Thursday May 23 2013
Jim Rogers labels the Japanese stock market rise artificial.
No kidding, the nikkei fell 7.3% in Thursday trading.....this is a look ahead at what we can expect from more markets around the world that have been lifted by artificial government intervention.
A reader of TMP compares the currency wars now with the disastrous Smoot Hawley Tariff of 1930.
The Cincinnati-did-it defense degraded this week when the IRS's Washington-based Lois Lerner lawyered up and invoked the Fifth Amendment before Rep. Darrell Issa's House committee. Any veteran of the Washington scandal wars—Watergate, Iran-Contra, Whitewater—will tell you there's one unimpeachable sign that a presidency has trouble on its hands: That's when the Washington defense bar joins the cast of characters. Public officials don't hire lawyers to protect their jobs. They hire lawyers to stay out of the slammer.
Dan Henninger, Government Gone Wild, Page A 15 Today's WSJ
First it was four banks with over50% of all deposits in America that are Too Big to Fail
Now it is a Government Too Big to Possibly Know What is Going on
On page A 16 the WSJ refers to the President as the Unaccountable Executive with 'a runaway government accountable to no one'
I have been predicting a 1973-74 meltdown for well over a year. Here you have Obama morphing into Nixon, an observation Bob Prechter has also begun to make (www.elliottwave.com)
Australian Dollar
The Aussie is oversold enough that a bounce is probably due. This may explain the rise in gold today.
Thanks for reading TMP. Frankly I don't see a good buy in anything.
Stocks-artifically high and probably topped yesterday, see Japan.
Bonds - Yields have begun rising, prices falling, Utility Index also falling along with closed end muni bonds
Crude Oil - Best I can tell tiked to stocks, falling with lower highs
Stay safe!
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