Global Market Commentary, Analysis and Investments
Attention: Our “Crash Alert” flag is flying.
Dow down.
Oil down.
Yields down.
Gold down.
What’s going on?
Yesterday, we drove into Washington, DC, to the Argentine embassy. Friends from Salta were hosting a wine-tasting. It seemed strange to see our Argentine friends — who live in a remote corner of the country — in our nation’s capital. But it was a pleasure to see them…and taste their very strong, high altitude malbecs.
[Read more...]Good day. The dollar continued to benefit from the troubles in Europe yesterday, adding to its weekly gains. The dollar index, which tracks the major currencies versus the U.S. dollar, is up 1.86% in the past five days as investors seek the shelter of the U.S. Treasury market.
I was talking to Mike last night, preparing for this morning’s Pfennig, and we agreed that all of this dollar buying is starting to look a bit overdone. At some point, the markets will figure they have “priced in” the Greek exit and will again start to trade on fundamentals.
[Read more...]Good day. The dollar continued to benefit from the troubles in Europe yesterday, adding to its weekly gains. The dollar index, which tracks the major currencies versus the U.S. dollar, is up 1.86% in the past five days as investors seek the shelter of the U.S. Treasury market.
I was talking to Mike last night, preparing for this morning’s Pfennig, and we agreed that all of this dollar buying is starting to look a bit overdone. At some point, the markets will figure they have “priced in” the Greek exit and will again start to trade on fundamentals.
[Read more...]“Liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate… it will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people.”
[Read more...]“Liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate… it will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people.”
[Read more...]The Dow sinking.
Gold sinking.
Oil sinking.
Copper sinking.
Yields sinking.
We struggled with this, Dear Reader. We meditated. We prayed. We drank heavily.
And finally…we overcame the rank desire to say: “We told you so!”
As you know, Martin Wolf, of The Financial Times, is the voice of The Economics Establishment. All that is great and good in the field — which isn’t very much — is given voice by Wolf. Then, it is acceptable for policymakers, Treasury ministers, and central bankers, not to mention the people you talk to at cocktail parties.
[Read more...]The Dow sinking.
Gold sinking.
Oil sinking.
Copper sinking.
Yields sinking.
We struggled with this, Dear Reader. We meditated. We prayed. We drank heavily.
And finally…we overcame the rank desire to say: “We told you so!”
As you know, Martin Wolf, of The Financial Times, is the voice of The Economics Establishment. All that is great and good in the field — which isn’t very much — is given voice by Wolf. Then, it is acceptable for policymakers, Treasury ministers, and central bankers, not to mention the people you talk to at cocktail parties.
[Read more...]No panic on Wall Street — yet. Gold still over $1,600.
But watch out. Our hunch is that when people come to their senses…they will run for the exits.
Europe’s shifting from austerity to “growth”…which really means more debt.
America’s growth is phony — with fewer jobs today than when the ’08 recession began.
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Immune to the Financial Crisis
Attention: Our “Crash Alert” flag is flying.
Dow down.
Oil down.
Yields down.
Gold down.
What’s going on?
Yesterday, we drove into Washington, DC, to the Argentine embassy. Friends from Salta were hosting a wine-tasting. It seemed strange to see our Argentine friends — who live in a remote corner of the country — in our nation’s capital. But it was a pleasure to see them…and taste their very strong, high altitude malbecs.
[Read more...]