The currency wars continue. I have intra-day commentary on Financial Dreadnoughts in Times of Currency Wars, among other things.
It comes from an idea I had in about 2002, when I considered how I might wish to arrange things if I wanted to give the Fed and Treasury the latitude to act economically in the aftermath of a financial crisis while engaging in a currency war to support the Anglo-American petro-dollar.
I should add the significant caveat that incompetence, careerism, and corruption explain all the same things, much more simply, and with a certain experiential credibility. I hate to attribute to Machiavellian intent what can be attributed to unprincipledly self-serving stupidity. And by the way in which these graspingly inept jokers have been blowing things up, in perfectly avoidable crisis after crisis, that might be a very good bet indeed.
Comex Option Expiration next week. I will be watching the action after expiration to try and get a better sense of where we are in this cycle of market monkey business.
Have a pleasant weekend.
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