29 June 2018

Stocks and Precious Metals Charts - The Sorrows of Empire - Non-Farm Payrolls Next Week

"Rome has grown so much from its humble beginnings that it is now overwhelmed by its greatness."

Titus Livius

“I know not why any one but a schoolboy in his declamation should whine over the Commonwealth of Rome, which grew great only by the misery of the rest of mankind. The Romans, like others, as soon as they grew rich, grew corrupt; and in their corruption sold the lives and freedoms of themselves, and of one another.”

Samuel Johnson

"Whatever happens, the [1997 Asian currency] crisis probably signaled the beginning of the end of the American empire and a shift to a tripolar world in which the United States, Europe, and East Asia simultaneously share power and compete for it.

What we have freed ourselves of, however, is any genuine consciousness of how we might look to others on this globe. Most Americans are probably unaware of how Washington exercises its global hegemony, since so much of this activity takes place either in relative secrecy or under comforting rubrics.

Many may, as a start, find it hard to believe that our place in the world even adds up to an empire. But only when we come to see our country as both profiting from and trapped within the structures of an empire of its own making will it be possible for us to explain many elements of the world that otherwise perplex us.

A nation can be one or the other, a democracy or an imperialist, but it can’t be both. If it sticks to imperialism, it will, like the old Roman Republic, on which so much of our system was modeled, lose its democracy to a domestic dictatorship.

It is time to realize, however, that the real dangers to America today come not from the newly rich people of East Asia but from our own ideological rigidity, our deep-seated belief in our own propaganda."

Chalmers Johnson

The mighty rise and are fallen, but the word and the spirit endure.

Stocks attempted to rally today, but sold off into the close, finishing a little more than unchanged.

Gold and silver gained back a little bit, and the Dollar was lower.

The slow decline of physical gold registered for immediate delivery continued.

Let's see if the metals can muddle through the Non-Farm Payrolls report next week. 

The report might be considered important now that the Atlanta Fed has cut its GDP forecast for 2Q.   Although I suspect it would take something quite impressive to hold back the Fed from their rate raising campaign.  It has little to do with the real economy, and more to do with their need for maneuvering room to cut rates when their latest financial asset bubble starts to implode.

The US markets will be closed for the 4th of July holiday next week.

There will be a surprisingly busy economic calendar for that holiday shortened week. I have included that calendar below.

The FAA has posted air space restrictions for our area from today until next Monday, so I suspect that Trumpster will be dropping in on his golf course in Bedminster NJ which is just down the road for the weekend. 

He might have been better off going down to his winter place in Mar-a-Lago Florida.  It may be cooler.   The weather here is expected to be a humid 100 F over the weekend.  Too hot except for the most ardent golfers in my book.

I have a pot of Anasazi beans, with various types of smoked sausage, baby back ribs, onion, peppers, celery, carrots, and a blend of spices simmering in the slow cooker.   Their smell is permeating the house.   The young man will be coming this evening for dinner, and Dolly will be dancing with joy on his return.   Their reunions are something to see, the simplest and purest of affection.

This is contentment, my joy and consolation in His tender mercies.

As Aloysius Gonzaga noted, 'It is better to be a child of God than king of the whole world.'

Need little, want less, and love more.  For those who abide in love abide in God, and God in them.

Have a pleasant weekend.