Danish Accord
Stocks tumbled today right at the close as Boeing and Walmart dragged the whole market down. Bonds lost ground too – increased interest rate.
The Dollar lost ground, as the Euro crossed the significant $1.50 threshold.
Gold continued in its sideways trough and stays at record levels – a great sign for future gold prices – strength is how you interpret the gold price action.
Oil and gasoline jumped again. Oil is now above $80 and gasoline prices are about to jump across the USA. This one will hurt everyone, and it’s coming down the track like a runaway train. Why is it going up??? It isn’t. The Dollar is going down, and oil is just reflecting that Dollar price loss. Thank the government for its actions to keep the Dollar falling.
In the news today……
Unemployment – was reported as higher in 23 states in September. 43 states showed job losses and 7 states showed job gains. Remember that the unemployment rate nationwide is 9.8%. But, 600,000 dropped out of the labor force in September, so they weren’t counted. Also, remember the whole simulation program is bogus so it is producing low figures in the first place. One side effect of unemployment is that more people will be unable to stay in their homes and there will be more foreclosures just for that reason.
Large Stock Trades – account for 7.2% of all stock trades and are done off of the stock market in something called “dark pools.” I find this amazing that stocks can be traded, and the public doesn’t have any view of those trades. It’s just like insider trading in my opinion. The government is thinking about stopping the practice so public view of the prices exchanged are available.
Tonight’s Dinner Conversation…..
Is President Obama going to sign away your fortunes and give it to third world countries? Is he going to agree that the USA is responsible for the poverty in the third world, and the fact they can’t dig their way out of poverty? Will he apologize again???
Well, get used to understanding the Danish Accord that’s going to be signed in December by President Obama. How can he agree to such things without Congress agreeing? Is he working outside of the Constitution? Here is what one person thinks the Danish Climate accord plus the domestic “Cap and Trade” bill is all about.
“We believe that the general direction of domestic policy in the U.S., and plausible international treaties the President may sign, will among other things”:
Limit manufacturing in the U.S. by cap and trade regulations.
Limit personal consumption of energy by law and costs.
Cause the cost of energy to increase.
Cause goods and materials to become more expensive.
Cause transportation to become more expensive.
Prevent the U.S from growing out of its economic problems as effectively as it has in the past.
Assure and accelerate the shift of economic growth and profitability from the U.S to emerging markets.
Not limit the amount of stuff manufactured worldwide as global consumerism increases.
Increase the percentage of stuff consumed in the U.S. manufactured in emerging countries (who will not be subject to the same carbon emissions limits).
Cause the U.S. to become an even greater debtor while China becomes an even bigger creditor.
Add momentum to the movement away from the U.S. Dollar toward an alternate single or composite world reserve currency.
Increase the cost of Treasury borrowings.
Increase the cost of commercial, mortgage and personal debt tied to Treasuries.
Reduce the exchange value of the Dollar.
Reduce home purchase and ownership affordability.
Drive up federal and state taxes.
Here are the last numbers for today:
Dow Jones 30 Industrial – 9949 (down 92 points)
10 Year Treasury Bond – 3.41% (up 0.07%)
Euro – $1.5010
Gold – $1063 (up $5)
Oil – $80.78 (up $1.66)
Gasoline – $1.05 (up $0.07)
