yen carry trade - Max Keiser

Stacy Summary: Both sides of this carry trade gamble have gone bust. Interesting to see how the population itself is responding differently with each.

Japan sinks even deeper into deflation

The crisis engulfing the world’s second economy is remarkale. Profits fell 53pc in the second quarter. Total cash earnings have dropped 7.1pc this year. Tax revenues have plunged 27pc. While the economy is no longer in recession, GDP has shrunk by 8pc from its peak and exports are down 36pc (in yen).

Iceland’s bloggers gain influence post collapse

One of the main factors behind Iceland’s financial implosion – an extreme microcosm for the problems in the rest of the world – is the secrecy, interconnection and conflicts of interest in its public life. That the major shareholders of the banks also owned much of the non-state media undoubtedly helped to perpetuate many myths about Iceland’s economic strength.