Once again the global stock markets were bleeding from the eye-sockets UNTIL the sun rose on the NYSE, then, ‘magically’ stocks reversed direction.
I need remind no one that there is no ‘logical’ reason for this, nor do I need to point out that market performance has zero relationship with economic stability or the personal prosperity of those not on the ‘inside’ of a decidedly rigged game.
So how do you interpret this load of bull shit?
Isn’t this the exact same CRAP they pulled with the totally doctored retail sales figures last week?
Investors will be closely monitoring all commentary from key players in the summit, especially if anything emerges later from a telephone call between French president Nicolas Sarkozy and German Chancellor Angela Merkel. A French government spokeswoman said Sarkozy emphasized to cabinet members earlier Wednesday that "Europe has a rendezvous with its history."
While stocks have advanced, the euro has perked up and appears headed back towards the $1.40 mark for the first time in six weeks — when investors are willing to take on more risk the euro usually rises.
By late morning, it was 0.9 percent higher at $1.3862.
Oil prices have also recovered ground on optimism of a comprehensive solution in Europe. The benchmark rate for November delivery was up another 10 cents at $88.44 a barrel in electronic trading on the New York Mercantile Exchange.
A lie is only ‘useful’ if you know about it ahead of time…
Which is to point out that there is no ‘fix’ for the (poorly designed) Euro…so rumors of a ‘deal’ should have zero effect on share prices…unless the rumors are the ‘useful lie’ of the day!
While we’re on the subject, Mr. ‘Flat-Earth’ has sprung out of the closet to sound the alarm against ‘Trade Protectionism’!
After spending last week talking with Hong Kong entrepreneurs about a bill, just passed by the U.S. Senate, to clear the way for tariffs on Chinese exports to America if China doesn’t revalue its currency, there are three things I have to say. One, I really hope the people pushing this bill do not give up. Two, I really hope the people pushing this bill do not succeed. And, three, I really hope no one thinks this legislation will make any sustainable dent in our unemployment problem, which requires much more radical rethinking.
I support this legislation in theory because China needs a wake-up call. I know, China never responds to in-your-face pressure — not immediately. But it began revaluing its currency upward in 2005, the last time the Senate brandished a big stick. The fact is, China’s strategy of using low wages and a cheap currency to build up an enormous export-led growth engine — while using its huge market to lure and compel companies to transfer their next-generation technology to China as well — is now hurting both sides.
Geez, Chicken Little was singing a very different tune when China was eating our lunch!
The fact that automation and over production along with the financial ‘hyper-extention’ of the consumer base combined to destroy ‘competitive advantage’ around the world is the primary reason China is ‘all revved up with no place to go.’
A sadly ‘self-inflicted’ wound indeed!
Or was the wound caused by:
I am typing this column on a Dell laptop that says “Made in China” on the bottom. In fact, it was assembled in China — but the design, memory board, screen, casing and dozens of other parts were all made in other countries. And while the machine says “Made in China,” the lion’s share of its value and profit goes to the firm that conceived the idea and orchestrated that supply chain — Dell Inc. in Texas.
The very same crowd that ‘imagines’ all sorts of benefits but totally FAILED to think things through to their ‘logical conclusion’?
Because the collapsing world you see, the one the ‘imagineers’ keep re-imagining for us on a daily basis, was brought to us by people with a decidedly fatal case of ‘myopia’…more commonly known as ‘short-sightedness’.
Which is why there is ZERO truth behind the ‘genius’ of Steven Jobs, he did what EVERY OTHER pinheaded capitalist did. The movement to build a ‘legend’ around him sickens me.
Which is more so an extremely sad indictment of what our, er, ‘leaders’ supposedly ‘value’…
Mr. Friedman owes his position/popularity to his passion for ‘cheerleading’ the extremely destructive movement we now call ‘Globalization’.
He sort of lost some of his ‘cred’ when it became common knowledge he is ‘married to it’ (billionaires that is.)
It doesn’t quite come off the same way when others learn that you will NEVER suffer the ‘downside’ of the theory you so boldly champion.
Why do the super rich ‘love’ globalization?
Because their employees provide them with their largest ‘income stream!’ (the cheaper it is to produce, the more profitable it is for the ‘owner’…)
How sad is it that employees are also customers?
Which is to say capitalism SUCKS…but you don’t have any alternative…yet.
Sadly good citizen, things will get a lot worse before they get any better.
Next stop on this Crazy Train is Barterville. If you’ve got nothing to trade that’s your tough luck!
Thanks for letting me inside your head,
Gegner
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