Gold going to tank... still saying 1060 and lower on way to $960. People who take refuge in an unproductive asset during deflationary times are wearing hydrogen filled balloons while smoking a cigar in a pine grove.
Euro going to retest lows... 1.28-1.30, will break 1.32 support soon
Why?
I could tell you but then you would go tell everybody and I would get these pesky reporters asking for my credentials...
A premise: massive deficits and FED fund rates nil... economy NOT growing nearly enough to justify MARKET VALUATION
A Little Secret... if you notice all these "stellar" PROFITS" ( remember PROFIT is a ACCOUNTING OPINION) on the NYSE and NAZ ... are LACKING OBVIOUS SUPPORTING indicator... NO TOP LINE GROWTH ANYWHERE...
I Don't know if you ever bet on fights... but generally you try to avoid betting on the guy with a hand tied behind his back...
Would also explain why insiders are SELLING 53:1 ... not a very comforting thought...
So if for the insouciants a 70% rally is not pause for reflection showing NO GROWTH!!!!!!!!!!!!!! then stay in this loonie bin, otherwise do like me, BAG profits... and check out safer ports until TOP LINE revenue comes back ... Without top line, no NEW jobs, with no jobs, state deficits have no way of cut down until administrators commit the sin of firing their own people... aka Harakiri... well that;s just before we release dandy numbers on people behind on their mortgages...
In the meantime don't mistake all the noise about Goldman and other investigated banks, it's all a PLOY to give you a REASON for a market fall but the real reason is the equity market is WAY TOO EXPENSIVE for an economy smaller than in 2000. PLUS when Goldman is busy fighting charges it will be lesser inclined to SHORT Obama, Geithner or Bernanke... Can a scorpion really be anything else? When it comes to GS, it will always be business, HUM...I mean, ruthless as usual!
BTW the S&P stands at 1208.06 when I said to dump... Let's see what the next 30 days show...
Our moment of clarity of our last post lives on .. with no changes ...
After tax deadline DAY, we figured we would try a different tack and discuss issues of a more cerebral nature than dirty old money scandals and such... keep that in mind when we realize no indictments will EVER be served, or any successful prosecution is a pipe dream against the puppeteers of Wall street. 41 REPUBLICAN Senators just voted against financial reform bill... does it surprise anybody? the party of the HELL , no!
ON FAMILY
On his way to school, My son complained that at the ripe old age of 15, he could not write poetry for an assignment. I explained to him that his soul had been hijacked by devilish deeds brought about by his inclination towards mild forms of truancy (the apple does not fall far from the tree). I further developed ( in jest) a “conspiracy theory” that evil dwellers living in the deep recesses of "electronicians" ‘s psyches, pushed them to unleash these little hand held devises that ate children's souls one click at a time. He had long ago lost his soul and it would take some interaction with the real world before he got it back IF ever. I explained to him that material possessions, as a measure of self, rarely gave the soul any space to breathe and flourish. Iam often reminded of Oscar Wilde’s definition of a cynic: “ he knows the Price of everything, value of nothing”. I relayed to my son, there are probably many more poets in the tinniest Favela than in all of Westmount or TMR... Mind you, he might dispute that by saying that a white17yr old driving his own loaded Bimmer with a penchant for spewing Hip-Hop lyrics is indeed urban Poetry ( in motion). The debate was postponed as he had been driven to destination while I denoted over 200 kids in rain gear younger than him taking public transport to school. Do I need to get him a Bimmer to make him a Poet? Does a cynic forfeit his soul in exchange of his little attacks on those living around him? Man! Never thought driving a teen to school would become a philosophical navel gazing exercise?
ON EDUCATION
SYRACUSE UNIVERSITY
Whitman School of Management
Overall 2009 BusinessWeek Rank: 49 Private School ROI Rank: 18 Annual Tuition & Fees:$35,398 Median Salary: $53,000 Salary Per Tuition Dollar: $1.50 Business Students with Job Offers at Graduation: 80% Top Industries Hiring Business Graduates: Accounting, Financial Services, Consumer Products/Retail Top Employers: JPMorgan Chase, RSM McGladrey, PricewaterhouseCoopers
Jamie Dimon getting mixed reviews as the choice for this year's Syracuse commencement day speaker.
After giving $30MM for a tech center to Syracuse U., JP Morgan should get to blab about all the good things NYC capitalism has brought to the world in the last decade.
As a recently undergraduate, I could be made to feel safer knowing Mr. Dimon and his kind are out there to create jobs, re-energize the American dream and make my future so much better... In the meantime , Portugal is now the second act of fake news engineered by Wall street guys who need trading activity to pay their sky high NJ property taxes...
In other news, this is the first time since WWII that more foreign post-graduates in % have decided to go back to their Shanghais and Mumbais of this world rather than either NYC or Silicon valley... Knowing full well they will receive 20% of a Yank's salary, they mostly cited Opportunity and potential Job satisfaction as reason to leave American shores...
A noted example is this year's graduating class of Harvard MBAs ( hardly useful people ) . It comprised 1/3 American males, 1/3 American females and 1/3 foreigners . More than 50% of the foreigners aren't staying and taking cushy jobs in the good old USA... The exodus of grey matter is even worse at Cal Tech, MIT or Princeton... Interesting no? When US housing is supposedly at its the most AFFORDABLE since WWII... me thinketh the 7-11K Sq. Ft. Homes are now going to be considered WHITE Elephants... ( Isn't the elephant some US party's mascot? The party of Christian values and the sanctity of the family unit ? How ironic! Good time to mention it to Sarah P. and other tea drinkers )
Between breaks, I have been reading three very different books and the perspectives are enlightening
How Jesus became a Christian
Beatrice and Virgil
The big Short: Inside the doomsday machine
I wish I could find people who actually read books any more... such a challenge!
ON SLEEPING ( OR EATING)
I have been kept awake by thoughts of the NEW tobacco baron of this Century ,,, EVIL MONSANTO which managed ( by paying off all three arms of US institutions) to get patents on seeds. That's about as insane as these genetics companies that can ( without asking) take YOUR OWN DNA and easily get a patent on Any of your genes and you LOOSE rights to your own DNA... These companies create markers that allow doctors to test you for specific diseases but as soon as you send your test sample ( and a $3000 check) you de facto forfeit the right to your DNA... HOW sick is that?
In the next twenty years, it will be the biggest fight of all times to get those pseudo biotech cockroaches out of the American food and healthcare system... The problem is they are destroying all ability for the system to source non GMO seeds... Monsanto has 75 fulltime investigators in the US alone ( ex-military, enforcement, linebacker types ) travelling the country side, unlawfully taking soil samples and issuing Cease and desist orders to targeting "sole" proprietors. The few farmers who tried to challenge Monsanto in court , few ever get there! http://www.percyschmeiser.com/
For the " privilege" to have a non-day in court, these farmershave paid UP to $1MM in legal fees NOT to get their cases heard...Monsanto will be rebuked but they have deep pockets and nobody YET has the money or the will to fight a $36BB mkt cap company and its yearly $1.36BB profit.
In the meantime, must we remind you “Monsanto SELLS 90% OF THE WORLD'S genetically engineered (GE) seeds”
Isn't that tobacco litigation COMING DOWN THE PIPE ALL over again? The US judicial system is so easily gamed by moneyed interests, WHY do people then DEPLORE the rise of US militias amongst rural populations?
Of 95 seed brokers , Monsanto and other robber barons have managed to put out of business 91... Not bad boys! Oh and I think of the last four, three are in litigation with... wait for it... Monsanto! You are good! thank you for guessing...
Next we expect Monsanto to get legislation passed to outlaw seed cleaners...
24 or 25 top executives at Monsanto were hired from FDA, Justice, and IN the last 4 administrations...
Here is our recent scorecard...
* Justice Clarence Thomas worked as an attorney for Monsanto in the 1970s. Thomas wrote the majority opinion in the 2001 Supreme Court decision J. E. M. Ag Supply, Inc. v. Pioneer Hi-Bred International, Inc.|J. E. M. AG SUPPLY, INC. V. PIONEER HI-BREDINTERNATIONAL, INC.[5] which found that "newly developed plant breeds are patentable under the general utility patent laws of the United States." This case benefitted all companies which profit from genetically modified crops, of which Monsanto is one of the largest.[99][105][106]
* Dr. Michael A. Friedman was a deputy commissioner of the FDA before he was hired as a senior vice president of Monsanto.[99]
* Linda J. Fisher was an assistant administrator at the United States Environmental Protection Agency (EPA) before she was a vice president of Public Affairs at Monsanto from 1995 - 2000. In 2001, Fisher became the deputy administrator of the EPA.[99]. Now at DuPont as Vice President Safety, Health and Environment and Chief Sustainability Officer of DuPont
* Former Secretary of Defense Donald Rumsfeld was chairman and chief executive officer of G. D. Searle & Co., which Monsanto purchased in 1985. Rumsfeld personally made at least $12 million USD from the transaction.[99
* Josh King, former director of production for White house events, is now the director of global communication in Monsanto's Washington, D.C. Office.
* Clayton K. Yeutter, former Secretary of the USDA, former U.S. Trade representative who led U.S. negotiations in the U.S.-Canada Free Trade Agreement and helped launch the Uruguay round of the GATT negotiations, is now a member of the board of directors of Mycogen, whose majority owner is Dow. (Mycogen is also the corporation that holds the patent on a technology to genetically alter plants to produce and deliver "edible vaccines.")
* Terry Medley, former administrator of the USDA Animal and Plant Health Inspection Serve, former chair and vice-chair of the USDA Biotechnology Council, and former member of the FDA Food Advisory Committee, is now presiding as the director of regulatory and external affairs of Dupont's agriculture enterprise.
* Micky Kantor, former Secretary of the US Dept. of Commerce and former US Trade Representative, is now a member of the board of directors of Monsanto.
* William D. Ruckelshaus, the former chief administrator of the US EPA is now (and for the past 12 years) a member of the board of directors of Monsanto. On April 17, 2008, Ruckelshaus made news again when he announced his endorsement of Democrat Barack Obama for President of the United States.On May 7, 2008, Ruckelshaus was appointed to the Washington State Puget Sound Partnership, an agency devoted to cleaning up Puget Sound. ( basically the worst ecological disaster in the USA today...
* Lidia Watrud, a former microbial biotechnology researcher at Monsanto, is now with the US EPA. Here is her current bio... http://www.epa.gov/wed/pages/staff/watrud.htm Check out her recent papers... talk about the fox keeping guard at the hen house...
* Margaret Miller, a former laboratory supervisor for Monsanto, is now Deputy Director of Human Food Safety and Consultative Services in the US FDA. ( that makes me feel SO MUCH safer!)
* Michael R. Taylor was an assistant to the Food and Drug Administration (FDA) commissioner before he left to work for a law firm on gaining FDA approval of Monsanto’s artificial growth hormone in the 1980s. Taylor then became deputy commissioner of the FDA from 1991 to 1994.[99] Taylor was later re-appointed to the FDA in August 2009 by President Barack Obama.[107] There you go all you Obama lovers... Nice President you got there... same ilk as Rumsfeld now... Jul 17, 2009 — In a Tuesday afternoon press release, the FDA announced that Michael Taylor, a former Monsanto executive, had joined the agency as “senior advisor to the commissioner.” If the title is vague, the portfolio (pasted from the press release) is substantial—a kind of food czar of the Food and Drug Administration: Here are his responsibilities..
Assess current food program challenges and opportunities
• Identify capacity needs and regulatory priorities
• Develop plans for allocating fiscal year 2010 resources
• Develop the FDA’s budget request for fiscal year 2011
• Plan implementation of new food safety legislation
And my favourite quote
"Monsanto should not have to vouch for the safety of biotech food," said Phil Angell, Monsanto's director of corporate communications. "Our interest is in selling as much of it as possible. Assuring its safety is the FDA's job."
Drone of Citizen Monsanto, Supreme Lobbyist at FDA
New York Times Corporation, October 25, 1998
Phil Angell and Greenie must have gone to the same school of thinking!
Going to join my local Buddhist colony and practice my hummmmmmmmmmmmmm BUG! And find ONE US farmer selling non Monsanto soybeans....
You will know it’s time when you can catch a fly with chopsticks, Grasshopper!
As a finance professional, I take issue with the community that lives off other people's money and that often misses the opportunity to advise government on the RIGHT thing to do for the middle class in North America. I hope to sound those bells early and hopefully add a voice to future challenges facing North America
