"The mischief springs from the power which the moneyed interest derives from a paper currency which they are able to control, from the multitude of corporations with exclusive privileges which they have succeeded in obtaining in the different States, and which are employed altogether for their benefit; and unless you become more watchful in your States and check this spirit of monopoly and thirst for exclusive privileges you will in the end find that the most important powers of Government have been given or bartered away, and the control over your dearest interests has passed into the hands of these corporations."
Andrew Jackson, Farewell Address
The only funadmental in this market right now is fraud.
Gold gave up a little bit and silver gained some to close out the week.
The delivery reports for October are now coming in, and gold was off to a bang as Nova Scotia served up bullion markers for all those standing for delivery. Silver was relatively quiet.
Larry Summers thinks that it is time for more governments to start propping up their stock markets more overtly by the outright buying of stocks on a regular basis. But he did somewhat ominously admit that
"we are fairly near the end of the rope. Perhaps there is scope to reduce short-term interest rates a little bit more and to make them a little bit more negative. But there is not much scope.”
He also went on to observe that: "In a world where cutting-edge technology companies are awash with excess cash, it can hardly be a surprise that there is substantial downwards pressure on the level of real interest rates. Low neutral rates will be around “for a long time to come,” requiring policy makers to think more dynamically.I had a chill run up my spine when the thought of President Hillary bringing him back into government again. Heavens to the downward-spiral-of-elitist-new-era-thinking.
No wonder economics is a disgraced profession. Some of its biggest and brightest stars are so conflicted by selfish interests and blinded by ideology that they could not formulate sustainable policy for a glee club.
Non-Farm Payrolls next week as noted in the economic calendar below.
Have a pleasant weekend.