Archive - Nov 2009 - Blog entry

The title says it all.....

What we've got ain't workin...

Should we go back to the gold standard? Should the government take over the Fed? Should we have state public banking? Local public banking?

Do you agree or disagree?

Saudi Arabia has been a long time number one supplier of crude oil to the US. But as recent data shows the historical trend hit a reversal and not only have the KSA oil exports to the US fallen, they have fallen so much that the present number represents less than half of the number which denominated the KSA exported US oil from its peak in 2008. The number now denominates a 22-year low.

Over the course of the next two weeks, we at Fibozachi will present a series of analyses that detail both the technical and fundamental landscapes of gold, silver, copper, oil, the CRB (Commodity Index), the US Dollar, the EURO and the remaining major currencies of the G8 (the “Group of Eight”) in relation to one another. After examining Freeport-McMoRan (FCX) yesterday, and to presage the bulk of our upcoming series, today we present an initial look into the technical composition of silver.

These are some of the more important headlines coming from around the World this morning.

Audit the Federal Reserve bill gutted, EU monster rises from abyss, new strain of failflu emerges in Ukraine.

The recent bear rally has driven most of the solvent, semi-solvent and absolutely insolvent CRE stocks up, quite a few approaching 100%, while their macro outlook has deteriorated significantly, along with their fundamentals. Quite a few have actually acted in cahoots with the banks that held their increasingly worthless debt, having issued secondary offerings basically converting the bank holdings of debt that didn't have an icicles chance in the hottest portion of Hell of getting repaid, into worthless toilet paper, heretofore marketed as stock certificates. They have also begun offering this used toilet paper as dividends. If this isn't the sector screaming for me to come back and short it, I don't know what is.

India buys 200 metric tons of IMF gold.

Who's next?

So are problems with pensions only limited to the UK and Ireland? Of course not. There are governance issues plaguing private and public pension plans all around the world. Unless we get serious and address these issues, pension systems will remain vulnerable to flagrant abuses. Do we need a total collapse of pensions to rectify these issues?

The Obama Administration knows it didn't "create or save" 640,000 jobs but they use the Big Lie to justify the huge waste of taxpayer dollars through the $787 billion American Reinvestment and Recovery Act of 2009. They are desperate to justify the huge expenditure of taxpayer money. A day before they announced the 640,000 report, two AP reporters looked into the data of a previous report and found massive errors in reporting "created or saved" jobs.

China: Be cautious

Japan: Uh-oh ...

Failure to investigate and prosecute those responsible for bringing about the crisis may extend the crisis longer than any failure to spend more on stimulus...

We thought it is as good a time as ever to turn our attention back towards the hedge fund hot potato that is Freeport-McMoRan (FCX). Unfortunately, for longs, the technical picture appears to be rapidly deteriorating, developing an increasingly bearish profile ... this powder keg becomes especially apparent when viewed alongside an extremely high institutional sponsorship ratio of 79.8% ...

Check out this report on the Obama Administration's latest gift: free golf cart! This is from the Wall Street Journal. I really can't add much to this. Other than: Get one!