Lunchtime Links 10-6

October 6, 2009

The demise of the dollar (Independent, ht Marco) This article may be the reason gold is up big today. It claims “Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading.” Perhaps.

Wall Street’s near death experience (Vanity Fair) An excerpt from Andrew Ross Sorkin’s book on the financial crisis. Can’t wait to get my copy. Felix has some commentary here.

Legislation would raise FHA downpayments (Aaron Krowne) Wow. Sensible. I’m shocked.

Wells Fargo cutting customers’ lines of credit (SF Chronicle, ht MW) The first woman quoted in the article complains, essentially, that because she has a high credit score she doesn’t deserve to have her line cut. Deserve’s got nothing to do with it, ma’am.To repair their balance sheets, banks need to cut back on lending, especially home equity lines of credit that are secured by homes whose values have crashed. This is a responsible way to de-lever the economy.

NASA to bomb moon looking for water (Discover) No explosives, just a “lunar impacting probe.”

Banks heading into the storm Whalen says (NakedCapitalism)“Why is liquidity going into the financial sector? It’s because the real economy is dying [and] everyone is fleeing into stocks and bonds because they’re liquid at the moment,” Whalen says.

Will California be America’s first failed state? (Guardian) Believe it or not, California may be in better shape than the nation as a whole. The state is actually making hard choices to deal with debt. That can’t be said for the rest of us.

Funny PSA (The Onion)

Life summarized in four bottles (imgur)

Stunning footage, from 1993, of a Malaysian mine being reclaimed by the ocean. I’m sorry he cut off the video where he did. It was just getting good!

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