Yes, there are more than we may be led to believe.
First, the dollars is falling. That means we owe less and our exporters can sell more. That was the reason the Chinese government reduced the value of the Yuan disregarding global (and Paulson’s) howls. The good times may not last as our competitors are probably going to follow suit. But in the meantime, let’s enjoy.
The oil producers are hurting and the rest of us are saving billions. The price of oil has dropped to $39 a barrel. It could not have happened to nicer guys. By the way, examine the charts bellow and note that there was absolutely no correlation between oil demand and oil price. The opposite was true.
Note that global demand started falling in 2005 while oil price egged on by the futures market started to push the price up in 2007. I suspect a foul play of gigantic proportions and cannot but wonder the role played by those seeking to manipulate the outcome of the American presidential elections.
Economic hardship index dropped for all 11 community types between November and December and jobless rate also dropped unexpectedly.
In other words, just as academic economists have started explaining the reasons the economy has failed to respond to the efforts to revive it, we may be turning the corner just in time for Obama’s inauguration.