When Reuters and CNBC.com announced the awful housing numbers from February, most observers were surprised. The housing market appeared to have found a bottom last fall, and many economists were expecting small but predictable improvements every month.

When the Congressional Budget Office’s preliminary analysis of the Obama Administration’s 2012 budget was announced last week, observers were shocked — shocked! — to learn that deficits over the next 10 years would be nearly $10 trillion, almost $2½ trillion more than the administration’s estimate.

Claiming that granting a “tax holiday” for her company (and other large multinationals) would be beneficial to the United States, Oracle President Safra Catz said that such a holiday would allow earnings sitting in idle accounts abroad to be “repatriated” and freed up for better use here in the United States. “It’s an absolute no-brainer,” she said. If the money flows back to the United States, “it will create jobs.” If it stays where it is, it will wind up “funding everybody else’s economies and banks.”

Food prices are rising quickly around the world. Part of the problem is weather. The winter wheat crop in China has been poor. Australia has suffered floods, while Russia has undergone a drought. The earthquake and tsunami in Japan, no doubt, will hammer the very intensive agricultural production of the limited arable land on that archipelago.

While the mainstream media have jumped at the opportunity to report on possible nuclear meltdowns in Japan, alerting Americans on the west coast to beware potential radiation (and are also likely to use the opportunity to push an anti-nuclear energy agenda), they have wholly ignored the more critical impending meltdown: that of the Japanese bond market, which would have a severe impact on the American market.