The news flow this morning is amazing.
First thing out of the hopper is that Bitcoin has gone all the way to the $10,000 level.
I’ve had several people tell me “Stupid old man! Bitcoin is not just a new kind of medium of exchange!”
Well, maybe, but then again, maybe not.
You see, when people start to stroking their beards and speaking knowingly about how “Blockchains are the future!” remember that so was the printing press.
Sorry, I refuse to believe that the eventual outcome of Bitcoin (or any other crypto) will be essentially any different from the arrival of the printing press and fiat money.
It’s like tulips in the Tulip Mania period. Yes, they went up in price. Yes, everyone believed the world was somehow “different” but you know what? Eventually the bubble popped.
So with the passage of $10,000 on Bitcoins, remember that it is only as good as human software – and frankly – that limits my faith.
More to the point, with forks and bonuses and new currencies being made-up on the fly/sly, it’s the same as inflation – which only serves to “make the few rich.”
Yes – I missed this boat. But then again, I do give suckers an even break because it’s not in my moral code to take unfair advantage of the mentally less able… Who needs morality when comes to money matters, eh?
Ongoing Retrograde Notes
The BIGBOX in the office failed again, so back to square 1 at 6:30 A. The music studio internet connection was down to 0.09 mb speeds…and Elaine’s computer wouldn’t log on…due to very restrictive cookie settings which I’d overlooked…
So I was down to safe mode on BIGBOX and the skinniest of internet pipes this morning, since I used our satellite bandwidth downloading updates yesterday – this just keeps getting better and better. SA longer whine in Coping.
Will hit “post” now in case the satellite gets shot down – which is the next thing possible….
Update: 8:11 AM – Hammer seems to have worked…so we move on to…
S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for September 2017 shows that home prices continued their rise across the country over the last 12 months. More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 6.2% annual gain in September, up from 5.9% in the previous month. The 10-City Composite annual increase came in at 5.7%, up from 5.2% the previous month. The 20-City Composite posted a 6.2% year-over-year gain, up from 5.8% the previous month.
Seattle, Las Vegas, and San Diego reported the highest year-over-year gains among the 20 cities. In September, Seattle led the way with a 12.9% year-over-year price increase, followed by Las Vegas with a 9.0% increase, and San Diego with an 8.2% increase. 13 cities reported greater price increases in the year ending September 2017 versus the year ending August 2017.
All of which looks like an Elliott A down, B up…and is there a C down tdo come, or does housing go on to a new high – and this gets down to a question which has kicked around long wave economic circles forever, seems:
When you have a long-enough period of time (like this chart, fer instance) at what point do you need to kick-back and make some adjustment for inflation?
You see, while sounds peachy that housing prices are up so much, remember to get there, the Fed has bumped up M2 around the 5.6% area…so real appreciation of housing basis the money supply is more on the order of 2 percent.
“Shut up Old Man! It all spends the same!”
Well, there is that….
Um…(2-minute page load times are a pisser – but maybe it’s just EMP training in the works…)
Dow was set to open up 40 points or so. Finance today is like passing a bowl of blow around at a party.
Gold is sneaking up on the $1,300 level…Silver is hanging around $17…and there ain’t much in the news except..
Punking the Post
Dandy story over here about an apparent attempt to “punk” the Washington Post…which found out…and oh, it’s a fine kettle of fish.
If you have time in Ure life for political crap, which I don’t just now, thanks.
But, if a spoiled bunch of rich kids who build stadiums using public bonding authority want to blow up their sh*t, who am I to be the lone voice of reason in their midst? Next…
Amazon is a potential customer, says Textron aviation chief. Which may not seem too exciting UNTIL you realize that Textron Aviation owns some key brands (Cessna, for one). And sure, fewer people are going into flying (since most kids today have no gumption, ambition, dreams, or plans), but Amazon does.
Which is why Bezos is the $100-billion man and he might use something like Textron to build drone fleets. Remember was it Kachina Robotics or some-such that he bought that is now relieving humans of warehouse work?
Some folks have vision, others not. Millennials (except for a few readers here) are mostly loser/idiots. Not Bezos. Which makes the M’s slow learners, huh? Next…
What happens when the media gets it really wrong. We feel on our asses considering the source of this gem: CNN. My, what at odd question, huh? Next…
Meantime, we hereby retract our label of Obama as Golfer In Chief with the Art of the Putter grabbing headlines like Obama Played 333 Rounds of Golf in 8 Years. Here’s How Much Golf Trump Has Played in 311 Days.
Read it and weep. But look, if you had a billion and a Whi8te House staff and a selection of choice golf courses, what would you do?
Tweet and drive…
Eisenhower played a lot of golf, too, so maybe keeping the president on the links instead of Twitter ain’t such a bad thing. I have it! Let’s ask Ray Moore!
Put it on You Calendar
Why they didn’t invite me is an utter mystery.