The band played as the Titanic sunk.

Kia ora,

Well with all the information coming through it would seem to be that the ship is starting its slide to the bottom.

One group of analysts worked out that if the US government sold all its assets & all those of its citizens it would still owe US$50 Trillion.

Then they moved onto the manipulation of the unemployment figures which for the first time in ages showed the creation of 162 thousand jobs.

Well until they dug into them then it ended up 67 thousand jobs lost.

Included in the 162K were the 48K jobs created for the census, so not full time jobs & not jobs that create wealth. Some of the others were paper creations using formulas to work out how to cover births,deaths & weather fluctuations.

The main point they made is that Governments don't create wealth. They might look like they are doing something, but in fact by creating jobs that do not create wealth they are making the situation worse.

There was also the very interesting quote from Albert Edwards of Societe Generale on the European Debt crisis.

"My own view on this is that obviosly we should of never have got into this wholly avoidable mess in the first place."

He then adds "But having got here, there is really no way out that does not trigger a major market moving upheaval".

So basically he is saying we are stuffed as far as economic future is coming over the next few years. He is just talking about Europe, but the UK & US are in much greater mess. Unlike the Europeans they have being printing currency overtly & covertly to try to get them out of the mess, but in the long run will make it worse & the people helping them are the ones who will benefit the most.