely take three to six months to reach 400 million barrels released.
UNCTAD gives us a realistic picture of the
state of reality today.
Asia-Pacific markets fall as Iran war continues to
fuel oil volatility
Published Wed, Mar 11 2026 7:38 PM EDT
Asia-Pacific markets fell Thursday as
investors grappled with volatile oil prices and escalating tensions in the
Middle East, even after the U.S. and its allies announced an unprecedented
emergency release of crude reserves to calm energy markets.
The International Energy Agency is looking
to release 400 million barrels of oil following the supply disruption owed to
the Iran war, the largest such action in the organization’s history. The IEA
did not set out a timeline for when the stocks would hit the market.
The U.S. will release 172 million barrels
of oil from the Strategic Petroleum Reserve to help lower energy costs, Energy
Secretary Chris Wright said Wednesday evening stateside.
The announcement comes after
President Donald Trump said
earlier in the day that he would tap the Strategic Petroleum Reserve to keep a
lid on energy prices.
The West Texas Intermediate jumped
8.8% to $95 per barrel, while global benchmark Brent was trading around
8.88% higher at $100, even after the International Energy Agency announced its
largest emergency release of crude reserves in history.
Australia’s S&P/ASX 200 declined
1.61%.
Japan’s Nikkei 225 slid 1.54%, while
the Topix lost 1.61%. South Korea’s Kospi declined 1.3%.
Hong Kong Hang Seng index fell 1.12%,
while the CSI 300 was down 0.6%.
Overnight in the U.S., the Dow Jones Industrial Average fell
as investors continued to eye developments in the U.S.-Iran war and oil
prices.
The 30-stock index shed 289.24 points, or
0.61%, to close at 47,417.27. The S&P 500 inched down 0.08%
to settle at 6,775.80, while the Nasdaq Composite ticked up
0.08% to end the session at 22,716.13.
West Texas Intermediate futures climbed
more than 4% to settle at $87.25 per barrel on Wednesday. Brent crude gained about
4.8% to end the session at $91.98 per barrel.
Asia-Pacific
markets: Nikkei 225, Hang Seng Index, Kospi
Brent crude hits $100 a barrel as reserve release
plans fail to ease Iran war-led supply worries
Published Wed, Mar 11 2026 9:07 PM EDT
Oil prices surged more than 8% with Brent
crude hitting $100 per barrel Thursday, as traders remain unconvinced that
release of government stockpiles could offset the massive supply shock
triggered by the war in the Middle East.
The West Texas Intermediate jumped
8.8% to $95 per barrel, while global benchmark Brent was trading around
8.88% higher at $100, even after the International Energy Agency announced its
largest emergency release of crude reserves in history.
The
IEA said Wednesday that its 32 member countries would release 400
million barrels of oil from emergency reserves, marking the biggest coordinated
drawdown since the agency was created in the aftermath of the 1973 oil embargo.
The
United States announced that it would release 172 million barrels from
its Strategic Petroleum Reserve, with Energy Secretary Chris Wright saying
shipments could begin next week and take roughly 120 days to complete.
The IEA decision also signals how acute
the oil shortage risk is, suggests the IEA does not believe the war is unlikely
to end soon.
The oil market has shrugged off those announcements as prices continue to rise, highlighting traders’ skepticism that the measures could bridge the supply gap, if flows through the Strait of Hormuz remain disrupted.
“Prices right now are still in panic mode.
There is a lot of emotion, fear, uncertainty built into the price that we see,”
said Pavel Molchanov, senior investment strategist at Raymond James.
The record IEA strategic stock release
will add some much needed volumes to the market, albeit only closing up to a
quarter of the 20 million barrels per day supply gap posed by the closure of
the Strait of Hormuz, said Saul Kavonic, energy analyst at MST Marquee.
“But the IEA decision also signals how
acute the oil shortage risk is, suggesting the IEA does not believe the war is
[likely] to end soon, and stock draws now will need to be replaced later,
portending higher prices even after the war ends,” he told CNBC.
Roughly a fifth of global oil supply
passes through the Strait of Hormuz that links the Persian Gulf to global
markets.
Timing and logistics remain unclear
One key reason markets remain uneasy is
uncertainty about how quickly the barrels will reach the market, said industry
veterans.
While the IEA’s announcement marked an
unprecedented intervention, the agency did not provide details on how fast
individual countries will release their reserves or how the oil will be
distributed.
“That’s one of the key question marks,
which is how long will it take for the 400 million barrels to be physically
delivered onto the market,” said Molchanov.
“Four hundred million is a big number …
but this is the largest oil supply disruption since at least the 1970s so we
need a lot of oil, and we need it quickly,” he said.
Strategic stockpiles are held separately
by each IEA member country, meaning technical and logistical constraints could
slow the flow of barrels.
Molchanov estimated it could take 60 to 90
days before the oil meaningfully reaches the market, longer than traders hoping
for immediate relief.
Oil
prices jump: IEA record reserve release, markets doubt relief
A global food price shock looms as Middle East war
rages on. Here’s who will be hit hardest
Published Wed, Mar 11 2026 11:45 PM EDT
The Middle East conflict has disrupted
trade through the Strait of Hormuz and its impact could ripple far beyond the
energy markets, risking a spike in global food prices.
The strait is not only a key artery for
oil and gas shipments but also for fertilizers critical to global agriculture.
Analysts told CNBC disruptions could feed through to higher farming costs,
reduced crop yields and ultimately more expensive food.
“Higher energy and input costs risk
reigniting global food inflation just as retail food prices had returned to
more historical levels in many countries,” according to the International Food
Policy Research Institute, or IFPRI.
Raj Patel, a research professor at the
University of Texas, also warned that fertilizer disruptions linked to the
conflict could amplify global food pressures through several channels
simultaneously.
“The short answer is: significant, and
faster than people think,” Patel said. “The Strait of Hormuz is a fertilizer
chokepoint. Qatar, Saudi Arabia, Oman, and Iran together supply a substantial
share of the world’s traded urea and phosphates, and virtually all of it
transits Hormuz.”
Countries dependent on food imports
directly as well as those reliant on fertilizers could face rising costs within
weeks, particularly during key planting periods, said industry watchers.
Gulf countries face: immediate risk
The first region likely to feel the impact
includes countries closest to the conflict.
“Regionally, consumers in the GCC are most
exposed to short-term food price spikes due to their heavy reliance on maritime
imports transiting the Strait of Hormuz,” said Bin Hui Ong, commodities analyst
at BMI.
Persian Gulf economies such as Qatar,
Bahrain, Kuwait and Saudi Arabia rely heavily on food imports shipped through
the Strait of Hormuz. If shipping remains constrained, supplies would need to
be rerouted through alternative corridors or transported overland at far higher
cost, analysts said.
“When it comes to short term shortages,
all countries around the Persian gulf west of Hormuz will struggle to get food
imports in,” Mera said. “These countries will need to find alternative routes.”
He noted that wealthier states such as
Qatar, Bahrain, Saudi Arabia and Kuwait have the financial resources to import
food by air or overland routes if necessary, but poorer neighbors may struggle
more.
“Iraq may suffer. Iran itself will also
face scarcity,” Mera added.
More
Middle
East war: global food price shock looms. Who will be hit?
Strait of Hormuz disruptions: Implications for
global trade and development
The Strait of Hormuz is one of the
world’s most critical maritime chokepoints, carrying around a quarter of
global seaborne oil trade and significant volumes of liquefied natural gas
and fertilizers.
10 March 2026
The ongoing military escalation in
the region has disrupted shipping flows through this narrow passage.
The resulting ripple effects go far beyond the region, affecting energy
markets, maritime transport and global supply chains.
---- Higher energy,
fertilizer and transport costs – including freight rates, bunker fuel prices
and insurance premiums – may increase food costs and intensify
cost-of-living pressures, particularly for the most vulnerable.
Similar repercussions were observed during
recent global shocks, including the COVID-19 pandemic and at the beginning of
the war in Ukraine, which showed how disruptions in energy, transport and
agricultural inputs can propagate across interconnected markets.
The current shock comes at a time
when many developing economies struggle to service their debt,
tightening fiscal space and limited capacity to absorb new price shocks.
While the overall global economic impacts
will depend on the duration and scale of the disruption, the situation
highlights the importance of continued monitoring, particularly implications
for vulnerable economies.
Key implications and considerations
- Disruptions
in the Strait of Hormuz underscore the vulnerability of
critical maritime chokepoints to geopolitical tensions and their
potential to transmit shocks across supply chains and commodity markets.
- Reducing
risks to global trade and development, including environmental
risks, requires de-escalation and safeguarding maritime transport, ports
and seafarers, and other civilian infrastructure, while maintaining secure
trade corridors in line with international law and freedom of navigation
- Economic
impacts,
both globally and for the region, will depend on the duration, intensity
and geographic scope of the tensions. Continued monitoring is essential to
assess evolving risks and their potential impacts.
- Socio-economic
implications for developing economies: Many developing countries
already face high debt service burdens, limited fiscal space and
constrained access to finance. In this context, rising energy, transport
and food costs could strain public finances and increase pressure on
household budgets, potentially heightening economic and social pressures
and complicating progress toward sustainable development, particularly in
economies heavily dependent on imported energy, fertilizers and staple
foods.
More, loads of charts.
In other news, truth is the first casualty of
war, (again.)
‘Why Are You the Only
Person Saying This?’ Reporter Asks Trump About Dubious Claim That Iran Bombed
Own School
Mon, March 9, 2026 at 11:18 PM GMT
President Donald Trump was
asked by a reporter on Monday why he is the only person who insists that an
Iranian missile hit an elementary school in the southern part of the country.
The U.S. and Israel began bombing Iran
last weekend in a campaign that Trump said could last at least a month. Among
the first structures hit was a girls’ elementary school in Minab. On Thursday,
Reuters reported that U.S.
investigators believe it was
likely that a U.S.-fired missile hit the school. At least 175 people were killed, most of them
young girls. A New York Times report, meanwhile, concluded that a
Tomahawk missile hit the school and that the projectile was likely launched by
the U.S.
Neither Iran nor
Israel is believed to possess Tomahawk missiles.
During a press conference on Monday,
CNN’s Manu Raju asked the president if the U.S. would “accept
any responsibility.”
“Well, I haven’t seen it,” Trump replied.
“And I will say that the Tomahawk, which is one of the most powerful weapons
around, is used by, you know, is sold and used by other countries. You know
that. And whether it’s Iran who also has some Tomahawks. They wish they had
more, but whether it’s Iran or somebody else, the fact that a Tomahawk, a
Tomahawk is very generic. It’s sold to other countries but that’s being
investigated right now.”
Moments later, another reporter followed
up:
REPORTER: Mr. President you just suggested
that Iran somehow got its hands on a tomahawk and bombed its own elementary
school on the first day of the war. But you’re the only person in your
government saying this. Even your defense secretary wouldn’t say that when he
was asked, standing over your shoulder on your plane on Saturday. Why are you
the only person saying this?
TRUMP: Because I just don’t know enough
about it. I think it’s something that I was told is under investigation. But
Tomahawks are used by others, as you know. Numerous other nations have
Tomahawks. They buy them from us, but I will certainly, whatever the report
shows, I’m willing to live with that report.
Trump tells lies, says BBC’s Jeremy Bowen
11 March 2026
The BBC’s international editor has called
Donald Trump a liar in a lengthy on-air monologue.
In an 11-minute essay on Radio 4’s
flagship Today programme, Jeremy Bowen was given free rein to warn that the US
president is “making it up as he goes along” in his war on Iran.
He said: “Perhaps analysts and
commentators have let their distaste for Donald Trump cloud their judgment.
Maybe it doesn’t matter that he insults allies whose soldiers fought and died
alongside Americans in other Middle Eastern wars, or that sometimes he tells lies.”
He referred to the US president’s claim
that Iran could have been responsible for a deadly missile strike on a girls’ school in the south
of the country.
“He claimed that Iran could have fired a
Tomahawk missile in the attack on a school that Iran says killed more than 165
people, including many schoolgirls. Iran doesn’t have Tomahawk missiles,” Bowen
said.
He went on: “Donald Trump might learn that
starting wars is much easier than ending one. It is hard to know when to stop
if you don’t know exactly where you’re going.
“It is even harder to do that when the US,
the world’s most powerful country, seems to have gone to war without a coherent
political strategy under a president who, the evidence suggests, is making it
up as he goes along.”
Mr Trump is currently suing the BBC for $5bn (£4bn) in damages,
claiming that the broadcaster defamed him in a Panorama documentary, which
edited one of his speeches to give the impression that he directly urged
supporters to storm the US Capitol in January 2021.
The edit, revealed by The Telegraph, led the US president’s press
secretary to describe the BBC as “100 per cent fake news”. Karoline Leavitt
dismissed the corporation as “a leftist propaganda machine”.
More
Trump
tells lies, says BBC’s Jeremy Bowen
Finally, that first British cockroach scandal
is growing, who’d have thought it?
Lenders warn collapsed UK 'shadow bank' has £1.3bn
hole
11 March 2026
A British “shadow bank” that collapsed
amid fraud allegations had a £1.3bn hole in funds owed to lenders, its
creditors have claimed.
On Tuesday, creditors claimed in a court
filing that Market Financial Solutions (MFS), which borrowed billions to lend
out to customers, had a much larger shortfall than originally expected.
MFS was placed
into administration last
month amid what a judge called “very serious” allegations of fraud. The company
is accused of double pledging assets to back loans.
At least £930m was thought to be missing
from its balance sheet, but in its court filing on Tuesday, creditors warned of
a £1.3bn shortfall – much higher than previously estimated.
In its claim, the creditors have also
argued that eight companies, which were said to be MFS borrowers, were actually
owned by individuals connected to MFS
co-founder, Paresh Raja.
The creditors’ urgent court claim, made by
two MFS entities now controlled by the creditor group, stated that the entities
had lent approximately £44m to a group of companies.
However, these eight companies were
instead owned by “Raja-linked individuals”, according to the claim. The claim
noted that two of the companies were linked to Magus Chartered Accountants,
which also worked for MFS.
t added that these facts and others “give
rise to the strong inference that the companies’ directors are essentially
nominees of someone else”.
MFS boasted a loan book of £2.5bn, and its
customers spanned the breadth of the UK.
Clients included property investors,
overseas family offices and prominent businessmen and celebrities in the UK.
MFS described itself as a specialist
provider of buy-to-let mortgage lending and bridging finance.
It was part of a fast-growing crop of
so-called bridging lenders in the UK. These firms provide short-term,
property-backed loans to borrowers who may not qualify for traditional bank
financing and often charge higher interest rates.
The Telegraph revealed on Monday that
Magus, which provided accountancy services to MFS, also acted as the owner and
director of a network of companies to which MFS had issued loans.
Established in 2002, Magus’s website says
that, as well as providing traditional accounting and tax services, it also
offers advice on improving and developing businesses.
As a so-called shadow bank, MFS did not
take deposits. Instead, it funded its loans by borrowing from itself. A cast of
high-profile banks, including Santander, Wells Fargo, Jefferies and Barclays,
backed MFS.
Its demise not only shocked the city but
also prompted
the Bank of England to investigate the circumstances of the collapse.
Mishcon de Reya, legal counsel to Paresh
Raja, said: “These are not sham companies. They are part of a larger group that
is beneficially held for MFS and its associated lenders. The directors are in
the process of placing these companies into administration and are fully
cooperating with the officeholders.”
Magus Chartered Accountants was contacted
for comment.
Lenders warn
collapsed UK 'shadow bank' has £1.3bn hole
Global Inflation/Stagflation/Recession
Watch.
Given
our Magic Money Tree central banksters and our spendthrift politicians,
inflation now needs an entire section of its own.
Consumer
prices rose 2.4% annually in February, as expected
Published
Wed, Mar 11 2026 8:31 AM EDT
Prices
consumers pay for a broad range of goods and services rose in line with
expectations for February, offering a final look at inflation pressures before
an oil shock tied to the Iran war rattled the outlook.
The consumer price
index increased
a seasonally adjusted 0.3% for the month, putting the 12-month inflation rate
at 2.4%, according to Bureau of Labor Statistics data released Wednesday. Both
numbers matched the Dow Jones consensus forecast.
Stripping
out volatile food and energy prices, core CPI posted a 0.2% monthly reading and
2.5% annual rate, compared to forecasts for 0.2% and 2.5%, also in line with
the estimates.
The
annual rates were unchanged from January, indicating that inflation was holding
above the Federal Reserve’s 2% target but not getting worse.
While
the report showed inflation broadly stable, prices rose modestly for shelter
and services while several goods categories, including used vehicles and auto
insurance, saw declines.
Shelter,
which is the single-biggest component of CPI, posted a 0.2% increase, putting
the annual rate at 3%. Within the category, rent rose just 0.1%, the smallest
monthly increase since January 2021.
Apparel
prices, which are sensitive to tariff pressures, saw a 1.3% monthly gain. New
vehicle prices were steady and up just 0.5% from a year ago while energy rose
0.6% and also saw a 0.5% annual increase.
Food
prices accelerated 0.4% for the month and were up 3.1% from a year ago. Egg
prices fell 3.8%, putting the annual drop at 42.1%.
Markets
reacted little to the report, with stock market
futures mixed
and Treasury yields higher.
The
data predates the recent surge in oil prices tied to escalating tensions
involving Iran, meaning any impact from higher energy costs will likely show up
in the months ahead.
The
U.S.-Israel attack on Iran dramatically changed the outlook, at least in the
near term.
Following
the attack, crude oil climbed sharply amid fears of supply disruptions in the
Middle East.
Higher
oil prices could complicate the inflation outlook in coming months, as
increases in gasoline and other energy products often filter through to
transportation, shipping and a wide range of consumer goods. Sustained gains in
crude prices can quickly show up in headline inflation readings even if
underlying price pressures remain stable.
However,
economists generally view such moves as temporary and likely to abate once the
Iran situation cools. Crude prices are well off their highs after briefly
popping above $100 a barrel Monday, but were up about 4% in Wednesday trading.
From
the Federal Reserve’s perspective, the February CPI report likely keeps the
central bank on hold as it watches how a series of interest rate cuts last
year, plus the current geopolitical tensions, impacts the economic outlook.
Traders expect the next rate cut to come in September, and were assigning about
a 43% chance of a second move before the end of the year, according to the CME
Group’s FedWatch tool.
CPI inflation
report February 2026:
Trump’s
economy was already exploding the national debt before his $1 billion-a-day war
in Iran. Analysts warn about what comes next
Tue,
March 10, 2026 at 7:45 PM GMT
The
United States was already on an unsustainable fiscal trajectory, adding to the
national debt at breakneck speed, before it launched a joint attack on Iran
with Israel.
Even
before the first munitions struck Tehran, the federal debt had surged past the
$38 trillion mark, even jumping $1 trillion in just over two months between
August and October 2025, the fastest rate of accumulation outside the pandemic
in history.
Now,
President Donald Trump has committed the U.S. to a war with Iran that is draining
nearly $1 billion a day from the government’s coffers. With the U.S.
borrowing at an accelerating rate, economists and defense analysts are
aggressively gaming out the macroeconomic scenarios of a conflict with no clear
endgame.
The
$1 Billion-a-Day War
Operation
Epic Fury is racking up a staggering military bill. According to the Center for
Strategic and International Studies, a DC think tank, the military campaign is
costing approximately $891.4 million every single day. The first 100 hours of
the conflict alone consumed $3.7 billion, CIS added in a report on the costs of
the fighting, as reported by CNN.
The
daily price tag is driven by massive air and naval deployments, with air
operations costing $30 million daily and naval operations add another $15
million. Keeping an aircraft carrier strike group active costs $6 million per
day, and deploying stealth bombers, non-stealth fighters, and tanker aircraft
costs millions more. Kent
Smetters, faculty director of the Penn Wharton Budget Model, projected that a
two-month war could cost taxpayers up to $95 billion, depending on troop
deployments and munition replenishment.
A
preexisting debt crisis
These
massive military expenditures are piling onto a highly fragile fiscal
foundation. Michael A. Peterson of the Peter G. Peterson Foundation warned
last October that
the nation’s debt was growing at twice the rate seen since 2000. The U.S.
government is now spending nearly
$1 trillion annually just
on interest payments, costing taxpayers more than spending on defense
and Medicaid.
This
fiscal strain is being compounded by an ongoing partial government shutdown,
which adds billions in short-term costs and stalls essential economic activity.
Credit ratings agencies have already stripped the U.S. of its top-tier rating
due to political gridlock and fiscal slippage. And now a genuine oil shock is
upon the global economy, with oil experiencing its most volatile
trading day in history, touching $120 briefly on Monday before plummeting
back to earth on mixed comments from the White House and Iran’s Revolutionary
Guard.
Scenario
1: The short-term shock
With
the Strait
of Hormuz effectively closed, 30% of the world’s oil consumption and
20% of global liquefied natural gas supplies are currently facing logistical
disruptions. In an optimistic scenario where the conflict is resolved in weeks
without permanent damage to energy infrastructure, oil prices are expected to
temporarily hover around $100 per barrel.
Morgan
Stanley chief
economy Michael Gapen projected on Monday
that this would act as a transitory shock, pushing headline inflation up by
roughly 35 basis points for a few months while leaving underlying core
inflation mostly unaffected. However, because inflation has remained
persistently above target, the Federal Reserve would likely be forced to delay
expected interest rate cuts until later in the year.
A
more severe scenario paints a much grimmer picture for the global economy.
More
Technology
Update.
With events happening fast in the
development of solar power and graphene, among other things, I’ve added this
section Updates as they get reported.
Latest
development in graphene-based coating
10 Mar 2026 by Craig Jallal
A new
version of a graphene hull coating enters service, extending earlier propeller
and hull applications, and sharpening the industry debate around cleanable,
biocide-free surfaces
A graphene-based hard foul-release hull
coating has entered service, extending a development path that began with
propeller applications and then moved to full-hull use on chemical tankers.
In its latest update, GIT Coatings
announced it had launched XGIT-FORCE, describing it as a “next-generation
graphene-base hard foul-release coating” and positioning it as a move away from
“traditional biocide-based antifouling protection” towards “hull performance
management”.
The company said the first applications
are underway across a global fleet and that further work would follow over the
coming months on more than 10 vessels” including LPG tankers, dry bulk vessels,
roro vessels, container ships and cruise ships.
GIT Coatings chief executive Mo
AlGermozi said, “XGIT-FORCE represents the natural evolution of our
graphene-based solutions and a definitive step toward a new era of proactive
hull performance management.”
He added, “By listening closely to our
customers and integrating years of real-world learning, we have refined a
technology that is mature, reliable, and biocide-free.”
The company said the coating works
because of its inhouse technology, which it calls dynamic phase engineered
technology.
In simple terms, it said it has tuned
both the coating’s chemistry (what the surface is made of and how it behaves in
seawater) and its physical properties (how hard, smooth and wear-resistant it
is), using graphene as a reinforcing material.
The aim, it said, is to create a surface
that does not readily allow the first thin layer of marine growth to take hold,
and that makes any fouling that does develop easier to wash off.
The company claims XGIT-FORCE delivers
“one of the smoothest surface profiles in the industry” and provides “a
guaranteed 6% out-of-dock power gain compared to premium biocidal antifouling
coatings”, alongside mechanical robustness intended to tolerate “ice friction,
fender impacts, and frequent cleanings”.
A central element of the proposition is
a cleaning-led operation: XGIT-FORCE is cleanable by design and aligns with the
industry shift toward proactive hull cleaning as the most effective method for
maintaining long-term vessel efficiency.
To support that operating model, the
company said it had established an advisory services department to provide an
end-to-end hull performance management solution, including support on
vessel-specific grooming plans, fouling risk alerts and managing the process of
cleaning approvals.
More
Riviera - News Content Hub - Latest development in graphene-based coating
Next, the
world global debt clock. Nations debts to GDP compared.
World Debt Clocks
(usdebtclock.org)
If you put the federal government in charge of the Sahara
Desert, in 5 years there'd be a shortage of sand.
Milton Friedman
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