Presidents Xi and Putin (and the Hedge Funds!) are laughing at us

Thats what we think and in a sense, they have plenty of reason to laugh but at second looks – not really. China has problems compared to which our idiocy looks almost quaint. Their economy is not only in bad shape but some already think it has crossed the Rubicon. And Russia outside Moscow and St. Petersburg is more like Africa than anywhere else. Not that I think that Putin cares much but it’s also really a generator for wealth that puts limits on the Russian purse. If I had to pick between our problems and theirs, I would still pick ours any day.

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