Sleepy summer days.
Madame Tussaud's-on-the-Hudson is acting according to form.
Nothing happened in the Comex precious metals reports yesterday.
Price discovery based on real market demand and the exchange of goods is reserved for the neighborhood luncheonettes.
Someone suggested, on an economics forum today, that the Fed should raise interest rates to encourage people to save more.
Let's see, median wages are so stagnant that they are forming economic shale deposits in the middle class, and most potential consumers below the multimillionaire class are living paycheck to paycheck. The recovery is carefully directed to the wealthiest few, compliments of the Fed's highly targeted-to-financial-assets top down stimulus.
So let's raise interest rates to encourage savings in the face of slack aggregate demand and stagnant wages.
That is like an emergency room doctor suggesting that the heart attack patient just wheeled in should go do wind sprints until he finishes the job that Dr. Greenspan's bacon rinds and milkshakes with intravenous butter chasers diet had created.
Have a pleasant evening.
