Global Market Commentary, Analysis and Investments
Tutto va bene…
That was what the crew told passengers on the Costa Concordia just before it sank.
And it was what the crew of the USS America — the biggest cruise ship of all — were telling passengers last week.
Tutto va bene.
Trouble was, tutto was not going as bene as they claimed. Instead, the ship is sinking.
[Read more...]Here’s a meaningless abstraction for you, Fellow Reckoner. You ready?
US GDP grew at an annualized rate of 1.7% for 2011.
Now, what does that sentence actually tell us? What does it reveal about life or the quality of it; about the long arc of history and where we are along it; about the Heavens above us, the Hells below and our place in the present somewhere in between? What useful piece of information does this arrangement of letters and numbers divulge that has this morning’s news wires so abuzz with excitement?
[Read more...]There is a rumor — which we started ourselves — that Captain Francesco Schettino of the Costa Concordia has been invited to join the Federal Reserve.
Obviously, in view of the recently released minutes of its meetings in 2006, the Italian ship’s captain and the Fed are meant for each other. Both are prone to error, cowardice and confusion.
[Read more...]Yesterday’s trading revealed nothing of importance. Small moves in stocks and gold. And oil dipped below $100.
But the news has been generally “good” ever since the European Central Bank made it clear that it will print money rather than see major banks or minor nations get what is coming to them. Like its US counterpart, the ECB will not permit a major bank or sovereign debtor to go bust.
[Read more...]The Financial Times led off its series on ‘Capitalism in Crisis’ with a wandering piece that attempted to outline the problem. Unfortunately, the FT writers don’t seem to understand what capitalism is, let alone what is wrong with it. They say they are “rethinking capitalism.” But it doesn’t appear that they ever thought about it the first time.
[Read more...]A stitch in time…
Okay… We have left 2011 behind. We are rid of it forever. It won’t come back. Never. Not even if the universe lasts a million years, we will never see it again.
Or will we? One of the intriguing discoveries of 2011 came the giant particle accelerator in Switzerland. Those clever scientists set up a race, from Geneva to a finish line in Italy, 730 kilometers away. It was a race of neutrinos against light. Who do you think won?
[Read more...]And so, yesterday, the northern hemisphere had its shortest day of the year. In Baltimore, the sun never rose and never set. It was gray all day. Then it was night again.
And so the days dwindle down to a precious few. In astronomical terms, the year is already over. We have passed the winter solstice. From here on out the days grow longer. In terms of the Gregorian Calendar, we still have a few more days to go in 2011. Then, we face a new year. New challenges. New crises. And new opportunities. Will 2012 be the year the human race goes into a downturn…a slump…a correction?
[Read more...]The year is winding down. The sun is low in the sky. There soon won’t be anything left of 2011.
The Dow put in a good performance yesterday — up more than 300 points when we last looked. Housing starts were at a 19-month high…which caused investors to think recovery is right around the corner.
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Creating More Debt to Solve the Crisis
Readers who expect an early end to this Great Correction are going to be disappointed. There is no sign of it reaching its conclusion anytime soon. Just the contrary…there’s no end in sight.
The Great Correction seems to be going along just as you’d expect. Or, just as we’d expect.
[Read more...]