China recently lifted their subsidies on fuel prices because it can no longer afford them and because it will force their businesses to become more fuel efficient. Globalization - and this includes out-sourcing manufacturing to China - is highly dependent on cheap oil. But those days are gone.

One immediate reversal is already happening. Furniture manufacturing is returning to the US.

The economy of China is now at risk.

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The Freedom People, Brad and Periel Stanfield, have tirelessly played at many antiwar demonstrations. I got to know them when I lived in L.A., they’re good people. This is the final version of their great “New Revolution.”

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This is the new Much Worse.

As contrasted with previous upward revisions in the amount of money that banks will be losing, which were a mere $400 billion or so, the new number is $1.6 trillion. This from a “confidential study by the second largest hedge fund in the world.”

In related news, Swiss regulators may require their banks to raise $68 billion.

So, what happens when major banks worldwide start cratering? Just wondering…

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Via Adam Curry, who has been getting quite political on his podcasts lately.

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I’ve been using the Garmin 760 GPS the past few days and will be getting one. The interface is intuitive and easy to use. It has a large database of stores, restaurants, etc. and a “Where Am I” feature so you can find them quickly. Even better, it has Bluetooth so you can sync your cell to it, and turn it into a handsfree as well as for dialing places you found on it. You can also send the audio from the spoken instructions (”turn left on Elm. St. in .2 miles.”) and cell phone to the FM radio and use the car sound system.

Street price is around $370 if you hunt around.

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