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Copper Inventories Not Showing Global Recovery, Recession On Main Street Continues, and the Decline of Our Military Hegemony

The London Metal Exchange now shows inventories of copper at levels last seen since the depths of the bear market, another glaring signal that the global recovery thesis has not occurred.  "But China continues to import record amounts of copper!".... while they might be importing, there is clearly no indication that they are being used. See here
 
What Summers means by "Human Recession" is simply known as a recession on "Main Street".  Mountains of consumer debt will keep wallets tight while continued building of public debt in the form of stimulus packages will result in the Ricardian Equivalence (Ricardo-Barro effect), something that I have been harping on and which David Rosenberg recently acknowledged.  
 
 
Can we really afford to be doing this?  Our national priorities continue to point in the wrong direction, we must take care of "in-house" problems.  Unfortunately by paring back our military presence, we would acknowledge that our time of military dominance is coming to an end.
 
 


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