"It is to be regretted that the rich and powerful too often bend the acts of government to their own selfish purposes.
There are no necessary evils in government. Its evils exist only in its abuses."
Andrew Jackson
The retail sales number for January came in much better than expected.
No one paid much attention to the downward revision to the prior months horrible numbers.
And so safe havens were abandoned and stocks went on a tear.
Marshall Auerback thinks that The Global Economy Is a Time Bomb Waiting to Explode
Party like its 1929.
Gold, silver, and the Dollar were all lower.
Who cares about 'the barbarous relic?' The central banks, that's who.
Jan Nieuwenhuijs notes on twitter that "the central bank of India (RBI) added 6.5 tonnes of gold to its international reserves in January, taking its total holdings to 607 tons. India is set to become the 10th largest holder of the metal worldwide, displacing the Netherlands."
There will be a stock market expiration for March on Friday. As I recall this is a consequential expiry.
Perhaps we have a wash and rinse in the making. The skeptical side of me looks at the slowing global economy and says, 'yeah, most likely.'
But in the short run the porcine crowd will have its way in the system that they have bought and corrupted to suit their needs.
Have a pleasant evening.
Ghoulardi's Shock Theater from the 1960's in northeastern Ohio.
