The Markets Crash, Depression and Hyperinflation - The Triple Crown of Financial Catastrophes.

What a great time to be an economist!

Yesterday was another dull day in the markets. The Dow was steady. Oil rose a buck. Gold went up $3.

But there’s nothing dull about the economic news. Already, we’ve been able to see things we never thought we’d see. It’s as if our strange neighbours had invited friends, and even some animals, over for a night of fun – and left their curtains open.

So far, we’ve seen a stock market crash and what looks like the beginning of another depression, already marked by the biggest bailouts and nationalizations in history. We’re getting an eyeful! And with a little luck, we’ll probably see a bout of hyperinflation too. Crash, Depression, Hyperinflation – this is the Triple Crown of Financial Catastrophes!

It is remarkable enough that we have been able to witness a genuine

A bad year…and 2009 doesn’t look much better…the worldwide financial crunch is affecting everyone… 2008 will go down as the worst year for investors of all time…who needs Smoot or Hawley? Friedman has let us down…Keynesianism causes more problems than it solves…and more!

“What an awful year. And 2009 doesn’t look like it’s going to be any better.”

Our neighbor, Pierre, was describing the state of the agricultural industry in Europe…and, indirectly, why he couldn’t pay the rent. He leases some land from us at a price of about $150 per acre. He’s now far behind on his rent payments. Elizabeth had asked for a meeting to try to collect. Your editor sat off to the side, listening.

“Of course, I’d like to pay,” Pierre explained. “And I’m sorry I’m so far behind. But this is just a terrible time for us. I have to feed the cows. That’s the first priority. I