Pay no attention to the Head and Shoulders pattern behind the curtain!
The great and powerful Bernanke will fix everything by handing out bits of paper to make everyone feel better about themselves (economically speaking) on Wednesday and then we will all fly away on our beautiful stock bubble balloons. There's no nation more like Rome, there's no nation more like Rome…
Someone must have dropped a house on the Dollar as it got squashed back to 80.10, down half a point since Friday and, surprise, surprise, surprise – now the Futures are up half a point. Could there be some mysterious connection between the value of the Dollar and the price of stocks in Dollars? Certainly not that anyone on TV can figure out…
We are in CASH (see detailed comments on our October Trade Review), so we don't actually care but, like any old man – I do like to sit on the porch and complain – so let me vent a bit:
The Federal Reserve's balance sheet will hit $4,000,000,000,000.00 this week. That's more than our ENTIRE National Debt 20 years ago (1993) when Clinton came into office and took it DOWN from there. Now, the Fed alone has racked up more debt in 5 years than the entire United States needed in the first 217 years.
I know we are simply stunned into a stupor by these gigantic numbers but, bear in mind, there are only 140M of us who work and 40M of those people with jobs are earning minimum wage and half of those are part-time to boot. Those guys are not, ultimately, going to be on the hook for this money – you are! $4,000,000,000,000/100,000,000 is $40,000 for each one of us – and that's JUST what the Fed has borrowed on our behalf to funnel back to the banks (who run the Fed).
And, by the way, when I say "borrowed", I don't mean like they are going to pay it back one day. No, not at all, the Fed creates money (and a debt on their books) and GIVES the banks money in the form of cash for clunker exchanges on bad debt or…
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The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
Posted-In: Futures Forex Pre-Market Outlook Markets
Originally posted here...
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