Even with all the other problems inherited by incoming President Barack Obama in 2009, still yet one more appeared on the horizon. A restaurant chain called “Chuck E. Cheese” had reportedly descended into madness!
“It’s madness, absolute madness,” Susquehanna Twp. Police Chief Robert A. Martin said. (“Conduct at Chuck E. Cheese described as ‘madness'”, by Matthew Kemeny. Patriot News, Jan. 7, 2009)
And the eruptions weren’t only at the Susquehanna Township (Pennsylvania) location. A “growing number of adult melees” were reported at locations in Brookfield, Wisc.; Topeka, Kan.; Toledo, Ohio; and Flint, Mich. (Ibid.)
“Other Chuck E. Cheese restaurants in central Pennsylvania have had similar problems.” Who knew what might be the cause? Adults meeting at Chuck E. Cheese may have decided to settle “ongoing disputes” in that dining atmosphere for some mysterious reason.
Workers who dress as the Chuck E. Cheese mouse mascot were aghast at the commotion.
(This is nothing against the Chuck E. Cheese places, it just notices a strange phenomena.)
As if the president-elect Barack Obama weren’t facing enough problems in early 2009, and including also the Chuck E. Cheese situation, he was being peppered from the sidelines by various purported seers. Russia’s Pravda observed, “large swaths of the American demographic, who voted for Obama, are expecting miracles that the US government simply can not provide.” A depressionary bout would lead to large-scale money printing by Ben Bernanke of the “Federal” Reserve, and by the middle of 2009 there would be a “raging inflationary bonfire,” predicted Pravda. (“Gloomy predictions for 2009”, Pravda, Jan. 8, 2009)
“By late summer, early fall, the foundations of the Civilian Defense Corp will be laid down. Echoes of the Waffen SS anyone?” (Ibid.)
As usual with such startling predictions, no “Waffen SS” appeared in the U.S. in early fall of 2009. No “raging inflationary bonfire” was seen in 2009 either. Pravda was correct however about the large-scale money printing by Ben Bernanke.
As of January 12, 2009, yields on 10-year US Treasuries had fallen to 2.4 percent – “a level that was unseen even in the Great Depression.” (Currently the 10-year T-bill yields about 2.02 percent.) Ambrose Evans-Pritchard of the London Telegraph worried that such low yields would be unsustainable. “Get out of Treasuries. They are very, very expensive,” said Mohamed El-Erian, the investment chief at Pimco. (“The bond bubble has long since burst: investors, ignore this at you peril”, by Ambrose Evans-Pritchard)
The pushers of stocks frequently revive this “bond market peril” routine. The idea is to get you to take money out of bonds and put it in stocks. NPR ran a version of this “bond peril” propaganda today on its “Marketplace Morning.” True, at some point the increasing U.S. debt could give investors second thoughts about Treasury bonds. On the other hand, with yields so low as they are now, even still plenty of U.S. T-bills are being sold. Compared with the U.S., Spain’s yields are around 5.4 percent on 10-year bonds. Italy’s yields are around 4.47 percent.