Michael Hudson on the Thatcher Legacy

I have avoided the subject, but I thought Mike Hudson's review of Thatcher's economic impact to be interesting.

Gold Daily and Silver Weekly Charts - Metals Rally Along With Equities and Miners Outperform

The recently acquired miners, particularly in silver and the better pedigreed gold producers, provided a welcome change of pace today.

I was a little bothered that the metals rallied with stocks, but that they were oversold was unmistakable.

So what next? I bought a little more volatility to go along with the metals holdings as I think we are far from clear of the current troubles. I trimmed a little off the miners today, as one ought never to look at a gift horse in the mouth, and am holding what I would like to see become a 'core' of holdings for quite some time.

Let's see what the FOMC minutes bring tomorrow afternoon, and how the markets in Asia and Europe do overnight.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts - Obsessive Compulsive Complacency

Not much in the way of economic news today, and stocks tried to rally up on technicals but failed at the big resistance around 1565 to 1570 which as you know is our intermediate target.

Tomorrow we get the Fed's FOMC minutes at 2 PM, and additionally its now going to be all about earnings and the employment numbers. It will be interesting to see what we get in new claims for unemployment on Wednesday and how the markets react to this.

IF the markets cannot take out 1570 and hold it I suspect they will fall back and try to consolidate in some likely area, as one might easily see on the charts.

Reggie Middleton: Bailouts, Bail Ins, and Continuing Insolvency of the Irish Banks

"Gentlemen! I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country.

When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin.

Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out."

From the original minutes of the Philadelphia bankers sent to meet with President Jackson February 1834, from Andrew Jackson and the Bank of the United States (1928) by Stan V. Henkels

Middleton: Ireland May Very Well Be Bust