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The pundits and the media were debating for several weeks leading up to the last Fed meeting about what the Fed was going to do and the effect they thought it would have on the market. And, it amazes that the great majority of the market does not realize how much of a waste of time these debates really are.
But, as I often note, many market participants and analysts are simply not burdened by the facts. If they really would review the facts of market history, they would learn that there is no one that can control the market. PERIOD.
After days of virtually nonstop reading, I finally plowed my way through my MMT book. I’m not sure how long it’ll take me to do a write-up, but it’s definitely going to be a Best of Slope entry.
Somewhat related to this is the graph I just saw this morning:
A few days of weakness, and the world was ready to declare the 40-year bull market in bonds to be over. Not so fast! My view is that this touch of weakness simply sealed up a price gap, and now we’re starting to get some strength again. The big day is exactly two weeks from today – July 31, the last day of this month, when the Fed does their thing.
There is an absolute shocked silence here in Taiwan. The Taiwanese have just seen an American president kow-tow to a Chinese emperor. Not since the Ming dynasty has China been able to dictate terms of trade to the USA.
If the US president is willing to sell out his own people to the Chinese communists, what hope does Taiwan have of the USA coming to defend democracy on the doorstep of communist China?
This is a pivotal moment in history. Pax Americana is over.
