"Maintaining the status quo of falling real wages and rising inequality by offshoring jobs to low cost countries like China, who then lend money back to the US, also risks pushing down growth rates. We made a deal with the devil long ago; now he's here, and he wants his due."
Luke Gromen
“There can be few fields of human endeavor in which history counts for so little as in the world of finance. Past experience, to the extent that it is part of memory at all, is dismissed as the primitive refuge of those who do not have the insight to appreciate the incredible wonders of the present.”
John Kenneth Galbraith, A Short History of Financial Euphoria
"There is a tide in the affairs of men, which taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and in miseries. On such a full sea are we now afloat. And we must take the current when it serves, or lose our ventures."
William Shakespeare, Julius Caesar
The Non-Farm Payrolls Report came in about as expected on the headline numbers, but short on wage growth. Stagnant wages— who could have seen it coming.
It makes you wonder what sorts of jobs are being added.
The US tariffs on China took affect at midnight. And China responds in kind.
So the trade war has begun.
And they bought it, with stocks up steadily, and gold, silver and the US Dollar all lower, if only a bit.
Gamble, gamble.
Next week may tell us about the precious metals, now that the short term noise is past.
Need little, want less, love more. For those who abide in love abide in God, and God in them.
Have a pleasant weekend.
