Well not really…

But I do think this orgy of consumption around Christmas is a pointless and painful waste of time. It simply stores up even more foreign debt that will have to be serviced and eventually repaid.

We simply can’t afford to keep spending the way we have. The charts below show why. We need to reduce our consumer spending to reduce our imports and drag that current account deficit back closer to 4-5% than the 8-10% range it is in now.

I was simply stunned to see the pictures of shoppers thronging to the malls on Boxing Day, as Stuff reports. There is an illusion of a deal which means people spend just as much as they would have without the sales, but get more things they don’t really need. It’s still stuff we don’t need.

I watched another

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It looks like a stupor-inducingly dull day in the market. I survived Christmas, though my Aunt's dog, Sidney, did not. In fact, it died at my house yesterday afternoon. Sidney was a very old dog, a good dog, and very loved, and will be missed very much.brbrEarlier in the day, we had fun. Along with presents, tons of food, and good friends, we played games. It's something of a tradition at my house.brbrMy team won this one: A href=http://www.amazon.com/Cranium-101010000-100E/dp/B00000DMBQ/ref=sr_1_1?ie=UTF8s=toys-and-gamesamp;qid=1230299863amp;sr=1-1strongCranium/strong/A. I highly recommend it, especially for competitive families who like screaming at each other in a mix of outrage and glee.brbrLater, I lost this one: A href=http://www.amazon.com/Rio-Grande-Games-4098395-Carcassonne/dp/B00005UNAX/ref=sr_1_1?ie=UTF8amp;s=toys-and-gamesamp;qid=1230299958amp;sr=1-1strongCarcassone./strong/A Doesn't matter -- it's a great game, and I'll win it another time. I bought A href=http://www.amazon.com/Vintage-Sports-Cards-Carcassone-Expansion/dp/B0009K6T2E/ref=sr_1_2?ie=UTF8amp;s=toys-and-gamesamp;qid=1230300041amp;sr=1-2strongCarcassone: Princessamp;Dragon Expansion /strong/Aas a gift for Cindy. She squealed with delight to find that under the tree.brbrHere's what I'm reading today (and so very little of it ...

Currency markets stabilize (for now)…  Data packed holiday shortened week…  China cuts rates… Indian rupee falls… And Now… Today’s Pfennig!

Good day…The dollar settled in at the slightly higher levels it reached Friday morning and is trading in a narrow range heading into a holiday shortened week. Trade desks across the globe will be mostly staffed by the backups as the big bosses take Christmas week off. Volume will likely be lighter, which can sometimes lead to an increase in volatility.

The data calendar is empty today, but chock full tomorrow and Christmas eve. Markets will be closed on Christmas day, and most will be closed again on the day following Christmas (known as boxing day). GDP, Personal Consumption, U of Michigan consume

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