Global Market Commentary, Analysis and Investments
Yesterday’s big news wasn’t really news at all. Standard and Poor’s finally found the nerve to state openly what the rest of the world already knew: the Emperor is naked.
The esteemed ratings service announced that America risks losing its triple-A credit rating. “We believe,” said S&P, “there is at least a one-in-three likelihood that we could lower our long-term rating on the US within two years.”
[Read more...]Well… There was BIG news yesterday (sort of) from Standard & Poor’s (S&P). The risk assets sold off, initially after the S&P announcement, but rallied late in the day. And gold and silver thought the announcement was like manna from heaven for their values… So, what was this announcement? Oh, come on, unless you’re like that guy in the GEICO commercial who climbs out from under a rock, you heard it…
[Read more...]You want a good laugh, Fellow Reckoner? We’ve got a great joke for you, courtesy of Standard & Poor’s Ratings Services Inc. But first, the news…
We had other notes prepared for you this morning, but then this headline crept across our screen:
“S&P Moves US Outlook to Negative”
[Read more...]Excerpted from his presentation to the Ira Sohn Investment Research Conference on May 26, 2010
I have titled todays talk Good News for the Grandchildren. By that, I mean that I do not believe that there is a need to worry that todays debts will be passed on to our current youth…I believe the government response to the recession has created budgetary stress sufficient to bring about the crisis much sooner. Our generation not our grandchildrens will have to deal with the consequences. If we do one thing, lets stop bemoaning the fate of our grandchildren on this topic. We might take the issue more seriously if we realize that our own future is at risk.
[Read more...]During World War II, there was a saying, that, loose lips, sink ships… I think Greek Prime Minister, George Papandreou, should have taken those words to heart yesterday… You see, the currencies, led by the beleaguered euro (EUR), were rallying, and the single unit was nearing 1.37, when Papandreou made a statement that sunk the rallys ship… He said, Greeces debt problems could soon spread to the rest of Europe and mean a weaker euro
[Read more...]We were snowed in Tuesday, Wednesday and Thursday. By Thursday, essential supplies were running short. All we had left was two cases of red wine. Would that be enough to last until Friday? We had our doubts…
Cabin fever had set in. In desperation, we read the paper. Big mistake. The papers in Washington take themselves seriously. They tell us about congressmen, senators, agency heads, lobbyists, crooks, perverts and other politicos. One man has held up a liquor store. Another has waylaid an entire nation. These are the people who could be called the power elite. They are at the head of our government…they are leading and directing our great empire. Which only makes us wonder about the whole thing. Maybe a country isnt so great after all…but just an accident…one that happens in spite of the dumbbells running it? And maybe an empire comes about not because of the drive and vision of the imperialists, but of its internal momentum…and on its own schedule…no matter what the nincompoops think.
[Read more...]Front and center this morning, the non-dollar currencies have seen some healing… Not much, but some… But these mini-rallies are on tenterhooks, folks; they can be reversed in a New York Minute… And, now that I look back at the screens, thats exactly whats happening! UGH! These turn-arounds are beginning to give me a rash!
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Gold Drops Back Below $1,800…But for How Long?
Well… Things like currencies and metals are looking a bit better this morning, after seeing a take down on Monday… Gold especially saw yet another take down… If this was a Greco-Roman wrestling match, Gold would be down for the count by now, after all these take downs… But… Like a true champion, gold keeps getting off the mat, and bouncing back. As I explained to you last week, I personally see the $1,800 level, much like I saw the $1,100 level… The Big Boys all said gold wouldn’t reach $1,200, and that was enough for me to think that a new base at $1,100 was forming… Same with $1,800… Of course I could be wrong, as this is just my own opinion…
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