Following some shocking news coming out of America, I decided to use up some airmiles and go and see what is going on (also an excuse to avoid the olympics and get some Vitamin D).
Headlines such as "American cities are going bust" (latimes) and "Gary makes Detroit look like Mayfair" (dailymail) have given the impression the good days are over.
Having just watched the pilot episode of the Newsroom where in the first 15 minutes the greatness of the USA is ridiculed, it is clear a huge cleansing and starting over revolution is occurring in this super power.
However, unlike Europe where the crap and the useless are hailed as victims that need to be supported (Greece, Spain, Italy, France ...) and everyone suffers, the US knows being beaten up is good medicine.
Capitalism is working and clearing out the chaff from the wheat. America will decline and then rise up and teach the world to sing again.
So despite feeling alienated in a place like Detroit where houses can be picked up for a few bucks, you just know America can regenerate. Obama maybe slowing down this rebirth but there is something in the air.
Shock Horror - The oil industry isn't transparent (telegraph) (cnbc)
JP Morgan shoots its foot again (bloomberg)
US Cars Loans - the new subprime (fa)
American Beer (cnbc)
Obama to delay American recovery until he leaves office.