We are seeing a clear trend of rising U.S. interest rates with the ten-year Treasury note rising 22 basis points over the last four weeks. This has helped boost the dollar against the euro, but is one blade of the scissors cutting the U.S. consumer - the other blade being the rise in energy and food prices. The official inflation numbers don't look too bad, but they exempt food and energy prices (the two most necessary items) and include housing prices, which have dropped. If you don't own a house yet, that's good news, but about 70% of U.S. citizens do own a house and it is their most valuable asset, so dropping housing prices are bad news for most folks.
©Al-Ahram |
A Palestinian man gestures at the site of an Israeli air strike in Gaza City |
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"Stop throwing the Constitution in my face," Bush screamed back. "It's just a goddamned piece of paper!"
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Invasion of Nablus - Archive photo |
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Surreal stumps of Neskowin |
©Unk |
"We tied the rope (umbilical cord) with some rope from somewhere, we cut it with something - I don't know what it was because you're not allowed knives and things on aeroplanes any more," he said.