This being the Fourth, and a holiday for millions, this morning’s column will be shorter (and to the pointer) than normal.
It’s windy out East where Hurricane Arthur is moving right along…the good news may have to do with not needing to water lawns for a while…
The stock market pressed ahead to new records Thursday with the Dow (as expected) pushing well into the 17,000s while the next one to pop could be the S&P which has a chance at passing the 2,000 level next week or sometime between now and August.
Part of the reason for the whole shitteree not falling apart is the Fed’s continued “making up” money. M1 over the past year is up 10.5% while M2 is up 6.6% So yes, if you let me “make up money to toss into the Monopoly game, then sure, anyone can win.
This coming week, keep an eye on Hungary because banks there are looking at refunds to consumers (for screwing ‘em on loans) could cost the powersthatbe something like $20 billion.
What better way to get off the hook for $20B than scream the “Too Big to Fail” mantra and threaten world collapse? Let’s see if they play that card.
Paradoxically, the Wall St. Journal carries the story “EU Cautions Banks over Virtual Currencies.”
On the surface, I’m sure this is all about Bitcoin but the grand cosmic joke is that every central bank of any consequence has already signed on to turning once proud national currencies into virtuals, too.
People laughed at Robert Mugabe’s Zimbabwe hyperinflation, but he just “got there first.” We’re almost sure to follow, since in a financially crooked world, there’s no way to keep things going other than to make up money (officially, though, lol).
We’ll just be a lot more discrete about it: No telling what all those paper sacks of “assets” the Fed took in as collateral for cold hard cash are really worth, but (wink-wink, nudge-nudge) let’s not say, shall we? (guffaws follow).
Of course there’s danger in Virtual Currencies, including the US dollar which is tied to nothing more than the number of ships in the 5th and 7th fleets and only loosely at that.
We do a really fine job every year of “Declaring our Independence.”
But the national balance sheet, our borders, and the lack of a well-articulated American Dream suggest to me that the other 364 days a year we pretty much have no idea what we’re doing.
We’re slaves to debt and that debt is not in the hands of We the People. It’s in the pockets of bankster scree and they’ve worked you down from 12 vacations per year to five or six in most companies. And now you have a choice: 60 hours per week on salary in order to get benefits, or less than 30 without.
Take your pick.
And enjoy the “Declaring” today.
I’ll just be the guy off in the background whispering “What exactly are we celebrating, again?”
I’m going to go see if my pillow moves…might be several hours of research involved in that.