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Q. A New York fund manager reminds Mark about the clocks that used to calculate the national debt by the second. He suggests that one should be created to track the “wealth destruction” spearheaded by Federal Reserve Chairman Alan Greenspan -- and calculated the $4.5 trillion in stock-market wealth wiped out over 2000 amounts to $14 million per second. He asks Mark to comment on “black hole” economic effects of Fed policy.
A. As Bill Gates might say, I think Alan is a little confused. Right now, he appears to be backpedaling, but not fast enough. Knowing his reliance on Purchasing Manager reports, he and his crew are, I fear, taking some/too much solace from the depressing but marginally-improved National Purchasing Managers report for last month, which still had us in a declining economy, just not declining quite as fast as before.

What a relief.
Last week, in a filing with the U.S. Securities and Exchange Commission, it became clear that the new majority owners of Iridium are from Brazil, Saudi Arabia and elsewhere. You will recall that the only reason there even is still an Iridium is that a contract was signed with the U.S. military providing a couple of years of global secure communications.