Pardon me, but the attack on the Fed does make sense!
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Where are you hiding Mr. Irish?
Sheriff Big Al
An Interesting development today. The PM’s didn’t seem to track downward the broad equity markets today. A trend reversal?
Dai Uy, I would go so far as to say that quite yet!
Big Al
You’re correct; I noticed the same thing. But unfortunately, the PM stocks overall didn’t perform well and the stocks usually lead the metal.
Dai Uy, to your point… might it be because many of the levered and/or weak hands have been shaken out at this point and we are close to a bottom on AG/AU? Or, while the truth may be that the bullion banks have the prices where they’re ready to cover some shorts and go long… For what it’s worth and if tech analysis matters anymore, there is a nice inverted h and s on silver coming up shortly.
Brad, be interesting to see how that pans out!
Big Al
Al and Ron, I agree with you both, It is not possible to tax and print while public spending accelerates without disenfranchising the population at large. Krugman does not live in the real world and neither does Bernanke, Obama or the majority of Congress.
David Kotok, Chairman & Chief Investment Officer at Cumberland Advisors wrote an excellent article about the terrible mistakes our government is doing.
http://www.cumber.com/commentary.aspx?file=040812.asp
In my humble opinion there are big differences in what is happening today compared to past history. For example, we read and hear increasingly every week about some trader, bank, fund manager or well connected person that does something like stealing from clients, defrauding customers, scheming to collect huge profits or anything else that most people consider as a terrible crime, but rarely are any of these people prosecuted. It used to be TBTF (To Big to Fail), but now it has become TBTP (To Big to Prosecute).
Why are these things happening and why is nothing done about it we ask? Again my opinion, the reason these things are happening is because the people doing the crimes know that the Fed, Federal Government and most politicians are also doing things that are just as bad, so no one in government has the liberty to clean it up, not even the judges. It is a terrible mess and before the nation can clean up the mess, we the people must first throw out the Rats.
The big difference between now and in past history is this machine and the fact that the world population is so large. It is next to impossible for the Fed, Corzine, Bernanke, Jamie Dimon or any other nefarious outlaw to do something bad without many people figuring it out fast. If anything these criminals are probably shocked at how fast people figure out what they did. This propels these terrible individuals to speed up their schemes which distorts markets, politics and just about everything.
We are entering and era where the first casualty is trust.
Morning Clay,
Great comments!
Yes, trust is definitely a casualty.
Big Al
This won’t be seen as a good thing for the economy or the markets. Short term, it might not be good for gold either.
http://finance.yahoo.com/news/bernanke-says-banks-bigger-capital-010347763.html
Matthew, many thanks for the link!
Big Al
We don’t need Q.E…..We need “FREE” un-manipulated markets.