Isn't the market amazing? TD at Zero Hedge put it best, "So let's get this straight: we are hearing Iran is working on a nuclear warhead, an alleged rogue Mossad force in Dubai killing Hamas operatives, Greece about to file, Britain getting punished by a term that was in vogue when people still listening to a Flock of Seagulls, tax refunds getting halted, and now a possible redux of the Falklands war, and what do we have? A market that is up nearly 1% on vapor as a major "technical level was breached." The backstop - assorted central banks will be forced to rotate the "print" dial to Turbo Max. All we can say is LOL." Just another day in paradise!
SURPRISE! after the bell - Fed Begins Tightening Process: Discount Rate Raised To 0.75% From 0.5%, Futures Plunge, Dollar Surges. Nice of them to have verbiage like "the unforeseeable future" in their outlooks. I guess that means a week or two.
Mish paints a not so pretty picture in Unsustainable Spending Trends in Graphical Form; Monthly Treasury Statement February 2010. Remember the other day when I was encouraging you to do the math and how none of this can work? Well if you are mathmatically deficient, this will help.
We need to take a closer look into what may happen in Chinasooner than later and naked capitalism has a good read in Thinking the Unthinkable: What if China Devalues the Renminbi? The best quote, "It could get very ugly."
I believe Matt Taibbi is doing the best job at historically documenting what I believe is the truth behind most of this financial nonsense. While the history books will no doubt claim Greenspan and Bernanke as the next version of founding fathers. We all know better. Must read - Taibbi: "Goldman Raped The Taxpayer, And Raped Their Clients"
You knew I would get to the plane crash sooner or later. Here is ZH's posting of the suicide note, the uber conspiracy laced infowars post and Denninger gives you a more lively take in This Is How It Begins (Wanton Violence). My thoughts....Dude had enough and took action into his own hands. The comments around the web label him from crackpot to patriot. I'm leaning more to patriot. I do my part in writing congress, supporting End the Fed and various other items I slam down your throats every night. While not on this extreme, I would love to see us all do more to wakre up the nation to the financial raping we are all experiencing at the hands of the Fed, Congress and Wall Street. I am deeply sorry for those in the collateral damage field and wish them all speedy recovery (I do not know if there were any fatalities). Sadly the solution may take more larger profile actions like this to wake up our leaders and let them know we have had enough. While I do not promote or condone violence or any actions that may hurt another, I can't help but think that another Kent State is coming down the road and their ability to control the masses this time will be feeble in comparison to the anger they are instilling in us. This financial massacre has to stop and they are doing nothing, I mean NOTHING, to stop it and we may just have to take actions into our own hands one day if it is not already to late.
Can't wait to see the markets in the am after that rate increase. It is well known they are between a rock and a hard place. the have to raise rates but can't. I'm willing to speculate on more raise and then they revert to zero in the future as they attempt to keep the banks solvent and the economy humming (LOL) while attempting to reduce liquidity.
GL out there. It should be about to get really ugly.
