Friday, August 31, 2012

Jackson Holing

Up a bit late, so I decided to offer up a few thoughts in anticipation of Bernanke's speech tomorrow.

My instinct is that we will get jawboning more than anything else.  So far, he's been able to get away with it -- which is to say, I'm not sure that we have experienced the degree of pain yet that is required to force the Fed's hand on more action (even though I am quite confident that we will get there inevitably).

So, I think the market will probably take a hit.  I think gold will hold up surprisingly well, in part because even if Bernanke doesn't do anything yet, Draghi will very soon.

The next payroll report is a week from now.  That is probably the moment that will trigger what comes next.

Broken Money

The subtitle is Why Our Financial System is Failing Us and How We Can Make it Better , and the author is Lyn Alden (2023). I feel like I hav...