Global Market Commentary, Analysis and Investments
Wolf, Stiglitz, Krugman – we love these guys!
They pushed the world’s governments to undertake huge “stimulus� programs. Of course, the stimulus programs didn’t work. They couldn’t work. All they could do was to disguise the facts and delay the necessary adjustments.
[Read more...]I am standing on the corner of the street, doing my duty to “give back� to society, in this case by yelling at morons passing by in the cars, “We’re freaking doomed, you moron! Your own stupid government has destroyed you by letting the foul, fetid, festering Federal Reserve create too much money that they stupidly, stupidly, stupidly did as part of the stupid neo-Keynesian econometric theoretical lunacy that has mesmerized them, so that a shiny computer in front of a neo-Keynesian econometric economist is like a shiny toy in front of a monkey, and which has mesmerized the Fed and the government for similar reasons, and with similar results, in that the toy is now broken, the monkey cut its hand on the broken toy, the cut is infected, and there is a good chance that the monkey will die a horrible, painful death! Hahaha! How do you like them apples? Horrible, painful death! We’re freaking doomed, including you and your hotshot car with the radio turned up real loud, trying to drown me out! And stop honking at me! I have rights, you moron!�
[Read more...]We went to our last summer soiree last night. It took place at a neighbor’s chateau, where a large, ancient stone barn had been transformed into a dining room for 100 people.
“We’re screwed…so are you…â€� said a friend.
First, an update from Wall Street: the Dow was unable to sustain a bounce yesterday. It fell 74 points. Gold dropped $3.
[Read more...]The currencies are trading in the same clothes as yesterday. It’s almost like the movie Groundhog Day, for the euro (EUR) has performed the say way as the previous sessions… For instance, the euro rose up to 1.2765 yesterday, only to fall back to just above 1.27, and then overnight, like the previous night, the euro rose to 1.2740, only to see it fall back again.
[Read more...]“Governments will impose a loss on some of their stakeholders,� reads a new report from Morgan Stanley on sovereign debt. “The question is not whether they will renege on their promises, but rather upon which of their promises they will renege, and what form this default will take.�
[Read more...]Too bad Thomas Friedman has stopped writing about the economy. We could use a good laugh this morning. Chilly winds are blowing across this part of France. The children have all gone. The sun is low and cool. It’s quiet here, and a bit sad.
But Friedman has moved on to giving bad advice on other subjects.
[Read more...]Eventually, investors are going to realize that the discussion of a “recovery� is nonsense. The economy can never recover the pace and frenzy of the bubble years – and so much the better. It has to move on to something new. The big question is: What will this new economy look like?
[Read more...]The stock market is rolling over. The Dow went down 133 points yesterday. Gold gained $4.
Stocks went down early in the summer. We thought that was the beginning of the big “second shock� we’ve been waiting for. But we were wrong. The stock market rebounded.
But now it is back at its July lows…and appears ready to keep going down.
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How Gold-As-Money Can Prevent Mob Rule
Ellen Kelleher, writing for The Financial Times, opens her article with how Baird & Co., in their warehouses in London, purify gold by heating it to molten form to make “medallions, bars, and rings,� which sounds like a lot of heavy, hot, back-breaking, dangerous work to me, as if the word “work� was not bad enough by itself with the terrifying adjectives.
[Read more...]