On Friday the Bureau of Labor Statistics (BLS) reported, among other things, that full-time employment in April had dropped by 252,000 from the prior month. Weekly earnings of production workers had risen by the grand sum of 67 cents (0.1%) before inflation and taxes too.
This post Rick Rule: Have the Cash and Courage to Sustain Your Trade appeared first on Daily Reckoning.
For the past five months, we’ve been writing in the DR’s email edition, about the danger debt and derivatives tied to the U.S. shale gale posed while crude oil lingers in the $40-60 range.
Don’t fight the Fed. That’s what they say on Wall Street. And for good reason. While technically accountable to Congress, the Federal Reserve’s monetary policy decisions do not require approval from “the president or anyone else”, as the Fed boldly states on their website.
The Fed’s culture of omnipotence is evident in former Chairman Alan Greenspan’s reply when asked about the Fed’s relationship with the president. “Quite frankly it does not matter who is president as far as the Fed is concerned. There are no other agencies that can overrule the action we take.”
It’s the 14th year of the Agora Financial Investment Symposium in which we try to take all the trends that we see playing out in the investment horizon and put them all together in one conference.
The challenge of putting together a conference like this every year is picking a theme that resonates with the many things that change year over year but tying them into a continuous story or investment thesis that makes sense.
Today, we bring you the concluding third of our Essentialist Glossary. The first two thirds can be found here: The Essentialist’s Glossary: Updated for the ‘Teens (A-F), and here The Essentialist’s Glossary: Updated for the ‘Teens (G-M), respectively.
Just three short days until Ben Bernanke’s out and Janet Yellen’s in.
Here at The Daily Reckoning, the changing of the chair at the Eccles Building is a spectacle we take seriously. About as seriously as tonight’s State of the Union address, in fact.
So with a sentimental twinge, we tune out the daily grind and use the occasion as a springboard for the good professor’s roast. Despite years of endless mockery, odd looks, raised eyebrows and low blows, we admit we’ve formed a soft spot for “Helicopter” Ben. Deep in a small crevice of our heart of hearts. He was such an easy target… we will be sad to see him go.
Snug and safe inside the silent and comforting Mogambo Big Boy Bunker (MBBB), I have a lot of spare time each day to work myself into a state of paranoid hysteria by thinking about the economic mess we are in.
Being a cynic of the first order (everything is corrupt and nothing can be done) and sensing imminent doom (We’re Freaking Doomed (WFD)!), it is not surprising to me that the evil Federal Reserve owns more than $3.5 trillion in Treasury debt, which is about 21 percent of ALL the nation’s $17 trillion debt.
Former Fed Chairman Alan Greenspan was asked recently on Bloomberg TV whether he thought Bitcoin, which had an 80-fold run-up this year, was a bubble. Video below:
My mood is dark. I see, as usual, enemies everywhere, but have started filling my days, not with installing more defensive armaments in the Super Duper Mogambo Bunker (SDMB), but with making lists of all the people whom I blame for something, starting with the worst offender of them all, the absolutely satanic Alan Greenspan.