Tuesday, September 3, 2013


It was written by Charlie Chaplin and is really a very good, somewhat mournful composition.  It also has nothing whatsoever to do with banking, finance or global affairs but it was written by a clown and as the month will probably be dominated by another clown who happens to be the President of the United States (I know, this is not supposed to be political, but MY GOD!), if not the  words but their mournful nature seem apropos has we stumble into another little dust-up apparently because stupidity must be rewarded and the President of the United States painting himself into a corner just can't be allowed, ol' boy.

The funny thing is so little is being affected by the national debate over Syria as on a spate of good economic numbers, markets opened higher today only to stagger at midday but rally a bit at the close; in other words, nothing new.  The 10 year briefly touched 2.90 before retreating to 2.85 and change, but even that appeared to be more in reaction to a firming view that in the Summers/Yellen brawl--which is becoming very heated by the way--Larry is ahead on points and that is interpreted as meaning tapering is just around the corner.  I still have my money on the gal;  The Leader has too many people in his own party mad at him already and Pelosi just backed his play in Syria.  Think that came for free?  Now what is really spooky is that The Suit, of unhappy memory, is being pushed once again as the compromise candidate.  There are two minor things wrong with that idea.  First, it would destroy any independence at the Fed as Geithner is a tool and second, he is considered a lightweight in international circles which does us no good at all if things get sticky.

And they will it appears with Christine blabbering today about how the IMF will need more resources to support the emerging markets if needed.  When the head of the IMF says something like that it's almost a lock that they will be needed--whether they are or not if you get my drift.  What also troubles me ( I know, I sound like a broken record) is this entire state of affairs sounds as though it is on cruse control, lacking any form of adult supervision as The Leader twists and turns, watching the guy he defeated, John McCain, outlining and directing his foreign policy in the driveway of the White House on national television.  This is surreal, sez me, whilst Over There, the Euros are calling everyone they know Over Here asking what the hell is going on.  Now, if this is how the issue of War and Peace is being handled, how are we to handle global financial collapse.

OK.  Hyperbole. We are no where near that, but in three weeks we have an election in Germany and how that turns out could really put a cat among the pigeons.  September is one of those 30-day months and two are already behind us.  Only 28 to go;  the days really do dwindle down to a precious few when you're having fun.


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