SP 500 and NDX Futures Daily Charts

"Before now, I had never really understood how the 1930s could happen. Now I do. All one needs are fragile economies, a rigid monetary regime, intense debate over what must be done, widespread belief that suffering (for others - Jesse) is good, myopic politicians, an inability to co-operate and failure to stay ahead of events."

Martin Wolf, 5 June 2012

The fingers of the Anglo-Americans are pointing ironically at Europe, which will be blamed if there is another crash. But the same fate awaits them for essentially the same reasons that Martin Wolf outlines above.

Ben will continue to print money. There should be little doubt about this, no matter what dissembling or 'jawboning' he and his cronies engage in.

Gold Daily and Silver Weekly Charts - The Fear

Gold was threatening to break out of the intermediate downtrend today but was smacked down rather hard just after the Fed beige book release.

The meme from the spokesmodels was that the economy is doing well enough so that no QE is needed for recovery, and this was implied by the Fed's observations.

I think there is fear and foreboding in Zombieland.

SP 500 and NDX Futures Daily Charts - Hogarth's The Cockpit

Today seemed a more 'technical trade' than anything else in equities, which were largely unscathed by the Fed Beige books as the demimonde informed us that the US can have a recovery without any more QE, making stocks cheap and gold dear.

Give it a week or a day.

The American Political Process In One Picture

"Money! It is money! Money! Money! Not ideas, nor principles, but money that reigns supreme in American politics."

Sen. Robert C. Byrd, March 20, 1997