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Thursday, Oct 30th

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Prairie2: High Noon

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BubbleThe US stock market fell hard at the opening bell and the corporate pundits were out immediately blaming it on the lower number of jobs created last month. With “only” 200,000 new jobs created they implied that the Obama economic recovery is falling flat.

The first problem with this “news” was that the real numbers don’t come out until Friday, this was just an estimate from a private payroll service company that has become notorious for being wrong.

The real reason the US markets were down, and they were following the world markets from overnight (US time), is that the fall was based on the Minutes from the last Federal Reserve meeting. A large majority of the board has decided that there will be no more quantitative easing purchases of paper assets, or what is effectively the wholesale printing of money for rich people and their big banks.

This impacts markets worldwide as it impinges on the Carry Trade. This “trade” is where big money people hop around from country to country inflating the local markets by exploiting cheap dollar loans to buy up local paper. This practice makes a lot of money for the rich, that is if they get out before the bubble bursts. Don’t worry they mostly do, and besides they’re just gambling with other people’s money so don’t fear for them.

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