Posts Tagged ‘Der Spiegel’

Notes From Underground: Hey S&P! GOLD DOWNGRADED THE U.S. LONG AGO

August 7, 2011


Readers of Notes From Underground are aware of my total disdain for the three major rating agencies as they have sold their souls to the Wall Street money machine years ago. In an effort to regain some lost innocence, they are attempting to downgrade the nation-states of the world prior to economic calamity. The people at S&P were determined to downgrade the U.S. even when the U.S. Treasury pointed out that their math was flawed and the deficit going forward was off by a mere $2 trillion. Why should I put any value in a rating group that cannot even do the maths correctly and admit they were off by $2 trillion. Do we rally need the whores at S&P to tell us that the U.S. is a problem? Hey, GOLD is trading $1665. Don’t you think the market has already done its ratings?


Notes From Underground: Rumors Abound but they are not a mystery to me

August 19, 2010

There are a number of rumors making the markets uneasy. First, there is an array of whispers about meetings in Tokyo in which the MOF and BOJ are going to weigh some type of intervention to curb the rise in the YEN. We have no idea how this would be accomplished, but think it could be through large selling of YEN into the market. However, with the failure of the SWISS National Bank’s efforts, we doubt that the Japanese would do anything so simple.


Notes From Underground: Friday’s Jobs report sent the market into a JOB-like state

June 6, 2010

The unemployment report in the U.S. was much weaker than the White House pre-supposed. Yes, the Census created 400,000-plus ┬ájobs, but somebody forgot to tell the president that while 400,000 jobs is a nice headline number, the market was looking for more growth from the private sector. Prior to the jobs number, the Canadian data was released and that was stronger than anticipated but the unwind of risk couldn’t help the LOONIE.