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Just when experts watching the American economy start to take deep breaths ("U.S. may skirt recession again" says Reuters; "Another inflation indicator cooling" says the Democrat-Gazette), in other major countries, if not major economies, the news isn't so good. And, in one case, the bad news couldn't have happened to a better regime.
The news coming out of Russia--aka The Capitol District of the old Soviet Union--comes across the wires so fast, we can barely keep up. An inky wretch starts out writing an editorial about one story, and the next one eclipses it.
The Russians thought the war would be over in a few weeks. In fact, they didn't expect much of a war. Just an invasion. Maybe a few battles. The military brass was reserved about the possibility of a quick strike and a quick end. But the politicians in Moscow were adamant. The Russians denied their obvious bombing of civilian cities, no matter what the pictures showed. They were just packages of humanitarian aid! So the locals, being bombed, sarcastically called the falling ordnance "bread baskets."
Once upon a time, we made fun of that headline. Used to be, boring American editorials about international diplomacy, but we repeat ourselves several times, used words like "whither," and some of us snickered. Who talks like that? Whither good writing?
Last week I wrote an article for Margin of Safety Investing subscribers explaining the bear market and why there would be a few rebound rallies. Read more here.