And the USA is heading down the same path. Even more than in the UK ,the very wealthy in America, using their ownership of the mass media, have gained complete control of the political system. They run it for their own benefit, no longer for the public good. As the recent taxpayer bailouts of the Wall Street investment banking gamblers proved, they are unwilling to make ANY sacrifices for the common good whatsoever. Not only that, they are unwilling to take responsibility for their own reckless financial actions, instead transferring their losses to the general population by increasing the government debt. They just added another trillion to the National debt in order to avoid a small tax increase.
As Paul B. Farrell of MarkerWatch has written many times now, their greed will eventually take down the financial system, since lack of government regulation now allows them to run it as they see fit. Now that they know that they are too big to fail, why not take huge risks in an effort to reap greater and greater profit. When it all collapses, if some revolutionary people’s government takes over, they simply fly out of the country with their billionaire, lying, hate talk radio mouthpiece propaganda buddies.
Investors should be aware that the next meltdown could happen next year, or it may not happen for another decade. I’m guessing that it is still a few years down the road. The world reserve currency of the largest economy doesn’t usually disappear overnight. If I had to guess, I would say that the Dow will be higher next year this time, than it is now. Look for about Dow 13,000 in December, 2011. The USATitanic is just starting to list. Drinks are still being poured.
Now I’m off to get my final (hopefully) retirement documents for the City of New Orleans notarized. There is more paperwork than if I was trying to become the world’s second oldest astronaut. (John Glenn went up on the Shuttle, WAY after his Gemini flight.)

Let’s hope Jim Rogers is correct. The faster Britain defaults on it’s debts and wipes the slate clean, the faster it can bounce back to it’s former glory days. Russia was a third world country and yet bankcruptcy was the catalyst for a march to prosperity. Britain is part of the first world and it will bounce back.

That is just plain rubbish. Look at the fundementals. The number of people with negative equity is actually very low in the UK now. Unemployment is normal, 7.9% is not high by European standards. UK and US should not be compared, the situation is so fundementally different as to be untrue. I’m affraid the problem started in the US and that is where it will fundementally end. All the US CDS’s have been written off outside of the US. The Euro is in trouble, but once the governments get their heads knocked together by the markets and they start pooling their debts, the sovereign debt crisis in Europe will be finished and attention will go back to the fundementals in the US. US / UK rates will decouple because of the fundemental difference between the economic situations.