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Dying Dollar?
Another boring curious day when BAC has a $34 B capital shortfall and goes up, ruddy Art Cashin, wrong for over a fortnight, says grab
Dorothy and Toto and head for the storm cellar if Friday Jobs come in worse than ADP. Whatever.
The stock market can be rigged by hedgefunds, primary dealers and plunge protection teams only so long, maybe until Fall if they’re lucky and rich.
This bear stock market rally confused, defied and mortified most since March lows. That’s the market’s job, to stay ahead of the consensus. (If we do not know who the sucker is, it’s us.)
Dollar debt markets are even more interesting. The conventional wisdom is debts and equities trade inversely, like dollars and inflation hedges, and depression rewards lenders and savers. Maybe once upon a time, with the gold/silver dollar standard and consumer savings. (But they left the economic stage decades ago.)
Not now when Fed and Treasury play their government free lunch
neoKeynesian academic games and distort markets desperately staying free and profitable. (Live free or die is the motto of markets as well as New Hampshire.)
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