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The economic news in the US is becoming dreadful.
Never faint of heart, fund managers marked up stocks today, thereby improving the value of their portfolios for the important end of month report.
Let's see if mom and pop throw some 401k buying into the mix tomorrow with more employment numbers from ADP.
"...I have a dreadful confidence that existing [monetary] arrangements will not last."
James Grant
This is an excellent discussion of some of the key topics affecting global currency and the roots of the financial crisis.
It provides some background for the unfolding currency war and the evolution of the global reserve currency which is in progress today.
I think it is fair to say that very few people understand this, and yet it is having a tremendous impact on their lives, and that effect will be increasing, perhaps exponentially, over the next few years.
It is said that a shark must keep growing and moving to remain alive, and can never be at rest. It must continually devour all that it can to survive.
This is the nature of a Ponzi scheme as well, since it is founded on nothing more than a growing believe, and misplaced trust. It can ultimately tolerate no dissent, and needs continue to add converts to it, whether it be by persuasion or force.
And therefore we have the not incidental connection between a global fiat currency such as the American Dollar or the British Pound and a far reaching military-political empire. When the empire stops expanding, the currency begins its slow but inexorable decline.
This discussion is presented as a contrast to Modern Monetary Theory.
The long steady decline in Comex Silver inventory available for delivery continues to reach new lows, now at just over 31 million ounces.
The current front month for silver futures is now July, with an open interest of about 60,000 contracts of 5,000 ounces representing 300 million ounces in terms of open interest. The available silver is an increasingly low percentage of the futures shares traded in the front month.
This is further complicated by the volatility. On Thursday of last week 83,000 contracts changed hands.
