money changes everything

Crude oil is going for almost 92 this morning; silver still at 29. Things are rather quiet in the money department, with everybody anticipating what's next.

The establishment information mill is upbeat, naturally.

"Last week, the job market showed signs of a comeback as the nation’s unemployment rate fell to a five-year low of 7.7 percent," chirps the Washington Pile, before ominously noting the budget cuts of the dreaded C-Quester are "kicking in" later this month.

That's just one reason Dean Baker is pessimistic. I tend to agree with him, but also find a cause for limited optimism. As reported in the blog CalculatedRisk.com, housing prices have bottomed out and are slowly rising; foreclosures are less frequent, and there's even a little building activity. This is bound to have an impact on the amount of wealth ordinary people accrue.

That's wealth, as opposed to money. The era of making, having, and spending a lot of money is over. Possibly, we're seeing things stabilize somewhat under a new regime.