Japan Airlines has just filed for bankrupcy protection and Citi has returned to its money losing ways even with them still being aloud to record their assets at mark to fantasy levels.

4 US banks have gone under so far this year and the bad news is that the FDIC has had to right down there assets by 30 - 50% from that stated on the books of these banks or so it has been reported. This is what happens when you can record your assets mark to model rather than mark to market. The accounting standards board has given those who still wish to account this way the rest of the year before they finally have to return to mark to market. Hahahahahahahahahahaha what a joke.

Meanwhile the debtor nations such as Europe, Japan and Great Brition appear to continue to be hungry for US Debt and continue to heavily buy. On the other hand the smart producing nations such as China and the oil producers in the middle east have not only stopped buying treasuries but even reduced there holdings in them as reported in the latest news.

I would like to know how it is that those countries who are sinking in there own debt can buy up the debt of another country hahahahahahahahahaha. Let me take a wild guess though, could it be that they are printing money and buying treasuries with it. This money the US uses then to buys goods from the producers of those countries and to control the rate at which its currency depreciates. Well it appears that the smart producing countries no longer wish to play this game of collecting vaults full of highly flammable paper in return for their hard work and irreplaceable valuable commodities hahahahahahahahahahahah.

Well the bad news goes on and on however I do not want to be too depressing.

All in my honest opinion of course.

F.F.