Signs Economic Commentary for 21 January 2008
Signs Economic Commentary for 21 January 2008
Donald Hunt
SOTT.net
Mon, 21 Jan 2008 06:01 EST
Summary: The continued fall in the stock market has frightened the general public and the insiders, it seems. Hardly anyone now says there won't be a recession. Predicting recession seems to be a bullish position now, with the bears predicting a depression or even a collapse.
Last week we looked at how capitalism works and how, by doing what it does, it ruins everything. What can we do about it? Marxism has been an indispensable tool for understanding capitalism, but historically has not been able to offer any solutions. Why is that so? If the diagnosis was so good why wasn't the cure of revolutionary socialism effective?
Gold closed at 885.20 dollars an ounce Friday, down 1.4% from $897.40 for the week. The dollar closed at 0.6843 euros Friday, up 1.1% from 0.6768 at the close of the previous week. That put the euro at 1.4613 dollars compared to 1.4776 the Friday before. Gold in euros would be 605.76 euros an ounce, down 0.3% from 607.34 at the close of the previous Friday. Oil closed at 90.62 dollars a barrel Friday, down 2.3% from $92.73 for the week. Oil in euros would be 62.01 euros a barrel, down 1.2% from 62.75 at the close of the Friday before. The gold/oil ratio closed at 9.77 Friday, up 0.9% from 9.68 at the close of the previous week. In U.S. stocks the Dow closed at 12,099.30 Friday, down 4.2% from 12,606.30 at the end of the week before. The NASDAQ closed at 2,340.02 Friday, down 4.3% from 2,439.94 for the week. In U.S. interest rates, the yield on the ten-year U.S. Treasury note closed at 3.63%, down 15 basis points from 3.78 for the week.
The continued fall in the stock market has frightened the general public and the insiders, it seems. Hardly anyone now says there won't be a recession. Predicting recession seems to be a bullish position now, with the bears predicting a depression or even a collapse.
For more go HERE
Donald Hunt
SOTT.net
Mon, 21 Jan 2008 06:01 EST
Summary: The continued fall in the stock market has frightened the general public and the insiders, it seems. Hardly anyone now says there won't be a recession. Predicting recession seems to be a bullish position now, with the bears predicting a depression or even a collapse.
Last week we looked at how capitalism works and how, by doing what it does, it ruins everything. What can we do about it? Marxism has been an indispensable tool for understanding capitalism, but historically has not been able to offer any solutions. Why is that so? If the diagnosis was so good why wasn't the cure of revolutionary socialism effective?
Gold closed at 885.20 dollars an ounce Friday, down 1.4% from $897.40 for the week. The dollar closed at 0.6843 euros Friday, up 1.1% from 0.6768 at the close of the previous week. That put the euro at 1.4613 dollars compared to 1.4776 the Friday before. Gold in euros would be 605.76 euros an ounce, down 0.3% from 607.34 at the close of the previous Friday. Oil closed at 90.62 dollars a barrel Friday, down 2.3% from $92.73 for the week. Oil in euros would be 62.01 euros a barrel, down 1.2% from 62.75 at the close of the Friday before. The gold/oil ratio closed at 9.77 Friday, up 0.9% from 9.68 at the close of the previous week. In U.S. stocks the Dow closed at 12,099.30 Friday, down 4.2% from 12,606.30 at the end of the week before. The NASDAQ closed at 2,340.02 Friday, down 4.3% from 2,439.94 for the week. In U.S. interest rates, the yield on the ten-year U.S. Treasury note closed at 3.63%, down 15 basis points from 3.78 for the week.
The continued fall in the stock market has frightened the general public and the insiders, it seems. Hardly anyone now says there won't be a recession. Predicting recession seems to be a bullish position now, with the bears predicting a depression or even a collapse.
For more go HERE
posted by Hold On at 7:59 AM
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