Drunken Swede tries to row home – from Denmark BBC
Watermelon may have Viagra-effect PhysOrg. I am not making this up
Lehman up after Morgan Stanley’s overweight rating Reuters. I am not making this up either (hat tip reader Dwight)
U.S. Won’t Let Iran Shut Strait of Hormuz, Fleet Says Bloomberg. Am I missing something here? Oil tankers carry highly flammable cargo. All Iran has to do is represent a credible threat to the safety of tankers. Or does the US plan to run convoys? Given the great job we did in stabilizing Iraq, I would not be surprised if some of the assumptions are a tad optimistic.
Lloyds TSB gives Visa cards to 11-year-olds Telegraph (hat tip reader Michael)
Incredible India, indeed Asia Times
Betting on the possibility of breaking up the eurozone John Dizard, Financial Times
In Any Other “Profession….” Re: the Auditors. The post describes how auditor miscreants can and do practice again.
Speculation must be defined before it is blamed Michael Gordon, Financial Times
Some anecdotal evidence of risks in the banking system Michael Pettis. On the “informal’ banking sector and pesky derivatives trades in China.
Antidote du jour:
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On Iran:
The US response seemed more along the lines of “we are not just going to sit around and let them do it” than “they will not disrupt traffic at all”.
Iran as a huge number of missiles that can reach across the narrow portion of the straight, and a number of rocket assisted mines that can be laid at the deeper water approaches to the straights. Neither of these have instantaneous fixes if used.
Earlier the US Navy has said that the Iranians can disrupt traffic for at least a period of time.
It should be noted that 90% of the supplies for our troops in Iran come through the straights, and that the alternate routes can not possibly make up the difference.
I say this even though I lean towards some type of intervention.