It’s going to be a real disaster…

The current administration’s economic strategy will create an unmitigated disaster – not only our country’s worst financial calamity, but the greatest economic disaster in recorded history.

I first warned my readers about what was happening last December, in a letter titled The End of America:

What a weekend for American foreign policy!

Australia’s four big banks have ripped-off $1B by keeping the majority of the Reserve Bank's last rate cut to themselves.

Rupert Murdoch, the owner of News Corp. and The Wall Street Journal, says Google and Yahoo are giant copyright scofflaws that steal the news. "The question is, should we be allowing Google to steal all our copyright ... not steal, but take," Murdoch says.

Last but not least: it turns out that the tea parties don’t represent a spontaneous outpouring of public sentiment. They’re AstroTurf (fake grass roots) events, manufactured by the usual suspects. In particular, a key role is being played by FreedomWorks, an organization run by Richard Armey, the former House majority leader, and supported by the usual group of right-wing billionaires. And the parties are, of course, being promoted heavily by Fox News.

Negotiations over the American captain taken hostage by Somali pirates broke down on Saturday, according to Somali officials, after American officials insisted that the pirates be arrested and a group of elders representing the pirates refused.