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To: Secret_Agent_Man who wrote (256903)	8/20/2003 7:38:08 PM
From: Secret_Agent_Man	Respond to of 436258

CARTEL CAPITULATION WATCH The DOW (9397, dropped modestly) and the DOG closed unchanged at 1760. Bonds were down a half a point and the dollar closed slightly higher at 97.51. The euro fell .25 to 111.11. The Freddy Mac chart looks horrendous. If it takes out $49.50, look out below. From The King Report: Contributing to the rally is the latest explosion in monetary aggregates (M3 +~$80B last two weeks), which compels operators and investors to buy. This makes managing money extremely difficult now. Anyone that’s paying attention understands that there’s a very good reason why a Repub prez is running a record budget deficit and the Fed not only is running a record easy monetary policy but invoked Weimar-like money pumping to assuage fear – they’re very scared about economic and financial conditions. Bush and Easy Al are aware that the outsourcing of US jobs and the relocation of US manufacturing to China are unprecedented events with disturbing consequences. Easy Al’s credit bubble and Bush’s deficit bubble are the opiate for the masses that anesthetizes them from the unprecedented transfer of wealth from the US to China, India, Russia and others. The stock and housing bubbles are the new welfare, the stealth entitlement. But as we keep harping, the continuation of bubbles, and in this case, the attempt to reflate a busted bubble, just makes things worse because capital continues to be misallocated. And now, it’s strengthening pseudo-partners. China’s reserves are approaching $400B. Five years ago, Russia couldn’t service its debt. Now it has $60B in reserves. -END-