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They were sitting on gold most of the day, but silver would not be denied, rising higher to take out and hold the 28 handle.
This is the end of the month, but not the quarter, and the markets are hesitant ahead of more from Bernanke and the Non-Farm Payrolls at the end of the week.
I think the wiseguys are the only ones left in the room, and they are waiting for some sugar from the Fed and the other central banks to bid the markets up so they can drain a little more vitality from the real economy.
Keep an eye on the Fed, ECB and the Bank of England this Wednesday and Thursday.
The real economy is flagging badly, suffering under malinvestment, misdemeanors, felonies, and market rigging by the bully boy Banks.
Plenty of crime to go around, but no one can do anything, or even knows anything about it.
The Ballad of Mack the Knife
(Trans. John Willett):
See the shark has teeth like razors
And they thrust out from his face
And Macheath has got a knife too, but
Not in such an obvious place.
See the shark, how red his fins are
As he slashes at his prey,
Mack the Knife wears white kid gloves
Which give very little away.
On a beautiful blue Sunday,
See a body stretched out on the Strand
See a man dodge around the corner,
Mackie's friends will understand.
And Schul Meier who is missing
Like so many other wealthy men:
Mack the knife aquired his savings,
God alone knows how or when.
Jenny Towler turned up lately
With a knife stuck in her breast
While Macheath walked the embankment,
Nonchalantly unimpressed.
Where is Alfred Gleet the cabbie?
Who can get that story clear?
All the world may know the answer,
but Macheath has no fear.
And the ghastly fire in Soho,
Seven children at a go,
In the crowd stands Mack the knife, but
He's not asked and wouldn't know
And the child bride in her nightie,
Whose assailant's still at large,
Violently ravaged in her slumber,
Mackie how much did you charge?
The markets are drifting higher based on hopes that the ECB and the FED will inflate their currencies and send hot money directly into paper assets on Wednesday or Thursday.
Sometimes in these lazy midsummer days the Wall Street wiseguys become too lazy to steal.
Non Farm Payrolls at the end of the week. It will be interesting to see how that one comes out.
Market today was pathetic, better to tune in the Olympics.
“The disposition to admire, and almost to worship, the rich and the powerful, and to despise, or, at least to neglect, persons of poor and mean condition is the great and most universal cause of the corruption of our moral sentiments.”
Adam Smith
Geithner and his apologists are the credibility trap in action. He epitomizes Obama's failure to reform and address the great financial crimes. While it is is interesting that LIBOR may have been manipulated going back to 1991, what is more alarming is that market manipulation still being committed on a broad scale today. This reminds one of the shocking murder of Kitty Genovese.
Geithner is no innocent anomaly. Obama shows quite a few signs of being a willing servant to the financial interests.
Sandy Weill senses that the tide is turning, and is worried about covering his derrière for the sake of history, and perhaps for the reckoning which may come, rats-and-ships-wise. I have also heard that there is very bad blood between Sandy and Jamie, and this is payback, with more to follow.
It seems almost like a deficiency in the American character that some of these jokers, like Weill, Greenspan, and Cheney, can walk around like big successes, and still be given a public platform and taken seriously when they speak.
If Charles Ponzi were still alive, I would not be surprised if he had his own show on financial television, with an avid following.
I suspect that the LIBOR scandal, as bad as it may be, will look like cheating at cards if the scandal of the metals and financial asset markets is ever fully revealed.
I am beginning to wonder if Mitt Romney has Asperger's Syndrome. Seriously. Besides being a loutish, prep school frat rat.
This is the 4,000th post for this blog.
Thank you all for your support and your patronage.
It is not possible to sustain such an effort in isolation.
