"You know what the news is-- in a minute, you're going to hear the rest of the story"- Paul Harvey

CNBC's Erin Burnett was reporting from Africa today, and was reading from the teleprompter about the investment prospects available. Clearly, U.S. business interests in Nigeria are all about oil. One segment was promoting investment prospects in a Nigerian Bank- Not for my money, but you go right ahead.

Nigeria...What's with that!

I have had my gut full of third world financial disasters- IE- Lehman Brothers, Bear Stearns, Merrill Lynch, AIG, and Wachovia. Looking at these colossal screw ups, maybe the Nigerian Bank wouldn't be that bad. Surely, the management cannot be more corrupt than what we have witnessed over the past year.

Today, the market heading south right out of the gates. After the Fed released the minutes of its April meeting, the index futures began to tank. The Fed is skeptical of the economy sudden stabilization, and they don't believe a meaningful recovery is underway just yet. They're now projecting a deeper recession and a sluggish recovery.

The bit of news speak volumes to how irresponsible the idiots are in Washington.

Standard & Poor's just lowered its outlook on Britain to "negative" from "stable," and may eventually cut the nation's top AAA rating. Since the U.S. has a budget deficit that is higher than Britain's, the U.S. is at risk of losing its AAA credit rating.

In reality, the U.S. a AAA credit rating should have been cut many years ago. With a national debt that is $11.3 trillion, the country is basically broke. As a result, the U.S. Dollar has cratered, while anything with real value has risen sharply.

A year ago, Oil was near $150 per barrel, gasoline cost $4 a gallon, copper hit $4 a pound, silver reached $21 an ounce.

The U.S. dollar has further to fall as the idiots in Washington try to spend the country's way out of a recession and banking crisis. All this spending will add to the $11.3 trillion debt as next years budget deficit of $2 trillion is four times larger than any previous deficit.

Eventually, when the Fed stops buying our debt with newly printed dollars, inflation will be much, much higher. For the time being, consumer price inflation is being hidden, but there is no doubt that food and energy costs are now rising due to the fact that the U.S. dollar is getting more worthless by the day.

Smart nations like China are no longer supporting the dollar. China is tired of watching their trade surpluses deteriorate as the U.S. dollar declines. At this stage of the game, China is more interested in buying copper and other commodities rather than U.S. debt.