Congress made it official, albeit a little later than they had planned, thanks to a small insurrection and breach of the nation's capitol. Not a biggie.
What congress and their newly-appointed president and vice have to now consider is how to deal with:
Those are just for starters. Soon to come on the menu are regional wars, China, Europe's inevitable implosion, unworkable Brexit in the UK, a blizzard here and there, and maybe a natural disaster down the line. Joe has the answer: mandatory mask-wearing everywhere and a 90-day, nationwide lockdown.
This is what is expected to be handled by the uniparty in congress, an aged, grifter president who often doesn't know where he is, and a VP with no foreign relations or governance experience. And Janet Yellen at Treasury. Oh, joy!
They've got less than two weeks to get plans together to deal with all of this, besides the usual moving-in disruptions, internecine office warfare, a few doses of graft and bribery, undermining of plans by their new hires, and more demands of Green New Deals, reparations, and loony leftist ideas from AOC and her "squad."
While a peaceful demonstration turned into a brief storming of the barricades early Wednesday afternoon, wall Street was enjoying another make-believe rally on the back of the falling US dollar. The trading crew in the tall Manhattan buildings expect big spending by Biden and company, and they're not wrong about that at all. There will be massive give-aways of money and priviledge, and inflation running north of 15% per annum.
Joe and Kamala ought to be given a prize or trophy for wishing to inherit the wind... and getting it.
Hosea 8:7: “For they have sown the wind, and they shall reap the whirlwind.”
Gold and silver took their usual weekly beating with appropriate humility. An ounce of silver (it's assumed that Mike Pence got a number of those, as a Judas of biblical fame) sold down into the $26.60 range. Since the start of December, it's continued to climb upwards from $23.
Gold stumbled badly, losing nearly $50 an ounce, but it's holding its own between $1910 and $1920. This too has been in rally mode for weeks. It's likely to soar right past $2050 shortly, then beyond. Silver will finally breach $30, then higher.
Bitcoin and Etherium, the two major cryptocurrency assets, continue to amaze. Just a moment ago, Bitcoin topped $38,000. A week ago it was $28,500. Less than a month ago, it was $17,500. Less than a month ago, Ether, or Etherium, was $550. A week ago, it was hovering around $750. This morning it's over $1200.
Bitcoin is a rocket ship to Nirvana. Ether is heading to Valhahla, all because what central banks issue as currency is counterfeit and people are catching on. Not everybody, but enough people are scared to death about what's happening to - as Larry Kudlow calls it - "King Dollar" that they're scurrying to other asset classes besides stocks. One can tell by the dollar index that something is afoot, but looking no further than the yield on the 10-year note, opening today at a nine-month high of 1.04% is as good a proxy for dollar flight as can be found anywhere.
Treasury bonds have reversed course with yields heading higher. This is not a head fake. The Fed's efforts to keep rates low while stoking inflation with ceaseless cutesie "Quantitative Easing" (counterfeiting) is about as crude a bludgeon to the economy as a pole axe to the side of the head. The bleeding will never stop until the victim is exhausted. It's happening. It's not going to stop.
Across America, 787,000 people filed initial jobless claims last week. So much for the V-shaped recovery. The letter q or Q might be a more distinct impression for the chartists.
Although it's the heart of the "dark winter" that Quid Pro Joe has promised us, it's hard not to have some hope that in about seven weeks, young and aging pitchers and catchers alike may possibly be assembling on various playing fields of Florida and Arizona for the start of baseball's Spring Training. If the Ides of March are kind, the regular season might start around the first week of April, if April Fools Day passes without incident and the annual tax filing deadline isn't extended too far into the future.
For those still optimistic about our new congressional and executive branches, and, to all the wheezy economists at the Federal Reserve, offered is the final quatrain of Ernest Lawrence Thayer's humble addition to the national consciousness, Casey at the Bat.
Oh, somewhere in this favoured land the sun is shining bright,
The band is playing somewhere, and somewhere hearts are light;
And somewhere men are laughing, and somewhere children shout,
But there is no joy in Mudville — mighty Casey has struck out.
Max Keiser Reveals Bitcoin Price Forecast for 2021:
At the Close, Wednesday, January 6, 2021:
Dow: 30,829.40, +437.80 (+1.44%)
NASDAQ: 12,740.79, -78.17 (-0.61%)
S&P 500: 3,748.14, +21.28 (+0.57%)
NYSE: 14,788.83, +252.30 (+1.74%)
Posts
No comments:
Post a Comment