By Gentle Reader Danny
People have occasionally commented on how smart they think I am. Perhaps I am in reality, just very bored and very well read. (Or perhaps something else, but never mind.)
To be more knowledgeable about what is happening in the economy, one can follow this simple three step process:
1. Use the newspaper only for kindling.
2. Never watch TV news or listen to radio news, unless by accident.
3. Read the following:
This article talks about where we are now:
• The OligarchsThis article talks about what we need to do:
• The Liquidationist AlternativeNow, here is what WILL happen. Servants to The Elite Obama, like the flunky Bush before him, will try to prop up the rotting corpse of our Crony Capitalist System as the economy continues to rot. And rot it will, for years and years to come.
It's a good thing I don't mind slow paced living. These are "the good old days."
Update 2/28/08 1:14 pm.: Full Disclosure - Your blogmeister confesses he added that last link, which wasn't part of Danny's originally submitted text. So sue us, Obama Lemmings.
7 comments:
Rudi,
Your link to The Elite Obama is very funny. This may be serious business but it is nice to be able to laugh at it too.
Obama be thine Name!
Here's another link
Drunk Japanese Finance Minister at News Conference
The latest numbers has their economy shrinking at an almost 20% annual rate!
He has resigned, of course. But watch, he'll quietly get another cushy job, within weeks.
Japanese Crony Capitalism: The light that leads the chosen one, President O.
Q: What's the free market cure for recession?
A: Recession.
This is how a healthy free market clears out malinvestment.
From my favorite investment newsletter, Richard Russel's Dow Theory Letters:
February 18, 2009 -- I'm writing this on Wednesday morning half an hour after the market opening. The Dow is down 33.9 as I write. Will this erratic market and the Dow close lower today? I obviously don't know. If the Dow at today's close is below 7552.29 (it's below that level as I write) we will have a Dow Theory re-confirmation of the primary bear market. I'm frankly surprised at the way the Dow this morning has quietly slipped below its critical November low. And the question I ask myself is this -- is this "wishy-washy" slide below 7552.29 a valid bear signal? The S&P is not confirming the Dow break, since the S&P is above its own November 20 bear market low. Nor is the NASDAQ confirming.
My decision -- I'm going to stick with orthodox Dow Theory, no excuses, no variations -- no "ifs" and "buts." IF the Industrial Average CLOSES below 7552.29 today the scales will be removed from this site and I'll make this call -- the primary trend of the market has been re-confirmed as bearish under Dow Theory. In that case, my advice will be as follows -- my subscribers should be in (1) gold coins or GLD, GTU, CEF or (2) cash or T-bills, (3) small positions in GDX or gold shares are OK.
I will add that if the bear market is re-confirmed, I will take it as a tragic omen. In which case I see extremely hard times ahead for the US and its population. And a warning -- I see another danger ahead -- civil disobedience. During the Great Depression, Americans were largely law-abiding. I don't see those conditions today. There are over a million gang members in the US today and violence is prevalent everywhere. It will not be easy living through the rest of this bear market.
The Dow closed at 7555.63 this afternoon.
The funny thing about economists, is that you can always find a respectable and lucid opposition, no matter what current policy in in vogue.
This suggests that having Mr. Mellon as final economic arbiter would have engendered a no-bubble economy.
Poppycock.
Like dragging yourself from a rope tied to the bumper of a crazy clown car would steer the car in any particular direction?
Humans of principle and foresight do not drive the free market, never have, never will.
Chaos does.
In any chaotic system, the best bet is to win. To do otherwise is to fail.
All else is speculative economics, and ill serves rational discourse.
Danny,
You did me a good turn by pointing me toward YouTube and The Oligarchs article.
It forced me to take the time to locate and read the three other interviews by Bill Moyers interviewing the former IMF economic counsellor Simon Johnson.
Too bad that Simon Johnson wasn't one of the persons Congress was listening to last week testifying about his first-hand experiences while with the International Monetary Fund
Listening to these Bill Moyers interviews is a must for every man, woman and child who care about trying to learn the truth about how this debacle came to be.
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