<<So how about this volatility? Crazy!>>
... indeed, but I think the fix is in, at least for the current iteration, and ought to last a few weeks to perhaps a few months, because:
- bush spoke on the financial market for the first time, meaning a meeting was held, decision was made, and a script was written for bush to mouth
- paulson spoke cautiously for once, perhaps trying to trigger a better buy opportunity for his buddies on wall street
- yen started drooping again vs the usd and euro as risk appetite is back, as in "the word is out"
- fannie and freddie will have their debt ceiling and balance sheet restrictions moved up, allowing for generalized scheme of monetization to try to contain a specific case of credit rot
- professor ben helicopter burnandkaput mouthed the necessary words to sooth the foreign central banks regarding inflation fighting, refused to cut fed rate this round, and thus putting the little guys to the knife once more
- bear stearns execs heading to, of all places, china to look for investors
i connect the dots, note that euro legacy CBs are selling gold ahead of the Washington Agreement Sept interim stop, and i figure accumulate some more gold, because i am out of ideas and fixated on one key paragraph of my favorite and classic book, Fiat Money Inflation in France achamchen.com , namely
"Notwithstanding the fact that the paper currency issued was the direct obligation of the State, that much of it was interest bearing, and that all of it was secured upon the finest real estate in France, and that penalties in the way of fines, imprisonments and death were enacted from time to time to maintain its circulation at fixed values, there was a steady depreciation in value until it reached zero point and culminated in repudiation. The aggregate of the issues amounted to no less than the enormous and unthinkable sum of $9,500,000,000, and in the middle of 1797 when public repudiation took place, there was no less than $4,200,000,000 in face value of _assignats_ and_mandats_ outstanding; the loss, as always, falling mostly upon the poor and the ignorant."
i wait patiently for the repudiation of the usd and / or of the usa debt, and one or the other will happen in the life time of some 80 year old person, to be begged for by the shameless and ignorant electorates, urged on by wall street pimp cramer on international television, and cheered on by main street whore ludlow on reality financial entertainment tv show, endorsed by spendthrift congress populated by very ill-travelled simpletons, enabled by the professor ben helicopter burnandkaput announcing the mechanism on international media owned by baron murdoch, and enforced by then newly named homeland defense commission
the future is simply pregnant with supposed impossibilities, and ought to be energizing
the spectacle holds great promise per script tried and true
words of caution: close out short positions, or be ready to be accept the judging announcement, "player one, game over" |
