Summary: It's happening. Gold and oil are up sharply, stocks and the dollar are down, and the job numbers for August in the United States are showing an actual reduction. All this can be attributed to the housing collapse. Unfortunately, that collapse has not yet come close to running its course. It's just building up a head of steam.
What makes all this market instability so much more dangerous is the fraud and criminality that seems to be anywhere in the economy where you turn over a rock. Where would the U.S. economy be without the housing bubble, ridiculous amounts of debt at all levels (consumer, business, and government) and out-of-control war spending?
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|A US soldier who arrived in Iraq in January as part of President Bush's troop increase patrolled Baghdad yesterday.|
|©Paulo Cipollini, Southampton Oceanography Centre|
|Schematic of a typical oceanic planetary wave traveling westward with horizontal scale of about 500 kilometers and with vertical amplitude at the sea surface of about 10 centimeters. Such waves have a major effect on the large-scale ocean circulation and thus on weather and climate.|
|A Bangladeshi woman uses a raft to cross a flooded field in Sirajgonj district of Bangladesh.|
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|At the water's surface, swimmers breathe in a mix of volatilized disinfection byproducts, including some recently discovered to form in chlorinated swimming pools.|
|©Eleanor Lothrop and Paul Allen|
|The author and her husband resting by one of the spheres. But for a revolution, they might never have investigated them.|
|©AP Photo/Emilio Morenatti|
|An Israeli archeologist walks along a drainage channel recently discovered in the City of David next to Jerusalem's Old City.|
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