I'm waiting for my man
Here he comes, he's all dressed in black
Beat up shoes and a big straw hat
He's never early, he's always late
First thing you learn is you always gotta wait. ...
I'm waiting for my man
Baby don't you holler, darlin' don't you bawl and shout
I'm feeling good, you know I'm gonna work it on out
I'm feeling good, I'm feeling oh so fine
Until tomorrow, but that's just some other time
I'm waiting for my man.
Here he comes, he's all dressed in black
Beat up shoes and a big straw hat
He's never early, he's always late
First thing you learn is you always gotta wait. ...
I'm waiting for my man
Baby don't you holler, darlin' don't you bawl and shout
I'm feeling good, you know I'm gonna work it on out
I'm feeling good, I'm feeling oh so fine
Until tomorrow, but that's just some other time
I'm waiting for my man.
-- Velvet Underground, "I'm Waiting for the Man"
We shook our head in disbelief last week as the market rallied on hot air -- specifically, a verbal formula from European Central Bank head Mario Draghi that the bank would "do whatever it takes" to save the euro. He might as well have said, "We will do whatever it takes to defy the law of gravity."
Not that we didn't take advantage of the farcical buy-up in the U.S. stock market. We sold the dreaded Nokia bought two postings earlier. The trade worked exactly as we'd hoped: scalped a few points, got our money back with some extra, and now have more cash to invest opportunistically.
But our own fortunes aside, it was not an encouraging sign. The markets now are a branch of politics, reacting to signs and portents like an ancient Roman augurs -- only instead of interpreting the flights of birds, they interpret politicians' flights of fancy.
Central banking bail bondsmen provide the tales that wag the dog. Or to vary the metaphor, the drugs that keep institutional investors on life support. Bailouts, or payday loans from central banks, are actually referred to in news stories as "injections" of capital, or an economic "fix."
The Telegraph is a sad kind of debased "conservative" paper, but it is more honest in reporting the real possibility of worldwide financial systemic collapse than any mainstream U.S. source. Just read these articles it published yesterday, albeit hidden behind the glare of the Olympics shuck-and-jive ceremonies:
World holds its breath as America's debt battle looms: After Britain's disappointing GDP figures, America announced on Friday that
its growth is slowing. As debts soar, can the US haul the world's most
important economy around? (Link)
Spanish bail-out 'impossible', experts warn (Link)
Spanish bail-out 'impossible', experts warn (Link)
Keywords: [European Central Bank] [Mario Draghi] [Nokia] [Euro]
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about. He is not an investment advisor. This site is for entertainment,
if it can even manage that.