26-30 Nov Economic Calendar: The Mystery Week is Really SSDD
Looks like Europe is bailing out Greece with $60B in euros with a target of 125% debt to GDP ratio by 2020, and the market is buying none of it, up just a smidge with this latest bailout "resolution". Not even China economy showing sharp gains this evening helps until we in the US extract the poison pill of the fiscal cliff, a shot at self imposed frugality that has all the unnecessary brinksmanship you can muster.
I console myself with my newest fan, who is Henry Blodget, who recently echo'd my sentiment, that with the high taxation accompanying corporatocracy in the forties fifties and sixties, companies couldn't let profits sit in corporate coffers, they were forced to invest in workerbees to get a deduction, thereby insuring low unemployment. Now with corporations charged little, why expand?
I ought to charge a fee. Futures are up slightly on the Greek and Chinese news, but a cure for the fiscal cliff would be the perfect self fulfilling storm for the market in general altho, it takes some risk juice out of PM pre market.
The economies of the world have been basket cases since the Great Burglar, Richard Nixon, took us off the silver standard 1971, and ruined the world over the next half century by turning all the paper currencies into papier mache, a sculpting material made of strips of scrap paper, and salted starch and water glue.
Nowadays, papier mache is used by children to sculpt figures and masks, commercially used still to make pinatas, a Mexican doll smashed by children at festivals to release candy and trinkets stashed inside.
Just like our paper money. Fashioned from goo, but without any candy inside. No wonder everything costs 10X 1971 prices. We keep smashing the dollar every year without finding any candy.
Are you reading this Henry? Next time you don't mention Maloogie, I am going to sue.