Today was a bad day for Mr. Market with the indexes down substantially Bloomberg mentions that this is because there is a 'blackout period' for corporate purchases prior to the corporate reporting period, but then it add an interesting caveat: "S&P 500 firms have bought back almost $4 trillion of their own shares since the bull market began nine years ago, data compiled by S&P Dow Jones Indices show." One does not have to look very far to see why the market has maintained such a high level with really very little economic activity to show for it. On the other side of the pile is the impending and ongoing collapse of cryptocurrencies. I realize that this may well be esoterica for most of you, but it is an interesting sidelight for those who believe that cryptocurrencies will somehow replace sovereign money systems. Attached are two pieces from Wolf Richter of Wolf Street discussing the cryptocurrency collapse and the not-so-novel idea that the U.S. Dollar is about to lose its status as the world's reserve currency. Gold bugs and others have been salivating over this prospect for many years now, but it just doesn't seem to be coming to fruition any time soon. In fact, it may well be much more likely that we will see a nuclear war before we see the Dollar collapse.
John
Article on the collapse
PPS Summer Dreamers' Swim & Water Polo Camp Executive Coach
Pittsburgh Combined Water Polo Team
http://CLOH.org
412 298 3432 = cell
Posts
No comments:
Post a Comment